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凯悦酒店集团（H）与西部数据（WDC）财务数据对比。点击上方公司名可切换其他公司
西部数据的季度营收约是凯悦酒店集团的1.7倍（$3.0B vs $1.8B），西部数据净利率更高（61.1% vs -1.1%，领先62.2%），西部数据同比增速更快（31.5% vs 11.7%），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -6.6%）
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。
西部数据（简称WD）是总部位于美国加利福尼亚州圣何塞的知名数据存储企业，成立于1970年，是全球最大的硬盘驱动器（HDD）制造商之一，产品覆盖消费级、企业级等多元存储场景，为全球客户提供高性能、高可靠性的存储解决方案。
H vs WDC — 直观对比
营收规模更大
WDC
是对方的1.7倍
$1.8B
营收增速更快
WDC
高出19.8%
11.7%
净利率更高
WDC
高出62.2%
-1.1%
两年增速更快
H
近两年复合增速
-6.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $3.0B |
| 净利润 | $-20.0M | $1.8B |
| 毛利率 | — | 45.7% |
| 营业利润率 | 0.4% | 30.1% |
| 净利率 | -1.1% | 61.1% |
| 营收同比 | 11.7% | 31.5% |
| 净利润同比 | 64.3% | 254.2% |
| 每股收益（稀释后） | $-0.20 | $4.73 |
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HWDC
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.8B | $2.8B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | $-1.2B | ||
| Q1 25 | $1.7B | $2.3B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.6B | $4.1B | ||
| Q2 24 | $1.7B | $3.8B |
净利润HWDC
| Q1 26 | — | $1.8B | ||
| Q4 25 | $-20.0M | $1.2B | ||
| Q3 25 | $-49.0M | — | ||
| Q2 25 | $-3.0M | $282.0M | ||
| Q1 25 | $20.0M | $520.0M | ||
| Q4 24 | $-56.0M | $594.0M | ||
| Q3 24 | $471.0M | $493.0M | ||
| Q2 24 | $359.0M | $39.0M |
毛利率HWDC
| Q1 26 | — | 45.7% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 35.4% | ||
| Q3 24 | — | 37.9% | ||
| Q2 24 | — | 35.9% |
营业利润率HWDC
| Q1 26 | — | 30.1% | ||
| Q4 25 | 0.4% | 28.1% | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 3.0% | 33.1% | ||
| Q4 24 | -3.0% | 19.9% | ||
| Q3 24 | 37.3% | 18.1% | ||
| Q2 24 | 27.1% | 5.7% |
净利率HWDC
| Q1 26 | — | 61.1% | ||
| Q4 25 | -1.1% | 41.9% | ||
| Q3 25 | -2.7% | — | ||
| Q2 25 | -0.2% | -24.4% | ||
| Q1 25 | 1.2% | 22.7% | ||
| Q4 24 | -3.5% | 13.9% | ||
| Q3 24 | 28.9% | 12.0% | ||
| Q2 24 | 21.1% | 1.0% |
每股收益（稀释后）HWDC
| Q1 26 | — | $4.73 | ||
| Q4 25 | $-0.20 | $3.07 | ||
| Q3 25 | $-0.51 | — | ||
| Q2 25 | $-0.03 | $0.72 | ||
| Q1 25 | $0.19 | $1.42 | ||
| Q4 24 | $-0.37 | $1.63 | ||
| Q3 24 | $4.63 | $1.35 | ||
| Q2 24 | $3.46 | $0.15 |
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 | $2.0B |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | $3.3B | $7.1B |
| 总资产 | $14.0B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资HWDC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $813.0M | $2.0B | ||
| Q3 25 | $749.0M | — | ||
| Q2 25 | $912.0M | $2.1B | ||
| Q1 25 | $1.8B | $3.5B | ||
| Q4 24 | $1.4B | $2.3B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $2.0B | $1.9B |
总债务HWDC
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $4.7B | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.0B | $4.7B | ||
| Q1 25 | $4.3B | $7.3B | ||
| Q4 24 | $3.8B | $7.4B | ||
| Q3 24 | $3.1B | $7.4B | ||
| Q2 24 | $3.9B | $7.4B |
股东权益HWDC
| Q1 26 | — | $7.1B | ||
| Q4 25 | $3.3B | $5.9B | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.6B | $5.3B | ||
| Q1 25 | $3.5B | $5.2B | ||
| Q4 24 | $3.5B | $12.1B | ||
| Q3 24 | $3.7B | $11.6B | ||
| Q2 24 | $3.9B | $10.8B |
总资产HWDC
| Q1 26 | — | $15.6B | ||
| Q4 25 | $14.0B | $14.4B | ||
| Q3 25 | $15.7B | — | ||
| Q2 25 | $15.9B | $14.0B | ||
| Q1 25 | $14.0B | $16.4B | ||
| Q4 24 | $13.3B | $25.5B | ||
| Q3 24 | $11.9B | $24.8B | ||
| Q2 24 | $12.8B | $24.2B |
负债/权益比HWDC
| Q1 26 | — | 0.65× | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | 0.89× | ||
| Q1 25 | 1.25× | 1.42× | ||
| Q4 24 | 1.07× | 0.61× | ||
| Q3 24 | 0.85× | 0.64× | ||
| Q2 24 | 1.01× | 0.69× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $236.0M | — |
| 自由现金流率自由现金流/营收 | 13.2% | — |
| 资本支出强度资本支出/营收 | 4.3% | — |
| 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季度趋势，按日历期对齐
经营现金流HWDC
| Q1 26 | — | — | ||
| Q4 25 | $313.0M | $672.0M | ||
| Q3 25 | $-20.0M | — | ||
| Q2 25 | $-67.0M | $746.0M | ||
| Q1 25 | $153.0M | $508.0M | ||
| Q4 24 | $235.0M | $403.0M | ||
| Q3 24 | $-21.0M | $34.0M | ||
| Q2 24 | $177.0M | $366.0M |
自由现金流HWDC
| Q1 26 | — | — | ||
| Q4 25 | $236.0M | $599.0M | ||
| Q3 25 | $-89.0M | — | ||
| Q2 25 | $-111.0M | $675.0M | ||
| Q1 25 | $123.0M | $379.0M | ||
| Q4 24 | $184.0M | $287.0M | ||
| Q3 24 | $-64.0M | $-62.0M | ||
| Q2 24 | $135.0M | $250.0M |
自由现金流率HWDC
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | 21.3% | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | -6.1% | -58.5% | ||
| Q1 25 | 7.2% | 16.5% | ||
| Q4 24 | 11.5% | 6.7% | ||
| Q3 24 | -3.9% | -1.5% | ||
| Q2 24 | 7.9% | 6.6% |
资本支出强度HWDC
| Q1 26 | — | — | ||
| Q4 25 | 4.3% | 2.6% | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 2.4% | -6.2% | ||
| Q1 25 | 1.7% | 5.6% | ||
| Q4 24 | 3.2% | 2.7% | ||
| Q3 24 | 2.6% | 2.3% | ||
| Q2 24 | 2.5% | 3.1% |
现金转化率HWDC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.65× | ||
| Q1 25 | 7.65× | 0.98× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | -0.04× | 0.07× | ||
| Q2 24 | 0.49× | 9.38× |
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% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
