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仲量联行（JLL）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
仲量联行的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的6.2倍（$7.6B vs $1.2B）。仲量联行净利率更高（5.3% vs -35.0%，领先40.3%）。仲量联行同比增速更快（11.7% vs -0.7%）。过去两年仲量联行的营收复合增速更高（21.9% vs 5.2%）
仲量联行（JLL）是总部位于美国芝加哥的全球知名房地产服务企业，位列《财富》世界500强第188位，在80个国家设有办事处，面向机构投资者、散户投资者及高净值人群提供全球投资管理服务，同时通过JLL Technologies推出科技产品，旗下PropTech基金JLL Spark主营地产科技领域风险投资。
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。
JLL vs VAC — 直观对比
营收规模更大
JLL
是对方的6.2倍
$1.2B
营收增速更快
JLL
高出12.4%
-0.7%
净利率更高
JLL
高出40.3%
-35.0%
两年增速更快
JLL
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $1.2B |
| 净利润 | $401.8M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.7% | — |
| 净利率 | 5.3% | -35.0% |
| 营收同比 | 11.7% | -0.7% |
| 净利润同比 | 66.6% | -962.0% |
| 每股收益（稀释后） | $8.33 | $-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JLLVAC
| Q4 25 | $7.6B | $1.2B | ||
| Q3 25 | $6.5B | $1.2B | ||
| Q2 25 | $6.3B | $1.2B | ||
| Q1 25 | $5.7B | $1.1B | ||
| Q4 24 | $6.8B | $1.2B | ||
| Q3 24 | $5.9B | $1.2B | ||
| Q2 24 | $5.6B | $1.1B | ||
| Q1 24 | $5.1B | $1.1B |
净利润JLLVAC
| Q4 25 | $401.8M | $-431.0M | ||
| Q3 25 | $222.4M | $-2.0M | ||
| Q2 25 | $110.5M | $69.0M | ||
| Q1 25 | $57.5M | $56.0M | ||
| Q4 24 | $241.2M | $50.0M | ||
| Q3 24 | $155.1M | $84.0M | ||
| Q2 24 | $84.4M | $37.0M | ||
| Q1 24 | $66.1M | $47.0M |
营业利润率JLLVAC
| Q4 25 | 6.7% | — | ||
| Q3 25 | 4.2% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 2.2% | — |
净利率JLLVAC
| Q4 25 | 5.3% | -35.0% | ||
| Q3 25 | 3.4% | -0.2% | ||
| Q2 25 | 1.8% | 6.0% | ||
| Q1 25 | 1.0% | 5.0% | ||
| Q4 24 | 3.5% | 4.0% | ||
| Q3 24 | 2.6% | 6.9% | ||
| Q2 24 | 1.5% | 3.5% | ||
| Q1 24 | 1.3% | 4.2% |
每股收益（稀释后）JLLVAC
| Q4 25 | $8.33 | $-12.00 | ||
| Q3 25 | $4.61 | $-0.07 | ||
| Q2 25 | $2.32 | $1.77 | ||
| Q1 25 | $1.14 | $1.46 | ||
| Q4 24 | $4.98 | $1.29 | ||
| Q3 24 | $3.20 | $2.12 | ||
| Q2 24 | $1.75 | $0.98 | ||
| Q1 24 | $1.37 | $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 | $599.1M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.5B | $2.0B |
| 总资产 | $17.8B | $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JLLVAC
| Q4 25 | $599.1M | $406.0M | ||
| Q3 25 | $428.9M | $474.0M | ||
| Q2 25 | $401.4M | $205.0M | ||
| Q1 25 | $432.4M | $196.0M | ||
| Q4 24 | $416.3M | $197.0M | ||
| Q3 24 | $437.8M | $197.0M | ||
| Q2 24 | $424.4M | $206.0M | ||
| Q1 24 | $396.7M | $237.0M |
股东权益JLLVAC
| Q4 25 | $7.5B | $2.0B | ||
| Q3 25 | $7.2B | $2.5B | ||
| Q2 25 | $7.0B | $2.5B | ||
| Q1 25 | $6.8B | $2.4B | ||
| Q4 24 | $6.8B | $2.4B | ||
| Q3 24 | $6.6B | $2.4B | ||
| Q2 24 | $6.4B | $2.4B | ||
| Q1 24 | $6.3B | $2.4B |
总资产JLLVAC
| Q4 25 | $17.8B | $9.8B | ||
| Q3 25 | $17.2B | $10.1B | ||
| Q2 25 | $17.3B | $9.9B | ||
| Q1 25 | $16.6B | $9.9B | ||
| Q4 24 | $16.8B | $9.8B | ||
| Q3 24 | $17.8B | $9.7B | ||
| Q2 24 | $15.9B | $9.6B | ||
| Q1 24 | $15.5B | $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 | $1.0B | $6.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 2.52× | — |
| 过去12个月自由现金流最近4个季度 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流JLLVAC
| Q4 25 | $1.0B | $6.0M | ||
| Q3 25 | $617.1M | $62.0M | ||
| Q2 25 | $332.8M | $-48.0M | ||
| Q1 25 | $-767.6M | $8.0M | ||
| Q4 24 | $927.3M | $100.0M | ||
| Q3 24 | $261.6M | $72.0M | ||
| Q2 24 | $273.9M | $30.0M | ||
| Q1 24 | $-677.5M | $3.0M |
自由现金流JLLVAC
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率JLLVAC
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度JLLVAC
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率JLLVAC
| Q4 25 | 2.52× | — | ||
| Q3 25 | 2.77× | — | ||
| Q2 25 | 3.01× | -0.70× | ||
| Q1 25 | -13.35× | 0.14× | ||
| Q4 24 | 3.84× | 2.00× | ||
| Q3 24 | 1.69× | 0.86× | ||
| Q2 24 | 3.25× | 0.81× | ||
| Q1 24 | -10.25× | 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
JLL
| Workplace Management | $3.8B | 50% |
| Project Management | $1.1B | 15% |
| Leasing Advisory | $1.0B | 13% |
| Leasing | $964.9M | 13% |
| Property Management | $480.2M | 6% |
| Portfolio Services And Other | $152.1M | 2% |
| Advisory Fees | $98.1M | 1% |
| Loan Servicing | $42.2M | 1% |
| Transaction Fees Other | $16.4M | 0% |
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% |
