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凯悦酒店集团（H）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.4倍（$1.8B vs $1.3B），凯悦酒店集团净利率更高（-1.1% vs -63.1%，领先61.9%），凯悦酒店集团同比增速更快（11.7% vs -25.8%），凯悦酒店集团自由现金流更多（$236.0M vs $-1.1B），过去两年Rivian Automotive, Inc.的营收复合增速更高（3.3% 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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
H vs RIVN — 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37.5%
-25.8%
净利率更高
H
高出61.9%
-63.1%
自由现金流更多
H
多$1.4B
$-1.1B
两年增速更快
RIVN
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.3B |
| 净利润 | $-20.0M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 0.4% | -64.8% |
| 净利率 | -1.1% | -63.1% |
| 营收同比 | 11.7% | -25.8% |
| 净利润同比 | 64.3% | -9.0% |
| 每股收益（稀释后） | $-0.20 | $-0.66 |
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HRIVN
| Q4 25 | $1.8B | $1.3B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $874.0M | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.7B | $1.2B |
净利润HRIVN
| Q4 25 | $-20.0M | $-811.0M | ||
| Q3 25 | $-49.0M | $-1.2B | ||
| Q2 25 | $-3.0M | $-1.1B | ||
| Q1 25 | $20.0M | $-545.0M | ||
| Q4 24 | $-56.0M | $-744.0M | ||
| Q3 24 | $471.0M | $-1.1B | ||
| Q2 24 | $359.0M | $-1.5B | ||
| Q1 24 | $522.0M | $-1.4B |
毛利率HRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率HRIVN
| Q4 25 | 0.4% | -64.8% | ||
| Q3 25 | -1.0% | -63.1% | ||
| Q2 25 | 2.1% | -85.5% | ||
| Q1 25 | 3.0% | -52.8% | ||
| Q4 24 | -3.0% | -38.1% | ||
| Q3 24 | 37.3% | -133.8% | ||
| Q2 24 | 27.1% | -118.7% | ||
| Q1 24 | 31.6% | -123.3% |
净利率HRIVN
| Q4 25 | -1.1% | -63.1% | ||
| Q3 25 | -2.7% | -75.3% | ||
| Q2 25 | -0.2% | -85.7% | ||
| Q1 25 | 1.2% | -44.0% | ||
| Q4 24 | -3.5% | -42.9% | ||
| Q3 24 | 28.9% | -125.9% | ||
| Q2 24 | 21.1% | -125.8% | ||
| Q1 24 | 30.5% | -120.1% |
每股收益（稀释后）HRIVN
| Q4 25 | $-0.20 | $-0.66 | ||
| Q3 25 | $-0.51 | $-0.96 | ||
| Q2 25 | $-0.03 | $-0.97 | ||
| Q1 25 | $0.19 | $-0.48 | ||
| Q4 24 | $-0.37 | $-0.67 | ||
| Q3 24 | $4.63 | $-1.08 | ||
| Q2 24 | $3.46 | $-1.46 | ||
| Q1 24 | $4.93 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $4.6B |
| 总资产 | $14.0B | $14.9B |
| 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HRIVN
| Q4 25 | $813.0M | $6.1B | ||
| Q3 25 | $749.0M | $7.1B | ||
| Q2 25 | $912.0M | $7.5B | ||
| Q1 25 | $1.8B | $7.2B | ||
| Q4 24 | $1.4B | $7.7B | ||
| Q3 24 | $1.1B | $6.7B | ||
| Q2 24 | $2.0B | $7.9B | ||
| Q1 24 | $794.0M | $7.9B |
总债务HRIVN
| 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 | $5.5B | ||
| Q1 24 | $3.1B | $4.4B |
股东权益HRIVN
| Q4 25 | $3.3B | $4.6B | ||
| Q3 25 | $3.5B | $5.1B | ||
| Q2 25 | $3.6B | $6.1B | ||
| Q1 25 | $3.5B | $6.2B | ||
| Q4 24 | $3.5B | $6.6B | ||
| Q3 24 | $3.7B | $5.9B | ||
| Q2 24 | $3.9B | $6.8B | ||
| Q1 24 | $3.7B | $8.1B |
总资产HRIVN
| Q4 25 | $14.0B | $14.9B | ||
| Q3 25 | $15.7B | $15.2B | ||
| Q2 25 | $15.9B | $15.6B | ||
| Q1 25 | $14.0B | $15.5B | ||
| Q4 24 | $13.3B | $15.4B | ||
| Q3 24 | $11.9B | $14.3B | ||
| Q2 24 | $12.8B | $15.4B | ||
| Q1 24 | $11.7B | $15.7B |
负债/权益比HRIVN
| 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× | 0.81× | ||
| Q1 24 | 0.84× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $-1.1B |
| 自由现金流率自由现金流/营收 | 13.2% | -89.0% |
| 资本支出强度资本支出/营收 | 4.3% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流HRIVN
| Q4 25 | $313.0M | $-681.0M | ||
| Q3 25 | $-20.0M | $26.0M | ||
| Q2 25 | $-67.0M | $64.0M | ||
| Q1 25 | $153.0M | $-188.0M | ||
| Q4 24 | $235.0M | $1.2B | ||
| Q3 24 | $-21.0M | $-876.0M | ||
| Q2 24 | $177.0M | $-754.0M | ||
| Q1 24 | $242.0M | $-1.3B |
自由现金流HRIVN
| Q4 25 | $236.0M | $-1.1B | ||
| Q3 25 | $-89.0M | $-421.0M | ||
| Q2 25 | $-111.0M | $-398.0M | ||
| Q1 25 | $123.0M | $-526.0M | ||
| Q4 24 | $184.0M | $856.0M | ||
| Q3 24 | $-64.0M | $-1.2B | ||
| Q2 24 | $135.0M | $-1.0B | ||
| Q1 24 | $208.0M | $-1.5B |
自由现金流率HRIVN
| Q4 25 | 13.2% | -89.0% | ||
| Q3 25 | -5.0% | -27.0% | ||
| Q2 25 | -6.1% | -30.5% | ||
| Q1 25 | 7.2% | -42.4% | ||
| Q4 24 | 11.5% | 49.4% | ||
| Q3 24 | -3.9% | -131.9% | ||
| Q2 24 | 7.9% | -89.6% | ||
| Q1 24 | 12.1% | -126.5% |
资本支出强度HRIVN
| Q4 25 | 4.3% | 36.0% | ||
| Q3 25 | 3.9% | 28.7% | ||
| Q2 25 | 2.4% | 35.5% | ||
| Q1 25 | 1.7% | 27.3% | ||
| Q4 24 | 3.2% | 18.9% | ||
| Q3 24 | 2.6% | 31.7% | ||
| Q2 24 | 2.5% | 24.4% | ||
| Q1 24 | 2.0% | 21.1% |
现金转化率HRIVN
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
