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Hilton Grand Vacations Inc.（HGV）与Target Hospitality Corp.（TH）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Target Hospitality Corp.的16.2倍（$1.2B vs $73.5M）。Hilton Grand Vacations Inc.净利率更高（4.0% vs -20.3%，领先24.4%）。Target Hospitality Corp.同比增速更快（22.0% vs 3.7%）。过去两年Hilton Grand Vacations Inc.的营收复合增速更高（7.4% vs 0.7%）
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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
HGV vs TH — 直观对比
营收规模更大
HGV
是对方的16.2倍
$73.5M
营收增速更快
TH
高出18.2%
3.7%
净利率更高
HGV
高出24.4%
-20.3%
两年增速更快
HGV
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $73.5M |
| 净利润 | $48.0M | $-14.9M |
| 毛利率 | — | 9.6% |
| 营业利润率 | 7.8% | -22.9% |
| 净利率 | 4.0% | -20.3% |
| 营收同比 | 3.7% | 22.0% |
| 净利润同比 | 140.0% | -219.1% |
| 每股收益（稀释后） | $0.53 | $-0.14 |
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HGVTH
| Q4 25 | $1.2B | $73.5M | ||
| Q3 25 | $1.2B | $91.6M | ||
| Q2 25 | $1.1B | $54.9M | ||
| Q1 25 | $1.0B | $54.9M | ||
| Q4 24 | $1.1B | $60.2M | ||
| Q3 24 | $1.2B | $65.8M | ||
| Q2 24 | $1.1B | $67.5M | ||
| Q1 24 | $1.0B | $72.4M |
净利润HGVTH
| Q4 25 | $48.0M | $-14.9M | ||
| Q3 25 | $25.0M | $-795.0K | ||
| Q2 25 | $25.0M | $-14.9M | ||
| Q1 25 | $-17.0M | $-6.5M | ||
| Q4 24 | $20.0M | $12.5M | ||
| Q3 24 | $29.0M | $20.0M | ||
| Q2 24 | $2.0M | $18.4M | ||
| Q1 24 | $-4.0M | $20.4M |
毛利率HGVTH
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
营业利润率HGVTH
| Q4 25 | 7.8% | -22.9% | ||
| Q3 25 | 3.9% | 0.1% | ||
| Q2 25 | 3.8% | -30.8% | ||
| Q1 25 | -0.6% | -2.0% | ||
| Q4 24 | 4.3% | 34.5% | ||
| Q3 24 | 7.9% | 42.5% | ||
| Q2 24 | 0.6% | 43.8% | ||
| Q1 24 | -1.3% | 42.0% |
净利率HGVTH
| Q4 25 | 4.0% | -20.3% | ||
| Q3 25 | 2.1% | -0.9% | ||
| Q2 25 | 2.2% | -27.2% | ||
| Q1 25 | -1.7% | -11.8% | ||
| Q4 24 | 1.7% | 20.8% | ||
| Q3 24 | 2.5% | 30.4% | ||
| Q2 24 | 0.2% | 27.2% | ||
| Q1 24 | -0.4% | 28.2% |
每股收益（稀释后）HGVTH
| Q4 25 | $0.53 | $-0.14 | ||
| Q3 25 | $0.28 | $-0.01 | ||
| Q2 25 | $0.25 | $-0.15 | ||
| Q1 25 | $-0.17 | $-0.07 | ||
| Q4 24 | $0.19 | $0.12 | ||
| Q3 24 | $0.28 | $0.20 | ||
| Q2 24 | $0.02 | $0.18 | ||
| Q1 24 | $-0.04 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | $4.5B | $1.7M |
| 股东权益账面价值 | $1.3B | $389.3M |
| 总资产 | $11.5B | $530.2M |
| 负债/权益比越低杠杆越低 | 3.53× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资HGVTH
| Q4 25 | $239.0M | $8.3M | ||
| Q3 25 | $215.0M | $30.4M | ||
| Q2 25 | $269.0M | $19.2M | ||
| Q1 25 | $259.0M | $34.5M | ||
| Q4 24 | $328.0M | $190.7M | ||
| Q3 24 | $297.0M | $177.7M | ||
| Q2 24 | $328.0M | $154.3M | ||
| Q1 24 | $355.0M | $124.3M |
总债务HGVTH
| Q4 25 | $4.5B | $1.7M | ||
| Q3 25 | $4.7B | $2.0M | ||
| Q2 25 | $4.6B | $26.3M | ||
| Q1 25 | $4.5B | $42.9M | ||
| Q4 24 | $4.6B | $1.5M | ||
| Q3 24 | $5.0B | $994.0K | ||
| Q2 24 | $4.9B | $1.1M | ||
| Q1 24 | $5.1B | $179.9M |
股东权益HGVTH
| Q4 25 | $1.3B | $389.3M | ||
| Q3 25 | $1.4B | $402.4M | ||
| Q2 25 | $1.5B | $401.3M | ||
| Q1 25 | $1.6B | $415.3M | ||
| Q4 24 | $1.8B | $421.1M | ||
| Q3 24 | $1.8B | $417.6M | ||
| Q2 24 | $1.9B | $397.2M | ||
| Q1 24 | $2.0B | $375.5M |
总资产HGVTH
| Q4 25 | $11.5B | $530.2M | ||
| Q3 25 | $11.7B | $541.2M | ||
| Q2 25 | $11.7B | $533.7M | ||
| Q1 25 | $11.8B | $562.5M | ||
| Q4 24 | $11.4B | $725.8M | ||
| Q3 24 | $11.2B | $709.8M | ||
| Q2 24 | $11.5B | $697.0M | ||
| Q1 24 | $11.7B | $687.2M |
负债/权益比HGVTH
| Q4 25 | 3.53× | 0.00× | ||
| Q3 25 | 3.41× | 0.01× | ||
| Q2 25 | 3.07× | 0.07× | ||
| Q1 25 | 2.83× | 0.10× | ||
| Q4 24 | 2.63× | 0.00× | ||
| Q3 24 | 2.73× | 0.00× | ||
| Q2 24 | 2.55× | 0.00× | ||
| Q1 24 | 2.57× | 0.48× |
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 | $5.7M |
| 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× | — |
| 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HGVTH
| Q4 25 | $167.0M | $5.7M | ||
| Q3 25 | $34.0M | $53.4M | ||
| Q2 25 | $61.0M | $11.1M | ||
| Q1 25 | $38.0M | $3.9M | ||
| Q4 24 | $105.0M | $30.6M | ||
| Q3 24 | $91.0M | $31.4M | ||
| Q2 24 | $113.0M | $39.1M | ||
| Q1 24 | $0 | $50.6M |
自由现金流HGVTH
| Q4 25 | $147.0M | — | ||
| Q3 25 | $13.0M | — | ||
| Q2 25 | $46.0M | — | ||
| Q1 25 | $24.0M | $-11.6M | ||
| Q4 24 | $90.0M | — | ||
| Q3 24 | $81.0M | — | ||
| Q2 24 | $106.0M | — | ||
| Q1 24 | — | — |
自由现金流率HGVTH
| Q4 25 | 12.3% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 4.0% | — | ||
| Q1 25 | 2.4% | -21.1% | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 6.9% | — | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | — | — |
资本支出强度HGVTH
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.4% | 28.2% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 1.0% | — |
现金转化率HGVTH
| Q4 25 | 3.48× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.25× | 2.44× | ||
| Q3 24 | 3.14× | 1.57× | ||
| Q2 24 | 56.50× | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
| Interest Income Revenue | $125.0M | 10% |
| Resort Management | $118.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
