vs
凯悦酒店集团（H）与美泰（MAT）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美泰的2.1倍（$1.8B vs $862.2M），美泰净利率更高（7.1% vs -1.1%，领先8.2%），凯悦酒店集团同比增速更快（11.7% vs 4.3%），凯悦酒店集团自由现金流更多（$236.0M vs $-88.1M），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
H vs MAT — 直观对比
营收规模更大
H
是对方的2.1倍
$862.2M
营收增速更快
H
高出7.4%
4.3%
净利率更高
MAT
高出8.2%
-1.1%
自由现金流更多
H
多$324.1M
$-88.1M
两年增速更快
H
近两年复合增速
-10.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $862.2M |
| 净利润 | $-20.0M | $61.0M |
| 毛利率 | — | 44.9% |
| 营业利润率 | 0.4% | — |
| 净利率 | -1.1% | 7.1% |
| 营收同比 | 11.7% | 4.3% |
| 净利润同比 | 64.3% | 251.4% |
| 每股收益（稀释后） | $-0.20 | $0.20 |
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HMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.8B | $1.0B | ||
| Q1 25 | $1.7B | $826.6M | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.7B | $1.1B |
净利润HMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $-20.0M | $106.2M | ||
| Q3 25 | $-49.0M | $278.4M | ||
| Q2 25 | $-3.0M | $53.4M | ||
| Q1 25 | $20.0M | $-40.3M | ||
| Q4 24 | $-56.0M | $140.9M | ||
| Q3 24 | $471.0M | $372.4M | ||
| Q2 24 | $359.0M | $56.9M |
毛利率HMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 53.1% | ||
| Q2 24 | — | 49.2% |
营业利润率HMAT
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 8.0% | ||
| Q3 25 | -1.0% | 21.9% | ||
| Q2 25 | 2.1% | 7.7% | ||
| Q1 25 | 3.0% | -6.4% | ||
| Q4 24 | -3.0% | 9.6% | ||
| Q3 24 | 37.3% | 26.5% | ||
| Q2 24 | 27.1% | 7.7% |
净利率HMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | -1.1% | 6.0% | ||
| Q3 25 | -2.7% | 16.0% | ||
| Q2 25 | -0.2% | 5.2% | ||
| Q1 25 | 1.2% | -4.9% | ||
| Q4 24 | -3.5% | 8.6% | ||
| Q3 24 | 28.9% | 20.2% | ||
| Q2 24 | 21.1% | 5.3% |
每股收益（稀释后）HMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $-0.20 | $0.32 | ||
| Q3 25 | $-0.51 | $0.88 | ||
| Q2 25 | $-0.03 | $0.16 | ||
| Q1 25 | $0.19 | $-0.12 | ||
| Q4 24 | $-0.37 | $0.40 | ||
| Q3 24 | $4.63 | $1.09 | ||
| Q2 24 | $3.46 | $0.17 |
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 | $866.0M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.3B | $2.1B |
| 总资产 | $14.0B | $6.3B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资HMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $813.0M | $1.2B | ||
| Q3 25 | $749.0M | $691.9M | ||
| Q2 25 | $912.0M | $870.5M | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.1B | $723.5M | ||
| Q2 24 | $2.0B | $722.4M |
总债务HMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | $6.0B | $2.3B | ||
| Q2 25 | $6.0B | $2.3B | ||
| Q1 25 | $4.3B | $2.3B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $3.1B | $2.3B | ||
| Q2 24 | $3.9B | $2.3B |
股东权益HMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $3.3B | $2.2B | ||
| Q3 25 | $3.5B | $2.3B | ||
| Q2 25 | $3.6B | $2.2B | ||
| Q1 25 | $3.5B | $2.1B | ||
| Q4 24 | $3.5B | $2.3B | ||
| Q3 24 | $3.7B | $2.3B | ||
| Q2 24 | $3.9B | $2.0B |
总资产HMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $14.0B | $6.6B | ||
| Q3 25 | $15.7B | $6.6B | ||
| Q2 25 | $15.9B | $6.2B | ||
| Q1 25 | $14.0B | $6.2B | ||
| Q4 24 | $13.3B | $6.5B | ||
| Q3 24 | $11.9B | $6.5B | ||
| Q2 24 | $12.8B | $5.9B |
负债/权益比HMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | 1.73× | 1.03× | ||
| Q2 25 | 1.69× | 1.08× | ||
| Q1 25 | 1.25× | 1.10× | ||
| Q4 24 | 1.07× | 1.03× | ||
| Q3 24 | 0.85× | 1.01× | ||
| Q2 24 | 1.01× | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $-88.1M |
| 自由现金流率自由现金流/营收 | 13.2% | -10.2% |
| 资本支出强度资本支出/营收 | 4.3% | 7.6% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流HMAT
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $796.6M | ||
| Q3 25 | $-20.0M | $72.0M | ||
| Q2 25 | $-67.0M | $-300.1M | ||
| Q1 25 | $153.0M | $24.8M | ||
| Q4 24 | $235.0M | $862.1M | ||
| Q3 24 | $-21.0M | $155.8M | ||
| Q2 24 | $177.0M | $-252.9M |
自由现金流HMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | $236.0M | — | ||
| Q3 25 | $-89.0M | — | ||
| Q2 25 | $-111.0M | — | ||
| Q1 25 | $123.0M | — | ||
| Q4 24 | $184.0M | — | ||
| Q3 24 | $-64.0M | — | ||
| Q2 24 | $135.0M | — |
自由现金流率HMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | 13.2% | — | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | -6.1% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | -3.9% | — | ||
| Q2 24 | 7.9% | — |
资本支出强度HMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | 4.3% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 2.5% | — |
现金转化率HMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 7.50× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | -5.62× | ||
| Q1 25 | 7.65× | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | -0.04× | 0.42× | ||
| Q2 24 | 0.49× | -4.45× |
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% |
MAT
暂无分部数据
