vs
凯悦酒店集团（H）与KLA Corporation（KLAC）财务数据对比。点击上方公司名可切换其他公司
KLA Corporation的季度营收约是凯悦酒店集团的1.8倍（$3.3B vs $1.8B），KLA Corporation净利率更高（34.7% vs -1.1%，领先35.9%），凯悦酒店集团同比增速更快（11.7% vs 7.2%），KLA Corporation自由现金流更多（$1.3B vs $236.0M），过去两年KLA Corporation的营收复合增速更高（18.2% 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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
H vs KLAC — 直观对比
营收规模更大
KLAC
是对方的1.8倍
$1.8B
营收增速更快
H
高出4.5%
7.2%
净利率更高
KLAC
高出35.9%
-1.1%
自由现金流更多
KLAC
多$1.0B
$236.0M
两年增速更快
KLAC
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.3B |
| 净利润 | $-20.0M | $1.1B |
| 毛利率 | — | 61.4% |
| 营业利润率 | 0.4% | — |
| 净利率 | -1.1% | 34.7% |
| 营收同比 | 11.7% | 7.2% |
| 净利润同比 | 64.3% | 39.0% |
| 每股收益（稀释后） | $-0.20 | $8.68 |
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HKLAC
| Q4 25 | $1.8B | $3.3B | ||
| Q3 25 | $1.8B | $3.2B | ||
| Q2 25 | $1.8B | $3.2B | ||
| Q1 25 | $1.7B | $3.1B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $2.8B | ||
| Q2 24 | $1.7B | $2.6B | ||
| Q1 24 | $1.7B | $2.4B |
净利润HKLAC
| Q4 25 | $-20.0M | $1.1B | ||
| Q3 25 | $-49.0M | $1.1B | ||
| Q2 25 | $-3.0M | $1.2B | ||
| Q1 25 | $20.0M | $1.1B | ||
| Q4 24 | $-56.0M | $824.5M | ||
| Q3 24 | $471.0M | $945.9M | ||
| Q2 24 | $359.0M | $836.4M | ||
| Q1 24 | $522.0M | $601.5M |
毛利率HKLAC
| Q4 25 | — | 61.4% | ||
| Q3 25 | — | 61.3% | ||
| Q2 25 | — | 62.0% | ||
| Q1 25 | — | 61.6% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 60.7% | ||
| Q1 24 | — | 57.9% |
营业利润率HKLAC
| Q4 25 | 0.4% | — | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | 2.1% | 41.9% | ||
| Q1 25 | 3.0% | 41.3% | ||
| Q4 24 | -3.0% | 31.6% | ||
| Q3 24 | 37.3% | 38.0% | ||
| Q2 24 | 27.1% | 36.8% | ||
| Q1 24 | 31.6% | 29.7% |
净利率HKLAC
| Q4 25 | -1.1% | 34.7% | ||
| Q3 25 | -2.7% | 34.9% | ||
| Q2 25 | -0.2% | 37.9% | ||
| Q1 25 | 1.2% | 35.5% | ||
| Q4 24 | -3.5% | 26.8% | ||
| Q3 24 | 28.9% | 33.3% | ||
| Q2 24 | 21.1% | 32.6% | ||
| Q1 24 | 30.5% | 25.5% |
每股收益（稀释后）HKLAC
| Q4 25 | $-0.20 | $8.68 | ||
| Q3 25 | $-0.51 | $8.47 | ||
| Q2 25 | $-0.03 | $9.04 | ||
| Q1 25 | $0.19 | $8.16 | ||
| Q4 24 | $-0.37 | $6.16 | ||
| Q3 24 | $4.63 | $7.01 | ||
| Q2 24 | $3.46 | $6.16 | ||
| Q1 24 | $4.93 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | — | $5.9B |
| 股东权益账面价值 | $3.3B | $5.5B |
| 总资产 | $14.0B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资HKLAC
| Q4 25 | $813.0M | $2.5B | ||
| Q3 25 | $749.0M | $1.9B | ||
| Q2 25 | $912.0M | $2.1B | ||
| Q1 25 | $1.8B | $1.9B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $2.0B | $2.0B | ||
| Q1 24 | $794.0M | $1.8B |
总债务HKLAC
| Q4 25 | — | $5.9B | ||
| Q3 25 | $6.0B | $5.9B | ||
| Q2 25 | $6.0B | $5.9B | ||
| Q1 25 | $4.3B | $5.9B | ||
| Q4 24 | $3.8B | $5.9B | ||
| Q3 24 | $3.1B | $5.9B | ||
| Q2 24 | $3.9B | $5.9B | ||
| Q1 24 | $3.1B | $5.9B |
股东权益HKLAC
| Q4 25 | $3.3B | $5.5B | ||
| Q3 25 | $3.5B | $5.0B | ||
| Q2 25 | $3.6B | $4.7B | ||
| Q1 25 | $3.5B | $4.0B | ||
| Q4 24 | $3.5B | $3.6B | ||
| Q3 24 | $3.7B | $3.6B | ||
| Q2 24 | $3.9B | $3.4B | ||
| Q1 24 | $3.7B | $3.1B |
总资产HKLAC
| Q4 25 | $14.0B | $16.7B | ||
| Q3 25 | $15.7B | $16.3B | ||
| Q2 25 | $15.9B | $16.1B | ||
| Q1 25 | $14.0B | $15.2B | ||
| Q4 24 | $13.3B | $15.0B | ||
| Q3 24 | $11.9B | $15.7B | ||
| Q2 24 | $12.8B | $15.4B | ||
| Q1 24 | $11.7B | $15.0B |
负债/权益比HKLAC
| Q4 25 | — | 1.08× | ||
| Q3 25 | 1.73× | 1.18× | ||
| Q2 25 | 1.69× | 1.25× | ||
| Q1 25 | 1.25× | 1.47× | ||
| Q4 24 | 1.07× | 1.64× | ||
| Q3 24 | 0.85× | 1.65× | ||
| Q2 24 | 1.01× | 1.75× | ||
| Q1 24 | 0.84× | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $1.3B |
| 自由现金流率自由现金流/营收 | 13.2% | 38.3% |
| 资本支出强度资本支出/营收 | 4.3% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $4.4B |
8季度趋势，按日历期对齐
经营现金流HKLAC
| Q4 25 | $313.0M | $1.4B | ||
| Q3 25 | $-20.0M | $1.2B | ||
| Q2 25 | $-67.0M | $1.2B | ||
| Q1 25 | $153.0M | $1.1B | ||
| Q4 24 | $235.0M | $849.5M | ||
| Q3 24 | $-21.0M | $995.2M | ||
| Q2 24 | $177.0M | $892.6M | ||
| Q1 24 | $242.0M | $910.0M |
自由现金流HKLAC
| Q4 25 | $236.0M | $1.3B | ||
| Q3 25 | $-89.0M | $1.1B | ||
| Q2 25 | $-111.0M | $1.1B | ||
| Q1 25 | $123.0M | $990.0M | ||
| Q4 24 | $184.0M | $757.2M | ||
| Q3 24 | $-64.0M | $934.8M | ||
| Q2 24 | $135.0M | $831.9M | ||
| Q1 24 | $208.0M | $838.2M |
自由现金流率HKLAC
| Q4 25 | 13.2% | 38.3% | ||
| Q3 25 | -5.0% | 33.2% | ||
| Q2 25 | -6.1% | 33.5% | ||
| Q1 25 | 7.2% | 32.3% | ||
| Q4 24 | 11.5% | 24.6% | ||
| Q3 24 | -3.9% | 32.9% | ||
| Q2 24 | 7.9% | 32.4% | ||
| Q1 24 | 12.1% | 35.5% |
资本支出强度HKLAC
| Q4 25 | 4.3% | 3.2% | ||
| Q3 25 | 3.9% | 3.0% | ||
| Q2 25 | 2.4% | 3.2% | ||
| Q1 25 | 1.7% | 2.7% | ||
| Q4 24 | 3.2% | 3.0% | ||
| Q3 24 | 2.6% | 2.1% | ||
| Q2 24 | 2.5% | 2.4% | ||
| Q1 24 | 2.0% | 3.0% |
现金转化率HKLAC
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.04× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | 7.65× | 0.99× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | -0.04× | 1.05× | ||
| Q2 24 | 0.49× | 1.07× | ||
| Q1 24 | 0.46× | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
