vs
万豪国际（MAR）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是万豪国际的1.1倍（$7.4B vs $6.7B），美国合众银行净利率更高（27.8% vs 6.7%，领先21.1%），美国合众银行同比增速更快（5.1% vs 4.1%），过去两年万豪国际的营收复合增速更高（5.8% vs 4.7%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
MAR vs USB — 直观对比
营收规模更大
USB
是对方的1.1倍
$6.7B
营收增速更快
USB
高出1.0%
4.1%
净利率更高
USB
高出21.1%
6.7%
两年增速更快
MAR
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $7.4B |
| 净利润 | $445.0M | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 34.4% |
| 净利率 | 6.7% | 27.8% |
| 营收同比 | 4.1% | 5.1% |
| 净利润同比 | -2.2% | 23.0% |
| 每股收益（稀释后） | $1.67 | $1.26 |
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MARUSB
| Q4 25 | $6.7B | $7.4B | ||
| Q3 25 | $6.5B | $7.3B | ||
| Q2 25 | $6.7B | $7.0B | ||
| Q1 25 | $6.3B | $7.0B | ||
| Q4 24 | $6.4B | $7.0B | ||
| Q3 24 | $6.3B | $6.9B | ||
| Q2 24 | $6.4B | $6.9B | ||
| Q1 24 | $6.0B | $6.7B |
净利润MARUSB
| Q4 25 | $445.0M | $2.0B | ||
| Q3 25 | $728.0M | $2.0B | ||
| Q2 25 | $763.0M | $1.8B | ||
| Q1 25 | $665.0M | $1.7B | ||
| Q4 24 | $455.0M | $1.7B | ||
| Q3 24 | $584.0M | $1.7B | ||
| Q2 24 | $772.0M | $1.6B | ||
| Q1 24 | $564.0M | $1.3B |
营业利润率MARUSB
| Q4 25 | 11.6% | 34.4% | ||
| Q3 25 | 18.2% | 34.5% | ||
| Q2 25 | 18.3% | 32.7% | ||
| Q1 25 | 15.1% | 31.0% | ||
| Q4 24 | 11.7% | 30.1% | ||
| Q3 24 | 15.1% | 30.2% | ||
| Q2 24 | 18.6% | 29.9% | ||
| Q1 24 | 14.7% | 24.9% |
净利率MARUSB
| Q4 25 | 6.7% | 27.8% | ||
| Q3 25 | 11.2% | 27.3% | ||
| Q2 25 | 11.3% | 25.9% | ||
| Q1 25 | 10.6% | 24.6% | ||
| Q4 24 | 7.1% | 23.7% | ||
| Q3 24 | 9.3% | 25.0% | ||
| Q2 24 | 12.0% | 23.3% | ||
| Q1 24 | 9.4% | 19.6% |
每股收益（稀释后）MARUSB
| Q4 25 | $1.67 | $1.26 | ||
| Q3 25 | $2.67 | $1.22 | ||
| Q2 25 | $2.78 | $1.11 | ||
| Q1 25 | $2.39 | $1.03 | ||
| Q4 24 | $1.64 | $1.01 | ||
| Q3 24 | $2.07 | $1.03 | ||
| Q2 24 | $2.69 | $0.97 | ||
| Q1 24 | $1.93 | $0.78 |
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 | — |
| 股东权益账面价值 | $-3.8B | $65.2B |
| 总资产 | $27.5B | $692.3B |
| 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MARUSB
| Q4 25 | $358.0M | — | ||
| Q3 25 | $678.0M | — | ||
| Q2 25 | $671.0M | — | ||
| Q1 25 | $523.0M | — | ||
| Q4 24 | $396.0M | — | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $349.0M | — | ||
| Q1 24 | $429.0M | — |
总债务MARUSB
| Q4 25 | $15.0B | — | ||
| Q3 25 | $14.4B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $14.1B | — | ||
| Q4 24 | $13.1B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.2B | — | ||
| Q1 24 | $11.7B | — |
股东权益MARUSB
| Q4 25 | $-3.8B | $65.2B | ||
| Q3 25 | $-3.1B | $63.3B | ||
| Q2 25 | $-3.0B | $61.4B | ||
| Q1 25 | $-3.2B | $60.1B | ||
| Q4 24 | $-3.0B | $58.6B | ||
| Q3 24 | $-2.4B | $58.9B | ||
| Q2 24 | $-2.1B | $56.4B | ||
| Q1 24 | $-1.6B | $55.6B |
总资产MARUSB
| Q4 25 | $27.5B | $692.3B | ||
| Q3 25 | $27.8B | $695.4B | ||
| Q2 25 | $27.3B | $686.4B | ||
| Q1 25 | $26.7B | $676.5B | ||
| Q4 24 | $26.2B | $678.3B | ||
| Q3 24 | $26.2B | $686.5B | ||
| Q2 24 | $25.7B | $680.1B | ||
| Q1 24 | $25.8B | $683.6B |
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 | $2.8B |
| 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× | 1.39× |
| 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MARUSB
| Q4 25 | $829.0M | $2.8B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $643.0M | $2.0B | ||
| Q1 25 | $647.0M | $-285.0M | ||
| Q4 24 | $318.0M | $4.8B | ||
| Q3 24 | $880.0M | $972.0M | ||
| Q2 24 | $772.0M | $2.9B | ||
| Q1 24 | $779.0M | $2.7B |
自由现金流MARUSB
| 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MARUSB
| 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MARUSB
| 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MARUSB
| Q4 25 | 1.86× | 1.39× | ||
| Q3 25 | 1.50× | 1.69× | ||
| Q2 25 | 0.84× | 1.12× | ||
| Q1 25 | 0.97× | -0.17× | ||
| Q4 24 | 0.70× | 2.87× | ||
| Q3 24 | 1.51× | 0.57× | ||
| Q2 24 | 1.00× | 1.79× | ||
| Q1 24 | 1.38× | 2.02× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
