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凯悦酒店集团（H）与Qorvo, Inc.（QRVO）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Qorvo, Inc.的1.8倍（$1.8B vs $993.0M），Qorvo, Inc.净利率更高（16.5% vs -1.1%，领先17.6%），凯悦酒店集团同比增速更快（11.7% vs 8.4%），Qorvo, Inc.自由现金流更多（$236.9M vs $236.0M），过去两年Qorvo, Inc.的营收复合增速更高（2.7% 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。
Qorvo是一家美国跨国企业，专注于无线、有线及电源市场相关产品的研发与供应。该公司由TriQuint半导体与RF Micro Devices合并而来，合并计划于2014年公布，2015年1月1日正式完成，在纳斯达克挂牌上市，股票代码QRVO，原实行双总部制，2016年中起将北卡罗来纳州基地作为总部所在地。
H vs QRVO — 直观对比
营收规模更大
H
是对方的1.8倍
$993.0M
营收增速更快
H
高出3.3%
8.4%
净利率更高
QRVO
高出17.6%
-1.1%
自由现金流更多
QRVO
多$937.0K
$236.0M
两年增速更快
QRVO
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $993.0M |
| 净利润 | $-20.0M | $164.1M |
| 毛利率 | — | 46.7% |
| 营业利润率 | 0.4% | 19.4% |
| 净利率 | -1.1% | 16.5% |
| 营收同比 | 11.7% | 8.4% |
| 净利润同比 | 64.3% | 297.5% |
| 每股收益（稀释后） | $-0.20 | $1.75 |
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HQRVO
| Q4 25 | $1.8B | $993.0M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $818.8M | ||
| Q1 25 | $1.7B | $869.5M | ||
| Q4 24 | $1.6B | $916.3M | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.7B | $886.7M | ||
| Q1 24 | $1.7B | $941.0M |
净利润HQRVO
| Q4 25 | $-20.0M | $164.1M | ||
| Q3 25 | $-49.0M | $119.6M | ||
| Q2 25 | $-3.0M | $25.6M | ||
| Q1 25 | $20.0M | $31.4M | ||
| Q4 24 | $-56.0M | $41.3M | ||
| Q3 24 | $471.0M | $-17.4M | ||
| Q2 24 | $359.0M | $414.0K | ||
| Q1 24 | $522.0M | $2.7M |
毛利率HQRVO
| Q4 25 | — | 46.7% | ||
| Q3 25 | — | 47.0% | ||
| Q2 25 | — | 40.5% | ||
| Q1 25 | — | 42.2% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 42.6% | ||
| Q2 24 | — | 37.5% | ||
| Q1 24 | — | 40.6% |
营业利润率HQRVO
| Q4 25 | 0.4% | 19.4% | ||
| Q3 25 | -1.0% | 14.9% | ||
| Q2 25 | 2.1% | 3.7% | ||
| Q1 25 | 3.0% | 3.2% | ||
| Q4 24 | -3.0% | 5.8% | ||
| Q3 24 | 37.3% | 0.9% | ||
| Q2 24 | 27.1% | 0.5% | ||
| Q1 24 | 31.6% | 3.2% |
净利率HQRVO
| Q4 25 | -1.1% | 16.5% | ||
| Q3 25 | -2.7% | 11.3% | ||
| Q2 25 | -0.2% | 3.1% | ||
| Q1 25 | 1.2% | 3.6% | ||
| Q4 24 | -3.5% | 4.5% | ||
| Q3 24 | 28.9% | -1.7% | ||
| Q2 24 | 21.1% | 0.0% | ||
| Q1 24 | 30.5% | 0.3% |
每股收益（稀释后）HQRVO
| Q4 25 | $-0.20 | $1.75 | ||
| Q3 25 | $-0.51 | $1.28 | ||
| Q2 25 | $-0.03 | $0.27 | ||
| Q1 25 | $0.19 | $0.33 | ||
| Q4 24 | $-0.37 | $0.43 | ||
| Q3 24 | $4.63 | $-0.18 | ||
| Q2 24 | $3.46 | $0.00 | ||
| 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 | $1.3B |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $3.3B | $3.7B |
| 总资产 | $14.0B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资HQRVO
| Q4 25 | $813.0M | $1.3B | ||
| Q3 25 | $749.0M | $1.1B | ||
| Q2 25 | $912.0M | $1.2B | ||
| Q1 25 | $1.8B | $1.0B | ||
| Q4 24 | $1.4B | $769.4M | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $2.0B | $1.1B | ||
| Q1 24 | $794.0M | $1.0B |
总债务HQRVO
| Q4 25 | — | $1.5B | ||
| Q3 25 | $6.0B | $1.5B | ||
| Q2 25 | $6.0B | $1.5B | ||
| Q1 25 | $4.3B | $1.5B | ||
| Q4 24 | $3.8B | $1.5B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $3.9B | $1.5B | ||
| Q1 24 | $3.1B | $1.5B |
股东权益HQRVO
| Q4 25 | $3.3B | $3.7B | ||
| Q3 25 | $3.5B | $3.5B | ||
| Q2 25 | $3.6B | $3.4B | ||
| Q1 25 | $3.5B | $3.4B | ||
| Q4 24 | $3.5B | $3.4B | ||
| Q3 24 | $3.7B | $3.4B | ||
| Q2 24 | $3.9B | $3.5B | ||
| Q1 24 | $3.7B | $3.6B |
总资产HQRVO
| Q4 25 | $14.0B | $6.2B | ||
| Q3 25 | $15.7B | $6.1B | ||
| Q2 25 | $15.9B | $6.0B | ||
| Q1 25 | $14.0B | $5.9B | ||
| Q4 24 | $13.3B | $6.0B | ||
| Q3 24 | $11.9B | $6.5B | ||
| Q2 24 | $12.8B | $6.4B | ||
| Q1 24 | $11.7B | $6.6B |
负债/权益比HQRVO
| Q4 25 | — | 0.42× | ||
| Q3 25 | 1.73× | 0.44× | ||
| Q2 25 | 1.69× | 0.45× | ||
| Q1 25 | 1.25× | 0.46× | ||
| Q4 24 | 1.07× | 0.46× | ||
| Q3 24 | 0.85× | 0.45× | ||
| Q2 24 | 1.01× | 0.44× | ||
| Q1 24 | 0.84× | 0.44× |
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 | $265.4M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $236.9M |
| 自由现金流率自由现金流/营收 | 13.2% | 23.9% |
| 资本支出强度资本支出/营收 | 4.3% | 2.9% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $595.2M |
8季度趋势，按日历期对齐
经营现金流HQRVO
| Q4 25 | $313.0M | $265.4M | ||
| Q3 25 | $-20.0M | $84.0M | ||
| Q2 25 | $-67.0M | $182.9M | ||
| Q1 25 | $153.0M | $199.2M | ||
| Q4 24 | $235.0M | $214.1M | ||
| Q3 24 | $-21.0M | $127.8M | ||
| Q2 24 | $177.0M | $81.1M | ||
| Q1 24 | $242.0M | — |
自由现金流HQRVO
| Q4 25 | $236.0M | $236.9M | ||
| Q3 25 | $-89.0M | $42.2M | ||
| Q2 25 | $-111.0M | $145.4M | ||
| Q1 25 | $123.0M | $170.7M | ||
| Q4 24 | $184.0M | $176.2M | ||
| Q3 24 | $-64.0M | $94.8M | ||
| Q2 24 | $135.0M | $42.9M | ||
| Q1 24 | $208.0M | — |
自由现金流率HQRVO
| Q4 25 | 13.2% | 23.9% | ||
| Q3 25 | -5.0% | 4.0% | ||
| Q2 25 | -6.1% | 17.8% | ||
| Q1 25 | 7.2% | 19.6% | ||
| Q4 24 | 11.5% | 19.2% | ||
| Q3 24 | -3.9% | 9.1% | ||
| Q2 24 | 7.9% | 4.8% | ||
| Q1 24 | 12.1% | — |
资本支出强度HQRVO
| Q4 25 | 4.3% | 2.9% | ||
| Q3 25 | 3.9% | 3.9% | ||
| Q2 25 | 2.4% | 4.6% | ||
| Q1 25 | 1.7% | 3.3% | ||
| Q4 24 | 3.2% | 4.1% | ||
| Q3 24 | 2.6% | 3.2% | ||
| Q2 24 | 2.5% | 4.3% | ||
| Q1 24 | 2.0% | — |
现金转化率HQRVO
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 7.15× | ||
| Q1 25 | 7.65× | 6.35× | ||
| Q4 24 | — | 5.19× | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 0.49× | 195.86× | ||
| 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% |
QRVO
| ACG | $690.8M | 70% |
| HPA | $190.9M | 19% |
| CSG | $111.3M | 11% |
