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凯悦酒店集团（H）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是凯悦酒店集团的1.0倍（$1.8B vs $1.8B），华纳音乐集团净利率更高（9.6% vs -1.1%，领先10.7%），凯悦酒店集团同比增速更快（11.7% vs 10.4%），华纳音乐集团自由现金流更多（$420.0M vs $236.0M），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
H vs WMG — 直观对比
营收规模更大
WMG
是对方的1.0倍
$1.8B
营收增速更快
H
高出1.2%
10.4%
净利率更高
WMG
高出10.7%
-1.1%
自由现金流更多
WMG
多$184.0M
$236.0M
两年增速更快
WMG
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $-20.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 0.4% | 15.7% |
| 净利率 | -1.1% | 9.6% |
| 营收同比 | 11.7% | 10.4% |
| 净利润同比 | 64.3% | -25.4% |
| 每股收益（稀释后） | $-0.20 | — |
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HWMG
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.9B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.7B | $1.6B | ||
| Q1 24 | $1.7B | $1.5B |
净利润HWMG
| Q4 25 | $-20.0M | $176.0M | ||
| Q3 25 | $-49.0M | $109.0M | ||
| Q2 25 | $-3.0M | $-16.0M | ||
| Q1 25 | $20.0M | $36.0M | ||
| Q4 24 | $-56.0M | $236.0M | ||
| Q3 24 | $471.0M | $41.0M | ||
| Q2 24 | $359.0M | $139.0M | ||
| Q1 24 | $522.0M | $96.0M |
毛利率HWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率HWMG
| Q4 25 | 0.4% | 15.7% | ||
| Q3 25 | -1.0% | 7.7% | ||
| Q2 25 | 2.1% | 10.0% | ||
| Q1 25 | 3.0% | 11.3% | ||
| Q4 24 | -3.0% | 12.8% | ||
| Q3 24 | 37.3% | 8.8% | ||
| Q2 24 | 27.1% | 13.3% | ||
| Q1 24 | 31.6% | 8.0% |
净利率HWMG
| Q4 25 | -1.1% | 9.6% | ||
| Q3 25 | -2.7% | 5.8% | ||
| Q2 25 | -0.2% | -0.9% | ||
| Q1 25 | 1.2% | 2.4% | ||
| Q4 24 | -3.5% | 14.2% | ||
| Q3 24 | 28.9% | 2.5% | ||
| Q2 24 | 21.1% | 8.9% | ||
| Q1 24 | 30.5% | 6.4% |
每股收益（稀释后）HWMG
| Q4 25 | $-0.20 | — | ||
| Q3 25 | $-0.51 | — | ||
| Q2 25 | $-0.03 | — | ||
| Q1 25 | $0.19 | — | ||
| Q4 24 | $-0.37 | — | ||
| Q3 24 | $4.63 | — | ||
| Q2 24 | $3.46 | — | ||
| Q1 24 | $4.93 | — |
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 | $751.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $3.3B | $720.0M |
| 总资产 | $14.0B | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资HWMG
| Q4 25 | $813.0M | $751.0M | ||
| Q3 25 | $749.0M | $532.0M | ||
| Q2 25 | $912.0M | $527.0M | ||
| Q1 25 | $1.8B | $637.0M | ||
| Q4 24 | $1.4B | $802.0M | ||
| Q3 24 | $1.1B | $694.0M | ||
| Q2 24 | $2.0B | $607.0M | ||
| Q1 24 | $794.0M | $587.0M |
总债务HWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | $6.0B | $4.4B | ||
| Q2 25 | $6.0B | $4.4B | ||
| Q1 25 | $4.3B | $4.3B | ||
| Q4 24 | $3.8B | $4.0B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $3.9B | $4.0B | ||
| Q1 24 | $3.1B | $4.0B |
股东权益HWMG
| Q4 25 | $3.3B | $720.0M | ||
| Q3 25 | $3.5B | $647.0M | ||
| Q2 25 | $3.6B | $589.0M | ||
| Q1 25 | $3.5B | $567.0M | ||
| Q4 24 | $3.5B | $545.0M | ||
| Q3 24 | $3.7B | $518.0M | ||
| Q2 24 | $3.9B | $483.0M | ||
| Q1 24 | $3.7B | $433.0M |
总资产HWMG
| Q4 25 | $14.0B | $10.0B | ||
| Q3 25 | $15.7B | $9.8B | ||
| Q2 25 | $15.9B | $9.8B | ||
| Q1 25 | $14.0B | $9.6B | ||
| Q4 24 | $13.3B | $9.1B | ||
| Q3 24 | $11.9B | $9.2B | ||
| Q2 24 | $12.8B | $8.8B | ||
| Q1 24 | $11.7B | $8.7B |
负债/权益比HWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | 1.73× | 6.75× | ||
| Q2 25 | 1.69× | 7.41× | ||
| Q1 25 | 1.25× | 7.57× | ||
| Q4 24 | 1.07× | 7.26× | ||
| Q3 24 | 0.85× | 7.75× | ||
| Q2 24 | 1.01× | 8.24× | ||
| Q1 24 | 0.84× | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 13.2% | 22.8% |
| 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 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $663.0M |
8季度趋势，按日历期对齐
经营现金流HWMG
| Q4 25 | $313.0M | $440.0M | ||
| Q3 25 | $-20.0M | $231.0M | ||
| Q2 25 | $-67.0M | $46.0M | ||
| Q1 25 | $153.0M | $69.0M | ||
| Q4 24 | $235.0M | $332.0M | ||
| Q3 24 | $-21.0M | $304.0M | ||
| Q2 24 | $177.0M | $188.0M | ||
| Q1 24 | $242.0M | $-31.0M |
自由现金流HWMG
| Q4 25 | $236.0M | $420.0M | ||
| Q3 25 | $-89.0M | $203.0M | ||
| Q2 25 | $-111.0M | $7.0M | ||
| Q1 25 | $123.0M | $33.0M | ||
| Q4 24 | $184.0M | $296.0M | ||
| Q3 24 | $-64.0M | $271.0M | ||
| Q2 24 | $135.0M | $160.0M | ||
| Q1 24 | $208.0M | $-57.0M |
自由现金流率HWMG
| Q4 25 | 13.2% | 22.8% | ||
| Q3 25 | -5.0% | 10.9% | ||
| Q2 25 | -6.1% | 0.4% | ||
| Q1 25 | 7.2% | 2.2% | ||
| Q4 24 | 11.5% | 17.8% | ||
| Q3 24 | -3.9% | 16.6% | ||
| Q2 24 | 7.9% | 10.3% | ||
| Q1 24 | 12.1% | -3.8% |
资本支出强度HWMG
| Q4 25 | 4.3% | 1.1% | ||
| Q3 25 | 3.9% | 1.5% | ||
| Q2 25 | 2.4% | 2.3% | ||
| Q1 25 | 1.7% | 2.4% | ||
| Q4 24 | 3.2% | 2.2% | ||
| Q3 24 | 2.6% | 2.0% | ||
| Q2 24 | 2.5% | 1.8% | ||
| Q1 24 | 2.0% | 1.7% |
现金转化率HWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.65× | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | -0.04× | 7.41× | ||
| Q2 24 | 0.49× | 1.35× | ||
| Q1 24 | 0.46× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
