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凯悦酒店集团（H）与帕森斯公司（PSN）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帕森斯公司的1.1倍（$1.8B vs $1.6B），帕森斯公司净利率更高（3.5% vs -1.1%，领先4.6%），凯悦酒店集团同比增速更快（11.7% vs -7.5%），凯悦酒店集团自由现金流更多（$236.0M vs $135.6M），过去两年帕森斯公司的营收复合增速更高（2.2% 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。
帕森斯公司是一家总部位于美国弗吉尼亚州尚蒂利的跨国企业，1944年成立，核心业务覆盖国防、情报、基础设施工程领域，深耕技术研发，在全球30多个国家为政府及私营部门客户提供专业解决方案。
H vs PSN — 直观对比
营收规模更大
H
是对方的1.1倍
$1.6B
营收增速更快
H
高出19.2%
-7.5%
净利率更高
PSN
高出4.6%
-1.1%
自由现金流更多
H
多$100.4M
$135.6M
两年增速更快
PSN
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.6B |
| 净利润 | $-20.0M | $55.6M |
| 毛利率 | — | 23.0% |
| 营业利润率 | 0.4% | 6.6% |
| 净利率 | -1.1% | 3.5% |
| 营收同比 | 11.7% | -7.5% |
| 净利润同比 | 64.3% | -72.4% |
| 每股收益（稀释后） | $-0.20 | $0.51 |
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HPSN
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.7B | $1.7B | ||
| Q1 24 | $1.7B | $1.5B |
净利润HPSN
| Q4 25 | $-20.0M | $55.6M | ||
| Q3 25 | $-49.0M | $64.1M | ||
| Q2 25 | $-3.0M | $55.2M | ||
| Q1 25 | $20.0M | $66.2M | ||
| Q4 24 | $-56.0M | $201.3M | ||
| Q3 24 | $471.0M | $72.0M | ||
| Q2 24 | $359.0M | $69.2M | ||
| Q1 24 | $522.0M | $-107.4M |
毛利率HPSN
| Q4 25 | — | 23.0% | ||
| Q3 25 | — | 22.2% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | — | 22.8% | ||
| Q4 24 | — | 21.3% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 21.2% |
营业利润率HPSN
| Q4 25 | 0.4% | 6.6% | ||
| Q3 25 | -1.0% | 6.7% | ||
| Q2 25 | 2.1% | 6.0% | ||
| Q1 25 | 3.0% | 7.0% | ||
| Q4 24 | -3.0% | 5.8% | ||
| Q3 24 | 37.3% | 6.4% | ||
| Q2 24 | 27.1% | 6.7% | ||
| Q1 24 | 31.6% | 6.6% |
净利率HPSN
| Q4 25 | -1.1% | 3.5% | ||
| Q3 25 | -2.7% | 4.0% | ||
| Q2 25 | -0.2% | 3.5% | ||
| Q1 25 | 1.2% | 4.3% | ||
| Q4 24 | -3.5% | 11.6% | ||
| Q3 24 | 28.9% | 4.0% | ||
| Q2 24 | 21.1% | 4.1% | ||
| Q1 24 | 30.5% | -7.0% |
每股收益（稀释后）HPSN
| Q4 25 | $-0.20 | $0.51 | ||
| Q3 25 | $-0.51 | $0.59 | ||
| Q2 25 | $-0.03 | $0.50 | ||
| Q1 25 | $0.19 | $0.60 | ||
| Q4 24 | $-0.37 | $1.85 | ||
| Q3 24 | $4.63 | $0.65 | ||
| Q2 24 | $3.46 | $0.63 | ||
| Q1 24 | $4.93 | $-1.01 |
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 | $466.4M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $3.3B | $2.6B |
| 总资产 | $14.0B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资HPSN
| Q4 25 | $813.0M | $466.4M | ||
| Q3 25 | $749.0M | $422.6M | ||
| Q2 25 | $912.0M | $411.3M | ||
| Q1 25 | $1.8B | $269.7M | ||
| Q4 24 | $1.4B | $453.5M | ||
| Q3 24 | $1.1B | $558.8M | ||
| Q2 24 | $2.0B | $528.5M | ||
| Q1 24 | $794.0M | $423.1M |
总债务HPSN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $6.0B | $1.2B | ||
| Q2 25 | $6.0B | $1.2B | ||
| Q1 25 | $4.3B | $785.2M | ||
| Q4 24 | $3.8B | $784.1M | ||
| Q3 24 | $3.1B | $1.1B | ||
| Q2 24 | $3.9B | $1.2B | ||
| Q1 24 | $3.1B | $1.2B |
股东权益HPSN
| Q4 25 | $3.3B | $2.6B | ||
| Q3 25 | $3.5B | $2.6B | ||
| Q2 25 | $3.6B | $2.5B | ||
| Q1 25 | $3.5B | $2.5B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.7B | $2.3B | ||
| Q2 24 | $3.9B | $2.2B | ||
| Q1 24 | $3.7B | $2.1B |
总资产HPSN
| Q4 25 | $14.0B | $5.8B | ||
| Q3 25 | $15.7B | $5.7B | ||
| Q2 25 | $15.9B | $5.7B | ||
| Q1 25 | $14.0B | $5.4B | ||
| Q4 24 | $13.3B | $5.5B | ||
| Q3 24 | $11.9B | $5.4B | ||
| Q2 24 | $12.8B | $5.2B | ||
| Q1 24 | $11.7B | $5.1B |
负债/权益比HPSN
| Q4 25 | — | 0.47× | ||
| Q3 25 | 1.73× | 0.48× | ||
| Q2 25 | 1.69× | 0.49× | ||
| Q1 25 | 1.25× | 0.32× | ||
| Q4 24 | 1.07× | 0.32× | ||
| Q3 24 | 0.85× | 0.49× | ||
| Q2 24 | 1.01× | 0.56× | ||
| Q1 24 | 0.84× | 0.58× |
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 | $167.5M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $135.6M |
| 自由现金流率自由现金流/营收 | 13.2% | 8.5% |
| 资本支出强度资本支出/营收 | 4.3% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 3.01× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $410.4M |
8季度趋势，按日历期对齐
经营现金流HPSN
| Q4 25 | $313.0M | $167.5M | ||
| Q3 25 | $-20.0M | $162.8M | ||
| Q2 25 | $-67.0M | $159.8M | ||
| Q1 25 | $153.0M | $-11.8M | ||
| Q4 24 | $235.0M | $126.8M | ||
| Q3 24 | $-21.0M | $299.0M | ||
| Q2 24 | $177.0M | $161.2M | ||
| Q1 24 | $242.0M | $-63.4M |
自由现金流HPSN
| Q4 25 | $236.0M | $135.6M | ||
| Q3 25 | $-89.0M | $149.7M | ||
| Q2 25 | $-111.0M | $150.4M | ||
| Q1 25 | $123.0M | $-25.3M | ||
| Q4 24 | $184.0M | $108.0M | ||
| Q3 24 | $-64.0M | $287.3M | ||
| Q2 24 | $135.0M | $152.0M | ||
| Q1 24 | $208.0M | $-72.9M |
自由现金流率HPSN
| Q4 25 | 13.2% | 8.5% | ||
| Q3 25 | -5.0% | 9.2% | ||
| Q2 25 | -6.1% | 9.5% | ||
| Q1 25 | 7.2% | -1.6% | ||
| Q4 24 | 11.5% | 6.2% | ||
| Q3 24 | -3.9% | 15.9% | ||
| Q2 24 | 7.9% | 9.1% | ||
| Q1 24 | 12.1% | -4.7% |
资本支出强度HPSN
| Q4 25 | 4.3% | 2.0% | ||
| Q3 25 | 3.9% | 0.8% | ||
| Q2 25 | 2.4% | 0.6% | ||
| Q1 25 | 1.7% | 0.9% | ||
| Q4 24 | 3.2% | 1.1% | ||
| Q3 24 | 2.6% | 0.6% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 2.0% | 0.6% |
现金转化率HPSN
| Q4 25 | — | 3.01× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 2.89× | ||
| Q1 25 | 7.65× | -0.18× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | -0.04× | 4.16× | ||
| Q2 24 | 0.49× | 2.33× | ||
| 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% |
PSN
| Unconsolidated Joint Ventures | $582.1M | 36% |
| Defense And Intelligence | $502.8M | 31% |
| Engineered Systems | $281.4M | 18% |
| Consolidated Joint Ventures | $216.7M | 14% |
| TRS Group Inc | $9.4M | 1% |
