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万豪国际（MAR）与Vistra Corp.（VST）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Vistra Corp.的1.4倍（$6.7B vs $4.8B），万豪国际净利率更高（6.7% vs 4.8%，领先1.8%），Vistra Corp.同比增速更快（31.2% vs 4.1%），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
MAR vs VST — 直观对比
营收规模更大
MAR
是对方的1.4倍
$4.8B
营收增速更快
VST
高出27.2%
4.1%
净利率更高
MAR
高出1.8%
4.8%
两年增速更快
VST
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $4.8B |
| 净利润 | $445.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 9.9% |
| 净利率 | 6.7% | 4.8% |
| 营收同比 | 4.1% | 31.2% |
| 净利润同比 | -2.2% | -47.2% |
| 每股收益（稀释后） | $1.67 | $0.55 |
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MARVST
| Q4 25 | $6.7B | $4.8B | ||
| Q3 25 | $6.5B | $4.8B | ||
| Q2 25 | $6.7B | $3.8B | ||
| Q1 25 | $6.3B | $4.3B | ||
| Q4 24 | $6.4B | $3.7B | ||
| Q3 24 | $6.3B | $4.3B | ||
| Q2 24 | $6.4B | $3.6B | ||
| Q1 24 | $6.0B | $3.2B |
净利润MARVST
| Q4 25 | $445.0M | $233.0M | ||
| Q3 25 | $728.0M | $652.0M | ||
| Q2 25 | $763.0M | $327.0M | ||
| Q1 25 | $665.0M | $-268.0M | ||
| Q4 24 | $455.0M | $441.0M | ||
| Q3 24 | $584.0M | $1.9B | ||
| Q2 24 | $772.0M | $365.0M | ||
| Q1 24 | $564.0M | $-35.0M |
营业利润率MARVST
| Q4 25 | 11.6% | 9.9% | ||
| Q3 25 | 18.2% | 21.7% | ||
| Q2 25 | 18.3% | 13.7% | ||
| Q1 25 | 15.1% | -2.8% | ||
| Q4 24 | 11.7% | 16.4% | ||
| Q3 24 | 15.1% | 59.6% | ||
| Q2 24 | 18.6% | 22.5% | ||
| Q1 24 | 14.7% | 2.7% |
净利率MARVST
| Q4 25 | 6.7% | 4.8% | ||
| Q3 25 | 11.2% | 13.6% | ||
| Q2 25 | 11.3% | 8.7% | ||
| Q1 25 | 10.6% | -6.3% | ||
| Q4 24 | 7.1% | 12.0% | ||
| Q3 24 | 9.3% | 43.5% | ||
| Q2 24 | 12.0% | 10.1% | ||
| Q1 24 | 9.4% | -1.1% |
每股收益（稀释后）MARVST
| Q4 25 | $1.67 | $0.55 | ||
| Q3 25 | $2.67 | $1.75 | ||
| Q2 25 | $2.78 | $0.81 | ||
| Q1 25 | $2.39 | $-0.93 | ||
| Q4 24 | $1.64 | $1.09 | ||
| Q3 24 | $2.07 | $5.25 | ||
| Q2 24 | $2.69 | $0.90 | ||
| Q1 24 | $1.93 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $15.0B | $15.8B |
| 股东权益账面价值 | $-3.8B | $5.1B |
| 总资产 | $27.5B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资MARVST
| Q4 25 | $358.0M | $785.0M | ||
| Q3 25 | $678.0M | $602.0M | ||
| Q2 25 | $671.0M | $458.0M | ||
| Q1 25 | $523.0M | $561.0M | ||
| Q4 24 | $396.0M | $1.2B | ||
| Q3 24 | $394.0M | $905.0M | ||
| Q2 24 | $349.0M | $1.6B | ||
| Q1 24 | $429.0M | $1.1B |
总债务MARVST
| Q4 25 | $15.0B | $15.8B | ||
| Q3 25 | $14.4B | $15.8B | ||
| Q2 25 | $14.5B | $15.5B | ||
| Q1 25 | $14.1B | $15.4B | ||
| Q4 24 | $13.1B | $15.4B | ||
| Q3 24 | $12.7B | $13.9B | ||
| Q2 24 | $12.2B | $13.9B | ||
| Q1 24 | $11.7B | $14.7B |
股东权益MARVST
| Q4 25 | $-3.8B | $5.1B | ||
| Q3 25 | $-3.1B | $5.2B | ||
| Q2 25 | $-3.0B | $4.8B | ||
| Q1 25 | $-3.2B | $4.8B | ||
| Q4 24 | $-3.0B | $5.6B | ||
| Q3 24 | $-2.4B | $5.4B | ||
| Q2 24 | $-2.1B | $5.6B | ||
| Q1 24 | $-1.6B | $5.7B |
总资产MARVST
| Q4 25 | $27.5B | $41.5B | ||
| Q3 25 | $27.8B | $38.0B | ||
| Q2 25 | $27.3B | $38.1B | ||
| Q1 25 | $26.7B | $38.2B | ||
| Q4 24 | $26.2B | $37.8B | ||
| Q3 24 | $26.2B | $37.9B | ||
| Q2 24 | $25.7B | $39.1B | ||
| Q1 24 | $25.8B | $38.2B |
负债/权益比MARVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $596.0M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | 1.86× | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流MARVST
| Q4 25 | $829.0M | $1.4B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $643.0M | $572.0M | ||
| Q1 25 | $647.0M | $599.0M | ||
| Q4 24 | $318.0M | $1.4B | ||
| Q3 24 | $880.0M | $1.7B | ||
| Q2 24 | $772.0M | $1.2B | ||
| Q1 24 | $779.0M | $312.0M |
自由现金流MARVST
| Q4 25 | — | $596.0M | ||
| Q3 25 | $951.0M | $1.0B | ||
| Q2 25 | $488.0M | $-118.0M | ||
| Q1 25 | $512.0M | $-169.0M | ||
| Q4 24 | $-24.0M | $923.0M | ||
| Q3 24 | $706.0M | $1.0B | ||
| Q2 24 | $647.0M | $698.0M | ||
| Q1 24 | $670.0M | $-153.0M |
自由现金流率MARVST
| Q4 25 | — | 12.4% | ||
| Q3 25 | 14.7% | 21.1% | ||
| Q2 25 | 7.2% | -3.1% | ||
| Q1 25 | 8.2% | -4.0% | ||
| Q4 24 | -0.4% | 25.2% | ||
| Q3 24 | 11.3% | 23.4% | ||
| Q2 24 | 10.0% | 19.4% | ||
| Q1 24 | 11.2% | -4.8% |
资本支出强度MARVST
| Q4 25 | — | 17.4% | ||
| Q3 25 | 2.2% | 9.6% | ||
| Q2 25 | 2.3% | 18.4% | ||
| Q1 25 | 2.2% | 18.1% | ||
| Q4 24 | 5.3% | 11.7% | ||
| Q3 24 | 2.8% | 15.8% | ||
| Q2 24 | 1.9% | 13.8% | ||
| Q1 24 | 1.8% | 14.7% |
现金转化率MARVST
| Q4 25 | 1.86× | 6.15× | ||
| Q3 25 | 1.50× | 2.25× | ||
| Q2 25 | 0.84× | 1.75× | ||
| Q1 25 | 0.97× | — | ||
| Q4 24 | 0.70× | 3.07× | ||
| Q3 24 | 1.51× | 0.90× | ||
| Q2 24 | 1.00× | 3.28× | ||
| Q1 24 | 1.38× | — |
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
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
