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Hilton Grand Vacations Inc.（HGV）与INSPERITY, INC.（NSP）财务数据对比。点击上方公司名可切换其他公司
INSPERITY, INC.的季度营收约是Hilton Grand Vacations Inc.的1.4倍（$1.7B vs $1.2B），Hilton Grand Vacations Inc.同比增速更快（3.7% vs 3.4%），INSPERITY, INC.自由现金流更多（$246.0M vs $147.0M），过去两年Hilton Grand Vacations Inc.的营收复合增速更高（7.4% vs -3.8%）
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。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
HGV vs NSP — 直观对比
营收规模更大
NSP
是对方的1.4倍
$1.2B
营收增速更快
HGV
高出0.3%
3.4%
自由现金流更多
NSP
多$99.0M
$147.0M
两年增速更快
HGV
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $48.0M | — |
| 毛利率 | — | 10.3% |
| 营业利润率 | 7.8% | -2.8% |
| 净利率 | 4.0% | — |
| 营收同比 | 3.7% | 3.4% |
| 净利润同比 | 140.0% | — |
| 每股收益（稀释后） | $0.53 | $-0.87 |
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HGVNSP
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.0B | $1.9B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.0B | $1.8B |
净利润HGVNSP
| Q4 25 | $48.0M | — | ||
| Q3 25 | $25.0M | $-20.0M | ||
| Q2 25 | $25.0M | $-5.0M | ||
| Q1 25 | $-17.0M | $51.0M | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $29.0M | $3.0M | ||
| Q2 24 | $2.0M | $18.0M | ||
| Q1 24 | $-4.0M | $79.0M |
毛利率HGVNSP
| Q4 25 | — | 10.3% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 13.5% | ||
| Q3 24 | — | 14.7% | ||
| Q2 24 | — | 16.2% | ||
| Q1 24 | — | 19.1% |
营业利润率HGVNSP
| Q4 25 | 7.8% | -2.8% | ||
| Q3 25 | 3.9% | -1.5% | ||
| Q2 25 | 3.8% | -0.4% | ||
| Q1 25 | -0.6% | 3.7% | ||
| Q4 24 | 4.3% | -0.9% | ||
| Q3 24 | 7.9% | 0.1% | ||
| Q2 24 | 0.6% | 1.4% | ||
| Q1 24 | -1.3% | 6.0% |
净利率HGVNSP
| Q4 25 | 4.0% | — | ||
| Q3 25 | 2.1% | -1.2% | ||
| Q2 25 | 2.2% | -0.3% | ||
| Q1 25 | -1.7% | 2.7% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 2.5% | 0.2% | ||
| Q2 24 | 0.2% | 1.1% | ||
| Q1 24 | -0.4% | 4.4% |
每股收益（稀释后）HGVNSP
| Q4 25 | $0.53 | $-0.87 | ||
| Q3 25 | $0.28 | $-0.53 | ||
| Q2 25 | $0.25 | $-0.14 | ||
| Q1 25 | $-0.17 | $1.35 | ||
| Q4 24 | $0.19 | $-0.21 | ||
| Q3 24 | $0.28 | $0.07 | ||
| Q2 24 | $0.02 | $0.48 | ||
| Q1 24 | $-0.04 | $2.08 |
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 | $682.0M |
| 总债务越低越好 | $4.5B | — |
| 股东权益账面价值 | $1.3B | $46.0M |
| 总资产 | $11.5B | $2.2B |
| 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HGVNSP
| Q4 25 | $239.0M | $682.0M | ||
| Q3 25 | $215.0M | $521.0M | ||
| Q2 25 | $269.0M | $511.0M | ||
| Q1 25 | $259.0M | $684.0M | ||
| Q4 24 | $328.0M | $1.2B | ||
| Q3 24 | $297.0M | $596.0M | ||
| Q2 24 | $328.0M | $850.0M | ||
| Q1 24 | $355.0M | $801.0M |
总债务HGVNSP
| 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HGVNSP
| Q4 25 | $1.3B | $46.0M | ||
| Q3 25 | $1.4B | $87.0M | ||
| Q2 25 | $1.5B | $112.0M | ||
| Q1 25 | $1.6B | $119.0M | ||
| Q4 24 | $1.8B | $97.0M | ||
| Q3 24 | $1.8B | $125.0M | ||
| Q2 24 | $1.9B | $142.0M | ||
| Q1 24 | $2.0B | $140.0M |
总资产HGVNSP
| Q4 25 | $11.5B | $2.2B | ||
| Q3 25 | $11.7B | $2.0B | ||
| Q2 25 | $11.7B | $2.0B | ||
| Q1 25 | $11.8B | $2.1B | ||
| Q4 24 | $11.4B | $2.6B | ||
| Q3 24 | $11.2B | $1.9B | ||
| Q2 24 | $11.5B | $2.1B | ||
| Q1 24 | $11.7B | $2.1B |
负债/权益比HGVNSP
| 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 | $255.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $246.0M |
| 自由现金流率自由现金流/营收 | 12.3% | 14.7% |
| 资本支出强度资本支出/营收 | 1.7% | 0.5% |
| 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 | $-309.0M |
8季度趋势，按日历期对齐
经营现金流HGVNSP
| Q4 25 | $167.0M | $255.0M | ||
| Q3 25 | $34.0M | $-11.0M | ||
| Q2 25 | $61.0M | $-79.0M | ||
| Q1 25 | $38.0M | $-443.0M | ||
| Q4 24 | $105.0M | $619.0M | ||
| Q3 24 | $91.0M | $-150.0M | ||
| Q2 24 | $113.0M | $20.0M | ||
| Q1 24 | $0 | $31.0M |
自由现金流HGVNSP
| Q4 25 | $147.0M | $246.0M | ||
| Q3 25 | $13.0M | $-20.0M | ||
| Q2 25 | $46.0M | $-86.0M | ||
| Q1 25 | $24.0M | $-449.0M | ||
| Q4 24 | $90.0M | $606.0M | ||
| Q3 24 | $81.0M | $-164.0M | ||
| Q2 24 | $106.0M | $14.0M | ||
| Q1 24 | — | $26.0M |
自由现金流率HGVNSP
| Q4 25 | 12.3% | 14.7% | ||
| Q3 25 | 1.1% | -1.2% | ||
| Q2 25 | 4.0% | -5.2% | ||
| Q1 25 | 2.4% | -24.1% | ||
| Q4 24 | 7.8% | 37.6% | ||
| Q3 24 | 6.9% | -10.5% | ||
| Q2 24 | 9.6% | 0.9% | ||
| Q1 24 | — | 1.4% |
资本支出强度HGVNSP
| Q4 25 | 1.7% | 0.5% | ||
| Q3 25 | 1.8% | 0.6% | ||
| Q2 25 | 1.3% | 0.4% | ||
| Q1 25 | 1.4% | 0.3% | ||
| Q4 24 | 1.3% | 0.8% | ||
| Q3 24 | 0.9% | 0.9% | ||
| Q2 24 | 0.6% | 0.4% | ||
| Q1 24 | 1.0% | 0.3% |
现金转化率HGVNSP
| Q4 25 | 3.48× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | — | -8.69× | ||
| Q4 24 | 5.25× | — | ||
| Q3 24 | 3.14× | -50.00× | ||
| Q2 24 | 56.50× | 1.11× | ||
| Q1 24 | — | 0.39× |
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% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
