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凯悦酒店集团（H）与Lumen Technologies, Inc.（LUMN）财务数据对比。点击上方公司名可切换其他公司
Lumen Technologies, Inc.的季度营收约是凯悦酒店集团的1.5倍（$2.7B vs $1.8B），Lumen Technologies, Inc.净利率更高（-0.1% vs -1.1%，领先1.0%），凯悦酒店集团同比增速更快（11.7% vs -11.0%），凯悦酒店集团自由现金流更多（$236.0M vs $-1.1B），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -5.3%）
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。
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
H vs LUMN — 直观对比
营收规模更大
LUMN
是对方的1.5倍
$1.8B
营收增速更快
H
高出22.6%
-11.0%
净利率更高
LUMN
高出1.0%
-1.1%
自由现金流更多
H
多$1.3B
$-1.1B
两年增速更快
H
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.7B |
| 净利润 | $-20.0M | $-2.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | 0.4% | -7.3% |
| 净利率 | -1.1% | -0.1% |
| 营收同比 | 11.7% | -11.0% |
| 净利润同比 | 64.3% | -102.4% |
| 每股收益（稀释后） | $-0.20 | $-0.01 |
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HLUMN
| Q4 25 | $1.8B | $2.7B | ||
| Q3 25 | $1.8B | $2.8B | ||
| Q2 25 | $1.8B | $2.9B | ||
| Q1 25 | $1.7B | $2.9B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.0B | ||
| Q2 24 | $1.7B | $3.0B | ||
| Q1 24 | $1.7B | $3.1B |
净利润HLUMN
| Q4 25 | $-20.0M | $-2.0M | ||
| Q3 25 | $-49.0M | $-621.0M | ||
| Q2 25 | $-3.0M | $-915.0M | ||
| Q1 25 | $20.0M | $-201.0M | ||
| Q4 24 | $-56.0M | $85.0M | ||
| Q3 24 | $471.0M | $-148.0M | ||
| Q2 24 | $359.0M | $-49.0M | ||
| Q1 24 | $522.0M | $57.0M |
毛利率HLUMN
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | 39.4% | ||
| Q2 25 | — | 43.4% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 44.7% | ||
| Q3 24 | — | 43.0% | ||
| Q2 24 | — | 45.2% | ||
| Q1 24 | — | 46.0% |
营业利润率HLUMN
| Q4 25 | 0.4% | -7.3% | ||
| Q3 25 | -1.0% | -4.1% | ||
| Q2 25 | 2.1% | -21.0% | ||
| Q1 25 | 3.0% | 3.7% | ||
| Q4 24 | -3.0% | 5.0% | ||
| Q3 24 | 37.3% | 4.2% | ||
| Q2 24 | 27.1% | 4.5% | ||
| Q1 24 | 31.6% | 1.5% |
净利率HLUMN
| Q4 25 | -1.1% | -0.1% | ||
| Q3 25 | -2.7% | -22.1% | ||
| Q2 25 | -0.2% | -31.9% | ||
| Q1 25 | 1.2% | -6.9% | ||
| Q4 24 | -3.5% | 2.8% | ||
| Q3 24 | 28.9% | -5.0% | ||
| Q2 24 | 21.1% | -1.6% | ||
| Q1 24 | 30.5% | 1.9% |
每股收益（稀释后）HLUMN
| Q4 25 | $-0.20 | $-0.01 | ||
| Q3 25 | $-0.51 | $-0.62 | ||
| Q2 25 | $-0.03 | $-0.92 | ||
| Q1 25 | $0.19 | $-0.20 | ||
| Q4 24 | $-0.37 | $0.08 | ||
| Q3 24 | $4.63 | $-0.15 | ||
| Q2 24 | $3.46 | $-0.05 | ||
| Q1 24 | $4.93 | $0.06 |
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 | $1.0B |
| 总债务越低越好 | — | $17.4B |
| 股东权益账面价值 | $3.3B | $-1.1B |
| 总资产 | $14.0B | $34.3B |
| 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HLUMN
| Q4 25 | $813.0M | $1.0B | ||
| Q3 25 | $749.0M | $2.4B | ||
| Q2 25 | $912.0M | $1.6B | ||
| Q1 25 | $1.8B | $1.9B | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.1B | $2.6B | ||
| Q2 24 | $2.0B | $1.5B | ||
| Q1 24 | $794.0M | $1.6B |
总债务HLUMN
| Q4 25 | — | $17.4B | ||
| Q3 25 | $6.0B | $17.6B | ||
| Q2 25 | $6.0B | $17.6B | ||
| Q1 25 | $4.3B | $17.3B | ||
| Q4 24 | $3.8B | $17.5B | ||
| Q3 24 | $3.1B | $18.1B | ||
| Q2 24 | $3.9B | $18.4B | ||
| Q1 24 | $3.1B | $18.6B |
股东权益HLUMN
| Q4 25 | $3.3B | $-1.1B | ||
| Q3 25 | $3.5B | $-1.2B | ||
| Q2 25 | $3.6B | $-595.0M | ||
| Q1 25 | $3.5B | $289.0M | ||
| Q4 24 | $3.5B | $464.0M | ||
| Q3 24 | $3.7B | $342.0M | ||
| Q2 24 | $3.9B | $466.0M | ||
| Q1 24 | $3.7B | $504.0M |
总资产HLUMN
| Q4 25 | $14.0B | $34.3B | ||
| Q3 25 | $15.7B | $34.3B | ||
| Q2 25 | $15.9B | $33.0B | ||
| Q1 25 | $14.0B | $33.5B | ||
| Q4 24 | $13.3B | $33.5B | ||
| Q3 24 | $11.9B | $34.0B | ||
| Q2 24 | $12.8B | $32.9B | ||
| Q1 24 | $11.7B | $33.2B |
负债/权益比HLUMN
| Q4 25 | — | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.25× | 59.98× | ||
| Q4 24 | 1.07× | 37.70× | ||
| Q3 24 | 0.85× | 53.05× | ||
| Q2 24 | 1.01× | 39.51× | ||
| Q1 24 | 0.84× | 36.89× |
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 | $562.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $-1.1B |
| 自由现金流率自由现金流/营收 | 13.2% | -39.4% |
| 资本支出强度资本支出/营收 | 4.3% | 59.9% |
| 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 | $159.0M | $371.0M |
8季度趋势，按日历期对齐
经营现金流HLUMN
| Q4 25 | $313.0M | $562.0M | ||
| Q3 25 | $-20.0M | $2.5B | ||
| Q2 25 | $-67.0M | $570.0M | ||
| Q1 25 | $153.0M | $1.1B | ||
| Q4 24 | $235.0M | $688.0M | ||
| Q3 24 | $-21.0M | $2.0B | ||
| Q2 24 | $177.0M | $511.0M | ||
| Q1 24 | $242.0M | $1.1B |
自由现金流HLUMN
| Q4 25 | $236.0M | $-1.1B | ||
| Q3 25 | $-89.0M | $1.5B | ||
| Q2 25 | $-111.0M | $-321.0M | ||
| Q1 25 | $123.0M | $304.0M | ||
| Q4 24 | $184.0M | $-227.0M | ||
| Q3 24 | $-64.0M | $1.2B | ||
| Q2 24 | $135.0M | $-242.0M | ||
| Q1 24 | $208.0M | $389.0M |
自由现金流率HLUMN
| Q4 25 | 13.2% | -39.4% | ||
| Q3 25 | -5.0% | 52.4% | ||
| Q2 25 | -6.1% | -11.2% | ||
| Q1 25 | 7.2% | 10.4% | ||
| Q4 24 | 11.5% | -7.4% | ||
| Q3 24 | -3.9% | 39.8% | ||
| Q2 24 | 7.9% | -8.0% | ||
| Q1 24 | 12.1% | 12.7% |
资本支出强度HLUMN
| Q4 25 | 4.3% | 59.9% | ||
| Q3 25 | 3.9% | 37.1% | ||
| Q2 25 | 2.4% | 31.1% | ||
| Q1 25 | 1.7% | 27.2% | ||
| Q4 24 | 3.2% | 29.7% | ||
| Q3 24 | 2.6% | 28.6% | ||
| Q2 24 | 2.5% | 25.0% | ||
| Q1 24 | 2.0% | 23.3% |
现金转化率HLUMN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.65× | — | ||
| Q4 24 | — | 8.09× | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.46× | 19.33× |
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% |
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
