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哈雷戴维森（HOG）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
Ryman Hospitality Properties, Inc.的季度营收约是哈雷戴维森的1.9倍（$737.8M vs $390.5M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs -72.3%，领先82.4%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $58.5M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
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。
HOG vs RHP — 直观对比
营收规模更大
RHP
是对方的1.9倍
$390.5M
营收增速更快
RHP
高出23.3%
-9.4%
净利率更高
RHP
高出82.4%
-72.3%
自由现金流更多
HOG
多$41.9M
$58.5M
两年增速更快
RHP
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $737.8M |
| 净利润 | $-282.6M | $74.5M |
| 毛利率 | -7.9% | 41.4% |
| 营业利润率 | -92.4% | 19.4% |
| 净利率 | -72.3% | 10.1% |
| 营收同比 | -9.4% | 13.9% |
| 净利润同比 | -138.6% | 3.0% |
| 每股收益（稀释后） | $-2.27 | $1.12 |
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HOGRHP
| Q4 25 | $390.5M | $737.8M | ||
| Q3 25 | $1.1B | $592.5M | ||
| Q2 25 | $1.0B | $659.5M | ||
| Q1 25 | $1.1B | $587.3M | ||
| Q4 24 | $430.9M | $647.6M | ||
| Q3 24 | $881.2M | $550.0M | ||
| Q2 24 | $1.4B | $613.3M | ||
| Q1 24 | $1.5B | $528.3M |
净利润HOGRHP
| Q4 25 | $-282.6M | $74.5M | ||
| Q3 25 | $377.4M | $34.9M | ||
| Q2 25 | $107.6M | $71.8M | ||
| Q1 25 | $133.1M | $63.0M | ||
| Q4 24 | $-118.4M | $72.3M | ||
| Q3 24 | $119.0M | $59.0M | ||
| Q2 24 | $218.3M | $100.8M | ||
| Q1 24 | $234.9M | $42.8M |
毛利率HOGRHP
| Q4 25 | -7.9% | 41.4% | ||
| Q3 25 | 26.0% | 40.9% | ||
| Q2 25 | 28.5% | 49.7% | ||
| Q1 25 | 28.9% | 44.4% | ||
| Q4 24 | -2.0% | 40.4% | ||
| Q3 24 | 29.8% | 43.1% | ||
| Q2 24 | 31.8% | 48.4% | ||
| Q1 24 | 30.9% | 41.5% |
营业利润率HOGRHP
| Q4 25 | -92.4% | 19.4% | ||
| Q3 25 | 44.0% | 15.0% | ||
| Q2 25 | 10.7% | 21.1% | ||
| Q1 25 | 14.8% | 19.8% | ||
| Q4 24 | -44.9% | 18.6% | ||
| Q3 24 | 12.0% | 19.3% | ||
| Q2 24 | 17.8% | 27.4% | ||
| Q1 24 | 17.8% | 18.2% |
净利率HOGRHP
| Q4 25 | -72.3% | 10.1% | ||
| Q3 25 | 35.0% | 5.9% | ||
| Q2 25 | 10.2% | 10.9% | ||
| Q1 25 | 12.3% | 10.7% | ||
| Q4 24 | -27.5% | 11.2% | ||
| Q3 24 | 13.5% | 10.7% | ||
| Q2 24 | 16.1% | 16.4% | ||
| Q1 24 | 15.9% | 8.1% |
每股收益（稀释后）HOGRHP
| Q4 25 | $-2.27 | $1.12 | ||
| Q3 25 | $3.10 | $0.53 | ||
| Q2 25 | $0.88 | $1.12 | ||
| Q1 25 | $1.07 | $1.00 | ||
| Q4 24 | $-0.82 | $1.12 | ||
| Q3 24 | $0.91 | $0.94 | ||
| Q2 24 | $1.63 | $1.65 | ||
| Q1 24 | $1.72 | $0.67 |
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 | $3.1B | $471.4M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $750.2M |
| 总资产 | $8.0B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGRHP
| Q4 25 | $3.1B | $471.4M | ||
| Q3 25 | $1.8B | $483.3M | ||
| Q2 25 | $1.6B | $420.6M | ||
| Q1 25 | $1.9B | $413.9M | ||
| Q4 24 | $1.6B | $477.7M | ||
| Q3 24 | $2.2B | $534.9M | ||
| Q2 24 | $1.8B | $498.4M | ||
| Q1 24 | $1.5B | $465.3M |
总债务HOGRHP
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | — |
股东权益HOGRHP
| Q4 25 | $3.1B | $750.2M | ||
| Q3 25 | $3.6B | $758.5M | ||
| Q2 25 | $3.3B | $800.4M | ||
| Q1 25 | $3.2B | $531.5M | ||
| Q4 24 | $3.2B | $549.0M | ||
| Q3 24 | $3.4B | $551.9M | ||
| Q2 24 | $3.4B | $562.6M | ||
| Q1 24 | $3.3B | $529.9M |
总资产HOGRHP
| Q4 25 | $8.0B | $6.2B | ||
| Q3 25 | $10.6B | $6.2B | ||
| Q2 25 | $12.1B | $6.1B | ||
| Q1 25 | $12.4B | $5.2B | ||
| Q4 24 | $11.9B | $5.2B | ||
| Q3 24 | $13.0B | $5.2B | ||
| Q2 24 | $12.8B | $5.1B | ||
| Q1 24 | $12.3B | $5.1B |
负债/权益比HOGRHP
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | 1.88× | — |
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 | $152.0M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $58.5M |
| 自由现金流率自由现金流/营收 | 25.7% | 7.9% |
| 资本支出强度资本支出/营收 | 13.2% | 14.4% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | $415.2M | $232.4M |
8季度趋势，按日历期对齐
经营现金流HOGRHP
| Q4 25 | $152.0M | $164.7M | ||
| Q3 25 | $-92.6M | $205.2M | ||
| Q2 25 | $368.0M | $122.5M | ||
| Q1 25 | $141.5M | $98.2M | ||
| Q4 24 | $133.2M | $166.6M | ||
| Q3 24 | $353.0M | $218.1M | ||
| Q2 24 | $473.6M | $184.3M | ||
| Q1 24 | $104.0M | $7.5M |
自由现金流HOGRHP
| Q4 25 | $100.4M | $58.5M | ||
| Q3 25 | $-129.1M | $135.4M | ||
| Q2 25 | $332.4M | $53.0M | ||
| Q1 25 | $111.6M | $-14.5M | ||
| Q4 24 | $77.0M | $76.0M | ||
| Q3 24 | $300.4M | $85.7M | ||
| Q2 24 | $432.2M | $78.8M | ||
| Q1 24 | $57.6M | $-72.0M |
自由现金流率HOGRHP
| Q4 25 | 25.7% | 7.9% | ||
| Q3 25 | -12.0% | 22.9% | ||
| Q2 25 | 31.7% | 8.0% | ||
| Q1 25 | 10.3% | -2.5% | ||
| Q4 24 | 17.9% | 11.7% | ||
| Q3 24 | 34.1% | 15.6% | ||
| Q2 24 | 31.9% | 12.9% | ||
| Q1 24 | 3.9% | -13.6% |
资本支出强度HOGRHP
| Q4 25 | 13.2% | 14.4% | ||
| Q3 25 | 3.4% | 11.8% | ||
| Q2 25 | 3.4% | 10.5% | ||
| Q1 25 | 2.8% | 19.2% | ||
| Q4 24 | 13.0% | 14.0% | ||
| Q3 24 | 6.0% | 24.1% | ||
| Q2 24 | 3.1% | 17.2% | ||
| Q1 24 | 3.1% | 15.0% |
现金转化率HOGRHP
| Q4 25 | — | 2.21× | ||
| Q3 25 | -0.25× | 5.88× | ||
| Q2 25 | 3.42× | 1.71× | ||
| Q1 25 | 1.06× | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 2.97× | 3.70× | ||
| Q2 24 | 2.17× | 1.83× | ||
| Q1 24 | 0.44× | 0.17× |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
