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凯悦酒店集团（H）与PENN Entertainment, Inc.（PENN）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PENN Entertainment, Inc.的1.0倍（$1.8B vs $1.8B），PENN Entertainment, Inc.净利率更高（-0.2% vs -1.1%，领先1.0%），凯悦酒店集团同比增速更快（11.7% vs 6.4%），过去两年PENN Entertainment, Inc.的营收复合增速更高（3.4% 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。
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
H vs PENN — 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5.3%
6.4%
净利率更高
PENN
高出1.0%
-1.1%
两年增速更快
PENN
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $-20.0M | $-2.8M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | 5.5% |
| 净利率 | -1.1% | -0.2% |
| 营收同比 | 11.7% | 6.4% |
| 净利润同比 | 64.3% | 66.7% |
| 每股收益（稀释后） | $-0.20 | $-0.02 |
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HPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.8B | $1.8B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.7B | $1.7B |
净利润HPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $-20.0M | $-72.9M | ||
| Q3 25 | $-49.0M | $-864.6M | ||
| Q2 25 | $-3.0M | $-17.4M | ||
| Q1 25 | $20.0M | $111.8M | ||
| Q4 24 | $-56.0M | $-133.3M | ||
| Q3 24 | $471.0M | $-36.7M | ||
| Q2 24 | $359.0M | $-26.8M |
营业利润率HPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 0.4% | -1.0% | ||
| Q3 25 | -1.0% | -45.2% | ||
| Q2 25 | 2.1% | 4.4% | ||
| Q1 25 | 3.0% | 2.6% | ||
| Q4 24 | -3.0% | -2.9% | ||
| Q3 24 | 37.3% | 4.1% | ||
| Q2 24 | 27.1% | 4.5% |
净利率HPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | -1.1% | -4.0% | ||
| Q3 25 | -2.7% | -50.3% | ||
| Q2 25 | -0.2% | -1.0% | ||
| Q1 25 | 1.2% | 6.7% | ||
| Q4 24 | -3.5% | -8.0% | ||
| Q3 24 | 28.9% | -2.2% | ||
| Q2 24 | 21.1% | -1.6% |
每股收益（稀释后）HPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $-0.20 | $-0.36 | ||
| Q3 25 | $-0.51 | $-6.03 | ||
| Q2 25 | $-0.03 | $-0.12 | ||
| Q1 25 | $0.19 | $0.68 | ||
| Q4 24 | $-0.37 | $-0.87 | ||
| Q3 24 | $4.63 | $-0.24 | ||
| Q2 24 | $3.46 | $-0.18 |
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 | $708.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | — |
| 总资产 | $14.0B | — |
| 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HPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $813.0M | $686.6M | ||
| Q3 25 | $749.0M | $660.1M | ||
| Q2 25 | $912.0M | $671.6M | ||
| Q1 25 | $1.8B | $591.6M | ||
| Q4 24 | $1.4B | $706.6M | ||
| Q3 24 | $1.1B | $834.0M | ||
| Q2 24 | $2.0B | $877.6M |
总债务HPENN
| Q1 26 | — | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $6.0B | $2.9B | ||
| Q2 25 | $6.0B | $2.8B | ||
| Q1 25 | $4.3B | $2.6B | ||
| Q4 24 | $3.8B | $2.8B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $3.9B | $2.8B |
股东权益HPENN
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $1.8B | ||
| Q3 25 | $3.5B | $2.0B | ||
| Q2 25 | $3.6B | $3.0B | ||
| Q1 25 | $3.5B | $3.0B | ||
| Q4 24 | $3.5B | $2.9B | ||
| Q3 24 | $3.7B | $3.1B | ||
| Q2 24 | $3.9B | $3.1B |
总资产HPENN
| Q1 26 | — | — | ||
| Q4 25 | $14.0B | $14.3B | ||
| Q3 25 | $15.7B | $14.3B | ||
| Q2 25 | $15.9B | $15.2B | ||
| Q1 25 | $14.0B | $15.1B | ||
| Q4 24 | $13.3B | $15.3B | ||
| Q3 24 | $11.9B | $15.5B | ||
| Q2 24 | $12.8B | $15.5B |
负债/权益比HPENN
| Q1 26 | — | — | ||
| Q4 25 | — | 1.58× | ||
| Q3 25 | 1.73× | 1.46× | ||
| Q2 25 | 1.69× | 0.94× | ||
| Q1 25 | 1.25× | 0.89× | ||
| Q4 24 | 1.07× | 0.98× | ||
| Q3 24 | 0.85× | 0.91× | ||
| Q2 24 | 1.01× | 0.91× |
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 | — |
| 自由现金流率自由现金流/营收 | 13.2% | — |
| 资本支出强度资本支出/营收 | 4.3% | 5.3% |
| 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HPENN
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $107.2M | ||
| Q3 25 | $-20.0M | $180.9M | ||
| Q2 25 | $-67.0M | $178.2M | ||
| Q1 25 | $153.0M | $41.9M | ||
| Q4 24 | $235.0M | $102.9M | ||
| Q3 24 | $-21.0M | $174.7M | ||
| Q2 24 | $177.0M | $150.4M |
自由现金流HPENN
| Q1 26 | — | — | ||
| Q4 25 | $236.0M | $-83.2M | ||
| Q3 25 | $-89.0M | $8.2M | ||
| Q2 25 | $-111.0M | $18.8M | ||
| Q1 25 | $123.0M | $-83.3M | ||
| Q4 24 | $184.0M | $-118.1M | ||
| Q3 24 | $-64.0M | $42.6M | ||
| Q2 24 | $135.0M | $62.2M |
自由现金流率HPENN
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | -4.6% | ||
| Q3 25 | -5.0% | 0.5% | ||
| Q2 25 | -6.1% | 1.1% | ||
| Q1 25 | 7.2% | -5.0% | ||
| Q4 24 | 11.5% | -7.1% | ||
| Q3 24 | -3.9% | 2.6% | ||
| Q2 24 | 7.9% | 3.7% |
资本支出强度HPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | 4.3% | 10.5% | ||
| Q3 25 | 3.9% | 10.1% | ||
| Q2 25 | 2.4% | 9.0% | ||
| Q1 25 | 1.7% | 7.5% | ||
| Q4 24 | 3.2% | 13.2% | ||
| Q3 24 | 2.6% | 8.1% | ||
| Q2 24 | 2.5% | 5.3% |
现金转化率HPENN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.65× | 0.37× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 0.49× | — |
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% |
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
