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凯悦酒店集团（H）与RXO, Inc.（RXO）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RXO, Inc.的1.2倍（$1.8B vs $1.5B），凯悦酒店集团净利率更高（-1.1% vs -3.1%，领先2.0%），凯悦酒店集团同比增速更快（11.7% vs -11.9%），凯悦酒店集团自由现金流更多（$236.0M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
H vs RXO — 直观对比
营收规模更大
H
是对方的1.2倍
$1.5B
营收增速更快
H
高出23.6%
-11.9%
净利率更高
H
高出2.0%
-3.1%
自由现金流更多
H
多$245.0M
$-9.0M
两年增速更快
RXO
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-20.0M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | -2.9% |
| 净利率 | -1.1% | -3.1% |
| 营收同比 | 11.7% | -11.9% |
| 净利润同比 | 64.3% | -84.0% |
| 每股收益（稀释后） | $-0.20 | $-0.28 |
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HRXO
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.7B | $1.4B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.7B | $930.0M | ||
| Q1 24 | $1.7B | $913.0M |
净利润HRXO
| Q4 25 | $-20.0M | $-46.0M | ||
| Q3 25 | $-49.0M | $-14.0M | ||
| Q2 25 | $-3.0M | $-9.0M | ||
| Q1 25 | $20.0M | $-31.0M | ||
| Q4 24 | $-56.0M | $-25.0M | ||
| Q3 24 | $471.0M | $-243.0M | ||
| Q2 24 | $359.0M | $-7.0M | ||
| Q1 24 | $522.0M | $-15.0M |
营业利润率HRXO
| Q4 25 | 0.4% | -2.9% | ||
| Q3 25 | -1.0% | -0.5% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.0% | -2.1% | ||
| Q4 24 | -3.0% | -1.4% | ||
| Q3 24 | 37.3% | -1.9% | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 31.6% | -1.3% |
净利率HRXO
| Q4 25 | -1.1% | -3.1% | ||
| Q3 25 | -2.7% | -1.0% | ||
| Q2 25 | -0.2% | -0.6% | ||
| Q1 25 | 1.2% | -2.2% | ||
| Q4 24 | -3.5% | -1.5% | ||
| Q3 24 | 28.9% | -23.4% | ||
| Q2 24 | 21.1% | -0.8% | ||
| Q1 24 | 30.5% | -1.6% |
每股收益（稀释后）HRXO
| Q4 25 | $-0.20 | $-0.28 | ||
| Q3 25 | $-0.51 | $-0.08 | ||
| Q2 25 | $-0.03 | $-0.05 | ||
| Q1 25 | $0.19 | $-0.18 | ||
| Q4 24 | $-0.37 | $-0.17 | ||
| Q3 24 | $4.63 | $-1.81 | ||
| Q2 24 | $3.46 | $-0.06 | ||
| Q1 24 | $4.93 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $3.3B | $1.5B |
| 总资产 | $14.0B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资HRXO
| Q4 25 | $813.0M | $17.0M | ||
| Q3 25 | $749.0M | $25.0M | ||
| Q2 25 | $912.0M | $18.0M | ||
| Q1 25 | $1.8B | $16.0M | ||
| Q4 24 | $1.4B | $35.0M | ||
| Q3 24 | $1.1B | $55.0M | ||
| Q2 24 | $2.0B | $7.0M | ||
| Q1 24 | $794.0M | $7.0M |
总债务HRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | $6.0B | $387.0M | ||
| Q2 25 | $6.0B | $387.0M | ||
| Q1 25 | $4.3B | $387.0M | ||
| Q4 24 | $3.8B | $351.0M | ||
| Q3 24 | $3.1B | $352.0M | ||
| Q2 24 | $3.9B | $370.0M | ||
| Q1 24 | $3.1B | $351.0M |
股东权益HRXO
| Q4 25 | $3.3B | $1.5B | ||
| Q3 25 | $3.5B | $1.6B | ||
| Q2 25 | $3.6B | $1.6B | ||
| Q1 25 | $3.5B | $1.6B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.7B | $1.7B | ||
| Q2 24 | $3.9B | $579.0M | ||
| Q1 24 | $3.7B | $582.0M |
总资产HRXO
| Q4 25 | $14.0B | $3.3B | ||
| Q3 25 | $15.7B | $3.2B | ||
| Q2 25 | $15.9B | $3.2B | ||
| Q1 25 | $14.0B | $3.3B | ||
| Q4 24 | $13.3B | $3.4B | ||
| Q3 24 | $11.9B | $3.4B | ||
| Q2 24 | $12.8B | $1.8B | ||
| Q1 24 | $11.7B | $1.8B |
负债/权益比HRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | 1.73× | 0.24× | ||
| Q2 25 | 1.69× | 0.24× | ||
| Q1 25 | 1.25× | 0.24× | ||
| Q4 24 | 1.07× | 0.22× | ||
| Q3 24 | 0.85× | 0.21× | ||
| Q2 24 | 1.01× | 0.64× | ||
| Q1 24 | 0.84× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $-9.0M |
| 自由现金流率自由现金流/营收 | 13.2% | -0.6% |
| 资本支出强度资本支出/营收 | 4.3% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流HRXO
| Q4 25 | $313.0M | $7.0M | ||
| Q3 25 | $-20.0M | $23.0M | ||
| Q2 25 | $-67.0M | $23.0M | ||
| Q1 25 | $153.0M | $-2.0M | ||
| Q4 24 | $235.0M | $-7.0M | ||
| Q3 24 | $-21.0M | $-7.0M | ||
| Q2 24 | $177.0M | $-5.0M | ||
| Q1 24 | $242.0M | $7.0M |
自由现金流HRXO
| Q4 25 | $236.0M | $-9.0M | ||
| Q3 25 | $-89.0M | $9.0M | ||
| Q2 25 | $-111.0M | $9.0M | ||
| Q1 25 | $123.0M | $-17.0M | ||
| Q4 24 | $184.0M | $-19.0M | ||
| Q3 24 | $-64.0M | $-18.0M | ||
| Q2 24 | $135.0M | $-16.0M | ||
| Q1 24 | $208.0M | $-4.0M |
自由现金流率HRXO
| Q4 25 | 13.2% | -0.6% | ||
| Q3 25 | -5.0% | 0.6% | ||
| Q2 25 | -6.1% | 0.6% | ||
| Q1 25 | 7.2% | -1.2% | ||
| Q4 24 | 11.5% | -1.1% | ||
| Q3 24 | -3.9% | -1.7% | ||
| Q2 24 | 7.9% | -1.7% | ||
| Q1 24 | 12.1% | -0.4% |
资本支出强度HRXO
| Q4 25 | 4.3% | 1.1% | ||
| Q3 25 | 3.9% | 1.0% | ||
| Q2 25 | 2.4% | 1.0% | ||
| Q1 25 | 1.7% | 1.0% | ||
| Q4 24 | 3.2% | 0.7% | ||
| Q3 24 | 2.6% | 1.1% | ||
| Q2 24 | 2.5% | 1.2% | ||
| Q1 24 | 2.0% | 1.2% |
现金转化率HRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
