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凯悦酒店集团（H）与罗技（LOGI）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罗技的1.3倍（$1.8B vs $1.4B），罗技净利率更高（17.7% vs -1.1%，领先18.8%），凯悦酒店集团同比增速更快（11.7% vs 6.1%），罗技自由现金流更多（$465.6M vs $236.0M），过去两年罗技的营收复合增速更高（18.5% 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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
H vs LOGI — 直观对比
营收规模更大
H
是对方的1.3倍
$1.4B
营收增速更快
H
高出5.6%
6.1%
净利率更高
LOGI
高出18.8%
-1.1%
自由现金流更多
LOGI
多$229.6M
$236.0M
两年增速更快
LOGI
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-20.0M | $251.0M |
| 毛利率 | — | 43.2% |
| 营业利润率 | 0.4% | 20.1% |
| 净利率 | -1.1% | 17.7% |
| 营收同比 | 11.7% | 6.1% |
| 净利润同比 | 64.3% | 25.4% |
| 每股收益（稀释后） | $-0.20 | $1.69 |
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HLOGI
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.7B | $1.0B |
净利润HLOGI
| Q4 25 | $-20.0M | $251.0M | ||
| Q3 25 | $-49.0M | $170.7M | ||
| Q2 25 | $-3.0M | $146.0M | ||
| Q1 25 | $20.0M | $144.1M | ||
| Q4 24 | $-56.0M | $200.1M | ||
| Q3 24 | $471.0M | $145.5M | ||
| Q2 24 | $359.0M | $141.8M | ||
| Q1 24 | $522.0M | $167.6M |
毛利率HLOGI
| Q4 25 | — | 43.2% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 41.7% | ||
| Q1 25 | — | 43.1% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 43.6% | ||
| Q2 24 | — | 42.8% | ||
| Q1 24 | — | 43.2% |
营业利润率HLOGI
| Q4 25 | 0.4% | 20.1% | ||
| Q3 25 | -1.0% | 16.1% | ||
| Q2 25 | 2.1% | 14.1% | ||
| Q1 25 | 3.0% | 10.5% | ||
| Q4 24 | -3.0% | 17.5% | ||
| Q3 24 | 37.3% | 14.4% | ||
| Q2 24 | 27.1% | 14.1% | ||
| Q1 24 | 31.6% | 12.9% |
净利率HLOGI
| Q4 25 | -1.1% | 17.7% | ||
| Q3 25 | -2.7% | 14.4% | ||
| Q2 25 | -0.2% | 12.7% | ||
| Q1 25 | 1.2% | 14.3% | ||
| Q4 24 | -3.5% | 14.9% | ||
| Q3 24 | 28.9% | 13.0% | ||
| Q2 24 | 21.1% | 13.0% | ||
| Q1 24 | 30.5% | 16.6% |
每股收益（稀释后）HLOGI
| Q4 25 | $-0.20 | $1.69 | ||
| Q3 25 | $-0.51 | $1.15 | ||
| Q2 25 | $-0.03 | $0.98 | ||
| Q1 25 | $0.19 | $0.94 | ||
| Q4 24 | $-0.37 | $1.32 | ||
| Q3 24 | $4.63 | $0.95 | ||
| Q2 24 | $3.46 | $0.92 | ||
| Q1 24 | $4.93 | $1.07 |
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 | $1.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $2.3B |
| 总资产 | $14.0B | $4.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLOGI
| Q4 25 | $813.0M | $1.8B | ||
| Q3 25 | $749.0M | $1.4B | ||
| Q2 25 | $912.0M | $1.5B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $794.0M | $1.5B |
总债务HLOGI
| Q4 25 | — | — | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.0B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.1B | — |
股东权益HLOGI
| Q4 25 | $3.3B | $2.3B | ||
| Q3 25 | $3.5B | $2.1B | ||
| Q2 25 | $3.6B | $2.2B | ||
| Q1 25 | $3.5B | $2.1B | ||
| Q4 24 | $3.5B | $2.1B | ||
| Q3 24 | $3.7B | $2.1B | ||
| Q2 24 | $3.9B | $2.2B | ||
| Q1 24 | $3.7B | $2.2B |
总资产HLOGI
| Q4 25 | $14.0B | $4.1B | ||
| Q3 25 | $15.7B | $3.7B | ||
| Q2 25 | $15.9B | $3.7B | ||
| Q1 25 | $14.0B | $3.5B | ||
| Q4 24 | $13.3B | $3.7B | ||
| Q3 24 | $11.9B | $3.6B | ||
| Q2 24 | $12.8B | $3.7B | ||
| Q1 24 | $11.7B | $3.6B |
负债/权益比HLOGI
| Q4 25 | — | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.25× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 1.01× | — | ||
| Q1 24 | 0.84× | — |
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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $465.6M |
| 自由现金流率自由现金流/营收 | 13.2% | 32.8% |
| 资本支出强度资本支出/营收 | 4.3% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $903.6M |
8季度趋势，按日历期对齐
经营现金流HLOGI
| Q4 25 | $313.0M | $480.5M | ||
| Q3 25 | $-20.0M | $228.8M | ||
| Q2 25 | $-67.0M | $125.0M | ||
| Q1 25 | $153.0M | $129.7M | ||
| Q4 24 | $235.0M | $370.9M | ||
| Q3 24 | $-21.0M | $166.0M | ||
| Q2 24 | $177.0M | $176.0M | ||
| Q1 24 | $242.0M | $239.1M |
自由现金流HLOGI
| Q4 25 | $236.0M | $465.6M | ||
| Q3 25 | $-89.0M | $212.3M | ||
| Q2 25 | $-111.0M | $108.8M | ||
| Q1 25 | $123.0M | $116.9M | ||
| Q4 24 | $184.0M | $356.6M | ||
| Q3 24 | $-64.0M | $151.5M | ||
| Q2 24 | $135.0M | $161.4M | ||
| Q1 24 | $208.0M | $228.8M |
自由现金流率HLOGI
| Q4 25 | 13.2% | 32.8% | ||
| Q3 25 | -5.0% | 17.9% | ||
| Q2 25 | -6.1% | 9.5% | ||
| Q1 25 | 7.2% | 11.6% | ||
| Q4 24 | 11.5% | 26.6% | ||
| Q3 24 | -3.9% | 13.6% | ||
| Q2 24 | 7.9% | 14.8% | ||
| Q1 24 | 12.1% | 22.6% |
资本支出强度HLOGI
| Q4 25 | 4.3% | 1.0% | ||
| Q3 25 | 3.9% | 1.4% | ||
| Q2 25 | 2.4% | 1.4% | ||
| Q1 25 | 1.7% | 1.3% | ||
| Q4 24 | 3.2% | 1.1% | ||
| Q3 24 | 2.6% | 1.3% | ||
| Q2 24 | 2.5% | 1.3% | ||
| Q1 24 | 2.0% | 1.0% |
现金转化率HLOGI
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | 7.65× | 0.90× | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | -0.04× | 1.14× | ||
| Q2 24 | 0.49× | 1.24× | ||
| Q1 24 | 0.46× | 1.43× |
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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
