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凯悦酒店集团（H）与伯克希尔·哈撒韦（HEI）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是伯克希尔·哈撒韦的1.5倍（$1.8B vs $1.2B），伯克希尔·哈撒韦净利率更高（15.6% vs -1.1%，领先16.7%），伯克希尔·哈撒韦同比增速更快（19.3% vs 11.7%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $236.0M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs 2.2%）
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
H vs HEI — 直观对比
营收规模更大
H
是对方的1.5倍
$1.2B
营收增速更快
HEI
高出7.6%
11.7%
净利率更高
HEI
高出16.7%
-1.1%
自由现金流更多
HEI
多$32.5M
$236.0M
两年增速更快
HEI
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-20.0M | $188.3M |
| 毛利率 | — | 40.2% |
| 营业利润率 | 0.4% | 23.1% |
| 净利率 | -1.1% | 15.6% |
| 营收同比 | 11.7% | 19.3% |
| 净利润同比 | 64.3% | 34.8% |
| 每股收益（稀释后） | $-0.20 | $1.32 |
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HHEI
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $992.2M | ||
| Q2 24 | $1.7B | $955.4M | ||
| Q1 24 | $1.7B | $896.4M |
净利润HHEI
| Q4 25 | $-20.0M | $188.3M | ||
| Q3 25 | $-49.0M | $177.3M | ||
| Q2 25 | $-3.0M | $156.8M | ||
| Q1 25 | $20.0M | $168.0M | ||
| Q4 24 | $-56.0M | $139.7M | ||
| Q3 24 | $471.0M | $136.6M | ||
| Q2 24 | $359.0M | $123.1M | ||
| Q1 24 | $522.0M | $114.7M |
毛利率HHEI
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 39.8% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.9% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 38.9% | ||
| Q1 24 | — | 38.7% |
营业利润率HHEI
| Q4 25 | 0.4% | 23.1% | ||
| Q3 25 | -1.0% | 23.1% | ||
| Q2 25 | 2.1% | 22.6% | ||
| Q1 25 | 3.0% | 22.0% | ||
| Q4 24 | -3.0% | 21.6% | ||
| Q3 24 | 37.3% | 21.8% | ||
| Q2 24 | 27.1% | 21.9% | ||
| Q1 24 | 31.6% | 20.1% |
净利率HHEI
| Q4 25 | -1.1% | 15.6% | ||
| Q3 25 | -2.7% | 15.5% | ||
| Q2 25 | -0.2% | 14.3% | ||
| Q1 25 | 1.2% | 16.3% | ||
| Q4 24 | -3.5% | 13.8% | ||
| Q3 24 | 28.9% | 13.8% | ||
| Q2 24 | 21.1% | 12.9% | ||
| Q1 24 | 30.5% | 12.8% |
每股收益（稀释后）HHEI
| Q4 25 | $-0.20 | $1.32 | ||
| Q3 25 | $-0.51 | $1.26 | ||
| Q2 25 | $-0.03 | $1.12 | ||
| Q1 25 | $0.19 | $1.20 | ||
| Q4 24 | $-0.37 | $1.00 | ||
| Q3 24 | $4.63 | $0.97 | ||
| Q2 24 | $3.46 | $0.88 | ||
| Q1 24 | $4.93 | $0.82 |
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 | $813.0M | $217.8M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $3.3B | $4.3B |
| 总资产 | $14.0B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资HHEI
| Q4 25 | $813.0M | $217.8M | ||
| Q3 25 | $749.0M | $261.9M | ||
| Q2 25 | $912.0M | $242.3M | ||
| Q1 25 | $1.8B | $165.5M | ||
| Q4 24 | $1.4B | $162.1M | ||
| Q3 24 | $1.1B | $202.9M | ||
| Q2 24 | $2.0B | $204.2M | ||
| Q1 24 | $794.0M | $196.3M |
总债务HHEI
| Q4 25 | — | $2.2B | ||
| Q3 25 | $6.0B | $2.4B | ||
| Q2 25 | $6.0B | $2.3B | ||
| Q1 25 | $4.3B | $2.3B | ||
| Q4 24 | $3.8B | $2.2B | ||
| Q3 24 | $3.1B | $2.3B | ||
| Q2 24 | $3.9B | $2.4B | ||
| Q1 24 | $3.1B | $2.5B |
股东权益HHEI
| Q4 25 | $3.3B | $4.3B | ||
| Q3 25 | $3.5B | $4.1B | ||
| Q2 25 | $3.6B | $4.0B | ||
| Q1 25 | $3.5B | $3.7B | ||
| Q4 24 | $3.5B | $3.6B | ||
| Q3 24 | $3.7B | $3.5B | ||
| Q2 24 | $3.9B | $3.4B | ||
| Q1 24 | $3.7B | $3.3B |
总资产HHEI
| Q4 25 | $14.0B | $8.5B | ||
| Q3 25 | $15.7B | $8.5B | ||
| Q2 25 | $15.9B | $8.1B | ||
| Q1 25 | $14.0B | $7.9B | ||
| Q4 24 | $13.3B | $7.6B | ||
| Q3 24 | $11.9B | $7.4B | ||
| Q2 24 | $12.8B | $7.4B | ||
| Q1 24 | $11.7B | $7.3B |
负债/权益比HHEI
| Q4 25 | — | 0.50× | ||
| Q3 25 | 1.73× | 0.59× | ||
| Q2 25 | 1.69× | 0.57× | ||
| Q1 25 | 1.25× | 0.63× | ||
| Q4 24 | 1.07× | 0.61× | ||
| Q3 24 | 0.85× | 0.64× | ||
| Q2 24 | 1.01× | 0.70× | ||
| Q1 24 | 0.84× | 0.76× |
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 | $313.0M | $295.3M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $268.5M |
| 自由现金流率自由现金流/营收 | 13.2% | 22.2% |
| 资本支出强度资本支出/营收 | 4.3% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.57× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $861.4M |
8季度趋势，按日历期对齐
经营现金流HHEI
| Q4 25 | $313.0M | $295.3M | ||
| Q3 25 | $-20.0M | $231.2M | ||
| Q2 25 | $-67.0M | $204.7M | ||
| Q1 25 | $153.0M | $203.0M | ||
| Q4 24 | $235.0M | $205.6M | ||
| Q3 24 | $-21.0M | $214.0M | ||
| Q2 24 | $177.0M | $141.1M | ||
| Q1 24 | $242.0M | $111.7M |
自由现金流HHEI
| Q4 25 | $236.0M | $268.5M | ||
| Q3 25 | $-89.0M | $218.5M | ||
| Q2 25 | $-111.0M | $188.7M | ||
| Q1 25 | $123.0M | $185.7M | ||
| Q4 24 | $184.0M | $189.5M | ||
| Q3 24 | $-64.0M | $198.1M | ||
| Q2 24 | $135.0M | $128.2M | ||
| Q1 24 | $208.0M | $98.3M |
自由现金流率HHEI
| Q4 25 | 13.2% | 22.2% | ||
| Q3 25 | -5.0% | 19.0% | ||
| Q2 25 | -6.1% | 17.2% | ||
| Q1 25 | 7.2% | 18.0% | ||
| Q4 24 | 11.5% | 18.7% | ||
| Q3 24 | -3.9% | 20.0% | ||
| Q2 24 | 7.9% | 13.4% | ||
| Q1 24 | 12.1% | 11.0% |
资本支出强度HHEI
| Q4 25 | 4.3% | 2.2% | ||
| Q3 25 | 3.9% | 1.1% | ||
| Q2 25 | 2.4% | 1.5% | ||
| Q1 25 | 1.7% | 1.7% | ||
| Q4 24 | 3.2% | 1.6% | ||
| Q3 24 | 2.6% | 1.6% | ||
| Q2 24 | 2.5% | 1.4% | ||
| Q1 24 | 2.0% | 1.5% |
现金转化率HHEI
| Q4 25 | — | 1.57× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | 7.65× | 1.21× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | -0.04× | 1.57× | ||
| Q2 24 | 0.49× | 1.15× | ||
| Q1 24 | 0.46× | 0.97× |
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
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
