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Hilton Grand Vacations Inc.（HGV）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是Hilton Grand Vacations Inc.的1.2倍（$1.4B vs $1.2B），瑞思迈净利率更高（27.6% vs 4.0%，领先23.6%），瑞思迈同比增速更快（11.0% vs 3.7%），瑞思迈自由现金流更多（$311.2M vs $147.0M），过去两年瑞思迈的营收复合增速更高（9.0% 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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
HGV vs RMD — 直观对比
营收规模更大
RMD
是对方的1.2倍
$1.2B
营收增速更快
RMD
高出7.2%
3.7%
净利率更高
RMD
高出23.6%
4.0%
自由现金流更多
RMD
多$164.2M
$147.0M
两年增速更快
RMD
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $48.0M | $392.6M |
| 毛利率 | — | 61.8% |
| 营业利润率 | 7.8% | 34.6% |
| 净利率 | 4.0% | 27.6% |
| 营收同比 | 3.7% | 11.0% |
| 净利润同比 | 140.0% | 13.9% |
| 每股收益（稀释后） | $0.53 | $2.68 |
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HGVRMD
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
净利润HGVRMD
| Q4 25 | $48.0M | $392.6M | ||
| Q3 25 | $25.0M | $348.5M | ||
| Q2 25 | $25.0M | $379.7M | ||
| Q1 25 | $-17.0M | $365.0M | ||
| Q4 24 | $20.0M | $344.6M | ||
| Q3 24 | $29.0M | $311.4M | ||
| Q2 24 | $2.0M | $292.2M | ||
| Q1 24 | $-4.0M | $300.5M |
毛利率HGVRMD
| Q4 25 | — | 61.8% | ||
| Q3 25 | — | 61.5% | ||
| Q2 25 | — | 60.8% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | 58.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 57.9% |
营业利润率HGVRMD
| Q4 25 | 7.8% | 34.6% | ||
| Q3 25 | 3.9% | 33.4% | ||
| Q2 25 | 3.8% | 33.7% | ||
| Q1 25 | -0.6% | 33.0% | ||
| Q4 24 | 4.3% | 32.5% | ||
| Q3 24 | 7.9% | 31.6% | ||
| Q2 24 | 0.6% | 31.2% | ||
| Q1 24 | -1.3% | 31.3% |
净利率HGVRMD
| Q4 25 | 4.0% | 27.6% | ||
| Q3 25 | 2.1% | 26.1% | ||
| Q2 25 | 2.2% | 28.2% | ||
| Q1 25 | -1.7% | 28.3% | ||
| Q4 24 | 1.7% | 26.9% | ||
| Q3 24 | 2.5% | 25.4% | ||
| Q2 24 | 0.2% | 23.9% | ||
| Q1 24 | -0.4% | 25.1% |
每股收益（稀释后）HGVRMD
| Q4 25 | $0.53 | $2.68 | ||
| Q3 25 | $0.28 | $2.37 | ||
| Q2 25 | $0.25 | $2.58 | ||
| Q1 25 | $-0.17 | $2.48 | ||
| Q4 24 | $0.19 | $2.34 | ||
| Q3 24 | $0.28 | $2.11 | ||
| Q2 24 | $0.02 | $1.97 | ||
| Q1 24 | $-0.04 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | $4.5B | $403.9M |
| 股东权益账面价值 | $1.3B | $6.3B |
| 总资产 | $11.5B | $8.5B |
| 负债/权益比越低杠杆越低 | 3.53× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资HGVRMD
| Q4 25 | $239.0M | $1.4B | ||
| Q3 25 | $215.0M | $1.4B | ||
| Q2 25 | $269.0M | $1.2B | ||
| Q1 25 | $259.0M | $932.7M | ||
| Q4 24 | $328.0M | $521.9M | ||
| Q3 24 | $297.0M | $426.4M | ||
| Q2 24 | $328.0M | $238.4M | ||
| Q1 24 | $355.0M | $237.9M |
总债务HGVRMD
| Q4 25 | $4.5B | $403.9M | ||
| Q3 25 | $4.7B | $408.7M | ||
| Q2 25 | $4.6B | $658.4M | ||
| Q1 25 | $4.5B | $663.1M | ||
| Q4 24 | $4.6B | $662.9M | ||
| Q3 24 | $5.0B | $667.6M | ||
| Q2 24 | $4.9B | $697.3M | ||
| Q1 24 | $5.1B | $997.0M |
股东权益HGVRMD
| Q4 25 | $1.3B | $6.3B | ||
| Q3 25 | $1.4B | $6.1B | ||
| Q2 25 | $1.5B | $6.0B | ||
| Q1 25 | $1.6B | $5.5B | ||
| Q4 24 | $1.8B | $5.3B | ||
| Q3 24 | $1.8B | $5.2B | ||
| Q2 24 | $1.9B | $4.9B | ||
| Q1 24 | $2.0B | $4.6B |
总资产HGVRMD
| Q4 25 | $11.5B | $8.5B | ||
| Q3 25 | $11.7B | $8.3B | ||
| Q2 25 | $11.7B | $8.2B | ||
| Q1 25 | $11.8B | $7.6B | ||
| Q4 24 | $11.4B | $7.1B | ||
| Q3 24 | $11.2B | $7.2B | ||
| Q2 24 | $11.5B | $6.9B | ||
| Q1 24 | $11.7B | $6.8B |
负债/权益比HGVRMD
| Q4 25 | 3.53× | 0.06× | ||
| Q3 25 | 3.41× | 0.07× | ||
| Q2 25 | 3.07× | 0.11× | ||
| Q1 25 | 2.83× | 0.12× | ||
| Q4 24 | 2.63× | 0.13× | ||
| Q3 24 | 2.73× | 0.13× | ||
| Q2 24 | 2.55× | 0.14× | ||
| Q1 24 | 2.57× | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $311.2M |
| 自由现金流率自由现金流/营收 | 12.3% | 21.9% |
| 资本支出强度资本支出/营收 | 1.7% | 2.0% |
| 现金转化率经营现金流/净利润 | 3.48× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $230.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流HGVRMD
| Q4 25 | $167.0M | $339.7M | ||
| Q3 25 | $34.0M | $457.3M | ||
| Q2 25 | $61.0M | $538.8M | ||
| Q1 25 | $38.0M | $578.7M | ||
| Q4 24 | $105.0M | $308.6M | ||
| Q3 24 | $91.0M | $325.5M | ||
| Q2 24 | $113.0M | $440.1M | ||
| Q1 24 | $0 | $402.0M |
自由现金流HGVRMD
| Q4 25 | $147.0M | $311.2M | ||
| Q3 25 | $13.0M | $414.4M | ||
| Q2 25 | $46.0M | $508.2M | ||
| Q1 25 | $24.0M | $557.9M | ||
| Q4 24 | $90.0M | $288.0M | ||
| Q3 24 | $81.0M | $307.7M | ||
| Q2 24 | $106.0M | $415.2M | ||
| Q1 24 | — | $380.8M |
自由现金流率HGVRMD
| Q4 25 | 12.3% | 21.9% | ||
| Q3 25 | 1.1% | 31.0% | ||
| Q2 25 | 4.0% | 37.7% | ||
| Q1 25 | 2.4% | 43.2% | ||
| Q4 24 | 7.8% | 22.5% | ||
| Q3 24 | 6.9% | 25.1% | ||
| Q2 24 | 9.6% | 33.9% | ||
| Q1 24 | — | 31.8% |
资本支出强度HGVRMD
| Q4 25 | 1.7% | 2.0% | ||
| Q3 25 | 1.8% | 3.2% | ||
| Q2 25 | 1.3% | 2.3% | ||
| Q1 25 | 1.4% | 1.6% | ||
| Q4 24 | 1.3% | 1.6% | ||
| Q3 24 | 0.9% | 1.5% | ||
| Q2 24 | 0.6% | 2.0% | ||
| Q1 24 | 1.0% | 1.8% |
现金转化率HGVRMD
| Q4 25 | 3.48× | 0.87× | ||
| Q3 25 | 1.36× | 1.31× | ||
| Q2 25 | 2.44× | 1.42× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 5.25× | 0.90× | ||
| Q3 24 | 3.14× | 1.05× | ||
| Q2 24 | 56.50× | 1.51× | ||
| Q1 24 | — | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
