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凯悦酒店集团（H）与罗致恒富（RHI）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致恒富的1.4倍（$1.8B vs $1.3B），凯悦酒店集团同比增速更快（11.7% vs -5.8%），凯悦酒店集团自由现金流更多（$236.0M vs $170.8M），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
H vs RHI — 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
H
高出17.5%
-5.8%
自由现金流更多
H
多$65.2M
$170.8M
两年增速更快
H
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-20.0M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 0.4% | 1.7% |
| 净利率 | -1.1% | — |
| 营收同比 | 11.7% | -5.8% |
| 净利润同比 | 64.3% | — |
| 每股收益（稀释后） | $-0.20 | $0.32 |
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HRHI
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.7B | $1.5B | ||
| Q1 24 | $1.7B | $1.5B |
净利润HRHI
| Q4 25 | $-20.0M | — | ||
| Q3 25 | $-49.0M | $42.9M | ||
| Q2 25 | $-3.0M | $41.0M | ||
| Q1 25 | $20.0M | $17.4M | ||
| Q4 24 | $-56.0M | — | ||
| Q3 24 | $471.0M | $65.5M | ||
| Q2 24 | $359.0M | $68.2M | ||
| Q1 24 | $522.0M | $63.7M |
毛利率HRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率HRHI
| Q4 25 | 0.4% | 1.7% | ||
| Q3 25 | -1.0% | 1.0% | ||
| Q2 25 | 2.1% | 0.1% | ||
| Q1 25 | 3.0% | 2.9% | ||
| Q4 24 | -3.0% | 4.7% | ||
| Q3 24 | 37.3% | 4.1% | ||
| Q2 24 | 27.1% | 5.1% | ||
| Q1 24 | 31.6% | 2.8% |
净利率HRHI
| Q4 25 | -1.1% | — | ||
| Q3 25 | -2.7% | 3.2% | ||
| Q2 25 | -0.2% | 3.0% | ||
| Q1 25 | 1.2% | 1.3% | ||
| Q4 24 | -3.5% | — | ||
| Q3 24 | 28.9% | 4.5% | ||
| Q2 24 | 21.1% | 4.6% | ||
| Q1 24 | 30.5% | 4.3% |
每股收益（稀释后）HRHI
| Q4 25 | $-0.20 | $0.32 | ||
| Q3 25 | $-0.51 | $0.43 | ||
| Q2 25 | $-0.03 | $0.41 | ||
| Q1 25 | $0.19 | $0.17 | ||
| Q4 24 | $-0.37 | $0.53 | ||
| Q3 24 | $4.63 | $0.64 | ||
| Q2 24 | $3.46 | $0.66 | ||
| Q1 24 | $4.93 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $1.3B |
| 总资产 | $14.0B | $2.9B |
| 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HRHI
| Q4 25 | $813.0M | $464.4M | ||
| Q3 25 | $749.0M | $365.3M | ||
| Q2 25 | $912.0M | $380.5M | ||
| Q1 25 | $1.8B | $342.5M | ||
| Q4 24 | $1.4B | $537.6M | ||
| Q3 24 | $1.1B | $570.5M | ||
| Q2 24 | $2.0B | $547.4M | ||
| Q1 24 | $794.0M | $540.9M |
总债务HRHI
| 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HRHI
| Q4 25 | $3.3B | $1.3B | ||
| Q3 25 | $3.5B | $1.3B | ||
| Q2 25 | $3.6B | $1.3B | ||
| Q1 25 | $3.5B | $1.3B | ||
| Q4 24 | $3.5B | $1.4B | ||
| Q3 24 | $3.7B | $1.5B | ||
| Q2 24 | $3.9B | $1.5B | ||
| Q1 24 | $3.7B | $1.5B |
总资产HRHI
| Q4 25 | $14.0B | $2.9B | ||
| Q3 25 | $15.7B | $2.8B | ||
| Q2 25 | $15.9B | $2.8B | ||
| Q1 25 | $14.0B | $2.7B | ||
| Q4 24 | $13.3B | $2.9B | ||
| Q3 24 | $11.9B | $3.0B | ||
| Q2 24 | $12.8B | $2.9B | ||
| Q1 24 | $11.7B | $2.9B |
负债/权益比HRHI
| 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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $170.8M |
| 自由现金流率自由现金流/营收 | 13.2% | 13.1% |
| 资本支出强度资本支出/营收 | 4.3% | 0.9% |
| 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 | $266.8M |
8季度趋势，按日历期对齐
经营现金流HRHI
| Q4 25 | $313.0M | $182.5M | ||
| Q3 25 | $-20.0M | $77.4M | ||
| Q2 25 | $-67.0M | $119.4M | ||
| Q1 25 | $153.0M | $-59.3M | ||
| Q4 24 | $235.0M | $154.8M | ||
| Q3 24 | $-21.0M | $129.6M | ||
| Q2 24 | $177.0M | $142.0M | ||
| Q1 24 | $242.0M | $-15.9M |
自由现金流HRHI
| Q4 25 | $236.0M | $170.8M | ||
| Q3 25 | $-89.0M | $63.6M | ||
| Q2 25 | $-111.0M | $104.2M | ||
| Q1 25 | $123.0M | $-71.7M | ||
| Q4 24 | $184.0M | $140.5M | ||
| Q3 24 | $-64.0M | $111.8M | ||
| Q2 24 | $135.0M | $129.6M | ||
| Q1 24 | $208.0M | $-27.7M |
自由现金流率HRHI
| Q4 25 | 13.2% | 13.1% | ||
| Q3 25 | -5.0% | 4.7% | ||
| Q2 25 | -6.1% | 7.6% | ||
| Q1 25 | 7.2% | -5.3% | ||
| Q4 24 | 11.5% | 10.2% | ||
| Q3 24 | -3.9% | 7.6% | ||
| Q2 24 | 7.9% | 8.8% | ||
| Q1 24 | 12.1% | -1.9% |
资本支出强度HRHI
| Q4 25 | 4.3% | 0.9% | ||
| Q3 25 | 3.9% | 1.0% | ||
| Q2 25 | 2.4% | 1.1% | ||
| Q1 25 | 1.7% | 0.9% | ||
| Q4 24 | 3.2% | 1.0% | ||
| Q3 24 | 2.6% | 1.2% | ||
| Q2 24 | 2.5% | 0.8% | ||
| Q1 24 | 2.0% | 0.8% |
现金转化率HRHI
| Q4 25 | — | — | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 2.91× | ||
| Q1 25 | 7.65× | -3.42× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | 1.98× | ||
| Q2 24 | 0.49× | 2.08× | ||
| Q1 24 | 0.46× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
