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Hilton Grand Vacations Inc.（HGV）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Hilton Grand Vacations Inc.的季度营收约是Cloudflare, Inc.的1.9倍（$1.2B vs $614.5M），Hilton Grand Vacations Inc.净利率更高（4.0% vs -2.0%，领先6.0%），Cloudflare, Inc.同比增速更快（33.6% vs 3.7%），Hilton Grand Vacations Inc.自由现金流更多（$147.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
HGV vs NET — 直观对比
营收规模更大
HGV
是对方的1.9倍
$614.5M
营收增速更快
NET
高出29.9%
3.7%
净利率更高
HGV
高出6.0%
-2.0%
自由现金流更多
HGV
多$41.8M
$105.2M
两年增速更快
NET
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $48.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 7.8% | -8.0% |
| 净利率 | 4.0% | -2.0% |
| 营收同比 | 3.7% | 33.6% |
| 净利润同比 | 140.0% | 6.0% |
| 每股收益（稀释后） | $0.53 | $-0.03 |
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HGVNET
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.2B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.0B | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $1.2B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | $1.0B | $378.6M |
净利润HGVNET
| Q4 25 | $48.0M | $-12.1M | ||
| Q3 25 | $25.0M | $-1.3M | ||
| Q2 25 | $25.0M | $-50.4M | ||
| Q1 25 | $-17.0M | $-38.5M | ||
| Q4 24 | $20.0M | $-12.8M | ||
| Q3 24 | $29.0M | $-15.3M | ||
| Q2 24 | $2.0M | $-15.1M | ||
| Q1 24 | $-4.0M | $-35.5M |
毛利率HGVNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率HGVNET
| Q4 25 | 7.8% | -8.0% | ||
| Q3 25 | 3.9% | -6.7% | ||
| Q2 25 | 3.8% | -13.1% | ||
| Q1 25 | -0.6% | -11.1% | ||
| Q4 24 | 4.3% | -7.5% | ||
| Q3 24 | 7.9% | -7.2% | ||
| Q2 24 | 0.6% | -8.7% | ||
| Q1 24 | -1.3% | -14.4% |
净利率HGVNET
| Q4 25 | 4.0% | -2.0% | ||
| Q3 25 | 2.1% | -0.2% | ||
| Q2 25 | 2.2% | -9.8% | ||
| Q1 25 | -1.7% | -8.0% | ||
| Q4 24 | 1.7% | -2.8% | ||
| Q3 24 | 2.5% | -3.6% | ||
| Q2 24 | 0.2% | -3.8% | ||
| Q1 24 | -0.4% | -9.4% |
每股收益（稀释后）HGVNET
| Q4 25 | $0.53 | $-0.03 | ||
| Q3 25 | $0.28 | $0.00 | ||
| Q2 25 | $0.25 | $-0.15 | ||
| Q1 25 | $-0.17 | $-0.11 | ||
| Q4 24 | $0.19 | $-0.05 | ||
| Q3 24 | $0.28 | $-0.04 | ||
| Q2 24 | $0.02 | $-0.04 | ||
| Q1 24 | $-0.04 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $4.5B | — |
| 股东权益账面价值 | $1.3B | $1.5B |
| 总资产 | $11.5B | $6.0B |
| 负债/权益比越低杠杆越低 | 3.53× | — |
8季度趋势，按日历期对齐
现金及短期投资HGVNET
| Q4 25 | $239.0M | $943.5M | ||
| Q3 25 | $215.0M | $1.1B | ||
| Q2 25 | $269.0M | $1.5B | ||
| Q1 25 | $259.0M | $204.5M | ||
| Q4 24 | $328.0M | $147.7M | ||
| Q3 24 | $297.0M | $182.9M | ||
| Q2 24 | $328.0M | $157.0M | ||
| Q1 24 | $355.0M | $254.4M |
总债务HGVNET
| Q4 25 | $4.5B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $5.1B | — |
股东权益HGVNET
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.8B | $973.1M | ||
| Q2 24 | $1.9B | $881.5M | ||
| Q1 24 | $2.0B | $797.2M |
总资产HGVNET
| Q4 25 | $11.5B | $6.0B | ||
| Q3 25 | $11.7B | $5.8B | ||
| Q2 25 | $11.7B | $5.6B | ||
| Q1 25 | $11.8B | $3.7B | ||
| Q4 24 | $11.4B | $3.3B | ||
| Q3 24 | $11.2B | $3.1B | ||
| Q2 24 | $11.5B | $2.9B | ||
| Q1 24 | $11.7B | $2.8B |
负债/权益比HGVNET
| Q4 25 | 3.53× | — | ||
| Q3 25 | 3.41× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 2.63× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 2.55× | — | ||
| Q1 24 | 2.57× | — |
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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 12.3% | 17.1% |
| 资本支出强度资本支出/营收 | 1.7% | 13.9% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $230.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流HGVNET
| Q4 25 | $167.0M | $190.4M | ||
| Q3 25 | $34.0M | $167.1M | ||
| Q2 25 | $61.0M | $99.8M | ||
| Q1 25 | $38.0M | $145.8M | ||
| Q4 24 | $105.0M | $127.3M | ||
| Q3 24 | $91.0M | $104.7M | ||
| Q2 24 | $113.0M | $74.8M | ||
| Q1 24 | $0 | $73.6M |
自由现金流HGVNET
| Q4 25 | $147.0M | $105.2M | ||
| Q3 25 | $13.0M | $82.5M | ||
| Q2 25 | $46.0M | $39.9M | ||
| Q1 25 | $24.0M | $59.9M | ||
| Q4 24 | $90.0M | $54.2M | ||
| Q3 24 | $81.0M | $54.5M | ||
| Q2 24 | $106.0M | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率HGVNET
| Q4 25 | 12.3% | 17.1% | ||
| Q3 25 | 1.1% | 14.7% | ||
| Q2 25 | 4.0% | 7.8% | ||
| Q1 25 | 2.4% | 12.5% | ||
| Q4 24 | 7.8% | 11.8% | ||
| Q3 24 | 6.9% | 12.7% | ||
| Q2 24 | 9.6% | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度HGVNET
| Q4 25 | 1.7% | 13.9% | ||
| Q3 25 | 1.8% | 15.1% | ||
| Q2 25 | 1.3% | 11.7% | ||
| Q1 25 | 1.4% | 17.9% | ||
| Q4 24 | 1.3% | 15.9% | ||
| Q3 24 | 0.9% | 11.7% | ||
| Q2 24 | 0.6% | 7.4% | ||
| Q1 24 | 1.0% | 8.5% |
现金转化率HGVNET
| Q4 25 | 3.48× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.25× | — | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 56.50× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
