vs
Host Hotels & Resorts（HST）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
Host Hotels & Resorts的季度营收约是维多利亚的秘密的1.1倍（$1.6B vs $1.5B），Host Hotels & Resorts净利率更高（8.4% vs -2.5%，领先10.9%），Host Hotels & Resorts同比增速更快（12.3% vs 9.3%），Host Hotels & Resorts自由现金流更多（$445.0M vs $-232.0M），过去两年Host Hotels & Resorts的营收复合增速更高（4.4% vs -15.9%）
Host Hotels & Resorts是总部位于美国马里兰州贝塞斯达的房地产投资信托企业，专注于高端酒店资产投资。截至2024年12月31日，公司在美国、巴西、加拿大共持有81家高端酒店，总客房数约4.34万间，是全球知名的酒店不动产投资机构。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
HST vs VSCO — 直观对比
营收规模更大
HST
是对方的1.1倍
$1.5B
营收增速更快
HST
高出3.0%
9.3%
净利率更高
HST
高出10.9%
-2.5%
自由现金流更多
HST
多$677.0M
$-232.0M
两年增速更快
HST
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $135.0M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 12.0% | -1.3% |
| 净利率 | 8.4% | -2.5% |
| 营收同比 | 12.3% | 9.3% |
| 净利润同比 | 25.0% | 33.9% |
| 每股收益（稀释后） | $0.20 | $-0.46 |
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HSTVSCO
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.5B | $1.4B | ||
| Q1 24 | $1.5B | $2.1B |
净利润HSTVSCO
| Q4 25 | $135.0M | $-37.0M | ||
| Q3 25 | $161.0M | $16.0M | ||
| Q2 25 | $221.0M | $-2.0M | ||
| Q1 25 | $248.0M | $193.0M | ||
| Q4 24 | $108.0M | $-56.0M | ||
| Q3 24 | $82.0M | $32.0M | ||
| Q2 24 | $239.0M | $-4.0M | ||
| Q1 24 | $268.0M | $180.0M |
毛利率HSTVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率HSTVSCO
| Q4 25 | 12.0% | -1.3% | ||
| Q3 25 | 7.6% | 2.8% | ||
| Q2 25 | 17.5% | 1.5% | ||
| Q1 25 | 17.9% | 12.8% | ||
| Q4 24 | 11.0% | -3.5% | ||
| Q3 24 | 10.2% | 4.4% | ||
| Q2 24 | 19.9% | 1.9% | ||
| Q1 24 | 19.8% | 12.4% |
净利率HSTVSCO
| Q4 25 | 8.4% | -2.5% | ||
| Q3 25 | 12.1% | 1.1% | ||
| Q2 25 | 13.9% | -0.1% | ||
| Q1 25 | 15.6% | 9.2% | ||
| Q4 24 | 7.6% | -4.2% | ||
| Q3 24 | 6.2% | 2.3% | ||
| Q2 24 | 16.3% | -0.3% | ||
| Q1 24 | 18.2% | 8.6% |
每股收益（稀释后）HSTVSCO
| Q4 25 | $0.20 | $-0.46 | ||
| Q3 25 | $0.23 | $0.20 | ||
| Q2 25 | $0.32 | $-0.02 | ||
| Q1 25 | $0.35 | $2.41 | ||
| Q4 24 | $0.15 | $-0.71 | ||
| Q3 24 | $0.12 | $0.40 | ||
| Q2 24 | $0.34 | $-0.05 | ||
| Q1 24 | $0.38 | $2.32 |
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 | $768.0M | $249.0M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $6.6B | $653.0M |
| 总资产 | $13.0B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资HSTVSCO
| Q4 25 | $768.0M | $249.0M | ||
| Q3 25 | $539.0M | $188.0M | ||
| Q2 25 | $490.0M | $138.0M | ||
| Q1 25 | $428.0M | $227.0M | ||
| Q4 24 | $554.0M | $161.0M | ||
| Q3 24 | $564.0M | $169.0M | ||
| Q2 24 | $805.0M | $105.0M | ||
| Q1 24 | $1.3B | $270.0M |
总债务HSTVSCO
| Q4 25 | $1.3B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $896.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HSTVSCO
| Q4 25 | $6.6B | $653.0M | ||
| Q3 25 | $6.7B | $680.0M | ||
| Q2 25 | $6.6B | $645.0M | ||
| Q1 25 | $6.7B | $640.0M | ||
| Q4 24 | $6.6B | $429.0M | ||
| Q3 24 | $6.7B | $472.0M | ||
| Q2 24 | $6.8B | $423.0M | ||
| Q1 24 | $6.7B | $417.0M |
总资产HSTVSCO
| Q4 25 | $13.0B | $5.1B | ||
| Q3 25 | $13.0B | $4.8B | ||
| Q2 25 | $13.0B | $4.6B | ||
| Q1 25 | $12.9B | $4.5B | ||
| Q4 24 | $13.0B | $4.9B | ||
| Q3 24 | $13.1B | $4.6B | ||
| Q2 24 | $12.4B | $4.4B | ||
| Q1 24 | $12.5B | $4.6B |
负债/权益比HSTVSCO
| Q4 25 | 0.19× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $543.0M | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $445.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 27.8% | -15.8% |
| 资本支出强度资本支出/营收 | 6.1% | 3.5% |
| 现金转化率经营现金流/净利润 | 4.02× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $309.0M |
8季度趋势，按日历期对齐
经营现金流HSTVSCO
| Q4 25 | $543.0M | $-180.0M | ||
| Q3 25 | $218.0M | $156.0M | ||
| Q2 25 | $444.0M | $-150.0M | ||
| Q1 25 | $305.0M | $674.0M | ||
| Q4 24 | $331.0M | $-248.0M | ||
| Q3 24 | $349.0M | $115.0M | ||
| Q2 24 | $453.0M | $-116.0M | ||
| Q1 24 | $365.0M | $589.0M |
自由现金流HSTVSCO
| Q4 25 | $445.0M | $-232.0M | ||
| Q3 25 | $143.0M | $88.0M | ||
| Q2 25 | $381.0M | $-193.0M | ||
| Q1 25 | $259.0M | $646.0M | ||
| Q4 24 | $235.0M | $-299.0M | ||
| Q3 24 | $262.0M | $55.0M | ||
| Q2 24 | $409.0M | $-155.0M | ||
| Q1 24 | $332.0M | $557.0M |
自由现金流率HSTVSCO
| Q4 25 | 27.8% | -15.8% | ||
| Q3 25 | 10.7% | 6.0% | ||
| Q2 25 | 24.0% | -14.3% | ||
| Q1 25 | 16.2% | 30.7% | ||
| Q4 24 | 16.5% | -22.2% | ||
| Q3 24 | 19.9% | 3.9% | ||
| Q2 24 | 27.9% | -11.4% | ||
| Q1 24 | 22.6% | 26.7% |
资本支出强度HSTVSCO
| Q4 25 | 6.1% | 3.5% | ||
| Q3 25 | 5.6% | 4.7% | ||
| Q2 25 | 4.0% | 3.2% | ||
| Q1 25 | 2.9% | 1.3% | ||
| Q4 24 | 6.7% | 3.8% | ||
| Q3 24 | 6.6% | 4.2% | ||
| Q2 24 | 3.0% | 2.9% | ||
| Q1 24 | 2.2% | 1.5% |
现金转化率HSTVSCO
| Q4 25 | 4.02× | — | ||
| Q3 25 | 1.35× | 9.75× | ||
| Q2 25 | 2.01× | — | ||
| Q1 25 | 1.23× | 3.49× | ||
| Q4 24 | 3.06× | — | ||
| Q3 24 | 4.26× | 3.59× | ||
| Q2 24 | 1.90× | — | ||
| Q1 24 | 1.36× | 3.27× |
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
HST
暂无分部数据
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
