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康宝莱（HLF）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
康宝莱的季度营收约是Ryman Hospitality Properties, Inc.的1.9倍（$1.3B vs $664.6M），Ryman Hospitality Properties, Inc.净利率更高（10.4% vs 6.7%，领先3.8%），Ryman Hospitality Properties, Inc.同比增速更快（13.2% vs 6.3%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（4.1% vs 0.7%）
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
HLF vs RHP — 直观对比
营收规模更大
HLF
是对方的1.9倍
$664.6M
营收增速更快
RHP
高出6.9%
6.3%
净利率更高
RHP
高出3.8%
6.7%
两年增速更快
RHP
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $664.6M |
| 净利润 | $85.4M | $69.4M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 20.7% |
| 净利率 | 6.7% | 10.4% |
| 营收同比 | 6.3% | 13.2% |
| 净利润同比 | -52.0% | 10.1% |
| 每股收益（稀释后） | $0.81 | $1.03 |
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HLFRHP
| Q1 26 | — | $664.6M | ||
| Q4 25 | $1.3B | $737.8M | ||
| Q3 25 | $1.3B | $592.5M | ||
| Q2 25 | $1.3B | $659.5M | ||
| Q1 25 | $1.2B | $587.3M | ||
| Q4 24 | $1.2B | $647.6M | ||
| Q3 24 | $1.2B | $550.0M | ||
| Q2 24 | $1.3B | $613.3M |
净利润HLFRHP
| Q1 26 | — | $69.4M | ||
| Q4 25 | $85.4M | $74.5M | ||
| Q3 25 | $43.2M | $34.9M | ||
| Q2 25 | $49.3M | $71.8M | ||
| Q1 25 | $50.4M | $63.0M | ||
| Q4 24 | $177.9M | $72.3M | ||
| Q3 24 | $47.4M | $59.0M | ||
| Q2 24 | $4.7M | $100.8M |
毛利率HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 77.5% | 41.4% | ||
| Q3 25 | 77.7% | 40.9% | ||
| Q2 25 | 78.0% | 49.7% | ||
| Q1 25 | 78.3% | 44.4% | ||
| Q4 24 | 77.8% | 40.4% | ||
| Q3 24 | 78.3% | 43.1% | ||
| Q2 24 | 77.9% | 48.4% |
营业利润率HLFRHP
| Q1 26 | — | 20.7% | ||
| Q4 25 | 7.8% | 19.4% | ||
| Q3 25 | 9.9% | 15.0% | ||
| Q2 25 | 10.5% | 21.1% | ||
| Q1 25 | 10.1% | 19.8% | ||
| Q4 24 | 8.8% | 18.6% | ||
| Q3 24 | 10.2% | 19.3% | ||
| Q2 24 | 6.3% | 27.4% |
净利率HLFRHP
| Q1 26 | — | 10.4% | ||
| Q4 25 | 6.7% | 10.1% | ||
| Q3 25 | 3.4% | 5.9% | ||
| Q2 25 | 3.9% | 10.9% | ||
| Q1 25 | 4.1% | 10.7% | ||
| Q4 24 | 14.7% | 11.2% | ||
| Q3 24 | 3.8% | 10.7% | ||
| Q2 24 | 0.4% | 16.4% |
每股收益（稀释后）HLFRHP
| Q1 26 | — | $1.03 | ||
| Q4 25 | $0.81 | $1.12 | ||
| Q3 25 | $0.42 | $0.53 | ||
| Q2 25 | $0.48 | $1.12 | ||
| Q1 25 | $0.49 | $1.00 | ||
| Q4 24 | $1.75 | $1.12 | ||
| Q3 24 | $0.46 | $0.94 | ||
| Q2 24 | $0.05 | $1.65 |
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 | $353.1M | — |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-515.1M | $770.8M |
| 总资产 | $2.8B | $6.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $353.1M | $471.4M | ||
| Q3 25 | $305.5M | $483.3M | ||
| Q2 25 | $320.9M | $420.6M | ||
| Q1 25 | $329.4M | $413.9M | ||
| Q4 24 | $415.3M | $477.7M | ||
| Q3 24 | $402.5M | $534.9M | ||
| Q2 24 | $374.0M | $498.4M |
总债务HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益HLFRHP
| Q1 26 | — | $770.8M | ||
| Q4 25 | $-515.1M | $750.2M | ||
| Q3 25 | $-612.0M | $758.5M | ||
| Q2 25 | $-660.5M | $800.4M | ||
| Q1 25 | $-736.0M | $531.5M | ||
| Q4 24 | $-801.1M | $549.0M | ||
| Q3 24 | $-954.2M | $551.9M | ||
| Q2 24 | $-1.0B | $562.6M |
总资产HLFRHP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $2.8B | $6.2B | ||
| Q3 25 | $2.7B | $6.2B | ||
| Q2 25 | $2.7B | $6.1B | ||
| Q1 25 | $2.7B | $5.2B | ||
| Q4 24 | $2.7B | $5.2B | ||
| Q3 24 | $2.7B | $5.2B | ||
| Q2 24 | $2.6B | $5.1B |
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 | $98.3M | — |
| 自由现金流经营现金流 - 资本支出 | $79.8M | — |
| 自由现金流率自由现金流/营收 | 6.2% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $252.9M | — |
8季度趋势，按日历期对齐
经营现金流HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $98.3M | $164.7M | ||
| Q3 25 | $138.8M | $205.2M | ||
| Q2 25 | $96.0M | $122.5M | ||
| Q1 25 | $200.0K | $98.2M | ||
| Q4 24 | $69.6M | $166.6M | ||
| Q3 24 | $99.5M | $218.1M | ||
| Q2 24 | $102.5M | $184.3M |
自由现金流HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | $79.8M | $58.5M | ||
| Q3 25 | $118.0M | $135.4M | ||
| Q2 25 | $73.2M | $53.0M | ||
| Q1 25 | $-18.1M | $-14.5M | ||
| Q4 24 | $43.9M | $76.0M | ||
| Q3 24 | $72.4M | $85.7M | ||
| Q2 24 | $66.2M | $78.8M |
自由现金流率HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 6.2% | 7.9% | ||
| Q3 25 | 9.3% | 22.9% | ||
| Q2 25 | 5.8% | 8.0% | ||
| Q1 25 | -1.5% | -2.5% | ||
| Q4 24 | 3.6% | 11.7% | ||
| Q3 24 | 5.8% | 15.6% | ||
| Q2 24 | 5.2% | 12.9% |
资本支出强度HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 14.4% | ||
| Q3 25 | 1.6% | 11.8% | ||
| Q2 25 | 1.8% | 10.5% | ||
| Q1 25 | 1.5% | 19.2% | ||
| Q4 24 | 2.1% | 14.0% | ||
| Q3 24 | 2.2% | 24.1% | ||
| Q2 24 | 2.8% | 17.2% |
现金转化率HLFRHP
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 2.21× | ||
| Q3 25 | 3.21× | 5.88× | ||
| Q2 25 | 1.95× | 1.71× | ||
| Q1 25 | 0.00× | 1.56× | ||
| Q4 24 | 0.39× | 2.30× | ||
| Q3 24 | 2.10× | 3.70× | ||
| Q2 24 | 21.81× | 1.83× |
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
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
RHP
| Food and beverage | $289.3M | 44% |
| Rooms | $223.8M | 34% |
| Entertainment | $79.2M | 12% |
| Other | $72.3M | 11% |
