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凯悦酒店集团（H）与PINTEREST, INC.（PINS）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PINTEREST, INC.的1.4倍（$1.8B vs $1.3B），PINTEREST, INC.净利率更高（21.0% vs -1.1%，领先22.1%），PINTEREST, INC.同比增速更快（14.3% vs 11.7%），PINTEREST, INC.自由现金流更多（$380.4M vs $236.0M），过去两年PINTEREST, INC.的营收复合增速更高（33.5% 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。
Pinterest是美国社交媒体服务商，主打数字图板形式的信息发布与发现功能，用户可通过图片分享获取食谱、家居、穿搭、创意灵感等多元内容。公司由本·西尔伯曼、保罗·夏拉、埃文·夏普联合创立，总部位于旧金山。
H vs PINS — 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
PINS
高出2.6%
11.7%
净利率更高
PINS
高出22.1%
-1.1%
自由现金流更多
PINS
多$144.4M
$236.0M
两年增速更快
PINS
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-20.0M | $277.1M |
| 毛利率 | — | 82.8% |
| 营业利润率 | 0.4% | 22.8% |
| 净利率 | -1.1% | 21.0% |
| 营收同比 | 11.7% | 14.3% |
| 净利润同比 | 64.3% | -85.0% |
| 每股收益（稀释后） | $-0.20 | $0.41 |
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HPINS
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.8B | $1.0B | ||
| Q2 25 | $1.8B | $998.2M | ||
| Q1 25 | $1.7B | $855.0M | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $898.4M | ||
| Q2 24 | $1.7B | $853.7M | ||
| Q1 24 | $1.7B | $740.0M |
净利润HPINS
| Q4 25 | $-20.0M | $277.1M | ||
| Q3 25 | $-49.0M | $92.1M | ||
| Q2 25 | $-3.0M | $38.8M | ||
| Q1 25 | $20.0M | $8.9M | ||
| Q4 24 | $-56.0M | $1.8B | ||
| Q3 24 | $471.0M | $30.6M | ||
| Q2 24 | $359.0M | $8.9M | ||
| Q1 24 | $522.0M | $-24.8M |
毛利率HPINS
| Q4 25 | — | 82.8% | ||
| Q3 25 | — | 79.8% | ||
| Q2 25 | — | 79.7% | ||
| Q1 25 | — | 76.7% | ||
| Q4 24 | — | 82.9% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 78.3% | ||
| Q1 24 | — | 75.5% |
营业利润率HPINS
| Q4 25 | 0.4% | 22.8% | ||
| Q3 25 | -1.0% | 5.6% | ||
| Q2 25 | 2.1% | -0.4% | ||
| Q1 25 | 3.0% | -4.1% | ||
| Q4 24 | -3.0% | 22.7% | ||
| Q3 24 | 37.3% | -0.7% | ||
| Q2 24 | 27.1% | -2.5% | ||
| Q1 24 | 31.6% | -7.4% |
净利率HPINS
| Q4 25 | -1.1% | 21.0% | ||
| Q3 25 | -2.7% | 8.8% | ||
| Q2 25 | -0.2% | 3.9% | ||
| Q1 25 | 1.2% | 1.0% | ||
| Q4 24 | -3.5% | 160.1% | ||
| Q3 24 | 28.9% | 3.4% | ||
| Q2 24 | 21.1% | 1.0% | ||
| Q1 24 | 30.5% | -3.4% |
每股收益（稀释后）HPINS
| Q4 25 | $-0.20 | $0.41 | ||
| Q3 25 | $-0.51 | $0.13 | ||
| Q2 25 | $-0.03 | $0.06 | ||
| Q1 25 | $0.19 | $0.01 | ||
| Q4 24 | $-0.37 | $2.66 | ||
| Q3 24 | $4.63 | $0.04 | ||
| Q2 24 | $3.46 | $0.01 | ||
| Q1 24 | $4.93 | $-0.04 |
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 | $969.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $4.7B |
| 总资产 | $14.0B | $5.5B |
| 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HPINS
| Q4 25 | $813.0M | $969.3M | ||
| Q3 25 | $749.0M | $1.1B | ||
| Q2 25 | $912.0M | $1.2B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $2.0B | $1.4B | ||
| Q1 24 | $794.0M | $1.6B |
总债务HPINS
| 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HPINS
| Q4 25 | $3.3B | $4.7B | ||
| Q3 25 | $3.5B | $4.8B | ||
| Q2 25 | $3.6B | $4.8B | ||
| Q1 25 | $3.5B | $4.7B | ||
| Q4 24 | $3.5B | $4.8B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $3.9B | $3.2B | ||
| Q1 24 | $3.7B | $3.1B |
总资产HPINS
| Q4 25 | $14.0B | $5.5B | ||
| Q3 25 | $15.7B | $5.5B | ||
| Q2 25 | $15.9B | $5.4B | ||
| Q1 25 | $14.0B | $5.3B | ||
| Q4 24 | $13.3B | $5.3B | ||
| Q3 24 | $11.9B | $3.5B | ||
| Q2 24 | $12.8B | $3.7B | ||
| Q1 24 | $11.7B | $3.7B |
负债/权益比HPINS
| 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 | $391.2M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $380.4M |
| 自由现金流率自由现金流/营收 | 13.2% | 28.8% |
| 资本支出强度资本支出/营收 | 4.3% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 1.41× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $1.3B |
8季度趋势，按日历期对齐
经营现金流HPINS
| Q4 25 | $313.0M | $391.2M | ||
| Q3 25 | $-20.0M | $321.7M | ||
| Q2 25 | $-67.0M | $207.7M | ||
| Q1 25 | $153.0M | $363.7M | ||
| Q4 24 | $235.0M | $254.0M | ||
| Q3 24 | $-21.0M | $248.0M | ||
| Q2 24 | $177.0M | $106.4M | ||
| Q1 24 | $242.0M | $356.1M |
自由现金流HPINS
| Q4 25 | $236.0M | $380.4M | ||
| Q3 25 | $-89.0M | $318.4M | ||
| Q2 25 | $-111.0M | $196.7M | ||
| Q1 25 | $123.0M | $356.4M | ||
| Q4 24 | $184.0M | $250.2M | ||
| Q3 24 | $-64.0M | $244.1M | ||
| Q2 24 | $135.0M | $101.6M | ||
| Q1 24 | $208.0M | $344.0M |
自由现金流率HPINS
| Q4 25 | 13.2% | 28.8% | ||
| Q3 25 | -5.0% | 30.3% | ||
| Q2 25 | -6.1% | 19.7% | ||
| Q1 25 | 7.2% | 41.7% | ||
| Q4 24 | 11.5% | 21.7% | ||
| Q3 24 | -3.9% | 27.2% | ||
| Q2 24 | 7.9% | 11.9% | ||
| Q1 24 | 12.1% | 46.5% |
资本支出强度HPINS
| Q4 25 | 4.3% | 0.8% | ||
| Q3 25 | 3.9% | 0.3% | ||
| Q2 25 | 2.4% | 1.1% | ||
| Q1 25 | 1.7% | 0.9% | ||
| Q4 24 | 3.2% | 0.3% | ||
| Q3 24 | 2.6% | 0.4% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 2.0% | 1.6% |
现金转化率HPINS
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 3.49× | ||
| Q2 25 | — | 5.36× | ||
| Q1 25 | 7.65× | 40.77× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | -0.04× | 8.12× | ||
| Q2 24 | 0.49× | 11.98× | ||
| Q1 24 | 0.46× | — |
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% |
PINS
| United States And Canada | $944.3M | 72% |
| Other | $375.0M | 28% |
