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凯悦酒店集团（H）与Old Dominion（ODFL）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Old Dominion的1.4倍（$1.8B vs $1.3B），Old Dominion净利率更高（17.6% vs -1.1%，领先18.7%），凯悦酒店集团同比增速更快（11.7% vs -5.7%），Old Dominion自由现金流更多（$264.5M vs $236.0M），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -5.4%）
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。
Old Dominion Freight Line（简称ODFL）是美国领先的零担货运企业，服务覆盖区域、跨区域及全国范围。除核心零担货运业务外，公司还提供加急运输、综合物流及家庭搬家服务，拥有成熟的运营网络，可满足不同客户的多元运输需求。
H vs ODFL — 直观对比
营收规模更大
H
是对方的1.4倍
$1.3B
营收增速更快
H
高出17.3%
-5.7%
净利率更高
ODFL
高出18.7%
-1.1%
自由现金流更多
ODFL
多$28.5M
$236.0M
两年增速更快
H
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-20.0M | $229.5M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | 23.3% |
| 净利率 | -1.1% | 17.6% |
| 营收同比 | 11.7% | -5.7% |
| 净利润同比 | 64.3% | -12.8% |
| 每股收益（稀释后） | $-0.20 | $1.10 |
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HODFL
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.7B | $1.5B | ||
| Q1 24 | $1.7B | $1.5B |
净利润HODFL
| Q4 25 | $-20.0M | $229.5M | ||
| Q3 25 | $-49.0M | $270.9M | ||
| Q2 25 | $-3.0M | $268.6M | ||
| Q1 25 | $20.0M | $254.7M | ||
| Q4 24 | $-56.0M | $263.1M | ||
| Q3 24 | $471.0M | $308.6M | ||
| Q2 24 | $359.0M | $322.0M | ||
| Q1 24 | $522.0M | $292.3M |
营业利润率HODFL
| Q4 25 | 0.4% | 23.3% | ||
| Q3 25 | -1.0% | 25.7% | ||
| Q2 25 | 2.1% | 25.4% | ||
| Q1 25 | 3.0% | 24.6% | ||
| Q4 24 | -3.0% | 24.1% | ||
| Q3 24 | 37.3% | 27.3% | ||
| Q2 24 | 27.1% | 28.1% | ||
| Q1 24 | 31.6% | 26.5% |
净利率HODFL
| Q4 25 | -1.1% | 17.6% | ||
| Q3 25 | -2.7% | 19.3% | ||
| Q2 25 | -0.2% | 19.1% | ||
| Q1 25 | 1.2% | 18.5% | ||
| Q4 24 | -3.5% | 19.0% | ||
| Q3 24 | 28.9% | 21.0% | ||
| Q2 24 | 21.1% | 21.5% | ||
| Q1 24 | 30.5% | 20.0% |
每股收益（稀释后）HODFL
| Q4 25 | $-0.20 | $1.10 | ||
| Q3 25 | $-0.51 | $1.28 | ||
| Q2 25 | $-0.03 | $1.27 | ||
| Q1 25 | $0.19 | $1.19 | ||
| Q4 24 | $-0.37 | $1.23 | ||
| Q3 24 | $4.63 | $1.43 | ||
| Q2 24 | $3.46 | $1.48 | ||
| Q1 24 | $4.93 | $1.34 |
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 | $120.1M |
| 总债务越低越好 | — | $20.0M |
| 股东权益账面价值 | $3.3B | $4.3B |
| 总资产 | $14.0B | $5.5B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HODFL
| Q4 25 | $813.0M | $120.1M | ||
| Q3 25 | $749.0M | $46.6M | ||
| Q2 25 | $912.0M | $24.1M | ||
| Q1 25 | $1.8B | $97.2M | ||
| Q4 24 | $1.4B | $108.7M | ||
| Q3 24 | $1.1B | $74.2M | ||
| Q2 24 | $2.0B | $104.6M | ||
| Q1 24 | $794.0M | $581.0M |
总债务HODFL
| Q4 25 | — | $20.0M | ||
| Q3 25 | $6.0B | $65.0M | ||
| Q2 25 | $6.0B | $150.0M | ||
| Q1 25 | $4.3B | $40.0M | ||
| Q4 24 | $3.8B | $40.0M | ||
| Q3 24 | $3.1B | $40.0M | ||
| Q2 24 | $3.9B | $40.0M | ||
| Q1 24 | $3.1B | $60.0M |
股东权益HODFL
| Q4 25 | $3.3B | $4.3B | ||
| Q3 25 | $3.5B | $4.3B | ||
| Q2 25 | $3.6B | $4.2B | ||
| Q1 25 | $3.5B | $4.2B | ||
| Q4 24 | $3.5B | $4.2B | ||
| Q3 24 | $3.7B | $4.2B | ||
| Q2 24 | $3.9B | $4.1B | ||
| Q1 24 | $3.7B | $4.4B |
总资产HODFL
| Q4 25 | $14.0B | $5.5B | ||
| Q3 25 | $15.7B | $5.5B | ||
| Q2 25 | $15.9B | $5.6B | ||
| Q1 25 | $14.0B | $5.5B | ||
| Q4 24 | $13.3B | $5.5B | ||
| Q3 24 | $11.9B | $5.4B | ||
| Q2 24 | $12.8B | $5.3B | ||
| Q1 24 | $11.7B | $5.7B |
负债/权益比HODFL
| Q4 25 | — | 0.00× | ||
| Q3 25 | 1.73× | 0.02× | ||
| Q2 25 | 1.69× | 0.04× | ||
| Q1 25 | 1.25× | 0.01× | ||
| Q4 24 | 1.07× | 0.01× | ||
| Q3 24 | 0.85× | 0.01× | ||
| Q2 24 | 1.01× | 0.01× | ||
| Q1 24 | 0.84× | 0.01× |
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 | $310.3M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $264.5M |
| 自由现金流率自由现金流/营收 | 13.2% | 20.2% |
| 资本支出强度资本支出/营收 | 4.3% | 3.5% |
| 现金转化率经营现金流/净利润 | — | 1.35× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $955.1M |
8季度趋势，按日历期对齐
经营现金流HODFL
| Q4 25 | $313.0M | $310.3M | ||
| Q3 25 | $-20.0M | $437.5M | ||
| Q2 25 | $-67.0M | $285.8M | ||
| Q1 25 | $153.0M | $336.5M | ||
| Q4 24 | $235.0M | $401.1M | ||
| Q3 24 | $-21.0M | $446.5M | ||
| Q2 24 | $177.0M | $387.9M | ||
| Q1 24 | $242.0M | $423.9M |
自由现金流HODFL
| Q4 25 | $236.0M | $264.5M | ||
| Q3 25 | $-89.0M | $343.5M | ||
| Q2 25 | $-111.0M | $98.7M | ||
| Q1 25 | $123.0M | $248.4M | ||
| Q4 24 | $184.0M | $230.1M | ||
| Q3 24 | $-64.0M | $203.7M | ||
| Q2 24 | $135.0M | $149.7M | ||
| Q1 24 | $208.0M | $304.4M |
自由现金流率HODFL
| Q4 25 | 13.2% | 20.2% | ||
| Q3 25 | -5.0% | 24.4% | ||
| Q2 25 | -6.1% | 7.0% | ||
| Q1 25 | 7.2% | 18.1% | ||
| Q4 24 | 11.5% | 16.6% | ||
| Q3 24 | -3.9% | 13.9% | ||
| Q2 24 | 7.9% | 10.0% | ||
| Q1 24 | 12.1% | 20.8% |
资本支出强度HODFL
| Q4 25 | 4.3% | 3.5% | ||
| Q3 25 | 3.9% | 6.7% | ||
| Q2 25 | 2.4% | 13.3% | ||
| Q1 25 | 1.7% | 6.4% | ||
| Q4 24 | 3.2% | 12.3% | ||
| Q3 24 | 2.6% | 16.5% | ||
| Q2 24 | 2.5% | 15.9% | ||
| Q1 24 | 2.0% | 8.2% |
现金转化率HODFL
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.06× | ||
| Q1 25 | 7.65× | 1.32× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | -0.04× | 1.45× | ||
| Q2 24 | 0.49× | 1.20× | ||
| Q1 24 | 0.46× | 1.45× |
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% |
ODFL
| LTL Service Revenue | $1.3B | 99% |
| Other Service Revenue | $11.4M | 1% |
