vs
美世（MERC）与猫途鹰（TRIP）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是猫途鹰的1.1倍（$449.5M vs $411.0M），猫途鹰净利率更高（-9.2% vs -68.7%，领先59.4%），猫途鹰同比增速更快（0.0% vs -8.0%），美世自由现金流更多（$32.0M vs $-122.0M），过去两年猫途鹰的营收复合增速更高（2.0% 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。
TripAdvisor是美国知名在线旅游服务企业，旗下运营在线旅行社平台、旅游产品比价网站及移动应用，平台拥有大量用户生成的真实旅行内容，为全球消费者提供出行规划、预订等多元服务。
MERC vs TRIP — 直观对比
营收规模更大
MERC
是对方的1.1倍
$411.0M
营收增速更快
TRIP
高出8.0%
-8.0%
净利率更高
TRIP
高出59.4%
-68.7%
自由现金流更多
MERC
多$154.0M
$-122.0M
两年增速更快
TRIP
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $411.0M |
| 净利润 | $-308.7M | $-38.0M |
| 毛利率 | — | 91.5% |
| 营业利润率 | -62.0% | -8.3% |
| 净利率 | -68.7% | -9.2% |
| 营收同比 | -8.0% | 0.0% |
| 净利润同比 | -1947.7% | -3900.0% |
| 每股收益（稀释后） | $-4.61 | $-0.32 |
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MERCTRIP
| Q4 25 | $449.5M | $411.0M | ||
| Q3 25 | $458.1M | $553.0M | ||
| Q2 25 | $453.5M | $529.0M | ||
| Q1 25 | $507.0M | $398.0M | ||
| Q4 24 | $488.4M | $411.0M | ||
| Q3 24 | $502.1M | $532.0M | ||
| Q2 24 | $499.4M | $497.0M | ||
| Q1 24 | $553.4M | $395.0M |
净利润MERCTRIP
| Q4 25 | $-308.7M | $-38.0M | ||
| Q3 25 | $-80.8M | $53.0M | ||
| Q2 25 | $-86.1M | $36.0M | ||
| Q1 25 | $-22.3M | $-11.0M | ||
| Q4 24 | $16.7M | $1.0M | ||
| Q3 24 | $-17.6M | $39.0M | ||
| Q2 24 | $-67.6M | $24.0M | ||
| Q1 24 | $-16.7M | $-59.0M |
毛利率MERCTRIP
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
营业利润率MERCTRIP
| Q4 25 | -62.0% | -8.3% | ||
| Q3 25 | -14.8% | 12.7% | ||
| Q2 25 | -12.9% | 11.2% | ||
| Q1 25 | 1.3% | -3.8% | ||
| Q4 24 | 10.3% | 0.2% | ||
| Q3 24 | 1.8% | 13.2% | ||
| Q2 24 | -8.8% | 7.2% | ||
| Q1 24 | -0.1% | -3.8% |
净利率MERCTRIP
| Q4 25 | -68.7% | -9.2% | ||
| Q3 25 | -17.6% | 9.6% | ||
| Q2 25 | -19.0% | 6.8% | ||
| Q1 25 | -4.4% | -2.8% | ||
| Q4 24 | 3.4% | 0.2% | ||
| Q3 24 | -3.5% | 7.3% | ||
| Q2 24 | -13.5% | 4.8% | ||
| Q1 24 | -3.0% | -14.9% |
每股收益（稀释后）MERCTRIP
| Q4 25 | $-4.61 | $-0.32 | ||
| Q3 25 | $-1.21 | $0.43 | ||
| Q2 25 | $-1.29 | $0.28 | ||
| Q1 25 | $-0.33 | $-0.08 | ||
| Q4 24 | $0.25 | $0.03 | ||
| Q3 24 | $-0.26 | $0.27 | ||
| Q2 24 | $-1.01 | $0.17 | ||
| Q1 24 | $-0.25 | $-0.43 |
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 | $1.0B |
| 总债务越低越好 | $1.6B | $819.0M |
| 股东权益账面价值 | $68.1M | $645.0M |
| 总资产 | $2.0B | $2.6B |
| 负债/权益比越低杠杆越低 | 23.58× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资MERCTRIP
| Q4 25 | $186.8M | $1.0B | ||
| Q3 25 | $98.1M | $1.2B | ||
| Q2 25 | $146.5M | $1.2B | ||
| Q1 25 | $181.5M | $1.2B | ||
| Q4 24 | $184.9M | $1.1B | ||
| Q3 24 | $239.0M | $1.1B | ||
| Q2 24 | $263.2M | $1.2B | ||
| Q1 24 | $274.3M | $1.2B |
总债务MERCTRIP
| Q4 25 | $1.6B | $819.0M | ||
| Q3 25 | $1.5B | $821.0M | ||
| Q2 25 | $1.5B | $822.0M | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.5B | $831.0M | ||
| Q3 24 | $1.6B | $832.0M | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益MERCTRIP
| Q4 25 | $68.1M | $645.0M | ||
| Q3 25 | $359.5M | $707.0M | ||
| Q2 25 | $446.5M | $627.0M | ||
| Q1 25 | $437.4M | $643.0M | ||
| Q4 24 | $429.8M | $943.0M | ||
| Q3 24 | $516.8M | $944.0M | ||
| Q2 24 | $487.7M | $857.0M | ||
| Q1 24 | $573.6M | $825.0M |
总资产MERCTRIP
| Q4 25 | $2.0B | $2.6B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.4B | $2.9B | ||
| Q1 25 | $2.3B | $2.8B | ||
| Q4 24 | $2.3B | $2.6B | ||
| Q3 24 | $2.5B | $2.7B | ||
| Q2 24 | $2.5B | $2.8B | ||
| Q1 24 | $2.6B | $2.7B |
负债/权益比MERCTRIP
| Q4 25 | 23.58× | 1.27× | ||
| Q3 25 | 4.30× | 1.16× | ||
| Q2 25 | 3.42× | 1.31× | ||
| Q1 25 | 3.44× | 1.81× | ||
| Q4 24 | 3.43× | 0.88× | ||
| Q3 24 | 3.09× | 0.88× | ||
| 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 | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $-122.0M |
| 自由现金流率自由现金流/营收 | 7.1% | -29.7% |
| 资本支出强度资本支出/营收 | 3.1% | 4.6% |
| 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 | $-80.0M | $163.0M |
8季度趋势，按日历期对齐
经营现金流MERCTRIP
| Q4 25 | $46.2M | $-103.0M | ||
| Q3 25 | $-30.1M | $44.0M | ||
| Q2 25 | $-4.5M | $202.0M | ||
| Q1 25 | $-3.0M | $102.0M | ||
| Q4 24 | $71.2M | $-3.0M | ||
| Q3 24 | $-13.9M | $-43.0M | ||
| Q2 24 | $62.2M | $51.0M | ||
| Q1 24 | $-29.2M | $139.0M |
自由现金流MERCTRIP
| Q4 25 | $32.0M | $-122.0M | ||
| Q3 25 | $-60.1M | $25.0M | ||
| Q2 25 | $-28.9M | $177.0M | ||
| Q1 25 | $-23.1M | $83.0M | ||
| Q4 24 | $50.4M | $-26.0M | ||
| Q3 24 | $-41.2M | $-63.0M | ||
| Q2 24 | $44.3M | $36.0M | ||
| Q1 24 | $-47.7M | $123.0M |
自由现金流率MERCTRIP
| Q4 25 | 7.1% | -29.7% | ||
| Q3 25 | -13.1% | 4.5% | ||
| Q2 25 | -6.4% | 33.5% | ||
| Q1 25 | -4.6% | 20.9% | ||
| Q4 24 | 10.3% | -6.3% | ||
| Q3 24 | -8.2% | -11.8% | ||
| Q2 24 | 8.9% | 7.2% | ||
| Q1 24 | -8.6% | 31.1% |
资本支出强度MERCTRIP
| Q4 25 | 3.1% | 4.6% | ||
| Q3 25 | 6.6% | 3.4% | ||
| Q2 25 | 5.4% | 4.7% | ||
| Q1 25 | 4.0% | 4.8% | ||
| Q4 24 | 4.2% | 5.6% | ||
| Q3 24 | 5.4% | 3.8% | ||
| Q2 24 | 3.6% | 3.0% | ||
| Q1 24 | 3.3% | 4.1% |
现金转化率MERCTRIP
| Q4 25 | — | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.26× | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | — |
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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
