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凯悦酒店集团（H）与罗布乐思（RBLX）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罗布乐思的1.3倍（$1.8B vs $1.4B），凯悦酒店集团净利率更高（-1.1% vs -22.3%，领先21.2%），罗布乐思同比增速更快（43.2% vs 11.7%），罗布乐思自由现金流更多（$308.6M vs $236.0M），过去两年罗布乐思的营收复合增速更高（32.9% 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。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
H vs RBLX — 直观对比
营收规模更大
H
是对方的1.3倍
$1.4B
营收增速更快
RBLX
高出31.5%
11.7%
净利率更高
H
高出21.2%
-22.3%
自由现金流更多
RBLX
多$72.6M
$236.0M
两年增速更快
RBLX
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.4B |
| 净利润 | $-20.0M | $-316.0M |
| 毛利率 | — | 77.7% |
| 营业利润率 | 0.4% | -25.3% |
| 净利率 | -1.1% | -22.3% |
| 营收同比 | 11.7% | 43.2% |
| 净利润同比 | 64.3% | -43.9% |
| 每股收益（稀释后） | $-0.20 | $-0.44 |
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HRBLX
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.7B | $1.0B | ||
| Q4 24 | $1.6B | $988.2M | ||
| Q3 24 | $1.6B | $919.0M | ||
| Q2 24 | $1.7B | $893.5M | ||
| Q1 24 | $1.7B | $801.3M |
净利润HRBLX
| Q4 25 | $-20.0M | $-316.0M | ||
| Q3 25 | $-49.0M | $-255.6M | ||
| Q2 25 | $-3.0M | $-278.4M | ||
| Q1 25 | $20.0M | $-215.1M | ||
| Q4 24 | $-56.0M | $-219.6M | ||
| Q3 24 | $471.0M | $-239.3M | ||
| Q2 24 | $359.0M | $-205.9M | ||
| Q1 24 | $522.0M | $-270.6M |
毛利率HRBLX
| Q4 25 | — | 77.7% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 78.3% | ||
| Q4 24 | — | 77.9% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.7% |
营业利润率HRBLX
| Q4 25 | 0.4% | -25.3% | ||
| Q3 25 | -1.0% | -21.8% | ||
| Q2 25 | 2.1% | -29.8% | ||
| Q1 25 | 3.0% | -24.6% | ||
| Q4 24 | -3.0% | -24.7% | ||
| Q3 24 | 37.3% | -30.4% | ||
| Q2 24 | 27.1% | -26.6% | ||
| Q1 24 | 31.6% | -37.7% |
净利率HRBLX
| Q4 25 | -1.1% | -22.3% | ||
| Q3 25 | -2.7% | -18.8% | ||
| Q2 25 | -0.2% | -25.8% | ||
| Q1 25 | 1.2% | -20.8% | ||
| Q4 24 | -3.5% | -22.2% | ||
| Q3 24 | 28.9% | -26.0% | ||
| Q2 24 | 21.1% | -23.0% | ||
| Q1 24 | 30.5% | -33.8% |
每股收益（稀释后）HRBLX
| Q4 25 | $-0.20 | $-0.44 | ||
| Q3 25 | $-0.51 | $-0.37 | ||
| Q2 25 | $-0.03 | $-0.41 | ||
| Q1 25 | $0.19 | $-0.32 | ||
| Q4 24 | $-0.37 | $-0.32 | ||
| Q3 24 | $4.63 | $-0.37 | ||
| Q2 24 | $3.46 | $-0.32 | ||
| Q1 24 | $4.93 | $-0.43 |
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 | $3.1B |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $3.3B | $394.5M |
| 总资产 | $14.0B | $9.6B |
| 负债/权益比越低杠杆越低 | — | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资HRBLX
| Q4 25 | $813.0M | $3.1B | ||
| Q3 25 | $749.0M | $2.9B | ||
| Q2 25 | $912.0M | $2.6B | ||
| Q1 25 | $1.8B | $2.7B | ||
| Q4 24 | $1.4B | $2.4B | ||
| Q3 24 | $1.1B | $2.3B | ||
| Q2 24 | $2.0B | $2.4B | ||
| Q1 24 | $794.0M | $2.4B |
总债务HRBLX
| Q4 25 | — | $1.2B | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.0B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $3.8B | $1.2B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.1B | — |
股东权益HRBLX
| Q4 25 | $3.3B | $394.5M | ||
| Q3 25 | $3.5B | $407.6M | ||
| Q2 25 | $3.6B | $353.2M | ||
| Q1 25 | $3.5B | $310.7M | ||
| Q4 24 | $3.5B | $221.4M | ||
| Q3 24 | $3.7B | $189.9M | ||
| Q2 24 | $3.9B | $121.5M | ||
| Q1 24 | $3.7B | $71.6M |
总资产HRBLX
| Q4 25 | $14.0B | $9.6B | ||
| Q3 25 | $15.7B | $8.6B | ||
| Q2 25 | $15.9B | $7.8B | ||
| Q1 25 | $14.0B | $7.5B | ||
| Q4 24 | $13.3B | $7.2B | ||
| Q3 24 | $11.9B | $6.7B | ||
| Q2 24 | $12.8B | $6.5B | ||
| Q1 24 | $11.7B | $6.3B |
负债/权益比HRBLX
| Q4 25 | — | 2.98× | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.25× | — | ||
| Q4 24 | 1.07× | 5.48× | ||
| 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 | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $308.6M |
| 自由现金流率自由现金流/营收 | 13.2% | 21.8% |
| 资本支出强度资本支出/营收 | 4.3% | 21.1% |
| 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 | $1.4B |
8季度趋势，按日历期对齐
经营现金流HRBLX
| Q4 25 | $313.0M | $607.0M | ||
| Q3 25 | $-20.0M | $546.2M | ||
| Q2 25 | $-67.0M | $199.3M | ||
| Q1 25 | $153.0M | $443.9M | ||
| Q4 24 | $235.0M | $184.5M | ||
| Q3 24 | $-21.0M | $247.4M | ||
| Q2 24 | $177.0M | $151.4M | ||
| Q1 24 | $242.0M | $238.9M |
自由现金流HRBLX
| Q4 25 | $236.0M | $308.6M | ||
| Q3 25 | $-89.0M | $443.6M | ||
| Q2 25 | $-111.0M | $176.7M | ||
| Q1 25 | $123.0M | $426.5M | ||
| Q4 24 | $184.0M | $120.6M | ||
| Q3 24 | $-64.0M | $218.0M | ||
| Q2 24 | $135.0M | $111.7M | ||
| Q1 24 | $208.0M | $192.3M |
自由现金流率HRBLX
| Q4 25 | 13.2% | 21.8% | ||
| Q3 25 | -5.0% | 32.6% | ||
| Q2 25 | -6.1% | 16.3% | ||
| Q1 25 | 7.2% | 41.2% | ||
| Q4 24 | 11.5% | 12.2% | ||
| Q3 24 | -3.9% | 23.7% | ||
| Q2 24 | 7.9% | 12.5% | ||
| Q1 24 | 12.1% | 24.0% |
资本支出强度HRBLX
| Q4 25 | 4.3% | 21.1% | ||
| Q3 25 | 3.9% | 7.5% | ||
| Q2 25 | 2.4% | 2.1% | ||
| Q1 25 | 1.7% | 1.7% | ||
| Q4 24 | 3.2% | 6.5% | ||
| Q3 24 | 2.6% | 3.2% | ||
| Q2 24 | 2.5% | 4.4% | ||
| Q1 24 | 2.0% | 5.8% |
现金转化率HRBLX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.65× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 0.49× | — | ||
| 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% |
RBLX
暂无分部数据
