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万豪国际（MAR）与Sunoco LP（SUN）财务数据对比。点击上方公司名可切换其他公司
Sunoco LP的季度营收约是万豪国际的1.3倍（$8.6B vs $6.7B），万豪国际净利率更高（6.7% vs 1.2%，领先5.5%），Sunoco LP同比增速更快（63.2% vs 4.1%），过去两年Sunoco LP的营收复合增速更高（25.1% vs 5.8%）
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。
Sunoco LP是总部位于美国得克萨斯州达拉斯的业主有限合伙企业，在特拉华州注册成立，历史最早可追溯至1886年。公司最初为垂直一体化能源企业，现已转型为燃油分销商及能源基础设施运营商，此前曾涉足油气勘探开采、炼化、化工生产及燃油零售业务，目前上述业务均已剥离。
MAR vs SUN — 直观对比
营收规模更大
SUN
是对方的1.3倍
$6.7B
营收增速更快
SUN
高出59.2%
4.1%
净利率更高
MAR
高出5.5%
1.2%
两年增速更快
SUN
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $8.6B |
| 净利润 | $445.0M | $101.0M |
| 毛利率 | — | 10.7% |
| 营业利润率 | 11.6% | 2.1% |
| 净利率 | 6.7% | 1.2% |
| 营收同比 | 4.1% | 63.2% |
| 净利润同比 | -2.2% | -28.4% |
| 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MARSUN
| Q4 25 | $6.7B | $8.6B | ||
| Q3 25 | $6.5B | $6.0B | ||
| Q2 25 | $6.7B | $5.4B | ||
| Q1 25 | $6.3B | $5.2B | ||
| Q4 24 | $6.4B | $5.3B | ||
| Q3 24 | $6.3B | $5.8B | ||
| Q2 24 | $6.4B | $6.2B | ||
| Q1 24 | $6.0B | $5.5B |
净利润MARSUN
| Q4 25 | $445.0M | $101.0M | ||
| Q3 25 | $728.0M | $133.0M | ||
| Q2 25 | $763.0M | $86.0M | ||
| Q1 25 | $665.0M | $207.0M | ||
| Q4 24 | $455.0M | $141.0M | ||
| Q3 24 | $584.0M | $2.0M | ||
| Q2 24 | $772.0M | $493.0M | ||
| Q1 24 | $564.0M | $230.0M |
毛利率MARSUN
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 10.7% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | — | 11.9% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 8.8% |
营业利润率MARSUN
| Q4 25 | 11.6% | 2.1% | ||
| Q3 25 | 18.2% | 4.2% | ||
| Q2 25 | 18.3% | 3.8% | ||
| Q1 25 | 15.1% | 5.7% | ||
| Q4 24 | 11.7% | 4.5% | ||
| Q3 24 | 15.1% | 1.9% | ||
| Q2 24 | 18.6% | 2.4% | ||
| Q1 24 | 14.7% | 5.4% |
净利率MARSUN
| Q4 25 | 6.7% | 1.2% | ||
| Q3 25 | 11.2% | 2.2% | ||
| Q2 25 | 11.3% | 1.6% | ||
| Q1 25 | 10.6% | 4.0% | ||
| Q4 24 | 7.1% | 2.7% | ||
| Q3 24 | 9.3% | 0.0% | ||
| Q2 24 | 12.0% | 8.0% | ||
| Q1 24 | 9.4% | 4.2% |
每股收益（稀释后）MARSUN
| Q4 25 | $1.67 | — | ||
| Q3 25 | $2.67 | — | ||
| Q2 25 | $2.78 | — | ||
| Q1 25 | $2.39 | — | ||
| Q4 24 | $1.64 | — | ||
| Q3 24 | $2.07 | — | ||
| Q2 24 | $2.69 | — | ||
| Q1 24 | $1.93 | — |
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 | $891.0M |
| 总债务越低越好 | $15.0B | $13.4B |
| 股东权益账面价值 | $-3.8B | — |
| 总资产 | $27.5B | $28.4B |
| 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MARSUN
| Q4 25 | $358.0M | $891.0M | ||
| Q3 25 | $678.0M | — | ||
| Q2 25 | $671.0M | — | ||
| Q1 25 | $523.0M | — | ||
| Q4 24 | $396.0M | $94.0M | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $349.0M | — | ||
| Q1 24 | $429.0M | — |
总债务MARSUN
| Q4 25 | $15.0B | $13.4B | ||
| Q3 25 | $14.4B | $9.5B | ||
| Q2 25 | $14.5B | $7.8B | ||
| Q1 25 | $14.1B | $7.7B | ||
| Q4 24 | $13.1B | $7.5B | ||
| Q3 24 | $12.7B | $7.3B | ||
| Q2 24 | $12.2B | $7.3B | ||
| Q1 24 | $11.7B | $3.8B |
股东权益MARSUN
| Q4 25 | $-3.8B | — | ||
| Q3 25 | $-3.1B | — | ||
| Q2 25 | $-3.0B | — | ||
| Q1 25 | $-3.2B | — | ||
| Q4 24 | $-3.0B | — | ||
| Q3 24 | $-2.4B | — | ||
| Q2 24 | $-2.1B | — | ||
| Q1 24 | $-1.6B | — |
总资产MARSUN
| Q4 25 | $27.5B | $28.4B | ||
| Q3 25 | $27.8B | $17.8B | ||
| Q2 25 | $27.3B | $14.4B | ||
| Q1 25 | $26.7B | $14.3B | ||
| Q4 24 | $26.2B | $14.4B | ||
| Q3 24 | $26.2B | $14.1B | ||
| Q2 24 | $25.7B | $14.5B | ||
| Q1 24 | $25.8B | $7.4B |
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 | $392.0M |
| 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× | 3.88× |
| 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MARSUN
| Q4 25 | $829.0M | $392.0M | ||
| Q3 25 | $1.1B | $401.0M | ||
| Q2 25 | $643.0M | $243.0M | ||
| Q1 25 | $647.0M | $156.0M | ||
| Q4 24 | $318.0M | $123.0M | ||
| Q3 24 | $880.0M | $210.0M | ||
| Q2 24 | $772.0M | $-70.0M | ||
| Q1 24 | $779.0M | $286.0M |
自由现金流MARSUN
| Q4 25 | — | — | ||
| Q3 25 | $951.0M | $244.0M | ||
| Q2 25 | $488.0M | $83.0M | ||
| Q1 25 | $512.0M | $55.0M | ||
| Q4 24 | $-24.0M | — | ||
| Q3 24 | $706.0M | $109.0M | ||
| Q2 24 | $647.0M | $-140.0M | ||
| Q1 24 | $670.0M | $245.0M |
自由现金流率MARSUN
| Q4 25 | — | — | ||
| Q3 25 | 14.7% | 4.0% | ||
| Q2 25 | 7.2% | 1.5% | ||
| Q1 25 | 8.2% | 1.1% | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 11.3% | 1.9% | ||
| Q2 24 | 10.0% | -2.3% | ||
| Q1 24 | 11.2% | 4.5% |
资本支出强度MARSUN
| Q4 25 | — | — | ||
| Q3 25 | 2.2% | 2.6% | ||
| Q2 25 | 2.3% | 3.0% | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 2.8% | 1.8% | ||
| Q2 24 | 1.9% | 1.1% | ||
| Q1 24 | 1.8% | 0.7% |
现金转化率MARSUN
| Q4 25 | 1.86× | 3.88× | ||
| Q3 25 | 1.50× | 3.02× | ||
| Q2 25 | 0.84× | 2.83× | ||
| Q1 25 | 0.97× | 0.75× | ||
| Q4 24 | 0.70× | 0.87× | ||
| Q3 24 | 1.51× | 105.00× | ||
| Q2 24 | 1.00× | -0.14× | ||
| Q1 24 | 1.38× | 1.24× |
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
MAR
暂无分部数据
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
