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万豪国际（MAR）与美国再保险集团（RGA）财务数据对比。点击上方公司名可切换其他公司
万豪国际的季度营收约是美国再保险集团的1.0倍（$6.7B vs $6.6B），美国再保险集团净利率更高（7.0% vs 6.7%，领先0.3%），美国再保险集团同比增速更快（26.6% vs 4.1%），过去两年万豪国际的营收复合增速更高（5.8% vs 2.3%）
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。
美国再保险集团（RGA）是总部位于美国密苏里州大圣路易斯地区西郊切斯特菲尔德的全球人寿与健康再保险控股集团。截至2024年12月31日，集团有效人寿再保额约3.9万亿美元，总资产达1187亿美元，是全球唯一主营人寿及健康相关再保险业务的国际企业。
MAR vs RGA — 直观对比
营收规模更大
MAR
是对方的1.0倍
$6.6B
营收增速更快
RGA
高出22.5%
4.1%
净利率更高
RGA
高出0.3%
6.7%
两年增速更快
MAR
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $6.6B |
| 净利润 | $445.0M | $463.0M |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 7.7% |
| 净利率 | 6.7% | 7.0% |
| 营收同比 | 4.1% | 26.6% |
| 净利润同比 | -2.2% | 212.8% |
| 每股收益（稀释后） | $1.67 | $6.91 |
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MARRGA
| Q4 25 | $6.7B | $6.6B | ||
| Q3 25 | $6.5B | $6.2B | ||
| Q2 25 | $6.7B | $5.6B | ||
| Q1 25 | $6.3B | $5.3B | ||
| Q4 24 | $6.4B | $5.2B | ||
| Q3 24 | $6.3B | $5.7B | ||
| Q2 24 | $6.4B | $4.9B | ||
| Q1 24 | $6.0B | $6.3B |
净利润MARRGA
| Q4 25 | $445.0M | $463.0M | ||
| Q3 25 | $728.0M | $253.0M | ||
| Q2 25 | $763.0M | $180.0M | ||
| Q1 25 | $665.0M | $286.0M | ||
| Q4 24 | $455.0M | $148.0M | ||
| Q3 24 | $584.0M | $156.0M | ||
| Q2 24 | $772.0M | $203.0M | ||
| Q1 24 | $564.0M | $210.0M |
营业利润率MARRGA
| Q4 25 | 11.6% | 7.7% | ||
| Q3 25 | 18.2% | 5.2% | ||
| Q2 25 | 18.3% | 6.1% | ||
| Q1 25 | 15.1% | 7.0% | ||
| Q4 24 | 11.7% | 4.3% | ||
| Q3 24 | 15.1% | 3.8% | ||
| Q2 24 | 18.6% | 5.5% | ||
| Q1 24 | 14.7% | 4.3% |
净利率MARRGA
| Q4 25 | 6.7% | 7.0% | ||
| Q3 25 | 11.2% | 4.1% | ||
| Q2 25 | 11.3% | 3.2% | ||
| Q1 25 | 10.6% | 5.4% | ||
| Q4 24 | 7.1% | 2.8% | ||
| Q3 24 | 9.3% | 2.8% | ||
| Q2 24 | 12.0% | 4.2% | ||
| Q1 24 | 9.4% | 3.3% |
每股收益（稀释后）MARRGA
| Q4 25 | $1.67 | $6.91 | ||
| Q3 25 | $2.67 | $3.81 | ||
| Q2 25 | $2.78 | $2.70 | ||
| Q1 25 | $2.39 | $4.27 | ||
| Q4 24 | $1.64 | $2.21 | ||
| Q3 24 | $2.07 | $2.33 | ||
| Q2 24 | $2.69 | $3.03 | ||
| Q1 24 | $1.93 | $3.16 |
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 | $4.2B |
| 总债务越低越好 | $15.0B | $5.7B |
| 股东权益账面价值 | $-3.8B | $13.5B |
| 总资产 | $27.5B | $156.6B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MARRGA
| Q4 25 | $358.0M | $4.2B | ||
| Q3 25 | $678.0M | $4.6B | ||
| Q2 25 | $671.0M | $5.4B | ||
| Q1 25 | $523.0M | $5.2B | ||
| Q4 24 | $396.0M | $3.3B | ||
| Q3 24 | $394.0M | $5.2B | ||
| Q2 24 | $349.0M | $4.6B | ||
| Q1 24 | $429.0M | $5.9B |
总债务MARRGA
| Q4 25 | $15.0B | $5.7B | ||
| Q3 25 | $14.4B | $5.7B | ||
| Q2 25 | $14.5B | $5.7B | ||
| Q1 25 | $14.1B | $5.7B | ||
| Q4 24 | $13.1B | $5.0B | ||
| Q3 24 | $12.7B | $5.1B | ||
| Q2 24 | $12.2B | $5.1B | ||
| Q1 24 | $11.7B | $4.4B |
股东权益MARRGA
| Q4 25 | $-3.8B | $13.5B | ||
| Q3 25 | $-3.1B | $13.0B | ||
| Q2 25 | $-3.0B | $12.1B | ||
| Q1 25 | $-3.2B | $11.4B | ||
| Q4 24 | $-3.0B | $10.8B | ||
| Q3 24 | $-2.4B | $11.1B | ||
| Q2 24 | $-2.1B | $9.7B | ||
| Q1 24 | $-1.6B | $9.5B |
总资产MARRGA
| Q4 25 | $27.5B | $156.6B | ||
| Q3 25 | $27.8B | $152.0B | ||
| Q2 25 | $27.3B | $133.5B | ||
| Q1 25 | $26.7B | $128.2B | ||
| Q4 24 | $26.2B | $118.7B | ||
| Q3 24 | $26.2B | $120.3B | ||
| Q2 24 | $25.7B | $109.9B | ||
| Q1 24 | $25.8B | $106.0B |
负债/权益比MARRGA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.47× |
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 | $7.3B |
| 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× | 15.83× |
| 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MARRGA
| Q4 25 | $829.0M | $7.3B | ||
| Q3 25 | $1.1B | $-990.0M | ||
| Q2 25 | $643.0M | $-820.0M | ||
| Q1 25 | $647.0M | $-1.4B | ||
| Q4 24 | $318.0M | $17.1B | ||
| Q3 24 | $880.0M | $-1.1B | ||
| Q2 24 | $772.0M | $-967.0M | ||
| Q1 24 | $779.0M | $-5.7B |
自由现金流MARRGA
| 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 | — | ||
| Q1 24 | $670.0M | — |
自由现金流率MARRGA
| 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% | — | ||
| Q1 24 | 11.2% | — |
资本支出强度MARRGA
| 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% | — | ||
| Q1 24 | 1.8% | — |
现金转化率MARRGA
| Q4 25 | 1.86× | 15.83× | ||
| Q3 25 | 1.50× | -3.91× | ||
| Q2 25 | 0.84× | -4.56× | ||
| Q1 25 | 0.97× | -5.00× | ||
| Q4 24 | 0.70× | 115.81× | ||
| Q3 24 | 1.51× | -6.84× | ||
| Q2 24 | 1.00× | -4.76× | ||
| Q1 24 | 1.38× | -27.31× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
