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凯悦酒店集团（H）与思佳讯（SWKS）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思佳讯的1.7倍（$1.8B vs $1.0B），思佳讯净利率更高（7.6% vs -1.1%，领先8.8%），凯悦酒店集团同比增速更快（11.7% vs 8.6%），思佳讯自由现金流更多（$339.0M vs $236.0M），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -0.5%）
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。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
H vs SWKS — 直观对比
营收规模更大
H
是对方的1.7倍
$1.0B
营收增速更快
H
高出3.0%
8.6%
净利率更高
SWKS
高出8.8%
-1.1%
自由现金流更多
SWKS
多$103.0M
$236.0M
两年增速更快
H
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.0B |
| 净利润 | $-20.0M | $79.2M |
| 毛利率 | — | 41.3% |
| 营业利润率 | 0.4% | 10.0% |
| 净利率 | -1.1% | 7.6% |
| 营收同比 | 11.7% | 8.6% |
| 净利润同比 | 64.3% | 15.3% |
| 每股收益（稀释后） | $-0.20 | $0.53 |
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HSWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | $965.0M | ||
| Q1 25 | $1.7B | $953.2M | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.7B | $905.5M |
净利润HSWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $-20.0M | $141.4M | ||
| Q3 25 | $-49.0M | — | ||
| Q2 25 | $-3.0M | $105.0M | ||
| Q1 25 | $20.0M | $68.7M | ||
| Q4 24 | $-56.0M | $162.0M | ||
| Q3 24 | $471.0M | $60.5M | ||
| Q2 24 | $359.0M | $120.9M |
毛利率HSWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 41.6% | ||
| Q1 25 | — | 41.1% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 41.9% | ||
| Q2 24 | — | 40.2% |
营业利润率HSWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | 0.4% | 10.1% | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | 2.1% | 11.5% | ||
| Q1 25 | 3.0% | 10.2% | ||
| Q4 24 | -3.0% | 16.9% | ||
| Q3 24 | 37.3% | 5.8% | ||
| Q2 24 | 27.1% | 14.4% |
净利率HSWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | -1.1% | 12.9% | ||
| Q3 25 | -2.7% | — | ||
| Q2 25 | -0.2% | 10.9% | ||
| Q1 25 | 1.2% | 7.2% | ||
| Q4 24 | -3.5% | 15.2% | ||
| Q3 24 | 28.9% | 5.9% | ||
| Q2 24 | 21.1% | 13.4% |
每股收益（稀释后）HSWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | $-0.20 | $0.95 | ||
| Q3 25 | $-0.51 | — | ||
| Q2 25 | $-0.03 | $0.70 | ||
| Q1 25 | $0.19 | $0.43 | ||
| Q4 24 | $-0.37 | $1.00 | ||
| Q3 24 | $4.63 | $0.36 | ||
| Q2 24 | $3.46 | $0.75 |
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 | $1.6B |
| 总债务越低越好 | — | $496.6M |
| 股东权益账面价值 | $3.3B | $5.8B |
| 总资产 | $14.0B | $7.9B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资HSWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $813.0M | $1.4B | ||
| Q3 25 | $749.0M | — | ||
| Q2 25 | $912.0M | $1.3B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $2.0B | $1.3B |
总债务HSWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | — | $496.4M | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.0B | $496.2M | ||
| Q1 25 | $4.3B | $995.1M | ||
| Q4 24 | $3.8B | $994.7M | ||
| Q3 24 | $3.1B | $994.3M | ||
| Q2 24 | $3.9B | $994.0M |
股东权益HSWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $3.3B | $5.8B | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.6B | $5.7B | ||
| Q1 25 | $3.5B | $5.9B | ||
| Q4 24 | $3.5B | $6.4B | ||
| Q3 24 | $3.7B | $6.3B | ||
| Q2 24 | $3.9B | $6.3B |
总资产HSWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $14.0B | $7.9B | ||
| Q3 25 | $15.7B | — | ||
| Q2 25 | $15.9B | $7.7B | ||
| Q1 25 | $14.0B | $7.9B | ||
| Q4 24 | $13.3B | $8.3B | ||
| Q3 24 | $11.9B | $8.3B | ||
| Q2 24 | $12.8B | $8.2B |
负债/权益比HSWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | 0.09× | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | 0.09× | ||
| Q1 25 | 1.25× | 0.17× | ||
| Q4 24 | 1.07× | 0.16× | ||
| Q3 24 | 0.85× | 0.16× | ||
| Q2 24 | 1.01× | 0.16× |
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 | $395.5M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $339.0M |
| 自由现金流率自由现金流/营收 | 13.2% | 32.7% |
| 资本支出强度资本支出/营收 | 4.3% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 4.99× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流HSWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $313.0M | $200.0M | ||
| Q3 25 | $-20.0M | — | ||
| Q2 25 | $-67.0M | $314.2M | ||
| Q1 25 | $153.0M | $409.4M | ||
| Q4 24 | $235.0M | $377.2M | ||
| Q3 24 | $-21.0M | $476.1M | ||
| Q2 24 | $177.0M | $273.4M |
自由现金流HSWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | $236.0M | $144.0M | ||
| Q3 25 | $-89.0M | — | ||
| Q2 25 | $-111.0M | $252.7M | ||
| Q1 25 | $123.0M | $370.9M | ||
| Q4 24 | $184.0M | $338.2M | ||
| Q3 24 | $-64.0M | $393.3M | ||
| Q2 24 | $135.0M | $249.0M |
自由现金流率HSWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | 13.2% | 13.1% | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | -6.1% | 26.2% | ||
| Q1 25 | 7.2% | 38.9% | ||
| Q4 24 | 11.5% | 31.7% | ||
| Q3 24 | -3.9% | 38.4% | ||
| Q2 24 | 7.9% | 27.5% |
资本支出强度HSWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | 4.3% | 5.1% | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 2.4% | 6.4% | ||
| Q1 25 | 1.7% | 4.0% | ||
| Q4 24 | 3.2% | 3.6% | ||
| Q3 24 | 2.6% | 8.1% | ||
| Q2 24 | 2.5% | 2.7% |
现金转化率HSWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.99× | ||
| Q1 25 | 7.65× | 5.96× | ||
| Q4 24 | — | 2.33× | ||
| Q3 24 | -0.04× | 7.87× | ||
| Q2 24 | 0.49× | 2.26× |
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% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
