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凯悦酒店集团（H）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的1.5倍（$1.8B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs -1.1%，领先10.2%），凯悦酒店集团同比增速更快（11.7% vs 5.4%），凯悦酒店集团自由现金流更多（$236.0M vs $186.5M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
H vs RBA — 直观对比
营收规模更大
H
是对方的1.5倍
$1.2B
营收增速更快
H
高出6.3%
5.4%
净利率更高
RBA
高出10.2%
-1.1%
自由现金流更多
H
多$49.5M
$186.5M
两年增速更快
RBA
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-20.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | 14.7% |
| 净利率 | -1.1% | 9.1% |
| 营收同比 | 11.7% | 5.4% |
| 净利润同比 | 64.3% | -7.4% |
| 每股收益（稀释后） | $-0.20 | $0.53 |
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HRBA
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.6B | $981.8M | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.7B | $1.1B |
净利润HRBA
| Q4 25 | $-20.0M | $109.7M | ||
| Q3 25 | $-49.0M | $95.5M | ||
| Q2 25 | $-3.0M | $109.8M | ||
| Q1 25 | $20.0M | $113.4M | ||
| Q4 24 | $-56.0M | $118.5M | ||
| Q3 24 | $471.0M | $76.1M | ||
| Q2 24 | $359.0M | $111.1M | ||
| Q1 24 | $522.0M | $107.4M |
营业利润率HRBA
| Q4 25 | 0.4% | 14.7% | ||
| Q3 25 | -1.0% | 14.5% | ||
| Q2 25 | 2.1% | 15.9% | ||
| Q1 25 | 3.0% | 17.1% | ||
| Q4 24 | -3.0% | 18.1% | ||
| Q3 24 | 37.3% | 15.6% | ||
| Q2 24 | 27.1% | 18.4% | ||
| Q1 24 | 31.6% | 18.7% |
净利率HRBA
| Q4 25 | -1.1% | 9.1% | ||
| Q3 25 | -2.7% | 8.7% | ||
| Q2 25 | -0.2% | 9.3% | ||
| Q1 25 | 1.2% | 10.2% | ||
| Q4 24 | -3.5% | 10.4% | ||
| Q3 24 | 28.9% | 7.8% | ||
| Q2 24 | 21.1% | 10.1% | ||
| Q1 24 | 30.5% | 10.1% |
每股收益（稀释后）HRBA
| Q4 25 | $-0.20 | $0.53 | ||
| Q3 25 | $-0.51 | $0.43 | ||
| Q2 25 | $-0.03 | $0.53 | ||
| Q1 25 | $0.19 | $0.55 | ||
| Q4 24 | $-0.37 | $0.58 | ||
| Q3 24 | $4.63 | $0.36 | ||
| Q2 24 | $3.46 | $0.54 | ||
| Q1 24 | $4.93 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $3.3B | $5.6B |
| 总资产 | $14.0B | $12.1B |
| 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HRBA
| Q4 25 | $813.0M | $531.5M | ||
| Q3 25 | $749.0M | $674.7M | ||
| Q2 25 | $912.0M | $710.2M | ||
| Q1 25 | $1.8B | $578.1M | ||
| Q4 24 | $1.4B | $533.9M | ||
| Q3 24 | $1.1B | $650.7M | ||
| Q2 24 | $2.0B | $599.5M | ||
| Q1 24 | $794.0M | $462.8M |
总债务HRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | $6.0B | $2.6B | ||
| Q2 25 | $6.0B | $2.6B | ||
| Q1 25 | $4.3B | $2.6B | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.9B | $2.8B | ||
| Q1 24 | $3.1B | $2.9B |
股东权益HRBA
| Q4 25 | $3.3B | $5.6B | ||
| Q3 25 | $3.5B | $5.5B | ||
| Q2 25 | $3.6B | $5.5B | ||
| Q1 25 | $3.5B | $5.3B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $3.7B | $5.2B | ||
| Q2 24 | $3.9B | $5.2B | ||
| Q1 24 | $3.7B | $5.1B |
总资产HRBA
| Q4 25 | $14.0B | $12.1B | ||
| Q3 25 | $15.7B | $12.2B | ||
| Q2 25 | $15.9B | $12.2B | ||
| Q1 25 | $14.0B | $11.9B | ||
| Q4 24 | $13.3B | $11.8B | ||
| Q3 24 | $11.9B | $11.9B | ||
| Q2 24 | $12.8B | $12.1B | ||
| Q1 24 | $11.7B | $12.0B |
负债/权益比HRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | 1.73× | 0.47× | ||
| Q2 25 | 1.69× | 0.47× | ||
| Q1 25 | 1.25× | 0.50× | ||
| Q4 24 | 1.07× | 0.50× | ||
| Q3 24 | 0.85× | 0.52× | ||
| Q2 24 | 1.01× | 0.55× | ||
| 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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 13.2% | 15.5% |
| 资本支出强度资本支出/营收 | 4.3% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流HRBA
| Q4 25 | $313.0M | $255.2M | ||
| Q3 25 | $-20.0M | $239.7M | ||
| Q2 25 | $-67.0M | $326.5M | ||
| Q1 25 | $153.0M | $156.8M | ||
| Q4 24 | $235.0M | $184.5M | ||
| Q3 24 | $-21.0M | $285.4M | ||
| Q2 24 | $177.0M | $337.3M | ||
| Q1 24 | $242.0M | $124.8M |
自由现金流HRBA
| Q4 25 | $236.0M | $186.5M | ||
| Q3 25 | $-89.0M | $188.5M | ||
| Q2 25 | $-111.0M | $241.7M | ||
| Q1 25 | $123.0M | $102.5M | ||
| Q4 24 | $184.0M | $127.9M | ||
| Q3 24 | $-64.0M | $248.5M | ||
| Q2 24 | $135.0M | $308.6M | ||
| Q1 24 | $208.0M | $79.6M |
自由现金流率HRBA
| Q4 25 | 13.2% | 15.5% | ||
| Q3 25 | -5.0% | 17.3% | ||
| Q2 25 | -6.1% | 20.4% | ||
| Q1 25 | 7.2% | 9.2% | ||
| Q4 24 | 11.5% | 11.2% | ||
| Q3 24 | -3.9% | 25.3% | ||
| Q2 24 | 7.9% | 28.2% | ||
| Q1 24 | 12.1% | 7.5% |
资本支出强度HRBA
| Q4 25 | 4.3% | 5.7% | ||
| Q3 25 | 3.9% | 4.7% | ||
| Q2 25 | 2.4% | 7.2% | ||
| Q1 25 | 1.7% | 4.9% | ||
| Q4 24 | 3.2% | 5.0% | ||
| Q3 24 | 2.6% | 3.8% | ||
| Q2 24 | 2.5% | 2.6% | ||
| Q1 24 | 2.0% | 4.2% |
现金转化率HRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | 7.65× | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | -0.04× | 3.75× | ||
| Q2 24 | 0.49× | 3.04× | ||
| Q1 24 | 0.46× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
