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万豪国际（MAR）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是万豪国际的1.2倍（$7.7B vs $6.7B），万豪国际净利率更高（6.7% vs 0.8%，领先5.8%），万豪国际同比增速更快（4.1% vs 0.7%），过去两年Smurfit Westrock的营收复合增速更高（61.2% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
MAR vs SW — 直观对比
营收规模更大
SW
是对方的1.2倍
$6.7B
营收增速更快
MAR
高出3.3%
0.7%
净利率更高
MAR
高出5.8%
0.8%
两年增速更快
SW
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $7.7B |
| 净利润 | $445.0M | $63.0M |
| 毛利率 | — | 16.4% |
| 营业利润率 | 11.6% | 3.3% |
| 净利率 | 6.7% | 0.8% |
| 营收同比 | 4.1% | 0.7% |
| 净利润同比 | -2.2% | 0.0% |
| 每股收益（稀释后） | $1.67 | $0.12 |
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MARSW
| Q1 26 | — | $7.7B | ||
| Q4 25 | $6.7B | $7.6B | ||
| Q3 25 | $6.5B | $8.0B | ||
| Q2 25 | $6.7B | $7.9B | ||
| Q1 25 | $6.3B | $7.7B | ||
| Q4 24 | $6.4B | $7.5B | ||
| Q3 24 | $6.3B | $7.7B | ||
| Q2 24 | $6.4B | $3.0B |
净利润MARSW
| Q1 26 | — | $63.0M | ||
| Q4 25 | $445.0M | $97.0M | ||
| Q3 25 | $728.0M | $246.0M | ||
| Q2 25 | $763.0M | $-28.0M | ||
| Q1 25 | $665.0M | $384.0M | ||
| Q4 24 | $455.0M | $146.0M | ||
| Q3 24 | $584.0M | $-150.0M | ||
| Q2 24 | $772.0M | $132.0M |
毛利率MARSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% |
营业利润率MARSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | 11.6% | 5.1% | ||
| Q3 25 | 18.2% | 6.6% | ||
| Q2 25 | 18.3% | 3.2% | ||
| Q1 25 | 15.1% | 7.2% | ||
| Q4 24 | 11.7% | 5.3% | ||
| Q3 24 | 15.1% | 0.7% | ||
| Q2 24 | 18.6% | 8.2% |
净利率MARSW
| Q1 26 | — | 0.8% | ||
| Q4 25 | 6.7% | 1.3% | ||
| Q3 25 | 11.2% | 3.1% | ||
| Q2 25 | 11.3% | -0.4% | ||
| Q1 25 | 10.6% | 5.0% | ||
| Q4 24 | 7.1% | 1.9% | ||
| Q3 24 | 9.3% | -2.0% | ||
| Q2 24 | 12.0% | 4.4% |
每股收益（稀释后）MARSW
| Q1 26 | — | $0.12 | ||
| Q4 25 | $1.67 | $0.18 | ||
| Q3 25 | $2.67 | $0.47 | ||
| Q2 25 | $2.78 | $-0.05 | ||
| Q1 25 | $2.39 | $0.73 | ||
| Q4 24 | $1.64 | $-0.12 | ||
| Q3 24 | $2.07 | $-0.30 | ||
| Q2 24 | $2.69 | $0.51 |
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 | $980.0M |
| 股东权益账面价值 | $-3.8B | $18.1B |
| 总资产 | $27.5B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资MARSW
| Q1 26 | — | — | ||
| Q4 25 | $358.0M | $892.0M | ||
| Q3 25 | $678.0M | $851.0M | ||
| Q2 25 | $671.0M | $778.0M | ||
| Q1 25 | $523.0M | $797.0M | ||
| Q4 24 | $396.0M | $855.0M | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $349.0M | $26.8K |
总债务MARSW
| Q1 26 | — | $980.0M | ||
| Q4 25 | $15.0B | $13.4B | ||
| Q3 25 | $14.4B | $13.3B | ||
| Q2 25 | $14.5B | $13.3B | ||
| Q1 25 | $14.1B | $12.9B | ||
| Q4 24 | $13.1B | $12.5B | ||
| Q3 24 | $12.7B | $13.2B | ||
| Q2 24 | $12.2B | — |
股东权益MARSW
| Q1 26 | — | $18.1B | ||
| Q4 25 | $-3.8B | $18.3B | ||
| Q3 25 | $-3.1B | $18.4B | ||
| Q2 25 | $-3.0B | $18.3B | ||
| Q1 25 | $-3.2B | $17.9B | ||
| Q4 24 | $-3.0B | $17.4B | ||
| Q3 24 | $-2.4B | $18.0B | ||
| Q2 24 | $-2.1B | $14.5K |
总资产MARSW
| Q1 26 | — | $45.2B | ||
| Q4 25 | $27.5B | $45.2B | ||
| Q3 25 | $27.8B | $45.6B | ||
| Q2 25 | $27.3B | $45.7B | ||
| Q1 25 | $26.7B | $44.6B | ||
| Q4 24 | $26.2B | $43.8B | ||
| Q3 24 | $26.2B | $45.0B | ||
| Q2 24 | $25.7B | $26.8K |
负债/权益比MARSW
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — |
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 | $204.0M |
| 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× | 3.24× |
| 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MARSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | $829.0M | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $643.0M | $829.0M | ||
| Q1 25 | $647.0M | $235.0M | ||
| Q4 24 | $318.0M | $781.0M | ||
| Q3 24 | $880.0M | $320.0M | ||
| Q2 24 | $772.0M | $340.0M |
自由现金流MARSW
| Q1 26 | — | — | ||
| Q4 25 | — | $612.0M | ||
| Q3 25 | $951.0M | $523.0M | ||
| Q2 25 | $488.0M | $307.0M | ||
| Q1 25 | $512.0M | $-242.0M | ||
| Q4 24 | $-24.0M | $212.0M | ||
| Q3 24 | $706.0M | $-192.0M | ||
| Q2 24 | $647.0M | $163.0M |
自由现金流率MARSW
| Q1 26 | — | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | 14.7% | 6.5% | ||
| Q2 25 | 7.2% | 3.9% | ||
| Q1 25 | 8.2% | -3.2% | ||
| Q4 24 | -0.4% | 2.8% | ||
| Q3 24 | 11.3% | -2.5% | ||
| Q2 24 | 10.0% | 5.5% |
资本支出强度MARSW
| Q1 26 | — | — | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | 2.2% | 7.6% | ||
| Q2 25 | 2.3% | 6.6% | ||
| Q1 25 | 2.2% | 6.2% | ||
| Q4 24 | 5.3% | 7.5% | ||
| Q3 24 | 2.8% | 6.7% | ||
| Q2 24 | 1.9% | 6.0% |
现金转化率MARSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | 1.86× | 12.32× | ||
| Q3 25 | 1.50× | 4.61× | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.97× | 0.61× | ||
| Q4 24 | 0.70× | 5.35× | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 1.00× | 2.58× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
