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Martin Marietta Materials（MLM）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Martin Marietta Materials的1.1倍（$1.2B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs -35.0%，领先59.5%），MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -4.5%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
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。
MLM vs VAC — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $279.0M | $-431.0M |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | — |
| 净利率 | 24.5% | -35.0% |
| 营收同比 | -30.1% | -0.7% |
| 净利润同比 | -4.8% | -962.0% |
| 每股收益（稀释后） | $4.59 | $-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
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
| Q4 25 | $279.0M | $-431.0M | ||
| Q3 25 | $414.0M | $-2.0M | ||
| Q2 25 | $328.0M | $69.0M | ||
| Q1 25 | $116.0M | $56.0M | ||
| Q4 24 | $293.0M | $50.0M | ||
| Q3 24 | $363.0M | $84.0M | ||
| Q2 24 | $294.0M | $37.0M | ||
| Q1 24 | $1.0B | $47.0M |
| Q4 25 | 35.0% | — | ||
| Q3 25 | 33.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.7% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 21.7% | — |
| Q4 25 | 24.6% | — | ||
| Q3 25 | 27.4% | — | ||
| Q2 25 | 25.3% | — | ||
| Q1 25 | 14.3% | — | ||
| Q4 24 | 24.4% | — | ||
| Q3 24 | 25.9% | — | ||
| Q2 24 | 22.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | 24.5% | -35.0% | ||
| Q3 25 | 22.4% | -0.2% | ||
| Q2 25 | 18.1% | 6.0% | ||
| Q1 25 | 8.6% | 5.0% | ||
| Q4 24 | 18.0% | 4.0% | ||
| Q3 24 | 19.2% | 6.9% | ||
| Q2 24 | 16.7% | 3.5% | ||
| Q1 24 | 83.5% | 4.2% |
| Q4 25 | $4.59 | $-12.00 | ||
| Q3 25 | $6.85 | $-0.07 | ||
| Q2 25 | $5.43 | $1.77 | ||
| Q1 25 | $1.90 | $1.46 | ||
| Q4 24 | $4.87 | $1.29 | ||
| Q3 24 | $5.91 | $2.12 | ||
| Q2 24 | $4.76 | $0.98 | ||
| Q1 24 | $16.87 | $1.22 |
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 | $67.0M | $406.0M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $2.0B |
| 总资产 | $18.7B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.53× | — |
8季度趋势，按日历期对齐
| Q4 25 | $67.0M | $406.0M | ||
| Q3 25 | $57.0M | $474.0M | ||
| Q2 25 | $225.0M | $205.0M | ||
| Q1 25 | $101.0M | $196.0M | ||
| Q4 24 | $670.0M | $197.0M | ||
| Q3 24 | $52.0M | $197.0M | ||
| Q2 24 | $109.0M | $206.0M | ||
| Q1 24 | $2.6B | $237.0M |
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $10.0B | $2.0B | ||
| Q3 25 | $9.7B | $2.5B | ||
| Q2 25 | $9.4B | $2.5B | ||
| Q1 25 | $9.1B | $2.4B | ||
| Q4 24 | $9.5B | $2.4B | ||
| Q3 24 | $9.2B | $2.4B | ||
| Q2 24 | $8.8B | $2.4B | ||
| Q1 24 | $8.9B | $2.4B |
| Q4 25 | $18.7B | $9.8B | ||
| Q3 25 | $18.7B | $10.1B | ||
| Q2 25 | $18.1B | $9.9B | ||
| Q1 25 | $17.7B | $9.9B | ||
| Q4 24 | $18.2B | $9.8B | ||
| Q3 24 | $16.5B | $9.7B | ||
| Q2 24 | $16.3B | $9.6B | ||
| Q1 24 | $16.2B | $9.9B |
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.49× | — |
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 | $629.0M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 37.2% | -0.5% |
| 资本支出强度资本支出/营收 | 18.0% | 1.0% |
| 现金转化率经营现金流/净利润 | 2.25× | — |
| 过去12个月自由现金流最近4个季度 | $978.0M | $-29.0M |
8季度趋势，按日历期对齐
| Q4 25 | $629.0M | $6.0M | ||
| Q3 25 | $551.0M | $62.0M | ||
| Q2 25 | $387.0M | $-48.0M | ||
| Q1 25 | $218.0M | $8.0M | ||
| Q4 24 | $686.0M | $100.0M | ||
| Q3 24 | $600.0M | $72.0M | ||
| Q2 24 | $1.0M | $30.0M | ||
| Q1 24 | $172.0M | $3.0M |
| Q4 25 | $424.0M | $-6.0M | ||
| Q3 25 | $361.0M | $51.0M | ||
| Q2 25 | $208.0M | $-68.0M | ||
| Q1 25 | $-15.0M | $-6.0M | ||
| Q4 24 | $453.0M | $86.0M | ||
| Q3 24 | $317.0M | $58.0M | ||
| Q2 24 | $-138.0M | $17.0M | ||
| Q1 24 | $-28.0M | $-13.0M |
| Q4 25 | 37.2% | -0.5% | ||
| Q3 25 | 19.6% | 4.3% | ||
| Q2 25 | 11.5% | -5.9% | ||
| Q1 25 | -1.1% | -0.5% | ||
| Q4 24 | 27.8% | 6.9% | ||
| Q3 24 | 16.8% | 4.8% | ||
| Q2 24 | -7.8% | 1.6% | ||
| Q1 24 | -2.2% | -1.2% |
| Q4 25 | 18.0% | 1.0% | ||
| Q3 25 | 10.3% | 0.9% | ||
| Q2 25 | 9.9% | 1.7% | ||
| Q1 25 | 17.2% | 1.3% | ||
| Q4 24 | 14.3% | 1.1% | ||
| Q3 24 | 15.0% | 1.1% | ||
| Q2 24 | 7.9% | 1.2% | ||
| Q1 24 | 16.0% | 1.4% |
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | -0.70× | ||
| Q1 25 | 1.88× | 0.14× | ||
| Q4 24 | 2.34× | 2.00× | ||
| Q3 24 | 1.65× | 0.86× | ||
| Q2 24 | 0.00× | 0.81× | ||
| Q1 24 | 0.16× | 0.06× |
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
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
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% |
