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万豪国际（MAR）与Ross Stores（ROST）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Ross Stores的1.2倍（$6.7B vs $5.6B），Ross Stores净利率更高（9.1% vs 6.7%，领先2.5%），Ross Stores同比增速更快（10.4% vs 4.1%），过去两年万豪国际的营收复合增速更高（5.8% vs -3.6%）
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。
Ross Stores, Inc.是美国知名折扣百货连锁集团，旗下核心品牌为Ross Dress for Less，总部位于加利福尼亚州都柏林，是美国规模最大的平价零售商。截至2024年7月，集团在全美43个州、华盛顿特区、波多黎各及关岛共运营1795家门店，暂未覆盖新英格兰地区及阿拉斯加，另拥有门店数超353家的折扣零售品牌DD's Discounts。
MAR vs ROST — 直观对比
营收规模更大
MAR
是对方的1.2倍
$5.6B
营收增速更快
ROST
高出6.4%
4.1%
净利率更高
ROST
高出2.5%
6.7%
两年增速更快
MAR
近两年复合增速
-3.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $5.6B |
| 净利润 | $445.0M | $511.9M |
| 毛利率 | — | 28.0% |
| 营业利润率 | 11.6% | 11.6% |
| 净利率 | 6.7% | 9.1% |
| 营收同比 | 4.1% | 10.4% |
| 净利润同比 | -2.2% | 4.7% |
| 每股收益（稀释后） | $1.67 | $1.58 |
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MARROST
| Q4 25 | $6.7B | $5.6B | ||
| Q3 25 | $6.5B | $5.5B | ||
| Q2 25 | $6.7B | $5.0B | ||
| Q1 25 | $6.3B | $5.9B | ||
| Q4 24 | $6.4B | $5.1B | ||
| Q3 24 | $6.3B | $5.3B | ||
| Q2 24 | $6.4B | $4.9B | ||
| Q1 24 | $6.0B | $6.0B |
净利润MARROST
| Q4 25 | $445.0M | $511.9M | ||
| Q3 25 | $728.0M | $508.0M | ||
| Q2 25 | $763.0M | $479.2M | ||
| Q1 25 | $665.0M | $586.8M | ||
| Q4 24 | $455.0M | $488.8M | ||
| Q3 24 | $584.0M | $527.1M | ||
| Q2 24 | $772.0M | $488.0M | ||
| Q1 24 | $564.0M | $609.7M |
毛利率MARROST
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | — | 28.2% | ||
| Q1 25 | — | 26.5% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | — | 28.3% | ||
| Q2 24 | — | 28.1% | ||
| Q1 24 | — | 27.3% |
营业利润率MARROST
| Q4 25 | 11.6% | 11.6% | ||
| Q3 25 | 18.2% | 11.5% | ||
| Q2 25 | 18.3% | 12.2% | ||
| Q1 25 | 15.1% | 12.4% | ||
| Q4 24 | 11.7% | 11.9% | ||
| Q3 24 | 15.1% | 12.5% | ||
| Q2 24 | 18.6% | 12.2% | ||
| Q1 24 | 14.7% | 13.2% |
净利率MARROST
| Q4 25 | 6.7% | 9.1% | ||
| Q3 25 | 11.2% | 9.2% | ||
| Q2 25 | 11.3% | 9.6% | ||
| Q1 25 | 10.6% | 9.9% | ||
| Q4 24 | 7.1% | 9.6% | ||
| Q3 24 | 9.3% | 10.0% | ||
| Q2 24 | 12.0% | 10.0% | ||
| Q1 24 | 9.4% | 10.1% |
每股收益（稀释后）MARROST
| Q4 25 | $1.67 | $1.58 | ||
| Q3 25 | $2.67 | $1.56 | ||
| Q2 25 | $2.78 | $1.47 | ||
| Q1 25 | $2.39 | $1.79 | ||
| Q4 24 | $1.64 | $1.48 | ||
| Q3 24 | $2.07 | $1.59 | ||
| Q2 24 | $2.69 | $1.46 | ||
| Q1 24 | $1.93 | $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 | $4.1B |
| 总债务越低越好 | $15.0B | $1.5B |
| 股东权益账面价值 | $-3.8B | $5.9B |
| 总资产 | $27.5B | $15.4B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资MARROST
| Q4 25 | $358.0M | $4.1B | ||
| Q3 25 | $678.0M | $3.8B | ||
| Q2 25 | $671.0M | $3.8B | ||
| Q1 25 | $523.0M | $4.7B | ||
| Q4 24 | $396.0M | $4.3B | ||
| Q3 24 | $394.0M | $4.7B | ||
| Q2 24 | $349.0M | $4.7B | ||
| Q1 24 | $429.0M | $4.9B |
总债务MARROST
| Q4 25 | $15.0B | $1.5B | ||
| Q3 25 | $14.4B | $1.5B | ||
| Q2 25 | $14.5B | $1.5B | ||
| Q1 25 | $14.1B | $2.2B | ||
| Q4 24 | $13.1B | $2.2B | ||
| Q3 24 | $12.7B | $2.5B | ||
| Q2 24 | $12.2B | $2.5B | ||
| Q1 24 | $11.7B | $2.5B |
股东权益MARROST
| Q4 25 | $-3.8B | $5.9B | ||
| Q3 25 | $-3.1B | $5.7B | ||
| Q2 25 | $-3.0B | $5.6B | ||
| Q1 25 | $-3.2B | $5.5B | ||
| Q4 24 | $-3.0B | $5.3B | ||
| Q3 24 | $-2.4B | $5.1B | ||
| Q2 24 | $-2.1B | $4.9B | ||
| Q1 24 | $-1.6B | $4.9B |
总资产MARROST
| Q4 25 | $27.5B | $15.4B | ||
| Q3 25 | $27.8B | $14.5B | ||
| Q2 25 | $27.3B | $14.3B | ||
| Q1 25 | $26.7B | $14.9B | ||
| Q4 24 | $26.2B | $14.9B | ||
| Q3 24 | $26.2B | $14.7B | ||
| Q2 24 | $25.7B | $14.5B | ||
| Q1 24 | $25.8B | $14.3B |
负债/权益比MARROST
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.50× | ||
| Q1 24 | — | 0.51× |
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 | $827.1M |
| 自由现金流经营现金流 - 资本支出 | — | $617.8M |
| 自由现金流率自由现金流/营收 | — | 11.0% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | 1.86× | 1.62× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流MARROST
| Q4 25 | $829.0M | $827.1M | ||
| Q3 25 | $1.1B | $668.4M | ||
| Q2 25 | $643.0M | $409.7M | ||
| Q1 25 | $647.0M | $882.6M | ||
| Q4 24 | $318.0M | $513.4M | ||
| Q3 24 | $880.0M | $592.1M | ||
| Q2 24 | $772.0M | $368.9M | ||
| Q1 24 | $779.0M | $948.8M |
自由现金流MARROST
| Q4 25 | — | $617.8M | ||
| Q3 25 | $951.0M | $466.6M | ||
| Q2 25 | $488.0M | $202.3M | ||
| Q1 25 | $512.0M | $676.6M | ||
| Q4 24 | $-24.0M | $333.0M | ||
| Q3 24 | $706.0M | $394.6M | ||
| Q2 24 | $647.0M | $232.7M | ||
| Q1 24 | $670.0M | $726.4M |
自由现金流率MARROST
| Q4 25 | — | 11.0% | ||
| Q3 25 | 14.7% | 8.4% | ||
| Q2 25 | 7.2% | 4.1% | ||
| Q1 25 | 8.2% | 11.4% | ||
| Q4 24 | -0.4% | 6.6% | ||
| Q3 24 | 11.3% | 7.5% | ||
| Q2 24 | 10.0% | 4.8% | ||
| Q1 24 | 11.2% | 12.1% |
资本支出强度MARROST
| Q4 25 | — | 3.7% | ||
| Q3 25 | 2.2% | 3.6% | ||
| Q2 25 | 2.3% | 4.2% | ||
| Q1 25 | 2.2% | 3.5% | ||
| Q4 24 | 5.3% | 3.6% | ||
| Q3 24 | 2.8% | 3.7% | ||
| Q2 24 | 1.9% | 2.8% | ||
| Q1 24 | 1.8% | 3.7% |
现金转化率MARROST
| Q4 25 | 1.86× | 1.62× | ||
| Q3 25 | 1.50× | 1.32× | ||
| Q2 25 | 0.84× | 0.85× | ||
| Q1 25 | 0.97× | 1.50× | ||
| Q4 24 | 0.70× | 1.05× | ||
| Q3 24 | 1.51× | 1.12× | ||
| Q2 24 | 1.00× | 0.76× | ||
| Q1 24 | 1.38× | 1.56× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
