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Hilton Grand Vacations Inc.（HGV）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Hilton Grand Vacations Inc.的1.5倍（$1.8B vs $1.2B），美泰净利率更高（6.0% vs 4.0%，领先2.0%），美泰同比增速更快（7.3% vs 3.7%），过去两年美泰的营收复合增速更高（47.7% vs 7.4%）
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
HGV vs MAT — 直观对比
营收规模更大
MAT
是对方的1.5倍
$1.2B
营收增速更快
MAT
高出3.5%
3.7%
净利率更高
MAT
高出2.0%
4.0%
两年增速更快
MAT
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $48.0M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 7.8% | 8.0% |
| 净利率 | 4.0% | 6.0% |
| 营收同比 | 3.7% | 7.3% |
| 净利润同比 | 140.0% | -24.6% |
| 每股收益（稀释后） | $0.53 | $0.32 |
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HGVMAT
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.0B | $826.6M | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.0B | $809.5M |
净利润HGVMAT
| Q4 25 | $48.0M | $106.2M | ||
| Q3 25 | $25.0M | $278.4M | ||
| Q2 25 | $25.0M | $53.4M | ||
| Q1 25 | $-17.0M | $-40.3M | ||
| Q4 24 | $20.0M | $140.9M | ||
| Q3 24 | $29.0M | $372.4M | ||
| Q2 24 | $2.0M | $56.9M | ||
| Q1 24 | $-4.0M | $-28.3M |
毛利率HGVMAT
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 53.1% | ||
| Q2 24 | — | 49.2% | ||
| Q1 24 | — | 48.0% |
营业利润率HGVMAT
| Q4 25 | 7.8% | 8.0% | ||
| Q3 25 | 3.9% | 21.9% | ||
| Q2 25 | 3.8% | 7.7% | ||
| Q1 25 | -0.6% | -6.4% | ||
| Q4 24 | 4.3% | 9.6% | ||
| Q3 24 | 7.9% | 26.5% | ||
| Q2 24 | 0.6% | 7.7% | ||
| Q1 24 | -1.3% | -4.4% |
净利率HGVMAT
| Q4 25 | 4.0% | 6.0% | ||
| Q3 25 | 2.1% | 16.0% | ||
| Q2 25 | 2.2% | 5.2% | ||
| Q1 25 | -1.7% | -4.9% | ||
| Q4 24 | 1.7% | 8.6% | ||
| Q3 24 | 2.5% | 20.2% | ||
| Q2 24 | 0.2% | 5.3% | ||
| Q1 24 | -0.4% | -3.5% |
每股收益（稀释后）HGVMAT
| Q4 25 | $0.53 | $0.32 | ||
| Q3 25 | $0.28 | $0.88 | ||
| Q2 25 | $0.25 | $0.16 | ||
| Q1 25 | $-0.17 | $-0.12 | ||
| Q4 24 | $0.19 | $0.40 | ||
| Q3 24 | $0.28 | $1.09 | ||
| Q2 24 | $0.02 | $0.17 | ||
| Q1 24 | $-0.04 | $-0.08 |
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 | $239.0M | $1.2B |
| 总债务越低越好 | $4.5B | $2.3B |
| 股东权益账面价值 | $1.3B | $2.2B |
| 总资产 | $11.5B | $6.6B |
| 负债/权益比越低杠杆越低 | 3.53× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资HGVMAT
| Q4 25 | $239.0M | $1.2B | ||
| Q3 25 | $215.0M | $691.9M | ||
| Q2 25 | $269.0M | $870.5M | ||
| Q1 25 | $259.0M | $1.2B | ||
| Q4 24 | $328.0M | $1.4B | ||
| Q3 24 | $297.0M | $723.5M | ||
| Q2 24 | $328.0M | $722.4M | ||
| Q1 24 | $355.0M | $1.1B |
总债务HGVMAT
| Q4 25 | $4.5B | $2.3B | ||
| Q3 25 | $4.7B | $2.3B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $4.5B | $2.3B | ||
| Q4 24 | $4.6B | $2.3B | ||
| Q3 24 | $5.0B | $2.3B | ||
| Q2 24 | $4.9B | $2.3B | ||
| Q1 24 | $5.1B | $2.3B |
股东权益HGVMAT
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $1.4B | $2.3B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.8B | $2.3B | ||
| Q2 24 | $1.9B | $2.0B | ||
| Q1 24 | $2.0B | $2.0B |
总资产HGVMAT
| Q4 25 | $11.5B | $6.6B | ||
| Q3 25 | $11.7B | $6.6B | ||
| Q2 25 | $11.7B | $6.2B | ||
| Q1 25 | $11.8B | $6.2B | ||
| Q4 24 | $11.4B | $6.5B | ||
| Q3 24 | $11.2B | $6.5B | ||
| Q2 24 | $11.5B | $5.9B | ||
| Q1 24 | $11.7B | $6.1B |
负债/权益比HGVMAT
| Q4 25 | 3.53× | 1.04× | ||
| Q3 25 | 3.41× | 1.03× | ||
| Q2 25 | 3.07× | 1.08× | ||
| Q1 25 | 2.83× | 1.10× | ||
| Q4 24 | 2.63× | 1.03× | ||
| Q3 24 | 2.73× | 1.01× | ||
| Q2 24 | 2.55× | 1.18× | ||
| Q1 24 | 2.57× | 1.15× |
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 | $167.0M | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | — |
| 自由现金流率自由现金流/营收 | 12.3% | — |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 3.48× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $230.0M | — |
8季度趋势，按日历期对齐
经营现金流HGVMAT
| Q4 25 | $167.0M | $796.6M | ||
| Q3 25 | $34.0M | $72.0M | ||
| Q2 25 | $61.0M | $-300.1M | ||
| Q1 25 | $38.0M | $24.8M | ||
| Q4 24 | $105.0M | $862.1M | ||
| Q3 24 | $91.0M | $155.8M | ||
| Q2 24 | $113.0M | $-252.9M | ||
| Q1 24 | $0 | $35.5M |
自由现金流HGVMAT
| Q4 25 | $147.0M | — | ||
| Q3 25 | $13.0M | — | ||
| Q2 25 | $46.0M | — | ||
| Q1 25 | $24.0M | — | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $81.0M | — | ||
| Q2 24 | $106.0M | — | ||
| Q1 24 | — | — |
自由现金流率HGVMAT
| Q4 25 | 12.3% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 6.9% | — | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | — | — |
资本支出强度HGVMAT
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 1.0% | — |
现金转化率HGVMAT
| Q4 25 | 3.48× | 7.50× | ||
| Q3 25 | 1.36× | 0.26× | ||
| Q2 25 | 2.44× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.25× | 6.12× | ||
| Q3 24 | 3.14× | 0.42× | ||
| Q2 24 | 56.50× | -4.45× | ||
| Q1 24 | — | — |
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
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Resort Management | $118.0M | 10% |
| Other | $116.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
