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Hilton Grand Vacations Inc.（HGV）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Hilton Grand Vacations Inc.的1.0倍（$1.2B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 4.0%，领先5.1%），利氏兄弟拍卖行同比增速更快（5.4% vs 3.7%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $147.0M），过去两年Hilton Grand Vacations Inc.的营收复合增速更高（7.4% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
HGV vs RBA — 直观对比
营收规模更大
RBA
是对方的1.0倍
$1.2B
营收增速更快
RBA
高出1.7%
3.7%
净利率更高
RBA
高出5.1%
4.0%
自由现金流更多
RBA
多$39.5M
$147.0M
两年增速更快
HGV
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $48.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 7.8% | 14.7% |
| 净利率 | 4.0% | 9.1% |
| 营收同比 | 3.7% | 5.4% |
| 净利润同比 | 140.0% | -7.4% |
| 每股收益（稀释后） | $0.53 | $0.53 |
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HGVRBA
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.0B | $1.1B |
净利润HGVRBA
| Q4 25 | $48.0M | $109.7M | ||
| Q3 25 | $25.0M | $95.5M | ||
| Q2 25 | $25.0M | $109.8M | ||
| Q1 25 | $-17.0M | $113.4M | ||
| Q4 24 | $20.0M | $118.5M | ||
| Q3 24 | $29.0M | $76.1M | ||
| Q2 24 | $2.0M | $111.1M | ||
| Q1 24 | $-4.0M | $107.4M |
营业利润率HGVRBA
| Q4 25 | 7.8% | 14.7% | ||
| Q3 25 | 3.9% | 14.5% | ||
| Q2 25 | 3.8% | 15.9% | ||
| Q1 25 | -0.6% | 17.1% | ||
| Q4 24 | 4.3% | 18.1% | ||
| Q3 24 | 7.9% | 15.6% | ||
| Q2 24 | 0.6% | 18.4% | ||
| Q1 24 | -1.3% | 18.7% |
净利率HGVRBA
| Q4 25 | 4.0% | 9.1% | ||
| Q3 25 | 2.1% | 8.7% | ||
| Q2 25 | 2.2% | 9.3% | ||
| Q1 25 | -1.7% | 10.2% | ||
| Q4 24 | 1.7% | 10.4% | ||
| Q3 24 | 2.5% | 7.8% | ||
| Q2 24 | 0.2% | 10.1% | ||
| Q1 24 | -0.4% | 10.1% |
每股收益（稀释后）HGVRBA
| Q4 25 | $0.53 | $0.53 | ||
| Q3 25 | $0.28 | $0.43 | ||
| Q2 25 | $0.25 | $0.53 | ||
| Q1 25 | $-0.17 | $0.55 | ||
| Q4 24 | $0.19 | $0.58 | ||
| Q3 24 | $0.28 | $0.36 | ||
| Q2 24 | $0.02 | $0.54 | ||
| Q1 24 | $-0.04 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $4.5B | $2.3B |
| 股东权益账面价值 | $1.3B | $5.6B |
| 总资产 | $11.5B | $12.1B |
| 负债/权益比越低杠杆越低 | 3.53× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资HGVRBA
| Q4 25 | $239.0M | $531.5M | ||
| Q3 25 | $215.0M | $674.7M | ||
| Q2 25 | $269.0M | $710.2M | ||
| Q1 25 | $259.0M | $578.1M | ||
| Q4 24 | $328.0M | $533.9M | ||
| Q3 24 | $297.0M | $650.7M | ||
| Q2 24 | $328.0M | $599.5M | ||
| Q1 24 | $355.0M | $462.8M |
总债务HGVRBA
| Q4 25 | $4.5B | $2.3B | ||
| Q3 25 | $4.7B | $2.6B | ||
| Q2 25 | $4.6B | $2.6B | ||
| Q1 25 | $4.5B | $2.6B | ||
| Q4 24 | $4.6B | $2.6B | ||
| Q3 24 | $5.0B | $2.7B | ||
| Q2 24 | $4.9B | $2.8B | ||
| Q1 24 | $5.1B | $2.9B |
股东权益HGVRBA
| Q4 25 | $1.3B | $5.6B | ||
| Q3 25 | $1.4B | $5.5B | ||
| Q2 25 | $1.5B | $5.5B | ||
| Q1 25 | $1.6B | $5.3B | ||
| Q4 24 | $1.8B | $5.2B | ||
| Q3 24 | $1.8B | $5.2B | ||
| Q2 24 | $1.9B | $5.2B | ||
| Q1 24 | $2.0B | $5.1B |
总资产HGVRBA
| Q4 25 | $11.5B | $12.1B | ||
| Q3 25 | $11.7B | $12.2B | ||
| Q2 25 | $11.7B | $12.2B | ||
| Q1 25 | $11.8B | $11.9B | ||
| Q4 24 | $11.4B | $11.8B | ||
| Q3 24 | $11.2B | $11.9B | ||
| Q2 24 | $11.5B | $12.1B | ||
| Q1 24 | $11.7B | $12.0B |
负债/权益比HGVRBA
| Q4 25 | 3.53× | 0.42× | ||
| Q3 25 | 3.41× | 0.47× | ||
| Q2 25 | 3.07× | 0.47× | ||
| Q1 25 | 2.83× | 0.50× | ||
| Q4 24 | 2.63× | 0.50× | ||
| Q3 24 | 2.73× | 0.52× | ||
| Q2 24 | 2.55× | 0.55× | ||
| Q1 24 | 2.57× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 12.3% | 15.5% |
| 资本支出强度资本支出/营收 | 1.7% | 5.7% |
| 现金转化率经营现金流/净利润 | 3.48× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $230.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流HGVRBA
| Q4 25 | $167.0M | $255.2M | ||
| Q3 25 | $34.0M | $239.7M | ||
| Q2 25 | $61.0M | $326.5M | ||
| Q1 25 | $38.0M | $156.8M | ||
| Q4 24 | $105.0M | $184.5M | ||
| Q3 24 | $91.0M | $285.4M | ||
| Q2 24 | $113.0M | $337.3M | ||
| Q1 24 | $0 | $124.8M |
自由现金流HGVRBA
| Q4 25 | $147.0M | $186.5M | ||
| Q3 25 | $13.0M | $188.5M | ||
| Q2 25 | $46.0M | $241.7M | ||
| Q1 25 | $24.0M | $102.5M | ||
| Q4 24 | $90.0M | $127.9M | ||
| Q3 24 | $81.0M | $248.5M | ||
| Q2 24 | $106.0M | $308.6M | ||
| Q1 24 | — | $79.6M |
自由现金流率HGVRBA
| Q4 25 | 12.3% | 15.5% | ||
| Q3 25 | 1.1% | 17.3% | ||
| Q2 25 | 4.0% | 20.4% | ||
| Q1 25 | 2.4% | 9.2% | ||
| Q4 24 | 7.8% | 11.2% | ||
| Q3 24 | 6.9% | 25.3% | ||
| Q2 24 | 9.6% | 28.2% | ||
| Q1 24 | — | 7.5% |
资本支出强度HGVRBA
| Q4 25 | 1.7% | 5.7% | ||
| Q3 25 | 1.8% | 4.7% | ||
| Q2 25 | 1.3% | 7.2% | ||
| Q1 25 | 1.4% | 4.9% | ||
| Q4 24 | 1.3% | 5.0% | ||
| Q3 24 | 0.9% | 3.8% | ||
| Q2 24 | 0.6% | 2.6% | ||
| Q1 24 | 1.0% | 4.2% |
现金转化率HGVRBA
| Q4 25 | 3.48× | 2.33× | ||
| Q3 25 | 1.36× | 2.51× | ||
| Q2 25 | 2.44× | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 5.25× | 1.56× | ||
| Q3 24 | 3.14× | 3.75× | ||
| Q2 24 | 56.50× | 3.04× | ||
| Q1 24 | — | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
