vs
美世（MERC）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是美世的1.6倍（$737.8M vs $449.5M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs -68.7%，领先78.8%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs -8.0%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M vs $32.0M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
MERC vs RHP — 直观对比
营收规模更大
RHP
是对方的1.6倍
$449.5M
营收增速更快
RHP
高出21.9%
-8.0%
净利率更高
RHP
高出78.8%
-68.7%
自由现金流更多
RHP
多$26.5M
$32.0M
两年增速更快
RHP
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $737.8M |
| 净利润 | $-308.7M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | -62.0% | 19.4% |
| 净利率 | -68.7% | 10.1% |
| 营收同比 | -8.0% | 13.9% |
| 净利润同比 | -1947.7% | 3.0% |
| 每股收益（稀释后） | $-4.61 | $1.12 |
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MERCRHP
| Q4 25 | $449.5M | $737.8M | ||
| Q3 25 | $458.1M | $592.5M | ||
| Q2 25 | $453.5M | $659.5M | ||
| Q1 25 | $507.0M | $587.3M | ||
| Q4 24 | $488.4M | $647.6M | ||
| Q3 24 | $502.1M | $550.0M | ||
| Q2 24 | $499.4M | $613.3M | ||
| Q1 24 | $553.4M | $528.3M |
净利润MERCRHP
| Q4 25 | $-308.7M | $74.5M | ||
| Q3 25 | $-80.8M | $34.9M | ||
| Q2 25 | $-86.1M | $71.8M | ||
| Q1 25 | $-22.3M | $63.0M | ||
| Q4 24 | $16.7M | $72.3M | ||
| Q3 24 | $-17.6M | $59.0M | ||
| Q2 24 | $-67.6M | $100.8M | ||
| Q1 24 | $-16.7M | $42.8M |
毛利率MERCRHP
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 41.5% |
营业利润率MERCRHP
| Q4 25 | -62.0% | 19.4% | ||
| Q3 25 | -14.8% | 15.0% | ||
| Q2 25 | -12.9% | 21.1% | ||
| Q1 25 | 1.3% | 19.8% | ||
| Q4 24 | 10.3% | 18.6% | ||
| Q3 24 | 1.8% | 19.3% | ||
| Q2 24 | -8.8% | 27.4% | ||
| Q1 24 | -0.1% | 18.2% |
净利率MERCRHP
| Q4 25 | -68.7% | 10.1% | ||
| Q3 25 | -17.6% | 5.9% | ||
| Q2 25 | -19.0% | 10.9% | ||
| Q1 25 | -4.4% | 10.7% | ||
| Q4 24 | 3.4% | 11.2% | ||
| Q3 24 | -3.5% | 10.7% | ||
| Q2 24 | -13.5% | 16.4% | ||
| Q1 24 | -3.0% | 8.1% |
每股收益（稀释后）MERCRHP
| Q4 25 | $-4.61 | $1.12 | ||
| Q3 25 | $-1.21 | $0.53 | ||
| Q2 25 | $-1.29 | $1.12 | ||
| Q1 25 | $-0.33 | $1.00 | ||
| Q4 24 | $0.25 | $1.12 | ||
| Q3 24 | $-0.26 | $0.94 | ||
| Q2 24 | $-1.01 | $1.65 | ||
| Q1 24 | $-0.25 | $0.67 |
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 | $186.8M | $471.4M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $750.2M |
| 总资产 | $2.0B | $6.2B |
| 负债/权益比越低杠杆越低 | 23.58× | — |
8季度趋势，按日历期对齐
现金及短期投资MERCRHP
| Q4 25 | $186.8M | $471.4M | ||
| Q3 25 | $98.1M | $483.3M | ||
| Q2 25 | $146.5M | $420.6M | ||
| Q1 25 | $181.5M | $413.9M | ||
| Q4 24 | $184.9M | $477.7M | ||
| Q3 24 | $239.0M | $534.9M | ||
| Q2 24 | $263.2M | $498.4M | ||
| Q1 24 | $274.3M | $465.3M |
总债务MERCRHP
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益MERCRHP
| Q4 25 | $68.1M | $750.2M | ||
| Q3 25 | $359.5M | $758.5M | ||
| Q2 25 | $446.5M | $800.4M | ||
| Q1 25 | $437.4M | $531.5M | ||
| Q4 24 | $429.8M | $549.0M | ||
| Q3 24 | $516.8M | $551.9M | ||
| Q2 24 | $487.7M | $562.6M | ||
| Q1 24 | $573.6M | $529.9M |
总资产MERCRHP
| Q4 25 | $2.0B | $6.2B | ||
| Q3 25 | $2.3B | $6.2B | ||
| Q2 25 | $2.4B | $6.1B | ||
| Q1 25 | $2.3B | $5.2B | ||
| Q4 24 | $2.3B | $5.2B | ||
| Q3 24 | $2.5B | $5.2B | ||
| Q2 24 | $2.5B | $5.1B | ||
| Q1 24 | $2.6B | $5.1B |
负债/权益比MERCRHP
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | 3.22× | — | ||
| Q1 24 | 2.82× | — |
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 | $46.2M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $58.5M |
| 自由现金流率自由现金流/营收 | 7.1% | 7.9% |
| 资本支出强度资本支出/营收 | 3.1% | 14.4% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | $232.4M |
8季度趋势，按日历期对齐
经营现金流MERCRHP
| Q4 25 | $46.2M | $164.7M | ||
| Q3 25 | $-30.1M | $205.2M | ||
| Q2 25 | $-4.5M | $122.5M | ||
| Q1 25 | $-3.0M | $98.2M | ||
| Q4 24 | $71.2M | $166.6M | ||
| Q3 24 | $-13.9M | $218.1M | ||
| Q2 24 | $62.2M | $184.3M | ||
| Q1 24 | $-29.2M | $7.5M |
自由现金流MERCRHP
| Q4 25 | $32.0M | $58.5M | ||
| Q3 25 | $-60.1M | $135.4M | ||
| Q2 25 | $-28.9M | $53.0M | ||
| Q1 25 | $-23.1M | $-14.5M | ||
| Q4 24 | $50.4M | $76.0M | ||
| Q3 24 | $-41.2M | $85.7M | ||
| Q2 24 | $44.3M | $78.8M | ||
| Q1 24 | $-47.7M | $-72.0M |
自由现金流率MERCRHP
| Q4 25 | 7.1% | 7.9% | ||
| Q3 25 | -13.1% | 22.9% | ||
| Q2 25 | -6.4% | 8.0% | ||
| Q1 25 | -4.6% | -2.5% | ||
| Q4 24 | 10.3% | 11.7% | ||
| Q3 24 | -8.2% | 15.6% | ||
| Q2 24 | 8.9% | 12.9% | ||
| Q1 24 | -8.6% | -13.6% |
资本支出强度MERCRHP
| Q4 25 | 3.1% | 14.4% | ||
| Q3 25 | 6.6% | 11.8% | ||
| Q2 25 | 5.4% | 10.5% | ||
| Q1 25 | 4.0% | 19.2% | ||
| Q4 24 | 4.2% | 14.0% | ||
| Q3 24 | 5.4% | 24.1% | ||
| Q2 24 | 3.6% | 17.2% | ||
| Q1 24 | 3.3% | 15.0% |
现金转化率MERCRHP
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | 4.26× | 2.30× | ||
| Q3 24 | — | 3.70× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | 0.17× |
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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
