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Hilton Grand Vacations Inc.（HGV）与StandardAero, Inc.（SARO）财务数据对比。点击上方公司名可切换其他公司
StandardAero, Inc.的季度营收约是Hilton Grand Vacations Inc.的1.3倍（$1.6B vs $1.2B），StandardAero, Inc.净利率更高（4.9% vs 4.0%，领先0.9%），StandardAero, Inc.同比增速更快（13.5% vs 3.7%），StandardAero, Inc.自由现金流更多（$307.3M vs $147.0M），过去两年StandardAero, Inc.的营收复合增速更高（13.8% 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。
StandardAero Inc.是总部位于美国亚利桑那州斯科茨代尔的专业维护、维修及大修（MRO）服务提供商，深耕相关领域多年，服务覆盖航空等多个行业，可为客户提供高效可靠的定制化运维解决方案。
HGV vs SARO — 直观对比
营收规模更大
SARO
是对方的1.3倍
$1.2B
营收增速更快
SARO
高出9.8%
3.7%
净利率更高
SARO
高出0.9%
4.0%
自由现金流更多
SARO
多$160.3M
$147.0M
两年增速更快
SARO
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $48.0M | $78.6M |
| 毛利率 | — | 13.8% |
| 营业利润率 | 7.8% | 9.3% |
| 净利率 | 4.0% | 4.9% |
| 营收同比 | 3.7% | 13.5% |
| 净利润同比 | 140.0% | 659.6% |
| 每股收益（稀释后） | $0.53 | $0.24 |
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HGVSARO
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.0B | $1.2B |
净利润HGVSARO
| Q4 25 | $48.0M | $78.6M | ||
| Q3 25 | $25.0M | $68.1M | ||
| Q2 25 | $25.0M | $67.7M | ||
| Q1 25 | $-17.0M | $62.9M | ||
| Q4 24 | $20.0M | $-14.1M | ||
| Q3 24 | $29.0M | $16.4M | ||
| Q2 24 | $2.0M | $5.4M | ||
| Q1 24 | $-4.0M | $3.2M |
毛利率HGVSARO
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 14.9% | ||
| Q2 25 | — | 15.4% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 13.7% | ||
| Q1 24 | — | 14.7% |
营业利润率HGVSARO
| Q4 25 | 7.8% | 9.3% | ||
| Q3 25 | 3.9% | 9.2% | ||
| Q2 25 | 3.8% | 8.9% | ||
| Q1 25 | -0.6% | 9.0% | ||
| Q4 24 | 4.3% | 6.7% | ||
| Q3 24 | 7.9% | 7.9% | ||
| Q2 24 | 0.6% | 7.8% | ||
| Q1 24 | -1.3% | 8.5% |
净利率HGVSARO
| Q4 25 | 4.0% | 4.9% | ||
| Q3 25 | 2.1% | 4.5% | ||
| Q2 25 | 2.2% | 4.4% | ||
| Q1 25 | -1.7% | 4.4% | ||
| Q4 24 | 1.7% | -1.0% | ||
| Q3 24 | 2.5% | 1.3% | ||
| Q2 24 | 0.2% | 0.4% | ||
| Q1 24 | -0.4% | 0.3% |
每股收益（稀释后）HGVSARO
| Q4 25 | $0.53 | $0.24 | ||
| Q3 25 | $0.28 | $0.20 | ||
| Q2 25 | $0.25 | $0.20 | ||
| Q1 25 | $-0.17 | $0.19 | ||
| Q4 24 | $0.19 | $-0.05 | ||
| Q3 24 | $0.28 | $0.06 | ||
| Q2 24 | $0.02 | $0.02 | ||
| Q1 24 | $-0.04 | $0.01 |
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 | $2.2B |
| 股东权益账面价值 | $1.3B | $2.7B |
| 总资产 | $11.5B | $6.6B |
| 负债/权益比越低杠杆越低 | 3.53× | 0.83× |
8季度趋势，按日历期对齐
现金及短期投资HGVSARO
| 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HGVSARO
| Q4 25 | $4.5B | $2.2B | ||
| Q3 25 | $4.7B | $2.3B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $4.5B | $2.3B | ||
| Q4 24 | $4.6B | $2.2B | ||
| Q3 24 | $5.0B | $3.4B | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $5.1B | — |
股东权益HGVSARO
| Q4 25 | $1.3B | $2.7B | ||
| Q3 25 | $1.4B | $2.6B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $2.0B | $1.2B |
总资产HGVSARO
| Q4 25 | $11.5B | $6.6B | ||
| Q3 25 | $11.7B | $6.6B | ||
| Q2 25 | $11.7B | $6.5B | ||
| Q1 25 | $11.8B | $6.5B | ||
| Q4 24 | $11.4B | $6.2B | ||
| Q3 24 | $11.2B | $6.1B | ||
| Q2 24 | $11.5B | — | ||
| Q1 24 | $11.7B | — |
负债/权益比HGVSARO
| Q4 25 | 3.53× | 0.83× | ||
| Q3 25 | 3.41× | 0.90× | ||
| Q2 25 | 3.07× | 0.92× | ||
| Q1 25 | 2.83× | 0.96× | ||
| Q4 24 | 2.63× | 0.94× | ||
| Q3 24 | 2.73× | 2.94× | ||
| 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 | $323.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $307.3M |
| 自由现金流率自由现金流/营收 | 12.3% | 19.2% |
| 资本支出强度资本支出/营收 | 1.7% | 1.0% |
| 现金转化率经营现金流/净利润 | 3.48× | 4.11× |
| 过去12个月自由现金流最近4个季度 | $230.0M | $234.3M |
8季度趋势，按日历期对齐
经营现金流HGVSARO
| Q4 25 | $167.0M | $323.0M | ||
| Q3 25 | $34.0M | $14.8M | ||
| Q2 25 | $61.0M | $2.9M | ||
| Q1 25 | $38.0M | $-24.0M | ||
| Q4 24 | $105.0M | — | ||
| Q3 24 | $91.0M | $-13.9M | ||
| Q2 24 | $113.0M | — | ||
| Q1 24 | $0 | $-83.6M |
自由现金流HGVSARO
| Q4 25 | $147.0M | $307.3M | ||
| Q3 25 | $13.0M | $-4.7M | ||
| Q2 25 | $46.0M | $-19.0M | ||
| Q1 25 | $24.0M | $-49.3M | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $81.0M | $-39.2M | ||
| Q2 24 | $106.0M | — | ||
| Q1 24 | — | $-102.0M |
自由现金流率HGVSARO
| Q4 25 | 12.3% | 19.2% | ||
| Q3 25 | 1.1% | -0.3% | ||
| Q2 25 | 4.0% | -1.2% | ||
| Q1 25 | 2.4% | -3.4% | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 6.9% | -3.1% | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | — | -8.3% |
资本支出强度HGVSARO
| Q4 25 | 1.7% | 1.0% | ||
| Q3 25 | 1.8% | 1.3% | ||
| Q2 25 | 1.3% | 1.4% | ||
| Q1 25 | 1.4% | 1.8% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 0.9% | 2.0% | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 1.0% | 1.5% |
现金转化率HGVSARO
| Q4 25 | 3.48× | 4.11× | ||
| Q3 25 | 1.36× | 0.22× | ||
| Q2 25 | 2.44× | 0.04× | ||
| Q1 25 | — | -0.38× | ||
| Q4 24 | 5.25× | — | ||
| Q3 24 | 3.14× | -0.84× | ||
| Q2 24 | 56.50× | — | ||
| Q1 24 | — | -26.22× |
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% |
SARO
| Commercial Aerospace | $1.0B | 63% |
| Business Aviation | $266.2M | 17% |
| Military And Helicopter | $262.0M | 16% |
| Other | $68.1M | 4% |
