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Linkhome Holdings Inc.（LHAI）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Linkhome Holdings Inc.的242.4倍（$1.2B vs $5.1M）。Linkhome Holdings Inc.净利率更高（-0.4% vs -35.0%，领先34.6%）
联家控股有限公司是一家综合住宅租赁与物业管理服务商，主要面向中国市场运营，为业主与个人租客提供精装长短租公寓、物业维护、租客支持及相关增值服务，业务覆盖国内多个一二线核心城市。
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。
LHAI vs VAC — 直观对比
营收规模更大
VAC
是对方的242.4倍
$5.1M
净利率更高
LHAI
高出34.6%
-35.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.1M | $1.2B |
| 净利润 | $-19.9K | $-431.0M |
| 毛利率 | 3.8% | — |
| 营业利润率 | -1.4% | — |
| 净利率 | -0.4% | -35.0% |
| 营收同比 | — | -0.7% |
| 净利润同比 | — | -962.0% |
| 每股收益（稀释后） | — | $-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LHAIVAC
| Q4 25 | $5.1M | $1.2B | ||
| Q3 25 | $5.4M | $1.2B | ||
| Q2 25 | $4.8M | $1.2B | ||
| Q1 25 | $5.7M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $234.9K | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
净利润LHAIVAC
| Q4 25 | $-19.9K | $-431.0M | ||
| Q3 25 | $-305 | $-2.0M | ||
| Q2 25 | $14.4K | $69.0M | ||
| Q1 25 | $80.6K | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $284.1K | $84.0M | ||
| Q2 24 | — | $37.0M | ||
| Q1 24 | — | $47.0M |
毛利率LHAIVAC
| Q4 25 | 3.8% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率LHAIVAC
| Q4 25 | -1.4% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
净利率LHAIVAC
| Q4 25 | -0.4% | -35.0% | ||
| Q3 25 | -0.0% | -0.2% | ||
| Q2 25 | 0.3% | 6.0% | ||
| Q1 25 | 1.4% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 121.0% | 6.9% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 4.2% |
每股收益（稀释后）LHAIVAC
| Q4 25 | — | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 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 | $7.0M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.6M | $2.0B |
| 总资产 | $10.0M | $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LHAIVAC
| Q4 25 | $7.0M | $406.0M | ||
| Q3 25 | $3.7M | $474.0M | ||
| Q2 25 | $2.6M | $205.0M | ||
| Q1 25 | $709.1K | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | $718.1K | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
股东权益LHAIVAC
| Q4 25 | $7.6M | $2.0B | ||
| Q3 25 | $7.2M | $2.5B | ||
| Q2 25 | $2.5M | $2.5B | ||
| Q1 25 | $2.5M | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $2.0M | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总资产LHAIVAC
| Q4 25 | $10.0M | $9.8B | ||
| Q3 25 | $8.6M | $10.1B | ||
| Q2 25 | $3.6M | $9.9B | ||
| Q1 25 | $3.4M | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | $2.9M | $9.7B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $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 | $2.8M | $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 | — | — |
| 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LHAIVAC
| Q4 25 | $2.8M | $6.0M | ||
| Q3 25 | $-3.1M | $62.0M | ||
| Q2 25 | $1.7M | $-48.0M | ||
| Q1 25 | $-893.8K | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | — | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $3.0M |
自由现金流LHAIVAC
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | $-3.0M | $-68.0M | ||
| Q1 25 | $-1.8M | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率LHAIVAC
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | -62.0% | -5.9% | ||
| Q1 25 | -31.7% | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度LHAIVAC
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | 97.5% | 1.7% | ||
| Q1 25 | 16.0% | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率LHAIVAC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 118.08× | -0.70× | ||
| Q1 25 | -11.09× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 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
LHAI
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% |
