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万豪国际（MAR）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是万豪国际的1.5倍（$9.8B vs $6.7B），万豪国际净利率更高（6.7% vs 1.9%，领先4.8%），万豪国际同比增速更快（4.1% vs 3.3%），过去两年万豪国际的营收复合增速更高（5.8% vs 4.6%）
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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
MAR vs USFD — 直观对比
营收规模更大
USFD
是对方的1.5倍
$6.7B
营收增速更快
MAR
高出0.8%
3.3%
净利率更高
MAR
高出4.8%
1.9%
两年增速更快
MAR
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $9.8B |
| 净利润 | $445.0M | $184.0M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 11.6% | 3.3% |
| 净利率 | 6.7% | 1.9% |
| 营收同比 | 4.1% | 3.3% |
| 净利润同比 | -2.2% | 178.8% |
| 每股收益（稀释后） | $1.67 | $0.82 |
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MARUSFD
| Q4 25 | $6.7B | $9.8B | ||
| Q3 25 | $6.5B | $10.2B | ||
| Q2 25 | $6.7B | $10.1B | ||
| Q1 25 | $6.3B | $9.4B | ||
| Q4 24 | $6.4B | $9.5B | ||
| Q3 24 | $6.3B | $9.7B | ||
| Q2 24 | $6.4B | $9.7B | ||
| Q1 24 | $6.0B | $8.9B |
净利润MARUSFD
| Q4 25 | $445.0M | $184.0M | ||
| Q3 25 | $728.0M | $153.0M | ||
| Q2 25 | $763.0M | $224.0M | ||
| Q1 25 | $665.0M | $115.0M | ||
| Q4 24 | $455.0M | $66.0M | ||
| Q3 24 | $584.0M | $148.0M | ||
| Q2 24 | $772.0M | $198.0M | ||
| Q1 24 | $564.0M | $82.0M |
毛利率MARUSFD
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 17.2% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 17.6% | ||
| Q1 24 | — | 16.7% |
营业利润率MARUSFD
| Q4 25 | 11.6% | 3.3% | ||
| Q3 25 | 18.2% | 2.8% | ||
| Q2 25 | 18.3% | 3.7% | ||
| Q1 25 | 15.1% | 2.4% | ||
| Q4 24 | 11.7% | 3.2% | ||
| Q3 24 | 15.1% | 2.9% | ||
| Q2 24 | 18.6% | 3.6% | ||
| Q1 24 | 14.7% | 1.8% |
净利率MARUSFD
| Q4 25 | 6.7% | 1.9% | ||
| Q3 25 | 11.2% | 1.5% | ||
| Q2 25 | 11.3% | 2.2% | ||
| Q1 25 | 10.6% | 1.2% | ||
| Q4 24 | 7.1% | 0.7% | ||
| Q3 24 | 9.3% | 1.5% | ||
| Q2 24 | 12.0% | 2.0% | ||
| Q1 24 | 9.4% | 0.9% |
每股收益（稀释后）MARUSFD
| Q4 25 | $1.67 | $0.82 | ||
| Q3 25 | $2.67 | $0.67 | ||
| Q2 25 | $2.78 | $0.96 | ||
| Q1 25 | $2.39 | $0.49 | ||
| Q4 24 | $1.64 | $0.28 | ||
| Q3 24 | $2.07 | $0.61 | ||
| Q2 24 | $2.69 | $0.80 | ||
| Q1 24 | $1.93 | $0.33 |
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 | $41.0M |
| 总债务越低越好 | $15.0B | $5.1B |
| 股东权益账面价值 | $-3.8B | $4.3B |
| 总资产 | $27.5B | $13.9B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资MARUSFD
| Q4 25 | $358.0M | $41.0M | ||
| Q3 25 | $678.0M | $56.0M | ||
| Q2 25 | $671.0M | $61.0M | ||
| Q1 25 | $523.0M | $101.0M | ||
| Q4 24 | $396.0M | $59.0M | ||
| Q3 24 | $394.0M | $81.0M | ||
| Q2 24 | $349.0M | $405.0M | ||
| Q1 24 | $429.0M | $267.0M |
总债务MARUSFD
| Q4 25 | $15.0B | $5.1B | ||
| Q3 25 | $14.4B | $4.8B | ||
| Q2 25 | $14.5B | $4.7B | ||
| Q1 25 | $14.1B | $4.7B | ||
| Q4 24 | $13.1B | $4.8B | ||
| Q3 24 | $12.7B | $4.7B | ||
| Q2 24 | $12.2B | $4.6B | ||
| Q1 24 | $11.7B | $4.6B |
股东权益MARUSFD
| Q4 25 | $-3.8B | $4.3B | ||
| Q3 25 | $-3.1B | $4.5B | ||
| Q2 25 | $-3.0B | $4.6B | ||
| Q1 25 | $-3.2B | $4.6B | ||
| Q4 24 | $-3.0B | $4.5B | ||
| Q3 24 | $-2.4B | $4.6B | ||
| Q2 24 | $-2.1B | $5.0B | ||
| Q1 24 | $-1.6B | $4.8B |
总资产MARUSFD
| Q4 25 | $27.5B | $13.9B | ||
| Q3 25 | $27.8B | $14.0B | ||
| Q2 25 | $27.3B | $13.8B | ||
| Q1 25 | $26.7B | $13.7B | ||
| Q4 24 | $26.2B | $13.4B | ||
| Q3 24 | $26.2B | $13.5B | ||
| Q2 24 | $25.7B | $13.7B | ||
| Q1 24 | $25.8B | $13.4B |
负债/权益比MARUSFD
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.95× |
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 | $293.0M |
| 自由现金流经营现金流 - 资本支出 | — | $159.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.86× | 1.59× |
| 过去12个月自由现金流最近4个季度 | — | $959.0M |
8季度趋势，按日历期对齐
经营现金流MARUSFD
| Q4 25 | $829.0M | $293.0M | ||
| Q3 25 | $1.1B | $351.0M | ||
| Q2 25 | $643.0M | $334.0M | ||
| Q1 25 | $647.0M | $391.0M | ||
| Q4 24 | $318.0M | $283.0M | ||
| Q3 24 | $880.0M | $270.0M | ||
| Q2 24 | $772.0M | $482.0M | ||
| Q1 24 | $779.0M | $139.0M |
自由现金流MARUSFD
| Q4 25 | — | $159.0M | ||
| Q3 25 | $951.0M | $236.0M | ||
| Q2 25 | $488.0M | $257.0M | ||
| Q1 25 | $512.0M | $307.0M | ||
| Q4 24 | $-24.0M | $178.0M | ||
| Q3 24 | $706.0M | $190.0M | ||
| Q2 24 | $647.0M | $413.0M | ||
| Q1 24 | $670.0M | $52.0M |
自由现金流率MARUSFD
| Q4 25 | — | 1.6% | ||
| Q3 25 | 14.7% | 2.3% | ||
| Q2 25 | 7.2% | 2.5% | ||
| Q1 25 | 8.2% | 3.3% | ||
| Q4 24 | -0.4% | 1.9% | ||
| Q3 24 | 11.3% | 2.0% | ||
| Q2 24 | 10.0% | 4.3% | ||
| Q1 24 | 11.2% | 0.6% |
资本支出强度MARUSFD
| Q4 25 | — | 1.4% | ||
| Q3 25 | 2.2% | 1.1% | ||
| Q2 25 | 2.3% | 0.8% | ||
| Q1 25 | 2.2% | 0.9% | ||
| Q4 24 | 5.3% | 1.1% | ||
| Q3 24 | 2.8% | 0.8% | ||
| Q2 24 | 1.9% | 0.7% | ||
| Q1 24 | 1.8% | 1.0% |
现金转化率MARUSFD
| Q4 25 | 1.86× | 1.59× | ||
| Q3 25 | 1.50× | 2.29× | ||
| Q2 25 | 0.84× | 1.49× | ||
| Q1 25 | 0.97× | 3.40× | ||
| Q4 24 | 0.70× | 4.29× | ||
| Q3 24 | 1.51× | 1.82× | ||
| Q2 24 | 1.00× | 2.43× | ||
| Q1 24 | 1.38× | 1.70× |
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
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
