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Acushnet Holdings Corp.（GOLF）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是Acushnet Holdings Corp.的1.4倍（$664.6M vs $477.2M），Ryman Hospitality Properties, Inc.净利率更高（10.4% vs -7.3%，领先17.8%），Ryman Hospitality Properties, Inc.同比增速更快（13.2% vs 7.2%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（4.1% vs -17.9%）
Acushnet Holdings Corp.是一家专注于高尔夫赛道的美国企业，旗下运营多个知名品牌，产品品类覆盖高尔夫专业器材、运动服饰及相关配件，为全球高尔夫运动爱好者提供多元化的相关产品选择。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
GOLF vs RHP — 直观对比
营收规模更大
RHP
是对方的1.4倍
$477.2M
营收增速更快
RHP
高出6.0%
7.2%
净利率更高
RHP
高出17.8%
-7.3%
两年增速更快
RHP
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $477.2M | $664.6M |
| 净利润 | $-34.9M | $69.4M |
| 毛利率 | 44.1% | — |
| 营业利润率 | -3.8% | 20.7% |
| 净利率 | -7.3% | 10.4% |
| 营收同比 | 7.2% | 13.2% |
| 净利润同比 | -3027.3% | 10.1% |
| 每股收益（稀释后） | $-0.57 | $1.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GOLFRHP
| Q1 26 | — | $664.6M | ||
| Q4 25 | $477.2M | $737.8M | ||
| Q3 25 | $657.7M | $592.5M | ||
| Q2 25 | $720.5M | $659.5M | ||
| Q1 25 | $703.4M | $587.3M | ||
| Q4 24 | $445.2M | $647.6M | ||
| Q3 24 | $620.5M | $550.0M | ||
| Q2 24 | $683.9M | $613.3M |
净利润GOLFRHP
| Q1 26 | — | $69.4M | ||
| Q4 25 | $-34.9M | $74.5M | ||
| Q3 25 | $48.5M | $34.9M | ||
| Q2 25 | $75.6M | $71.8M | ||
| Q1 25 | $99.4M | $63.0M | ||
| Q4 24 | $-1.1M | $72.3M | ||
| Q3 24 | $56.2M | $59.0M | ||
| Q2 24 | $71.4M | $100.8M |
毛利率GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 44.1% | 41.4% | ||
| Q3 25 | 48.5% | 40.9% | ||
| Q2 25 | 49.2% | 49.7% | ||
| Q1 25 | 47.9% | 44.4% | ||
| Q4 24 | 22.6% | 40.4% | ||
| Q3 24 | 54.4% | 43.1% | ||
| Q2 24 | 54.4% | 48.4% |
营业利润率GOLFRHP
| Q1 26 | — | 20.7% | ||
| Q4 25 | -3.8% | 19.4% | ||
| Q3 25 | 14.1% | 15.0% | ||
| Q2 25 | 15.2% | 21.1% | ||
| Q1 25 | 16.3% | 19.8% | ||
| Q4 24 | -1.2% | 18.6% | ||
| Q3 24 | 13.2% | 19.3% | ||
| Q2 24 | 15.5% | 27.4% |
净利率GOLFRHP
| Q1 26 | — | 10.4% | ||
| Q4 25 | -7.3% | 10.1% | ||
| Q3 25 | 7.4% | 5.9% | ||
| Q2 25 | 10.5% | 10.9% | ||
| Q1 25 | 14.1% | 10.7% | ||
| Q4 24 | -0.3% | 11.2% | ||
| Q3 24 | 9.1% | 10.7% | ||
| Q2 24 | 10.4% | 16.4% |
每股收益（稀释后）GOLFRHP
| Q1 26 | — | $1.03 | ||
| Q4 25 | $-0.57 | $1.12 | ||
| Q3 25 | $0.81 | $0.53 | ||
| Q2 25 | $1.25 | $1.12 | ||
| Q1 25 | $1.62 | $1.00 | ||
| Q4 24 | $0.02 | $1.12 | ||
| Q3 24 | $0.89 | $0.94 | ||
| Q2 24 | $1.11 | $1.65 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | — |
| 总债务越低越好 | $926.2M | — |
| 股东权益账面价值 | $783.6M | $770.8M |
| 总资产 | $2.3B | $6.2B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | — | $471.4M | ||
| Q3 25 | — | $483.3M | ||
| Q2 25 | — | $420.6M | ||
| Q1 25 | — | $413.9M | ||
| Q4 24 | — | $477.7M | ||
| Q3 24 | — | $534.9M | ||
| Q2 24 | — | $498.4M |
总债务GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $926.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $753.1M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益GOLFRHP
| Q1 26 | — | $770.8M | ||
| Q4 25 | $783.6M | $750.2M | ||
| Q3 25 | $852.3M | $758.5M | ||
| Q2 25 | $808.5M | $800.4M | ||
| Q1 25 | $780.3M | $531.5M | ||
| Q4 24 | $765.2M | $549.0M | ||
| Q3 24 | $863.9M | $551.9M | ||
| Q2 24 | $863.7M | $562.6M |
总资产GOLFRHP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $2.3B | $6.2B | ||
| Q3 25 | $2.4B | $6.2B | ||
| Q2 25 | $2.4B | $6.1B | ||
| Q1 25 | $2.4B | $5.2B | ||
| Q4 24 | $2.2B | $5.2B | ||
| Q3 24 | $2.3B | $5.2B | ||
| Q2 24 | $2.3B | $5.1B |
负债/权益比GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 1.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.98× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-338.0K | — |
| 自由现金流经营现金流 - 资本支出 | $-23.3M | — |
| 自由现金流率自由现金流/营收 | -4.9% | — |
| 资本支出强度资本支出/营收 | 4.8% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $120.0M | — |
8季度趋势，按日历期对齐
经营现金流GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $-338.0K | $164.7M | ||
| Q3 25 | $163.1M | $205.2M | ||
| Q2 25 | $151.9M | $122.5M | ||
| Q1 25 | $-120.3M | $98.2M | ||
| Q4 24 | $-1.1M | $166.6M | ||
| Q3 24 | $144.1M | $218.1M | ||
| Q2 24 | $211.6M | $184.3M |
自由现金流GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $-23.3M | $58.5M | ||
| Q3 25 | $136.9M | $135.4M | ||
| Q2 25 | $138.0M | $53.0M | ||
| Q1 25 | $-131.5M | $-14.5M | ||
| Q4 24 | $-33.2M | $76.0M | ||
| Q3 24 | $123.7M | $85.7M | ||
| Q2 24 | $196.8M | $78.8M |
自由现金流率GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | -4.9% | 7.9% | ||
| Q3 25 | 20.8% | 22.9% | ||
| Q2 25 | 19.2% | 8.0% | ||
| Q1 25 | -18.7% | -2.5% | ||
| Q4 24 | -7.5% | 11.7% | ||
| Q3 24 | 19.9% | 15.6% | ||
| Q2 24 | 28.8% | 12.9% |
资本支出强度GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 14.4% | ||
| Q3 25 | 4.0% | 11.8% | ||
| Q2 25 | 1.9% | 10.5% | ||
| Q1 25 | 1.6% | 19.2% | ||
| Q4 24 | 7.2% | 14.0% | ||
| Q3 24 | 3.3% | 24.1% | ||
| Q2 24 | 2.2% | 17.2% |
现金转化率GOLFRHP
| Q1 26 | — | — | ||
| Q4 25 | — | 2.21× | ||
| Q3 25 | 3.36× | 5.88× | ||
| Q2 25 | 2.01× | 1.71× | ||
| Q1 25 | -1.21× | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 2.56× | 3.70× | ||
| Q2 24 | 2.96× | 1.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
RHP
| Food and beverage | $289.3M | 44% |
| Rooms | $223.8M | 34% |
| Entertainment | $79.2M | 12% |
| Other | $72.3M | 11% |
