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美泰（MAT）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
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是美泰的1.4倍（$1.2B vs $862.2M），美泰净利率更高（7.1% vs -35.0%，领先42.1%），美泰同比增速更快（4.3% vs -0.7%），MARRIOTT VACATIONS WORLDWIDE Corp自由现金流更多（$-6.0M vs $-88.1M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -10.6%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
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。
MAT vs VAC — 直观对比
营收规模更大
VAC
是对方的1.4倍
$862.2M
营收增速更快
MAT
高出5.0%
-0.7%
净利率更高
MAT
高出42.1%
-35.0%
自由现金流更多
VAC
多$82.1M
$-88.1M
两年增速更快
VAC
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $862.2M | $1.2B |
| 净利润 | $61.0M | $-431.0M |
| 毛利率 | 44.9% | — |
| 营业利润率 | — | — |
| 净利率 | 7.1% | -35.0% |
| 营收同比 | 4.3% | -0.7% |
| 净利润同比 | 251.4% | -962.0% |
| 每股收益（稀释后） | $0.20 | $-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MATVAC
| Q1 26 | $862.2M | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $826.6M | $1.1B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.1B | $1.1B |
净利润MATVAC
| Q1 26 | $61.0M | — | ||
| Q4 25 | $106.2M | $-431.0M | ||
| Q3 25 | $278.4M | $-2.0M | ||
| Q2 25 | $53.4M | $69.0M | ||
| Q1 25 | $-40.3M | $56.0M | ||
| Q4 24 | $140.9M | $50.0M | ||
| Q3 24 | $372.4M | $84.0M | ||
| Q2 24 | $56.9M | $37.0M |
毛利率MATVAC
| Q1 26 | 44.9% | — | ||
| Q4 25 | 45.9% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 50.9% | — | ||
| Q1 25 | 49.4% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 53.1% | — | ||
| Q2 24 | 49.2% | — |
营业利润率MATVAC
| Q1 26 | — | — | ||
| Q4 25 | 8.0% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | -6.4% | — | ||
| Q4 24 | 9.6% | — | ||
| Q3 24 | 26.5% | — | ||
| Q2 24 | 7.7% | — |
净利率MATVAC
| Q1 26 | 7.1% | — | ||
| Q4 25 | 6.0% | -35.0% | ||
| Q3 25 | 16.0% | -0.2% | ||
| Q2 25 | 5.2% | 6.0% | ||
| Q1 25 | -4.9% | 5.0% | ||
| Q4 24 | 8.6% | 4.0% | ||
| Q3 24 | 20.2% | 6.9% | ||
| Q2 24 | 5.3% | 3.5% |
每股收益（稀释后）MATVAC
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.32 | $-12.00 | ||
| Q3 25 | $0.88 | $-0.07 | ||
| Q2 25 | $0.16 | $1.77 | ||
| Q1 25 | $-0.12 | $1.46 | ||
| Q4 24 | $0.40 | $1.29 | ||
| Q3 24 | $1.09 | $2.12 | ||
| Q2 24 | $0.17 | $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 | $866.0M | $406.0M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.1B | $2.0B |
| 总资产 | $6.3B | $9.8B |
| 负债/权益比越低杠杆越低 | 1.11× | — |
8季度趋势，按日历期对齐
现金及短期投资MATVAC
| Q1 26 | $866.0M | — | ||
| Q4 25 | $1.2B | $406.0M | ||
| Q3 25 | $691.9M | $474.0M | ||
| Q2 25 | $870.5M | $205.0M | ||
| Q1 25 | $1.2B | $196.0M | ||
| Q4 24 | $1.4B | $197.0M | ||
| Q3 24 | $723.5M | $197.0M | ||
| Q2 24 | $722.4M | $206.0M |
总债务MATVAC
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益MATVAC
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $2.3B | $2.5B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.4B | ||
| Q4 24 | $2.3B | $2.4B | ||
| Q3 24 | $2.3B | $2.4B | ||
| Q2 24 | $2.0B | $2.4B |
总资产MATVAC
| Q1 26 | $6.3B | — | ||
| Q4 25 | $6.6B | $9.8B | ||
| Q3 25 | $6.6B | $10.1B | ||
| Q2 25 | $6.2B | $9.9B | ||
| Q1 25 | $6.2B | $9.9B | ||
| Q4 24 | $6.5B | $9.8B | ||
| Q3 24 | $6.5B | $9.7B | ||
| Q2 24 | $5.9B | $9.6B |
负债/权益比MATVAC
| Q1 26 | 1.11× | — | ||
| Q4 25 | 1.04× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.18× | — |
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 | $-88.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | -10.2% | -0.5% |
| 资本支出强度资本支出/营收 | 7.6% | 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MATVAC
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $6.0M | ||
| Q3 25 | $72.0M | $62.0M | ||
| Q2 25 | $-300.1M | $-48.0M | ||
| Q1 25 | $24.8M | $8.0M | ||
| Q4 24 | $862.1M | $100.0M | ||
| Q3 24 | $155.8M | $72.0M | ||
| Q2 24 | $-252.9M | $30.0M |
自由现金流MATVAC
| Q1 26 | $-88.1M | — | ||
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M |
自由现金流率MATVAC
| Q1 26 | -10.2% | — | ||
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% |
资本支出强度MATVAC
| Q1 26 | 7.6% | — | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% |
现金转化率MATVAC
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 6.12× | 2.00× | ||
| Q3 24 | 0.42× | 0.86× | ||
| Q2 24 | -4.45× | 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
MAT
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% |
