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Masco（MAS）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
Masco的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的1.6倍（$1.9B vs $1.2B），Masco净利率更高（11.9% vs -35.0%，领先46.9%），Masco同比增速更快（6.5% vs -0.7%），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -4.2%）
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
MAS vs VAC — 直观对比
营收规模更大
MAS
是对方的1.6倍
$1.2B
营收增速更快
MAS
高出7.2%
-0.7%
净利率更高
MAS
高出46.9%
-35.0%
两年增速更快
VAC
近两年复合增速
-4.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $228.0M | $-431.0M |
| 毛利率 | 35.8% | — |
| 营业利润率 | 16.5% | — |
| 净利率 | 11.9% | -35.0% |
| 营收同比 | 6.5% | -0.7% |
| 净利润同比 | 14.5% | -962.0% |
| 每股收益（稀释后） | — | $-12.00 |
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MASVAC
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $2.0B | $1.2B | ||
| Q2 24 | $2.1B | $1.1B |
净利润MASVAC
| Q1 26 | $228.0M | — | ||
| Q4 25 | $165.0M | $-431.0M | ||
| Q3 25 | $189.0M | $-2.0M | ||
| Q2 25 | $270.0M | $69.0M | ||
| Q1 25 | $186.0M | $56.0M | ||
| Q4 24 | $182.0M | $50.0M | ||
| Q3 24 | $167.0M | $84.0M | ||
| Q2 24 | $258.0M | $37.0M |
毛利率MASVAC
| Q1 26 | 35.8% | — | ||
| Q4 25 | 33.9% | — | ||
| Q3 25 | 34.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | 35.8% | — | ||
| Q4 24 | 34.8% | — | ||
| Q3 24 | 36.6% | — | ||
| Q2 24 | 37.5% | — |
营业利润率MASVAC
| Q1 26 | 16.5% | — | ||
| Q4 25 | 13.8% | — | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 20.1% | — | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 19.0% | — |
净利率MASVAC
| Q1 26 | 11.9% | — | ||
| Q4 25 | 9.2% | -35.0% | ||
| Q3 25 | 9.9% | -0.2% | ||
| Q2 25 | 13.2% | 6.0% | ||
| Q1 25 | 10.3% | 5.0% | ||
| Q4 24 | 10.0% | 4.0% | ||
| Q3 24 | 8.4% | 6.9% | ||
| Q2 24 | 12.3% | 3.5% |
每股收益（稀释后）MASVAC
| Q1 26 | — | — | ||
| Q4 25 | $0.81 | $-12.00 | ||
| Q3 25 | $0.90 | $-0.07 | ||
| Q2 25 | $1.28 | $1.77 | ||
| Q1 25 | $0.87 | $1.46 | ||
| Q4 24 | $0.85 | $1.29 | ||
| Q3 24 | $0.77 | $2.12 | ||
| Q2 24 | $1.17 | $0.98 |
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 | — | $406.0M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | $27.0M | $2.0B |
| 总资产 | $5.2B | $9.8B |
| 负债/权益比越低杠杆越低 | 109.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MASVAC
| Q1 26 | — | — | ||
| Q4 25 | $647.0M | $406.0M | ||
| Q3 25 | $559.0M | $474.0M | ||
| Q2 25 | $390.0M | $205.0M | ||
| Q1 25 | $377.0M | $196.0M | ||
| Q4 24 | $634.0M | $197.0M | ||
| Q3 24 | $646.0M | $197.0M | ||
| Q2 24 | $398.0M | $206.0M |
总债务MASVAC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MASVAC
| Q1 26 | $27.0M | — | ||
| Q4 25 | $-185.0M | $2.0B | ||
| Q3 25 | $-78.0M | $2.5B | ||
| Q2 25 | $-84.0M | $2.5B | ||
| Q1 25 | $-254.0M | $2.4B | ||
| Q4 24 | $-279.0M | $2.4B | ||
| Q3 24 | $-88.0M | $2.4B | ||
| Q2 24 | $-26.0M | $2.4B |
总资产MASVAC
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | $9.8B | ||
| Q3 25 | $5.3B | $10.1B | ||
| Q2 25 | $5.3B | $9.9B | ||
| Q1 25 | $5.1B | $9.9B | ||
| Q4 24 | $5.0B | $9.8B | ||
| Q3 24 | $5.3B | $9.7B | ||
| Q2 24 | $5.4B | $9.6B |
负债/权益比MASVAC
| Q1 26 | 109.07× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | — | $6.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | 1.8% | 1.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流MASVAC
| Q1 26 | — | — | ||
| Q4 25 | $418.0M | $6.0M | ||
| Q3 25 | $456.0M | $62.0M | ||
| Q2 25 | $306.0M | $-48.0M | ||
| Q1 25 | $-158.0M | $8.0M | ||
| Q4 24 | $407.0M | $100.0M | ||
| Q3 24 | $416.0M | $72.0M | ||
| Q2 24 | $346.0M | $30.0M |
自由现金流MASVAC
| Q1 26 | — | — | ||
| Q4 25 | $371.0M | $-6.0M | ||
| Q3 25 | $415.0M | $51.0M | ||
| Q2 25 | $270.0M | $-68.0M | ||
| Q1 25 | $-190.0M | $-6.0M | ||
| Q4 24 | $351.0M | $86.0M | ||
| Q3 24 | $378.0M | $58.0M | ||
| Q2 24 | $303.0M | $17.0M |
自由现金流率MASVAC
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | -0.5% | ||
| Q3 25 | 21.6% | 4.3% | ||
| Q2 25 | 13.2% | -5.9% | ||
| Q1 25 | -10.5% | -0.5% | ||
| Q4 24 | 19.2% | 6.9% | ||
| Q3 24 | 19.1% | 4.8% | ||
| Q2 24 | 14.5% | 1.6% |
资本支出强度MASVAC
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.6% | 1.0% | ||
| Q3 25 | 2.1% | 0.9% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 1.8% | 1.3% | ||
| Q4 24 | 3.1% | 1.1% | ||
| Q3 24 | 1.9% | 1.1% | ||
| Q2 24 | 2.1% | 1.2% |
现金转化率MASVAC
| Q1 26 | — | — | ||
| Q4 25 | 2.53× | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | 1.13× | -0.70× | ||
| Q1 25 | -0.85× | 0.14× | ||
| Q4 24 | 2.24× | 2.00× | ||
| Q3 24 | 2.49× | 0.86× | ||
| Q2 24 | 1.34× | 0.81× |
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
MAS
暂无分部数据
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
