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凯悦酒店集团（H）与永利度假村有限公司（RRR）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永利度假村有限公司的3.5倍（$1.8B vs $511.8M）。永利度假村有限公司净利率更高（8.7% vs -1.1%，领先9.8%）。凯悦酒店集团同比增速更快（11.7% vs 3.2%）。凯悦酒店集团自由现金流更多（$236.0M vs $77.7M）。过去两年永利度假村有限公司的营收复合增速更高（2.3% 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。
永利度假村有限公司是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店与赌场的开发及运营。公司由前梦幻度假村集团董事长兼首席执行官史蒂夫·永利于2002年创立，现任首席执行官为克雷格·比林斯，截至2020年共开发了6处物业。
H vs RRR — 直观对比
营收规模更大
H
是对方的3.5倍
$511.8M
营收增速更快
H
高出8.4%
3.2%
净利率更高
RRR
高出9.8%
-1.1%
自由现金流更多
H
多$158.3M
$77.7M
两年增速更快
RRR
近两年复合增速
2.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $511.8M |
| 净利润 | $-20.0M | $44.7M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | 28.1% |
| 净利率 | -1.1% | 8.7% |
| 营收同比 | 11.7% | 3.2% |
| 净利润同比 | 64.3% | -4.1% |
| 每股收益（稀释后） | $-0.20 | $0.74 |
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HRRR
| Q4 25 | $1.8B | $511.8M | ||
| Q3 25 | $1.8B | $475.6M | ||
| Q2 25 | $1.8B | $526.3M | ||
| Q1 25 | $1.7B | $497.9M | ||
| Q4 24 | $1.6B | $495.7M | ||
| Q3 24 | $1.6B | $468.0M | ||
| Q2 24 | $1.7B | $486.4M | ||
| Q1 24 | $1.7B | $488.9M |
净利润HRRR
| Q4 25 | $-20.0M | $44.7M | ||
| Q3 25 | $-49.0M | $42.3M | ||
| Q2 25 | $-3.0M | $56.4M | ||
| Q1 25 | $20.0M | $44.7M | ||
| Q4 24 | $-56.0M | $46.6M | ||
| Q3 24 | $471.0M | $29.0M | ||
| Q2 24 | $359.0M | $35.7M | ||
| Q1 24 | $522.0M | $42.8M |
营业利润率HRRR
| Q4 25 | 0.4% | 28.1% | ||
| Q3 25 | -1.0% | 27.6% | ||
| Q2 25 | 2.1% | 31.9% | ||
| Q1 25 | 3.0% | 31.0% | ||
| Q4 24 | -3.0% | 28.7% | ||
| Q3 24 | 37.3% | 27.9% | ||
| Q2 24 | 27.1% | 28.8% | ||
| Q1 24 | 31.6% | 31.8% |
净利率HRRR
| Q4 25 | -1.1% | 8.7% | ||
| Q3 25 | -2.7% | 8.9% | ||
| Q2 25 | -0.2% | 10.7% | ||
| Q1 25 | 1.2% | 9.0% | ||
| Q4 24 | -3.5% | 9.4% | ||
| Q3 24 | 28.9% | 6.2% | ||
| Q2 24 | 21.1% | 7.3% | ||
| Q1 24 | 30.5% | 8.8% |
每股收益（稀释后）HRRR
| Q4 25 | $-0.20 | $0.74 | ||
| Q3 25 | $-0.51 | $0.68 | ||
| Q2 25 | $-0.03 | $0.95 | ||
| Q1 25 | $0.19 | $0.75 | ||
| Q4 24 | $-0.37 | $0.78 | ||
| Q3 24 | $4.63 | $0.48 | ||
| Q2 24 | $3.46 | $0.59 | ||
| Q1 24 | $4.93 | $0.68 |
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 | $142.5M |
| 总债务越低越好 | — | $3.4B |
| 股东权益账面价值 | $3.3B | $208.3M |
| 总资产 | $14.0B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 16.30× |
8季度趋势，按日历期对齐
现金及短期投资HRRR
| Q4 25 | $813.0M | $142.5M | ||
| Q3 25 | $749.0M | $129.8M | ||
| Q2 25 | $912.0M | $145.2M | ||
| Q1 25 | $1.8B | $150.6M | ||
| Q4 24 | $1.4B | $164.4M | ||
| Q3 24 | $1.1B | $117.5M | ||
| Q2 24 | $2.0B | $136.4M | ||
| Q1 24 | $794.0M | $129.7M |
总债务HRRR
| Q4 25 | — | $3.4B | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.0B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $3.8B | $3.4B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.1B | — |
股东权益HRRR
| Q4 25 | $3.3B | $208.3M | ||
| Q3 25 | $3.5B | $219.6M | ||
| Q2 25 | $3.6B | $203.4M | ||
| Q1 25 | $3.5B | $247.1M | ||
| Q4 24 | $3.5B | $215.1M | ||
| Q3 24 | $3.7B | $175.5M | ||
| Q2 24 | $3.9B | $159.0M | ||
| Q1 24 | $3.7B | $135.2M |
总资产HRRR
| Q4 25 | $14.0B | $4.2B | ||
| Q3 25 | $15.7B | $4.1B | ||
| Q2 25 | $15.9B | $4.0B | ||
| Q1 25 | $14.0B | $4.1B | ||
| Q4 24 | $13.3B | $4.0B | ||
| Q3 24 | $11.9B | $4.0B | ||
| Q2 24 | $12.8B | $4.0B | ||
| Q1 24 | $11.7B | $4.0B |
负债/权益比HRRR
| Q4 25 | — | 16.30× | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.25× | — | ||
| Q4 24 | 1.07× | 15.84× | ||
| 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 | $156.6M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $77.7M |
| 自由现金流率自由现金流/营收 | 13.2% | 15.2% |
| 资本支出强度资本支出/营收 | 4.3% | 15.4% |
| 现金转化率经营现金流/净利润 | — | 3.51× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $290.5M |
8季度趋势，按日历期对齐
经营现金流HRRR
| Q4 25 | $313.0M | $156.6M | ||
| Q3 25 | $-20.0M | $168.3M | ||
| Q2 25 | $-67.0M | $158.4M | ||
| Q1 25 | $153.0M | $126.2M | ||
| Q4 24 | $235.0M | $148.2M | ||
| Q3 24 | $-21.0M | $131.0M | ||
| Q2 24 | $177.0M | $142.5M | ||
| Q1 24 | $242.0M | $126.5M |
自由现金流HRRR
| Q4 25 | $236.0M | $77.7M | ||
| Q3 25 | $-89.0M | $74.6M | ||
| Q2 25 | $-111.0M | $80.3M | ||
| Q1 25 | $123.0M | $58.0M | ||
| Q4 24 | $184.0M | $121.4M | ||
| Q3 24 | $-64.0M | $50.7M | ||
| Q2 24 | $135.0M | $64.0M | ||
| Q1 24 | $208.0M | $28.4M |
自由现金流率HRRR
| Q4 25 | 13.2% | 15.2% | ||
| Q3 25 | -5.0% | 15.7% | ||
| Q2 25 | -6.1% | 15.3% | ||
| Q1 25 | 7.2% | 11.6% | ||
| Q4 24 | 11.5% | 24.5% | ||
| Q3 24 | -3.9% | 10.8% | ||
| Q2 24 | 7.9% | 13.1% | ||
| Q1 24 | 12.1% | 5.8% |
资本支出强度HRRR
| Q4 25 | 4.3% | 15.4% | ||
| Q3 25 | 3.9% | 19.7% | ||
| Q2 25 | 2.4% | 14.9% | ||
| Q1 25 | 1.7% | 13.7% | ||
| Q4 24 | 3.2% | 5.4% | ||
| Q3 24 | 2.6% | 17.2% | ||
| Q2 24 | 2.5% | 16.2% | ||
| Q1 24 | 2.0% | 20.1% |
现金转化率HRRR
| Q4 25 | — | 3.51× | ||
| Q3 25 | — | 3.98× | ||
| Q2 25 | — | 2.81× | ||
| Q1 25 | 7.65× | 2.82× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | -0.04× | 4.53× | ||
| Q2 24 | 0.49× | 4.00× | ||
| Q1 24 | 0.46× | 2.95× |
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% |
RRR
| Casino | $343.0M | 67% |
| Food And Beverage | $93.3M | 18% |
| Occupancy | $47.2M | 9% |
| Hotel Other | $24.6M | 5% |
