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Hilton Grand Vacations Inc.（HGV）与Sunrun Inc.（RUN）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Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 4.0%，领先4.9%），Sunrun Inc.同比增速更快（123.5% vs 3.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
HGV vs RUN — 直观对比
营收规模更大
HGV
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出119.8%
3.7%
净利率更高
RUN
高出4.9%
4.0%
两年增速更快
RUN
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $48.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 7.8% | 8.4% |
| 净利率 | 4.0% | 8.9% |
| 营收同比 | 3.7% | 123.5% |
| 净利润同比 | 140.0% | 103.7% |
| 每股收益（稀释后） | $0.53 | $0.38 |
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HGVRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.0B | $458.2M |
净利润HGVRUN
| Q4 25 | $48.0M | $103.6M | ||
| Q3 25 | $25.0M | $16.6M | ||
| Q2 25 | $25.0M | $279.8M | ||
| Q1 25 | $-17.0M | $50.0M | ||
| Q4 24 | $20.0M | $-2.8B | ||
| Q3 24 | $29.0M | $-83.8M | ||
| Q2 24 | $2.0M | $139.1M | ||
| Q1 24 | $-4.0M | $-87.8M |
营业利润率HGVRUN
| Q4 25 | 7.8% | 8.4% | ||
| Q3 25 | 3.9% | 0.5% | ||
| Q2 25 | 3.8% | -19.7% | ||
| Q1 25 | -0.6% | -22.8% | ||
| Q4 24 | 4.3% | -628.0% | ||
| Q3 24 | 7.9% | -23.8% | ||
| Q2 24 | 0.6% | -24.4% | ||
| Q1 24 | -1.3% | -40.0% |
净利率HGVRUN
| Q4 25 | 4.0% | 8.9% | ||
| Q3 25 | 2.1% | 2.3% | ||
| Q2 25 | 2.2% | 49.1% | ||
| Q1 25 | -1.7% | 9.9% | ||
| Q4 24 | 1.7% | -542.7% | ||
| Q3 24 | 2.5% | -15.6% | ||
| Q2 24 | 0.2% | 26.5% | ||
| Q1 24 | -0.4% | -19.2% |
每股收益（稀释后）HGVRUN
| Q4 25 | $0.53 | $0.38 | ||
| Q3 25 | $0.28 | $0.06 | ||
| Q2 25 | $0.25 | $1.07 | ||
| Q1 25 | $-0.17 | $0.20 | ||
| Q4 24 | $0.19 | $-12.59 | ||
| Q3 24 | $0.28 | $-0.37 | ||
| Q2 24 | $0.02 | $0.55 | ||
| Q1 24 | $-0.04 | $-0.40 |
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 | — |
| 总债务越低越好 | $4.5B | $14.7B |
| 股东权益账面价值 | $1.3B | $3.1B |
| 总资产 | $11.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 3.53× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资HGVRUN
| Q4 25 | $239.0M | — | ||
| Q3 25 | $215.0M | — | ||
| Q2 25 | $269.0M | — | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $328.0M | — | ||
| Q3 24 | $297.0M | — | ||
| Q2 24 | $328.0M | — | ||
| Q1 24 | $355.0M | — |
总债务HGVRUN
| Q4 25 | $4.5B | $14.7B | ||
| Q3 25 | $4.7B | $14.6B | ||
| Q2 25 | $4.6B | $14.0B | ||
| Q1 25 | $4.5B | $13.6B | ||
| Q4 24 | $4.6B | $12.9B | ||
| Q3 24 | $5.0B | $12.5B | ||
| Q2 24 | $4.9B | $12.0B | ||
| Q1 24 | $5.1B | $11.1B |
股东权益HGVRUN
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.8B | $2.6B | ||
| Q3 24 | $1.8B | $5.3B | ||
| Q2 24 | $1.9B | $5.4B | ||
| Q1 24 | $2.0B | $5.2B |
总资产HGVRUN
| Q4 25 | $11.5B | $22.6B | ||
| Q3 25 | $11.7B | $22.2B | ||
| Q2 25 | $11.7B | $21.2B | ||
| Q1 25 | $11.8B | $20.4B | ||
| Q4 24 | $11.4B | $19.9B | ||
| Q3 24 | $11.2B | $22.1B | ||
| Q2 24 | $11.5B | $21.4B | ||
| Q1 24 | $11.7B | $20.8B |
负债/权益比HGVRUN
| Q4 25 | 3.53× | 4.69× | ||
| Q3 25 | 3.41× | 4.90× | ||
| Q2 25 | 3.07× | 4.80× | ||
| Q1 25 | 2.83× | 5.19× | ||
| Q4 24 | 2.63× | 5.05× | ||
| Q3 24 | 2.73× | 2.36× | ||
| Q2 24 | 2.55× | 2.23× | ||
| Q1 24 | 2.57× | 2.15× |
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 | $96.9M |
| 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× | 0.94× |
| 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HGVRUN
| Q4 25 | $167.0M | $96.9M | ||
| Q3 25 | $34.0M | $-121.5M | ||
| Q2 25 | $61.0M | $-292.7M | ||
| Q1 25 | $38.0M | $-104.2M | ||
| Q4 24 | $105.0M | $-258.4M | ||
| Q3 24 | $91.0M | $-156.2M | ||
| Q2 24 | $113.0M | $-208.5M | ||
| Q1 24 | $0 | $-143.1M |
自由现金流HGVRUN
| Q4 25 | $147.0M | — | ||
| Q3 25 | $13.0M | — | ||
| Q2 25 | $46.0M | — | ||
| Q1 25 | $24.0M | — | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $81.0M | $-156.4M | ||
| Q2 24 | $106.0M | — | ||
| Q1 24 | — | — |
自由现金流率HGVRUN
| Q4 25 | 12.3% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 6.9% | -29.1% | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | — | — |
资本支出强度HGVRUN
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 0.9% | 0.0% | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 1.0% | — |
现金转化率HGVRUN
| Q4 25 | 3.48× | 0.94× | ||
| Q3 25 | 1.36× | -7.33× | ||
| Q2 25 | 2.44× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 5.25× | — | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 56.50× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
