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JBT Marel Corp（JBTM）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
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是JBT Marel Corp的1.2倍（$1.2B vs $1.0B），JBT Marel Corp净利率更高（5.3% vs -35.0%，领先40.3%），JBT Marel Corp同比增速更快（115.6% vs -0.7%），JBT Marel Corp自由现金流更多（$83.5M vs $-6.0M），过去两年JBT Marel Corp的营收复合增速更高（60.3% vs 5.2%）
JBT Marel Corp（原称JBT公司、约翰宾技术公司）是主营食品加工机械及自动化车辆的企业，2008年由FMC技术公司拆分非能源业务独立注册成立，总部位于美国伊利诺伊州芝加哥，发展历史可追溯至1884年加州洛斯加托斯果园主约翰·宾创办的企业。
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。
JBTM vs VAC — 直观对比
营收规模更大
VAC
是对方的1.2倍
$1.0B
营收增速更快
JBTM
高出116.3%
-0.7%
净利率更高
JBTM
高出40.3%
-35.0%
自由现金流更多
JBTM
多$89.5M
$-6.0M
两年增速更快
JBTM
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $53.1M | $-431.0M |
| 毛利率 | 34.5% | — |
| 营业利润率 | 7.2% | — |
| 净利率 | 5.3% | -35.0% |
| 营收同比 | 115.6% | -0.7% |
| 净利润同比 | 858.6% | -962.0% |
| 每股收益（稀释后） | $1.04 | $-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JBTMVAC
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $934.8M | $1.2B | ||
| Q1 25 | $854.1M | $1.1B | ||
| Q4 24 | $467.6M | $1.2B | ||
| Q3 24 | $453.8M | $1.2B | ||
| Q2 24 | $402.3M | $1.1B | ||
| Q1 24 | $392.3M | $1.1B |
净利润JBTMVAC
| Q4 25 | $53.1M | $-431.0M | ||
| Q3 25 | $66.0M | $-2.0M | ||
| Q2 25 | $3.4M | $69.0M | ||
| Q1 25 | $-173.0M | $56.0M | ||
| Q4 24 | $-7.0M | $50.0M | ||
| Q3 24 | $38.9M | $84.0M | ||
| Q2 24 | $30.7M | $37.0M | ||
| Q1 24 | $22.8M | $47.0M |
毛利率JBTMVAC
| Q4 25 | 34.5% | — | ||
| Q3 25 | 35.9% | — | ||
| Q2 25 | 35.8% | — | ||
| Q1 25 | 34.2% | — | ||
| Q4 24 | 38.4% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 35.8% | — |
营业利润率JBTMVAC
| Q4 25 | 7.2% | — | ||
| Q3 25 | 10.2% | — | ||
| Q2 25 | 5.2% | — | ||
| Q1 25 | -3.9% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 7.4% | — |
净利率JBTMVAC
| Q4 25 | 5.3% | -35.0% | ||
| Q3 25 | 6.6% | -0.2% | ||
| Q2 25 | 0.4% | 6.0% | ||
| Q1 25 | -20.3% | 5.0% | ||
| Q4 24 | -1.5% | 4.0% | ||
| Q3 24 | 8.6% | 6.9% | ||
| Q2 24 | 7.6% | 3.5% | ||
| Q1 24 | 5.8% | 4.2% |
每股收益（稀释后）JBTMVAC
| Q4 25 | $1.04 | $-12.00 | ||
| Q3 25 | $1.26 | $-0.07 | ||
| Q2 25 | $0.07 | $1.77 | ||
| Q1 25 | $-3.35 | $1.46 | ||
| Q4 24 | $-0.22 | $1.29 | ||
| Q3 24 | $1.21 | $2.12 | ||
| Q2 24 | $0.95 | $0.98 | ||
| Q1 24 | $0.71 | $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 | $167.9M | $406.0M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $4.5B | $2.0B |
| 总资产 | $8.2B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资JBTMVAC
| Q4 25 | $167.9M | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | $1.2B | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
总债务JBTMVAC
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $648.3M | — | ||
| Q2 24 | $647.7M | — | ||
| Q1 24 | $647.0M | — |
股东权益JBTMVAC
| Q4 25 | $4.5B | $2.0B | ||
| Q3 25 | $4.4B | $2.5B | ||
| Q2 25 | $4.4B | $2.5B | ||
| Q1 25 | $4.1B | $2.4B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.6B | $2.4B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.5B | $2.4B |
总资产JBTMVAC
| Q4 25 | $8.2B | $9.8B | ||
| Q3 25 | $8.2B | $10.1B | ||
| Q2 25 | $8.3B | $9.9B | ||
| Q1 25 | $8.0B | $9.9B | ||
| Q4 24 | $3.4B | $9.8B | ||
| Q3 24 | $2.8B | $9.7B | ||
| Q2 24 | $2.7B | $9.6B | ||
| Q1 24 | $2.7B | $9.9B |
负债/权益比JBTMVAC
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 0.43× | — |
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 | $117.4M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $83.5M | $-6.0M |
| 自由现金流率自由现金流/营收 | 8.3% | -0.5% |
| 资本支出强度资本支出/营收 | 3.4% | 1.0% |
| 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 | $238.1M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流JBTMVAC
| Q4 25 | $117.4M | $6.0M | ||
| Q3 25 | $87.7M | $62.0M | ||
| Q2 25 | $102.2M | $-48.0M | ||
| Q1 25 | $34.4M | $8.0M | ||
| Q4 24 | $128.7M | $100.0M | ||
| Q3 24 | $71.9M | $72.0M | ||
| Q2 24 | $21.6M | $30.0M | ||
| Q1 24 | $10.4M | $3.0M |
自由现金流JBTMVAC
| Q4 25 | $83.5M | $-6.0M | ||
| Q3 25 | $56.5M | $51.0M | ||
| Q2 25 | $83.7M | $-68.0M | ||
| Q1 25 | $14.4M | $-6.0M | ||
| Q4 24 | $118.7M | $86.0M | ||
| Q3 24 | $65.0M | $58.0M | ||
| Q2 24 | $11.1M | $17.0M | ||
| Q1 24 | $-100.0K | $-13.0M |
自由现金流率JBTMVAC
| Q4 25 | 8.3% | -0.5% | ||
| Q3 25 | 5.6% | 4.3% | ||
| Q2 25 | 9.0% | -5.9% | ||
| Q1 25 | 1.7% | -0.5% | ||
| Q4 24 | 25.4% | 6.9% | ||
| Q3 24 | 14.3% | 4.8% | ||
| Q2 24 | 2.8% | 1.6% | ||
| Q1 24 | -0.0% | -1.2% |
资本支出强度JBTMVAC
| Q4 25 | 3.4% | 1.0% | ||
| Q3 25 | 3.1% | 0.9% | ||
| Q2 25 | 2.0% | 1.7% | ||
| Q1 25 | 2.3% | 1.3% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 1.5% | 1.1% | ||
| Q2 24 | 2.6% | 1.2% | ||
| Q1 24 | 2.7% | 1.4% |
现金转化率JBTMVAC
| Q4 25 | 2.21× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 30.06× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 1.85× | 0.86× | ||
| Q2 24 | 0.70× | 0.81× | ||
| Q1 24 | 0.46× | 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
JBTM
暂无分部数据
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% |
