vs
万豪国际（MAR）与摩根士丹利（MS）财务数据对比。点击上方公司名可切换其他公司
摩根士丹利的季度营收约是万豪国际的1.6倍（$10.7B vs $6.7B），摩根士丹利净利率更高（52.6% vs 6.7%，领先45.9%），摩根士丹利同比增速更快（16.0% vs 4.1%），过去两年万豪国际的营收复合增速更高（5.8% vs -15.8%）
万豪国际是美国跨国酒店管理集团，主营业务为运营、特许经营及授权各类住宿品牌，覆盖酒店、住宅、分时度假等多元物业类型。集团旗下拥有37个以上酒店及时度假品牌，全球布局9000余处经营点位，客房总量超159万间，总部位于美国马里兰州贝塞斯达，脱胎于原万豪集团的酒店业务板块。
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
MAR vs MS — 直观对比
营收规模更大
MS
是对方的1.6倍
$6.7B
营收增速更快
MS
高出12.0%
4.1%
净利率更高
MS
高出45.9%
6.7%
两年增速更快
MAR
近两年复合增速
-15.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $10.7B |
| 净利润 | $445.0M | $5.6B |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | — |
| 净利率 | 6.7% | 52.6% |
| 营收同比 | 4.1% | 16.0% |
| 净利润同比 | -2.2% | — |
| 每股收益（稀释后） | $1.67 | — |
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MARMS
| Q1 26 | — | $10.7B | ||
| Q4 25 | $6.7B | $17.9B | ||
| Q3 25 | $6.5B | $18.2B | ||
| Q2 25 | $6.7B | $16.8B | ||
| Q1 25 | $6.3B | $17.7B | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.3B | $15.4B | ||
| Q2 24 | $6.4B | $15.0B |
净利润MARMS
| Q1 26 | — | $5.6B | ||
| Q4 25 | $445.0M | $4.4B | ||
| Q3 25 | $728.0M | $4.6B | ||
| Q2 25 | $763.0M | $3.5B | ||
| Q1 25 | $665.0M | $4.3B | ||
| Q4 24 | $455.0M | — | ||
| Q3 24 | $584.0M | $3.2B | ||
| Q2 24 | $772.0M | $3.1B |
营业利润率MARMS
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 32.2% | ||
| Q3 25 | 18.2% | 33.1% | ||
| Q2 25 | 18.3% | 27.5% | ||
| Q1 25 | 15.1% | 31.3% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 15.1% | 27.4% | ||
| Q2 24 | 18.6% | 27.1% |
净利率MARMS
| Q1 26 | — | 52.6% | ||
| Q4 25 | 6.7% | 24.6% | ||
| Q3 25 | 11.2% | 25.3% | ||
| Q2 25 | 11.3% | 21.1% | ||
| Q1 25 | 10.6% | 24.3% | ||
| Q4 24 | 7.1% | — | ||
| Q3 24 | 9.3% | 20.7% | ||
| Q2 24 | 12.0% | 20.5% |
每股收益（稀释后）MARMS
| Q1 26 | — | — | ||
| Q4 25 | $1.67 | $2.68 | ||
| Q3 25 | $2.67 | $2.80 | ||
| Q2 25 | $2.78 | $2.13 | ||
| Q1 25 | $2.39 | $2.60 | ||
| Q4 24 | $1.64 | — | ||
| Q3 24 | $2.07 | $1.88 | ||
| Q2 24 | $2.69 | $1.82 |
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 | $358.0M | — |
| 总债务越低越好 | $15.0B | — |
| 股东权益账面价值 | $-3.8B | $5.1M |
| 总资产 | $27.5B | $1581.4B |
| 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MARMS
| Q1 26 | — | — | ||
| Q4 25 | $358.0M | $111.7B | ||
| Q3 25 | $678.0M | $103.7B | ||
| Q2 25 | $671.0M | $109.1B | ||
| Q1 25 | $523.0M | $90.7B | ||
| Q4 24 | $396.0M | — | ||
| Q3 24 | $394.0M | $91.1B | ||
| Q2 24 | $349.0M | $90.2B |
总债务MARMS
| Q1 26 | — | — | ||
| Q4 25 | $15.0B | $341.7B | ||
| Q3 25 | $14.4B | $324.1B | ||
| Q2 25 | $14.5B | $320.1B | ||
| Q1 25 | $14.1B | $297.0B | ||
| Q4 24 | $13.1B | — | ||
| Q3 24 | $12.7B | $291.2B | ||
| Q2 24 | $12.2B | $269.9B |
股东权益MARMS
| Q1 26 | — | $5.1M | ||
| Q4 25 | $-3.8B | $111.6B | ||
| Q3 25 | $-3.1B | $110.0B | ||
| Q2 25 | $-3.0B | $108.2B | ||
| Q1 25 | $-3.2B | $106.8B | ||
| Q4 24 | $-3.0B | — | ||
| Q3 24 | $-2.4B | $103.6B | ||
| Q2 24 | $-2.1B | $100.7B |
总资产MARMS
| Q1 26 | — | $1581.4B | ||
| Q4 25 | $27.5B | $1420.3B | ||
| Q3 25 | $27.8B | $1364.8B | ||
| Q2 25 | $27.3B | $1353.9B | ||
| Q1 25 | $26.7B | $1300.3B | ||
| Q4 24 | $26.2B | — | ||
| Q3 24 | $26.2B | $1258.0B | ||
| Q2 24 | $25.7B | $1212.4B |
负债/权益比MARMS
| Q1 26 | — | — | ||
| Q4 25 | — | 3.06× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 2.96× | ||
| Q1 25 | — | 2.78× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.81× | ||
| Q2 24 | — | 2.68× |
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 | $829.0M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MARMS
| Q1 26 | — | — | ||
| Q4 25 | $829.0M | $-2.4B | ||
| Q3 25 | $1.1B | $-3.3B | ||
| Q2 25 | $643.0M | $11.8B | ||
| Q1 25 | $647.0M | $-24.0B | ||
| Q4 24 | $318.0M | — | ||
| Q3 24 | $880.0M | — | ||
| Q2 24 | $772.0M | — |
自由现金流MARMS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $951.0M | — | ||
| Q2 25 | $488.0M | — | ||
| Q1 25 | $512.0M | — | ||
| Q4 24 | $-24.0M | — | ||
| Q3 24 | $706.0M | — | ||
| Q2 24 | $647.0M | — |
自由现金流率MARMS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 8.2% | — | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 11.3% | — | ||
| Q2 24 | 10.0% | — |
资本支出强度MARMS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 1.9% | — |
现金转化率MARMS
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | -0.55× | ||
| Q3 25 | 1.50× | -0.72× | ||
| Q2 25 | 0.84× | 3.34× | ||
| Q1 25 | 0.97× | -5.56× | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 1.00× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
