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凯悦酒店集团（H）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）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WHITE MOUNTAINS INSURANCE GROUP LTD的1.1倍（$1.8B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs -1.1%，领先53.2%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 11.7%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% 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。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
H vs WTM — 直观对比
营收规模更大
H
是对方的1.1倍
$1.6B
营收增速更快
WTM
高出336.3%
11.7%
净利率更高
WTM
高出53.2%
-1.1%
两年增速更快
WTM
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.6B |
| 净利润 | $-20.0M | $835.8M |
| 毛利率 | — | 97.1% |
| 营业利润率 | 0.4% | 56.2% |
| 净利率 | -1.1% | 52.1% |
| 营收同比 | 11.7% | 348.0% |
| 净利润同比 | 64.3% | 741.0% |
| 每股收益（稀释后） | $-0.20 | $325.02 |
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HWTM
| Q4 25 | $1.8B | $1.6B | ||
| Q3 25 | $1.8B | $864.2M | ||
| Q2 25 | $1.8B | $689.2M | ||
| Q1 25 | $1.7B | $577.8M | ||
| Q4 24 | $1.6B | $358.0M | ||
| Q3 24 | $1.6B | $839.1M | ||
| Q2 24 | $1.7B | $395.4M | ||
| Q1 24 | $1.7B | $647.3M |
净利润HWTM
| Q4 25 | $-20.0M | $835.8M | ||
| Q3 25 | $-49.0M | $113.8M | ||
| Q2 25 | $-3.0M | $122.9M | ||
| Q1 25 | $20.0M | $33.9M | ||
| Q4 24 | $-56.0M | $-130.4M | ||
| Q3 24 | $471.0M | $179.0M | ||
| Q2 24 | $359.0M | $-54.6M | ||
| Q1 24 | $522.0M | $236.4M |
毛利率HWTM
| Q4 25 | — | 97.1% | ||
| Q3 25 | — | 93.6% | ||
| Q2 25 | — | 93.8% | ||
| Q1 25 | — | 98.7% | ||
| Q4 24 | — | 97.9% | ||
| Q3 24 | — | 99.1% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.8% |
营业利润率HWTM
| Q4 25 | 0.4% | 56.2% | ||
| Q3 25 | -1.0% | 20.7% | ||
| Q2 25 | 2.1% | 25.6% | ||
| Q1 25 | 3.0% | 12.5% | ||
| Q4 24 | -3.0% | -33.7% | ||
| Q3 24 | 37.3% | 28.5% | ||
| Q2 24 | 27.1% | -8.8% | ||
| Q1 24 | 31.6% | 35.9% |
净利率HWTM
| Q4 25 | -1.1% | 52.1% | ||
| Q3 25 | -2.7% | 13.2% | ||
| Q2 25 | -0.2% | 17.8% | ||
| Q1 25 | 1.2% | 5.9% | ||
| Q4 24 | -3.5% | -36.4% | ||
| Q3 24 | 28.9% | 21.3% | ||
| Q2 24 | 21.1% | -13.8% | ||
| Q1 24 | 30.5% | 36.5% |
每股收益（稀释后）HWTM
| Q4 25 | $-0.20 | $325.02 | ||
| Q3 25 | $-0.51 | $44.18 | ||
| Q2 25 | $-0.03 | $47.75 | ||
| Q1 25 | $0.19 | $13.19 | ||
| Q4 24 | $-0.37 | $-50.98 | ||
| Q3 24 | $4.63 | $69.68 | ||
| Q2 24 | $3.46 | $-21.24 | ||
| Q1 24 | $4.93 | $92.33 |
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 | — |
| 总债务越低越好 | — | $837.0M |
| 股东权益账面价值 | $3.3B | $5.4B |
| 总资产 | $14.0B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资HWTM
| Q4 25 | $813.0M | — | ||
| Q3 25 | $749.0M | — | ||
| Q2 25 | $912.0M | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $794.0M | — |
总债务HWTM
| Q4 25 | — | $837.0M | ||
| Q3 25 | $6.0B | $870.4M | ||
| Q2 25 | $6.0B | $694.6M | ||
| Q1 25 | $4.3B | $676.1M | ||
| Q4 24 | $3.8B | $562.5M | ||
| Q3 24 | $3.1B | $544.9M | ||
| Q2 24 | $3.9B | $530.2M | ||
| Q1 24 | $3.1B | $532.1M |
股东权益HWTM
| Q4 25 | $3.3B | $5.4B | ||
| Q3 25 | $3.5B | $4.8B | ||
| Q2 25 | $3.6B | $4.6B | ||
| Q1 25 | $3.5B | $4.5B | ||
| Q4 24 | $3.5B | $4.5B | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.9B | $4.4B | ||
| Q1 24 | $3.7B | $4.5B |
总资产HWTM
| Q4 25 | $14.0B | $12.3B | ||
| Q3 25 | $15.7B | $12.3B | ||
| Q2 25 | $15.9B | $11.8B | ||
| Q1 25 | $14.0B | $11.0B | ||
| Q4 24 | $13.3B | $9.9B | ||
| Q3 24 | $11.9B | $10.3B | ||
| Q2 24 | $12.8B | $10.2B | ||
| Q1 24 | $11.7B | $9.6B |
负债/权益比HWTM
| Q4 25 | — | 0.15× | ||
| Q3 25 | 1.73× | 0.18× | ||
| Q2 25 | 1.69× | 0.15× | ||
| Q1 25 | 1.25× | 0.15× | ||
| Q4 24 | 1.07× | 0.13× | ||
| Q3 24 | 0.85× | 0.12× | ||
| Q2 24 | 1.01× | 0.12× | ||
| Q1 24 | 0.84× | 0.12× |
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 | $53.9M |
| 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 | — | 0.06× |
| 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HWTM
| Q4 25 | $313.0M | $53.9M | ||
| Q3 25 | $-20.0M | $359.3M | ||
| Q2 25 | $-67.0M | $177.5M | ||
| Q1 25 | $153.0M | $-40.2M | ||
| Q4 24 | $235.0M | $64.1M | ||
| Q3 24 | $-21.0M | $269.4M | ||
| Q2 24 | $177.0M | $216.8M | ||
| Q1 24 | $242.0M | $36.5M |
自由现金流HWTM
| Q4 25 | $236.0M | — | ||
| Q3 25 | $-89.0M | — | ||
| Q2 25 | $-111.0M | — | ||
| Q1 25 | $123.0M | — | ||
| Q4 24 | $184.0M | — | ||
| Q3 24 | $-64.0M | — | ||
| Q2 24 | $135.0M | — | ||
| Q1 24 | $208.0M | — |
自由现金流率HWTM
| Q4 25 | 13.2% | — | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | -6.1% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | -3.9% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 12.1% | — |
资本支出强度HWTM
| Q4 25 | 4.3% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.0% | — |
现金转化率HWTM
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 3.16× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | 7.65× | -1.19× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | 1.51× | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.46× | 0.15× |
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% |
WTM
暂无分部数据
