vs
康宝莱（HLF）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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MARRIOTT VACATIONS WORLDWIDE Corp的1.0倍（$1.3B vs $1.2B），康宝莱净利率更高（6.7% vs -35.0%，领先41.7%），康宝莱同比增速更快（6.3% vs -0.7%），康宝莱自由现金流更多（$79.8M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% 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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
HLF vs VAC — 直观对比
营收规模更大
HLF
是对方的1.0倍
$1.2B
营收增速更快
HLF
高出7.0%
-0.7%
净利率更高
HLF
高出41.7%
-35.0%
自由现金流更多
HLF
多$85.8M
$-6.0M
两年增速更快
VAC
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $85.4M | $-431.0M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | — |
| 净利率 | 6.7% | -35.0% |
| 营收同比 | 6.3% | -0.7% |
| 净利润同比 | -52.0% | -962.0% |
| 每股收益（稀释后） | $0.81 | $-12.00 |
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HLFVAC
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润HLFVAC
| Q4 25 | $85.4M | $-431.0M | ||
| Q3 25 | $43.2M | $-2.0M | ||
| Q2 25 | $49.3M | $69.0M | ||
| Q1 25 | $50.4M | $56.0M | ||
| Q4 24 | $177.9M | $50.0M | ||
| Q3 24 | $47.4M | $84.0M | ||
| Q2 24 | $4.7M | $37.0M | ||
| Q1 24 | $24.3M | $47.0M |
毛利率HLFVAC
| Q4 25 | 77.5% | — | ||
| Q3 25 | 77.7% | — | ||
| Q2 25 | 78.0% | — | ||
| Q1 25 | 78.3% | — | ||
| Q4 24 | 77.8% | — | ||
| Q3 24 | 78.3% | — | ||
| Q2 24 | 77.9% | — | ||
| Q1 24 | 77.5% | — |
营业利润率HLFVAC
| Q4 25 | 7.8% | — | ||
| Q3 25 | 9.9% | — | ||
| Q2 25 | 10.5% | — | ||
| Q1 25 | 10.1% | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 10.2% | — | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 5.7% | — |
净利率HLFVAC
| Q4 25 | 6.7% | -35.0% | ||
| Q3 25 | 3.4% | -0.2% | ||
| Q2 25 | 3.9% | 6.0% | ||
| Q1 25 | 4.1% | 5.0% | ||
| Q4 24 | 14.7% | 4.0% | ||
| Q3 24 | 3.8% | 6.9% | ||
| Q2 24 | 0.4% | 3.5% | ||
| Q1 24 | 1.9% | 4.2% |
每股收益（稀释后）HLFVAC
| Q4 25 | $0.81 | $-12.00 | ||
| Q3 25 | $0.42 | $-0.07 | ||
| Q2 25 | $0.48 | $1.77 | ||
| Q1 25 | $0.49 | $1.46 | ||
| Q4 24 | $1.75 | $1.29 | ||
| Q3 24 | $0.46 | $2.12 | ||
| Q2 24 | $0.05 | $0.98 | ||
| Q1 24 | $0.24 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-515.1M | $2.0B |
| 总资产 | $2.8B | $9.8B |
| 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HLFVAC
| Q4 25 | $353.1M | $406.0M | ||
| Q3 25 | $305.5M | $474.0M | ||
| Q2 25 | $320.9M | $205.0M | ||
| Q1 25 | $329.4M | $196.0M | ||
| Q4 24 | $415.3M | $197.0M | ||
| Q3 24 | $402.5M | $197.0M | ||
| Q2 24 | $374.0M | $206.0M | ||
| Q1 24 | $398.3M | $237.0M |
总债务HLFVAC
| 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 | — | ||
| Q1 24 | $2.4B | — |
股东权益HLFVAC
| Q4 25 | $-515.1M | $2.0B | ||
| Q3 25 | $-612.0M | $2.5B | ||
| Q2 25 | $-660.5M | $2.5B | ||
| Q1 25 | $-736.0M | $2.4B | ||
| Q4 24 | $-801.1M | $2.4B | ||
| Q3 24 | $-954.2M | $2.4B | ||
| Q2 24 | $-1.0B | $2.4B | ||
| Q1 24 | $-1.0B | $2.4B |
总资产HLFVAC
| Q4 25 | $2.8B | $9.8B | ||
| Q3 25 | $2.7B | $10.1B | ||
| Q2 25 | $2.7B | $9.9B | ||
| Q1 25 | $2.7B | $9.9B | ||
| Q4 24 | $2.7B | $9.8B | ||
| Q3 24 | $2.7B | $9.7B | ||
| Q2 24 | $2.6B | $9.6B | ||
| Q1 24 | $2.6B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $-6.0M |
| 自由现金流率自由现金流/营收 | 6.2% | -0.5% |
| 资本支出强度资本支出/营收 | 1.4% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
经营现金流HLFVAC
| Q4 25 | $98.3M | $6.0M | ||
| Q3 25 | $138.8M | $62.0M | ||
| Q2 25 | $96.0M | $-48.0M | ||
| Q1 25 | $200.0K | $8.0M | ||
| Q4 24 | $69.6M | $100.0M | ||
| Q3 24 | $99.5M | $72.0M | ||
| Q2 24 | $102.5M | $30.0M | ||
| Q1 24 | $13.8M | $3.0M |
自由现金流HLFVAC
| Q4 25 | $79.8M | $-6.0M | ||
| Q3 25 | $118.0M | $51.0M | ||
| Q2 25 | $73.2M | $-68.0M | ||
| Q1 25 | $-18.1M | $-6.0M | ||
| Q4 24 | $43.9M | $86.0M | ||
| Q3 24 | $72.4M | $58.0M | ||
| Q2 24 | $66.2M | $17.0M | ||
| Q1 24 | $-19.1M | $-13.0M |
自由现金流率HLFVAC
| Q4 25 | 6.2% | -0.5% | ||
| Q3 25 | 9.3% | 4.3% | ||
| Q2 25 | 5.8% | -5.9% | ||
| Q1 25 | -1.5% | -0.5% | ||
| Q4 24 | 3.6% | 6.9% | ||
| Q3 24 | 5.8% | 4.8% | ||
| Q2 24 | 5.2% | 1.6% | ||
| Q1 24 | -1.5% | -1.2% |
资本支出强度HLFVAC
| Q4 25 | 1.4% | 1.0% | ||
| Q3 25 | 1.6% | 0.9% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 1.5% | 1.3% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 2.2% | 1.1% | ||
| Q2 24 | 2.8% | 1.2% | ||
| Q1 24 | 2.6% | 1.4% |
现金转化率HLFVAC
| Q4 25 | 1.15× | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 1.95× | -0.70× | ||
| Q1 25 | 0.00× | 0.14× | ||
| Q4 24 | 0.39× | 2.00× | ||
| Q3 24 | 2.10× | 0.86× | ||
| Q2 24 | 21.81× | 0.81× | ||
| Q1 24 | 0.57× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
