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凯悦酒店集团（H）与Soho House & Co Inc.（SHCO）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Soho House & Co Inc.的4.8倍（$1.8B vs $370.8M），凯悦酒店集团净利率更高（-1.1% vs -5.0%，领先3.9%），凯悦酒店集团同比增速更快（11.7% vs 11.2%），凯悦酒店集团自由现金流更多（$236.0M vs $3.5M），过去两年Soho House & Co Inc.的营收复合增速更高（13.5% 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。
Soho House & Co Inc.是面向媒体、艺术及时尚领域从业者的国际私人会员俱乐部，主打为创意产业相关人群提供专属社交、休闲与资源对接空间，在全球多个核心城市布局线下据点，服务注重圈层属性与文化氛围的高端用户群体。
H vs SHCO — 直观对比
营收规模更大
H
是对方的4.8倍
$370.8M
营收增速更快
H
高出0.5%
11.2%
净利率更高
H
高出3.9%
-5.0%
自由现金流更多
H
多$232.5M
$3.5M
两年增速更快
SHCO
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $370.8M |
| 净利润 | $-20.0M | $-18.7M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | -1.6% |
| 净利率 | -1.1% | -5.0% |
| 营收同比 | 11.7% | 11.2% |
| 净利润同比 | 64.3% | -10790.3% |
| 每股收益（稀释后） | $-0.20 | $-0.10 |
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HSHCO
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | $370.8M | ||
| Q2 25 | $1.8B | $329.8M | ||
| Q1 25 | $1.7B | $282.9M | ||
| Q4 24 | $1.6B | $305.6M | ||
| Q3 24 | $1.6B | $333.4M | ||
| Q2 24 | $1.7B | $302.9M | ||
| Q1 24 | $1.7B | $261.9M |
净利润HSHCO
| Q4 25 | $-20.0M | — | ||
| Q3 25 | $-49.0M | $-18.7M | ||
| Q2 25 | $-3.0M | $24.9M | ||
| Q1 25 | $20.0M | $8.2M | ||
| Q4 24 | $-56.0M | $-91.7M | ||
| Q3 24 | $471.0M | $175.0K | ||
| Q2 24 | $359.0M | $-29.9M | ||
| Q1 24 | $522.0M | $-41.6M |
营业利润率HSHCO
| Q4 25 | 0.4% | — | ||
| Q3 25 | -1.0% | -1.6% | ||
| Q2 25 | 2.1% | 18.1% | ||
| Q1 25 | 3.0% | 12.3% | ||
| Q4 24 | -3.0% | -23.1% | ||
| Q3 24 | 37.3% | 11.4% | ||
| Q2 24 | 27.1% | -4.3% | ||
| Q1 24 | 31.6% | -9.3% |
净利率HSHCO
| Q4 25 | -1.1% | — | ||
| Q3 25 | -2.7% | -5.0% | ||
| Q2 25 | -0.2% | 7.5% | ||
| Q1 25 | 1.2% | 2.9% | ||
| Q4 24 | -3.5% | -30.0% | ||
| Q3 24 | 28.9% | 0.1% | ||
| Q2 24 | 21.1% | -9.9% | ||
| Q1 24 | 30.5% | -15.9% |
每股收益（稀释后）HSHCO
| Q4 25 | $-0.20 | — | ||
| Q3 25 | $-0.51 | $-0.10 | ||
| Q2 25 | $-0.03 | $0.13 | ||
| Q1 25 | $0.19 | $0.04 | ||
| Q4 24 | $-0.37 | $-0.48 | ||
| Q3 24 | $4.63 | $0.00 | ||
| Q2 24 | $3.46 | $-0.15 | ||
| Q1 24 | $4.93 | $-0.21 |
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 | — | $735.8M |
| 股东权益账面价值 | $3.3B | $-351.6M |
| 总资产 | $14.0B | $2.7B |
| 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HSHCO
| Q4 25 | $813.0M | — | ||
| Q3 25 | $749.0M | $142.5M | ||
| Q2 25 | $912.0M | $150.3M | ||
| Q1 25 | $1.8B | $150.1M | ||
| Q4 24 | $1.4B | $152.7M | ||
| Q3 24 | $1.1B | $142.8M | ||
| Q2 24 | $2.0B | $148.5M | ||
| Q1 24 | $794.0M | $139.8M |
总债务HSHCO
| Q4 25 | — | — | ||
| Q3 25 | $6.0B | $735.8M | ||
| Q2 25 | $6.0B | $729.8M | ||
| Q1 25 | $4.3B | $705.1M | ||
| Q4 24 | $3.8B | $691.5M | ||
| Q3 24 | $3.1B | $694.8M | ||
| Q2 24 | $3.9B | $682.1M | ||
| Q1 24 | $3.1B | $671.7M |
股东权益HSHCO
| Q4 25 | $3.3B | — | ||
| Q3 25 | $3.5B | $-351.6M | ||
| Q2 25 | $3.6B | $-348.6M | ||
| Q1 25 | $3.5B | $-340.1M | ||
| Q4 24 | $3.5B | $-335.1M | ||
| Q3 24 | $3.7B | $-279.4M | ||
| Q2 24 | $3.9B | $-231.7M | ||
| Q1 24 | $3.7B | $-193.0M |
总资产HSHCO
| Q4 25 | $14.0B | — | ||
| Q3 25 | $15.7B | $2.7B | ||
| Q2 25 | $15.9B | $2.6B | ||
| Q1 25 | $14.0B | $2.5B | ||
| Q4 24 | $13.3B | $2.4B | ||
| Q3 24 | $11.9B | $2.6B | ||
| Q2 24 | $12.8B | $2.6B | ||
| Q1 24 | $11.7B | $2.5B |
负债/权益比HSHCO
| 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 | $34.9M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $3.5M |
| 自由现金流率自由现金流/营收 | 13.2% | 0.9% |
| 资本支出强度资本支出/营收 | 4.3% | 8.5% |
| 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 | $41.9M |
8季度趋势，按日历期对齐
经营现金流HSHCO
| Q4 25 | $313.0M | — | ||
| Q3 25 | $-20.0M | $34.9M | ||
| Q2 25 | $-67.0M | $41.0M | ||
| Q1 25 | $153.0M | $22.8M | ||
| Q4 24 | $235.0M | $26.9M | ||
| Q3 24 | $-21.0M | $20.6M | ||
| Q2 24 | $177.0M | $36.0M | ||
| Q1 24 | $242.0M | $6.2M |
自由现金流HSHCO
| Q4 25 | $236.0M | — | ||
| Q3 25 | $-89.0M | $3.5M | ||
| Q2 25 | $-111.0M | $12.4M | ||
| Q1 25 | $123.0M | $7.5M | ||
| Q4 24 | $184.0M | $18.5M | ||
| Q3 24 | $-64.0M | $10.3M | ||
| Q2 24 | $135.0M | $10.2M | ||
| Q1 24 | $208.0M | $-13.5M |
自由现金流率HSHCO
| Q4 25 | 13.2% | — | ||
| Q3 25 | -5.0% | 0.9% | ||
| Q2 25 | -6.1% | 3.8% | ||
| Q1 25 | 7.2% | 2.7% | ||
| Q4 24 | 11.5% | 6.1% | ||
| Q3 24 | -3.9% | 3.1% | ||
| Q2 24 | 7.9% | 3.4% | ||
| Q1 24 | 12.1% | -5.2% |
资本支出强度HSHCO
| Q4 25 | 4.3% | — | ||
| Q3 25 | 3.9% | 8.5% | ||
| Q2 25 | 2.4% | 8.7% | ||
| Q1 25 | 1.7% | 5.4% | ||
| Q4 24 | 3.2% | 2.7% | ||
| Q3 24 | 2.6% | 3.1% | ||
| Q2 24 | 2.5% | 8.5% | ||
| Q1 24 | 2.0% | 7.5% |
现金转化率HSHCO
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | 7.65× | 2.79× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | 117.70× | ||
| 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% |
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
