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凯悦酒店集团（H）与Steris（STE）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Steris的1.2倍（$1.8B vs $1.5B），Steris净利率更高（12.9% vs -1.1%，领先14.0%），凯悦酒店集团同比增速更快（11.7% vs 9.2%），凯悦酒店集团自由现金流更多（$236.0M vs $199.5M），过去两年Steris的营收复合增速更高（15.8% 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。
Steris plc是一家美爱合资的医疗设备企业，专注于为美国医疗体系提供灭菌服务及外科手术相关产品。其实际运营总部位于美国俄亥俄州门托市，深耕医疗消毒、感染防控、手术耗材等领域，为医疗机构提供专业可靠的医疗解决方案。
H vs STE — 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2.5%
9.2%
净利率更高
STE
高出14.0%
-1.1%
自由现金流更多
H
多$36.5M
$199.5M
两年增速更快
STE
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $-20.0M | $192.9M |
| 毛利率 | — | 43.8% |
| 营业利润率 | 0.4% | 18.3% |
| 净利率 | -1.1% | 12.9% |
| 营收同比 | 11.7% | 9.2% |
| 净利润同比 | 64.3% | 11.2% |
| 每股收益（稀释后） | $-0.20 | $1.96 |
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HSTE
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.7B | $1.3B | ||
| Q1 24 | $1.7B | $1.1B |
净利润HSTE
| Q4 25 | $-20.0M | $192.9M | ||
| Q3 25 | $-49.0M | $191.9M | ||
| Q2 25 | $-3.0M | $177.4M | ||
| Q1 25 | $20.0M | $145.7M | ||
| Q4 24 | $-56.0M | $173.5M | ||
| Q3 24 | $471.0M | $150.0M | ||
| Q2 24 | $359.0M | $145.4M | ||
| Q1 24 | $522.0M | $-1.4M |
毛利率HSTE
| Q4 25 | — | 43.8% | ||
| Q3 25 | — | 44.2% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 43.3% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 43.6% | ||
| Q2 24 | — | 44.7% | ||
| Q1 24 | — | 40.2% |
营业利润率HSTE
| Q4 25 | 0.4% | 18.3% | ||
| Q3 25 | -1.0% | 18.2% | ||
| Q2 25 | 2.1% | 17.7% | ||
| Q1 25 | 3.0% | 14.6% | ||
| Q4 24 | -3.0% | 17.9% | ||
| Q3 24 | 37.3% | 16.5% | ||
| Q2 24 | 27.1% | 14.5% | ||
| Q1 24 | 31.6% | 22.0% |
净利率HSTE
| Q4 25 | -1.1% | 12.9% | ||
| Q3 25 | -2.7% | 13.1% | ||
| Q2 25 | -0.2% | 12.8% | ||
| Q1 25 | 1.2% | 9.8% | ||
| Q4 24 | -3.5% | 12.7% | ||
| Q3 24 | 28.9% | 11.3% | ||
| Q2 24 | 21.1% | 11.4% | ||
| Q1 24 | 30.5% | -0.1% |
每股收益（稀释后）HSTE
| Q4 25 | $-0.20 | $1.96 | ||
| Q3 25 | $-0.51 | $1.94 | ||
| Q2 25 | $-0.03 | $1.79 | ||
| Q1 25 | $0.19 | $1.48 | ||
| Q4 24 | $-0.37 | $1.75 | ||
| Q3 24 | $4.63 | $1.51 | ||
| Q2 24 | $3.46 | $1.46 | ||
| Q1 24 | $4.93 | $-0.02 |
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 | $423.7M |
| 总债务越低越好 | — | $1.9B |
| 股东权益账面价值 | $3.3B | $7.2B |
| 总资产 | $14.0B | $10.6B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资HSTE
| Q4 25 | $813.0M | $423.7M | ||
| Q3 25 | $749.0M | $319.2M | ||
| Q2 25 | $912.0M | $279.7M | ||
| Q1 25 | $1.8B | $171.7M | ||
| Q4 24 | $1.4B | $155.2M | ||
| Q3 24 | $1.1B | $172.2M | ||
| Q2 24 | $2.0B | $198.3M | ||
| Q1 24 | $794.0M | $207.0M |
总债务HSTE
| Q4 25 | — | $1.9B | ||
| Q3 25 | $6.0B | $1.9B | ||
| Q2 25 | $6.0B | $1.9B | ||
| Q1 25 | $4.3B | $1.9B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.9B | $2.2B | ||
| Q1 24 | $3.1B | $3.1B |
股东权益HSTE
| Q4 25 | $3.3B | $7.2B | ||
| Q3 25 | $3.5B | $7.0B | ||
| Q2 25 | $3.6B | $7.0B | ||
| Q1 25 | $3.5B | $6.6B | ||
| Q4 24 | $3.5B | $6.4B | ||
| Q3 24 | $3.7B | $6.6B | ||
| Q2 24 | $3.9B | $6.4B | ||
| Q1 24 | $3.7B | $6.3B |
总资产HSTE
| Q4 25 | $14.0B | $10.6B | ||
| Q3 25 | $15.7B | $10.4B | ||
| Q2 25 | $15.9B | $10.4B | ||
| Q1 25 | $14.0B | $10.1B | ||
| Q4 24 | $13.3B | $10.0B | ||
| Q3 24 | $11.9B | $10.2B | ||
| Q2 24 | $12.8B | $10.1B | ||
| Q1 24 | $11.7B | $11.1B |
负债/权益比HSTE
| Q4 25 | — | 0.27× | ||
| Q3 25 | 1.73× | 0.27× | ||
| Q2 25 | 1.69× | 0.27× | ||
| Q1 25 | 1.25× | 0.29× | ||
| Q4 24 | 1.07× | 0.32× | ||
| Q3 24 | 0.85× | 0.33× | ||
| Q2 24 | 1.01× | 0.35× | ||
| Q1 24 | 0.84× | 0.50× |
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 | $298.2M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $199.5M |
| 自由现金流率自由现金流/营收 | 13.2% | 13.3% |
| 资本支出强度资本支出/营收 | 4.3% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 1.55× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $917.1M |
8季度趋势，按日历期对齐
经营现金流HSTE
| Q4 25 | $313.0M | $298.2M | ||
| Q3 25 | $-20.0M | $287.8M | ||
| Q2 25 | $-67.0M | $420.0M | ||
| Q1 25 | $153.0M | $260.8M | ||
| Q4 24 | $235.0M | $332.8M | ||
| Q3 24 | $-21.0M | $250.7M | ||
| Q2 24 | $177.0M | $303.7M | ||
| Q1 24 | $242.0M | $254.8M |
自由现金流HSTE
| Q4 25 | $236.0M | $199.5M | ||
| Q3 25 | $-89.0M | $201.3M | ||
| Q2 25 | $-111.0M | $326.4M | ||
| Q1 25 | $123.0M | $189.9M | ||
| Q4 24 | $184.0M | $243.6M | ||
| Q3 24 | $-64.0M | $148.8M | ||
| Q2 24 | $135.0M | $195.7M | ||
| Q1 24 | $208.0M | $163.3M |
自由现金流率HSTE
| Q4 25 | 13.2% | 13.3% | ||
| Q3 25 | -5.0% | 13.8% | ||
| Q2 25 | -6.1% | 23.5% | ||
| Q1 25 | 7.2% | 12.8% | ||
| Q4 24 | 11.5% | 17.8% | ||
| Q3 24 | -3.9% | 11.2% | ||
| Q2 24 | 7.9% | 15.3% | ||
| Q1 24 | 12.1% | 14.6% |
资本支出强度HSTE
| Q4 25 | 4.3% | 6.6% | ||
| Q3 25 | 3.9% | 5.9% | ||
| Q2 25 | 2.4% | 6.7% | ||
| Q1 25 | 1.7% | 4.8% | ||
| Q4 24 | 3.2% | 6.5% | ||
| Q3 24 | 2.6% | 7.7% | ||
| Q2 24 | 2.5% | 8.4% | ||
| Q1 24 | 2.0% | 8.2% |
现金转化率HSTE
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.50× | ||
| Q2 25 | — | 2.37× | ||
| Q1 25 | 7.65× | 1.79× | ||
| Q4 24 | — | 1.92× | ||
| Q3 24 | -0.04× | 1.67× | ||
| Q2 24 | 0.49× | 2.09× | ||
| 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% |
STE
| Servicerevenues | $404.7M | 27% |
| Consumablerevenues | $387.1M | 26% |
| Applied Sterilization Technologies | $286.6M | 19% |
| Capitalequipmentrevenues | $272.1M | 18% |
| Life Science | $145.8M | 10% |
