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凯悦酒店集团（H）与李维斯（LEVI）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李维斯的1.0倍（$1.8B vs $1.8B），李维斯净利率更高（8.9% vs -1.1%，领先10.1%），凯悦酒店集团同比增速更快（11.7% vs -4.0%），凯悦酒店集团自由现金流更多（$236.0M vs $215.7M），过去两年李维斯的营收复合增速更高（6.5% 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。
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
H vs LEVI — 直观对比
营收规模更大
H
是对方的1.0倍
$1.8B
营收增速更快
H
高出15.7%
-4.0%
净利率更高
LEVI
高出10.1%
-1.1%
自由现金流更多
H
多$20.3M
$215.7M
两年增速更快
LEVI
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $-20.0M | $158.0M |
| 毛利率 | — | 60.8% |
| 营业利润率 | 0.4% | 11.9% |
| 净利率 | -1.1% | 8.9% |
| 营收同比 | 11.7% | -4.0% |
| 净利润同比 | 64.3% | -13.4% |
| 每股收益（稀释后） | $-0.20 | $0.39 |
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HLEVI
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B | ||
| Q1 24 | $1.7B | $1.6B |
净利润HLEVI
| Q4 25 | $-20.0M | $158.0M | ||
| Q3 25 | $-49.0M | $218.1M | ||
| Q2 25 | $-3.0M | $67.0M | ||
| Q1 25 | $20.0M | $135.0M | ||
| Q4 24 | $-56.0M | $182.5M | ||
| Q3 24 | $471.0M | $20.7M | ||
| Q2 24 | $359.0M | $18.0M | ||
| Q1 24 | $522.0M | $-10.6M |
毛利率HLEVI
| Q4 25 | — | 60.8% | ||
| Q3 25 | — | 61.7% | ||
| Q2 25 | — | 62.6% | ||
| Q1 25 | — | 62.1% | ||
| Q4 24 | — | 61.3% | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | 60.5% | ||
| Q1 24 | — | 58.2% |
营业利润率HLEVI
| Q4 25 | 0.4% | 11.9% | ||
| Q3 25 | -1.0% | 10.8% | ||
| Q2 25 | 2.1% | 7.5% | ||
| Q1 25 | 3.0% | 12.5% | ||
| Q4 24 | -3.0% | 11.5% | ||
| Q3 24 | 37.3% | 2.0% | ||
| Q2 24 | 27.1% | 1.5% | ||
| Q1 24 | 31.6% | -0.0% |
净利率HLEVI
| Q4 25 | -1.1% | 8.9% | ||
| Q3 25 | -2.7% | 14.1% | ||
| Q2 25 | -0.2% | 4.6% | ||
| Q1 25 | 1.2% | 8.8% | ||
| Q4 24 | -3.5% | 9.9% | ||
| Q3 24 | 28.9% | 1.4% | ||
| Q2 24 | 21.1% | 1.2% | ||
| Q1 24 | 30.5% | -0.7% |
每股收益（稀释后）HLEVI
| Q4 25 | $-0.20 | $0.39 | ||
| Q3 25 | $-0.51 | $0.55 | ||
| Q2 25 | $-0.03 | $0.17 | ||
| Q1 25 | $0.19 | $0.34 | ||
| Q4 24 | $-0.37 | $0.46 | ||
| Q3 24 | $4.63 | $0.05 | ||
| Q2 24 | $3.46 | $0.04 | ||
| Q1 24 | $4.93 | $-0.03 |
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 | $848.8M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $3.3B | $2.3B |
| 总资产 | $14.0B | $6.8B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资HLEVI
| Q4 25 | $813.0M | $848.8M | ||
| Q3 25 | $749.0M | $707.5M | ||
| Q2 25 | $912.0M | $736.7M | ||
| Q1 25 | $1.8B | $574.4M | ||
| Q4 24 | $1.4B | $690.0M | ||
| Q3 24 | $1.1B | $577.1M | ||
| Q2 24 | $2.0B | $641.4M | ||
| Q1 24 | $794.0M | $516.7M |
总债务HLEVI
| Q4 25 | — | $1.1B | ||
| Q3 25 | $6.0B | $1.0B | ||
| Q2 25 | $6.0B | $1.0B | ||
| Q1 25 | $4.3B | $987.4M | ||
| Q4 24 | $3.8B | $994.0M | ||
| Q3 24 | $3.1B | $1.0B | ||
| Q2 24 | $3.9B | $1.0B | ||
| Q1 24 | $3.1B | $1.0B |
股东权益HLEVI
| Q4 25 | $3.3B | $2.3B | ||
| Q3 25 | $3.5B | $2.2B | ||
| Q2 25 | $3.6B | $2.1B | ||
| Q1 25 | $3.5B | $2.0B | ||
| Q4 24 | $3.5B | $2.0B | ||
| Q3 24 | $3.7B | $1.9B | ||
| Q2 24 | $3.9B | $2.0B | ||
| Q1 24 | $3.7B | $2.0B |
总资产HLEVI
| Q4 25 | $14.0B | $6.8B | ||
| Q3 25 | $15.7B | $6.7B | ||
| Q2 25 | $15.9B | $6.5B | ||
| Q1 25 | $14.0B | $6.2B | ||
| Q4 24 | $13.3B | $6.4B | ||
| Q3 24 | $11.9B | $6.3B | ||
| Q2 24 | $12.8B | $6.2B | ||
| Q1 24 | $11.7B | $6.0B |
负债/权益比HLEVI
| Q4 25 | — | 0.46× | ||
| Q3 25 | 1.73× | 0.48× | ||
| Q2 25 | 1.69× | 0.49× | ||
| Q1 25 | 1.25× | 0.49× | ||
| Q4 24 | 1.07× | 0.50× | ||
| Q3 24 | 0.85× | 0.54× | ||
| Q2 24 | 1.01× | 0.51× | ||
| Q1 24 | 0.84× | 0.51× |
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 | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $215.7M |
| 自由现金流率自由现金流/营收 | 13.2% | 12.2% |
| 资本支出强度资本支出/营收 | 4.3% | 2.9% |
| 现金转化率经营现金流/净利润 | — | 1.69× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $308.2M |
8季度趋势，按日历期对齐
经营现金流HLEVI
| Q4 25 | $313.0M | $266.8M | ||
| Q3 25 | $-20.0M | $24.8M | ||
| Q2 25 | $-67.0M | $185.5M | ||
| Q1 25 | $153.0M | $52.5M | ||
| Q4 24 | $235.0M | $297.3M | ||
| Q3 24 | $-21.0M | $52.3M | ||
| Q2 24 | $177.0M | $262.8M | ||
| Q1 24 | $242.0M | $286.0M |
自由现金流HLEVI
| Q4 25 | $236.0M | $215.7M | ||
| Q3 25 | $-89.0M | $-39.4M | ||
| Q2 25 | $-111.0M | $146.0M | ||
| Q1 25 | $123.0M | $-14.1M | ||
| Q4 24 | $184.0M | $231.6M | ||
| Q3 24 | $-64.0M | $2.3M | ||
| Q2 24 | $135.0M | $222.6M | ||
| Q1 24 | $208.0M | $214.4M |
自由现金流率HLEVI
| Q4 25 | 13.2% | 12.2% | ||
| Q3 25 | -5.0% | -2.6% | ||
| Q2 25 | -6.1% | 10.1% | ||
| Q1 25 | 7.2% | -0.9% | ||
| Q4 24 | 11.5% | 12.6% | ||
| Q3 24 | -3.9% | 0.2% | ||
| Q2 24 | 7.9% | 15.4% | ||
| Q1 24 | 12.1% | 13.8% |
资本支出强度HLEVI
| Q4 25 | 4.3% | 2.9% | ||
| Q3 25 | 3.9% | 4.2% | ||
| Q2 25 | 2.4% | 2.7% | ||
| Q1 25 | 1.7% | 4.4% | ||
| Q4 24 | 3.2% | 3.6% | ||
| Q3 24 | 2.6% | 3.3% | ||
| Q2 24 | 2.5% | 2.8% | ||
| Q1 24 | 2.0% | 4.6% |
现金转化率HLEVI
| Q4 25 | — | 1.69× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | 7.65× | 0.39× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | -0.04× | 2.53× | ||
| Q2 24 | 0.49× | 14.60× | ||
| Q1 24 | 0.46× | — |
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% |
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
