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万豪国际（MAR）与TENET HEALTHCARE CORP（THC）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TENET HEALTHCARE CORP的1.2倍（$6.7B vs $5.5B），TENET HEALTHCARE CORP净利率更高（11.7% vs 6.7%，领先5.0%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 4.1%），过去两年万豪国际的营收复合增速更高（5.8% vs 1.5%）
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。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
MAR vs THC — 直观对比
营收规模更大
MAR
是对方的1.2倍
$5.5B
营收增速更快
THC
高出4.9%
4.1%
净利率更高
THC
高出5.0%
6.7%
两年增速更快
MAR
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $5.5B |
| 净利润 | $445.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 15.4% |
| 净利率 | 6.7% | 11.7% |
| 营收同比 | 4.1% | 9.0% |
| 净利润同比 | -2.2% | 12.6% |
| 每股收益（稀释后） | $1.67 | $4.22 |
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MARTHC
| Q4 25 | $6.7B | $5.5B | ||
| Q3 25 | $6.5B | $5.3B | ||
| Q2 25 | $6.7B | $5.3B | ||
| Q1 25 | $6.3B | $5.2B | ||
| Q4 24 | $6.4B | $5.1B | ||
| Q3 24 | $6.3B | $5.1B | ||
| Q2 24 | $6.4B | $5.1B | ||
| Q1 24 | $6.0B | $5.4B |
净利润MARTHC
| Q4 25 | $445.0M | $644.0M | ||
| Q3 25 | $728.0M | $579.0M | ||
| Q2 25 | $763.0M | $522.0M | ||
| Q1 25 | $665.0M | $622.0M | ||
| Q4 24 | $455.0M | $572.0M | ||
| Q3 24 | $584.0M | $681.0M | ||
| Q2 24 | $772.0M | $477.0M | ||
| Q1 24 | $564.0M | $2.3B |
营业利润率MARTHC
| Q4 25 | 11.6% | 15.4% | ||
| Q3 25 | 18.2% | 16.8% | ||
| Q2 25 | 18.3% | 15.6% | ||
| Q1 25 | 15.1% | 18.1% | ||
| Q4 24 | 11.7% | 16.2% | ||
| Q3 24 | 15.1% | 21.3% | ||
| Q2 24 | 18.6% | 14.9% | ||
| Q1 24 | 14.7% | 61.2% |
净利率MARTHC
| Q4 25 | 6.7% | 11.7% | ||
| Q3 25 | 11.2% | 10.9% | ||
| Q2 25 | 11.3% | 9.9% | ||
| Q1 25 | 10.6% | 11.9% | ||
| Q4 24 | 7.1% | 11.3% | ||
| Q3 24 | 9.3% | 13.3% | ||
| Q2 24 | 12.0% | 9.3% | ||
| Q1 24 | 9.4% | 43.5% |
每股收益（稀释后）MARTHC
| Q4 25 | $1.67 | $4.22 | ||
| Q3 25 | $2.67 | $3.86 | ||
| Q2 25 | $2.78 | $3.14 | ||
| Q1 25 | $2.39 | $4.27 | ||
| Q4 24 | $1.64 | $3.79 | ||
| Q3 24 | $2.07 | $4.89 | ||
| Q2 24 | $2.69 | $2.64 | ||
| Q1 24 | $1.93 | $21.38 |
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 | $2.9B |
| 总债务越低越好 | $15.0B | $13.1B |
| 股东权益账面价值 | $-3.8B | $4.2B |
| 总资产 | $27.5B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资MARTHC
| Q4 25 | $358.0M | $2.9B | ||
| Q3 25 | $678.0M | $3.0B | ||
| Q2 25 | $671.0M | $2.6B | ||
| Q1 25 | $523.0M | $3.0B | ||
| Q4 24 | $396.0M | $3.0B | ||
| Q3 24 | $394.0M | $4.1B | ||
| Q2 24 | $349.0M | $2.9B | ||
| Q1 24 | $429.0M | $2.5B |
总债务MARTHC
| Q4 25 | $15.0B | $13.1B | ||
| Q3 25 | $14.4B | $13.1B | ||
| Q2 25 | $14.5B | $13.1B | ||
| Q1 25 | $14.1B | $13.1B | ||
| Q4 24 | $13.1B | $13.1B | ||
| Q3 24 | $12.7B | $12.8B | ||
| Q2 24 | $12.2B | $12.8B | ||
| Q1 24 | $11.7B | $12.8B |
股东权益MARTHC
| Q4 25 | $-3.8B | $4.2B | ||
| Q3 25 | $-3.1B | $4.0B | ||
| Q2 25 | $-3.0B | $3.7B | ||
| Q1 25 | $-3.2B | $4.2B | ||
| Q4 24 | $-3.0B | $4.2B | ||
| Q3 24 | $-2.4B | $3.8B | ||
| Q2 24 | $-2.1B | $3.5B | ||
| Q1 24 | $-1.6B | $3.5B |
总资产MARTHC
| Q4 25 | $27.5B | $29.7B | ||
| Q3 25 | $27.8B | $29.4B | ||
| Q2 25 | $27.3B | $28.7B | ||
| Q1 25 | $26.7B | $29.2B | ||
| Q4 24 | $26.2B | $28.9B | ||
| Q3 24 | $26.2B | $29.4B | ||
| Q2 24 | $25.7B | $29.3B | ||
| Q1 24 | $25.8B | $28.9B |
负债/权益比MARTHC
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
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 | $731.0M |
| 自由现金流经营现金流 - 资本支出 | — | $367.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 现金转化率经营现金流/净利润 | 1.86× | 1.14× |
| 过去12个月自由现金流最近4个季度 | — | $2.5B |
8季度趋势，按日历期对齐
经营现金流MARTHC
| Q4 25 | $829.0M | $731.0M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $643.0M | $936.0M | ||
| Q1 25 | $647.0M | $815.0M | ||
| Q4 24 | $318.0M | $-331.0M | ||
| Q3 24 | $880.0M | $1.0B | ||
| Q2 24 | $772.0M | $747.0M | ||
| Q1 24 | $779.0M | $586.0M |
自由现金流MARTHC
| Q4 25 | — | $367.0M | ||
| Q3 25 | $951.0M | $778.0M | ||
| Q2 25 | $488.0M | $743.0M | ||
| Q1 25 | $512.0M | $642.0M | ||
| Q4 24 | $-24.0M | $-661.0M | ||
| Q3 24 | $706.0M | $829.0M | ||
| Q2 24 | $647.0M | $602.0M | ||
| Q1 24 | $670.0M | $346.0M |
自由现金流率MARTHC
| Q4 25 | — | 6.6% | ||
| Q3 25 | 14.7% | 14.7% | ||
| Q2 25 | 7.2% | 14.1% | ||
| Q1 25 | 8.2% | 12.3% | ||
| Q4 24 | -0.4% | -13.0% | ||
| Q3 24 | 11.3% | 16.2% | ||
| Q2 24 | 10.0% | 11.8% | ||
| Q1 24 | 11.2% | 6.4% |
资本支出强度MARTHC
| Q4 25 | — | 6.6% | ||
| Q3 25 | 2.2% | 5.3% | ||
| Q2 25 | 2.3% | 3.7% | ||
| Q1 25 | 2.2% | 3.3% | ||
| Q4 24 | 5.3% | 6.5% | ||
| Q3 24 | 2.8% | 4.2% | ||
| Q2 24 | 1.9% | 2.8% | ||
| Q1 24 | 1.8% | 4.5% |
现金转化率MARTHC
| Q4 25 | 1.86× | 1.14× | ||
| Q3 25 | 1.50× | 1.83× | ||
| Q2 25 | 0.84× | 1.79× | ||
| Q1 25 | 0.97× | 1.31× | ||
| Q4 24 | 0.70× | -0.58× | ||
| Q3 24 | 1.51× | 1.53× | ||
| Q2 24 | 1.00× | 1.57× | ||
| Q1 24 | 1.38× | 0.25× |
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
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
