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摩丁制造（MOD）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的季度营收约是摩丁制造的1.5倍（$1.2B vs $805.0M），摩丁制造净利率更高（-5.9% vs -35.0%，领先29.1%），摩丁制造同比增速更快（30.5% vs -0.7%），MARRIOTT VACATIONS WORLDWIDE Corp自由现金流更多（$-6.0M vs $-17.1M），过去两年摩丁制造的营收复合增速更高（15.5% vs 5.2%）
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
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。
MOD vs VAC — 直观对比
营收规模更大
VAC
是对方的1.5倍
$805.0M
营收增速更快
MOD
高出31.2%
-0.7%
净利率更高
MOD
高出29.1%
-35.0%
自由现金流更多
VAC
多$11.1M
$-17.1M
两年增速更快
MOD
近两年复合增速
5.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $805.0M | $1.2B |
| 净利润 | $-47.4M | $-431.0M |
| 毛利率 | 23.1% | — |
| 营业利润率 | 11.1% | — |
| 净利率 | -5.9% | -35.0% |
| 营收同比 | 30.5% | -0.7% |
| 净利润同比 | -215.6% | -962.0% |
| 每股收益（稀释后） | $-0.90 | $-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MODVAC
| Q4 25 | $805.0M | $1.2B | ||
| Q3 25 | $738.9M | $1.2B | ||
| Q2 25 | $682.8M | $1.2B | ||
| Q1 25 | $647.2M | $1.1B | ||
| Q4 24 | $616.8M | $1.2B | ||
| Q3 24 | $658.0M | $1.2B | ||
| Q2 24 | $661.5M | $1.1B | ||
| Q1 24 | $603.5M | $1.1B |
净利润MODVAC
| Q4 25 | $-47.4M | $-431.0M | ||
| Q3 25 | $44.4M | $-2.0M | ||
| Q2 25 | $51.2M | $69.0M | ||
| Q1 25 | $49.6M | $56.0M | ||
| Q4 24 | $41.0M | $50.0M | ||
| Q3 24 | $46.1M | $84.0M | ||
| Q2 24 | $47.3M | $37.0M | ||
| Q1 24 | $25.8M | $47.0M |
毛利率MODVAC
| Q4 25 | 23.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 25.6% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 24.6% | — | ||
| Q1 24 | 22.4% | — |
营业利润率MODVAC
| Q4 25 | 11.1% | — | ||
| Q3 25 | 9.9% | — | ||
| Q2 25 | 11.1% | — | ||
| Q1 25 | 11.5% | — | ||
| Q4 24 | 9.6% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 7.8% | — |
净利率MODVAC
| Q4 25 | -5.9% | -35.0% | ||
| Q3 25 | 6.0% | -0.2% | ||
| Q2 25 | 7.5% | 6.0% | ||
| Q1 25 | 7.7% | 5.0% | ||
| Q4 24 | 6.6% | 4.0% | ||
| Q3 24 | 7.0% | 6.9% | ||
| Q2 24 | 7.2% | 3.5% | ||
| Q1 24 | 4.3% | 4.2% |
每股收益（稀释后）MODVAC
| Q4 25 | $-0.90 | $-12.00 | ||
| Q3 25 | $0.83 | $-0.07 | ||
| Q2 25 | $0.95 | $1.77 | ||
| Q1 25 | $0.92 | $1.46 | ||
| Q4 24 | $0.76 | $1.29 | ||
| Q3 24 | $0.86 | $2.12 | ||
| Q2 24 | $0.88 | $0.98 | ||
| Q1 24 | $0.48 | $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 | $98.7M | $406.0M |
| 总债务越低越好 | $570.7M | — |
| 股东权益账面价值 | $1.1B | $2.0B |
| 总资产 | $2.5B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MODVAC
| Q4 25 | $98.7M | $406.0M | ||
| Q3 25 | $83.8M | $474.0M | ||
| Q2 25 | $124.5M | $205.0M | ||
| Q1 25 | $71.6M | $196.0M | ||
| Q4 24 | $83.8M | $197.0M | ||
| Q3 24 | $78.6M | $197.0M | ||
| Q2 24 | $72.9M | $206.0M | ||
| Q1 24 | $60.1M | $237.0M |
总债务MODVAC
| Q4 25 | $570.7M | — | ||
| Q3 25 | $525.8M | — | ||
| Q2 25 | $482.1M | — | ||
| Q1 25 | $296.7M | — | ||
| Q4 24 | $330.0M | — | ||
| Q3 24 | $359.1M | — | ||
| Q2 24 | $405.7M | — | ||
| Q1 24 | $399.9M | — |
股东权益MODVAC
| Q4 25 | $1.1B | $2.0B | ||
| Q3 25 | $1.1B | $2.5B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $910.2M | $2.4B | ||
| Q4 24 | $855.1M | $2.4B | ||
| Q3 24 | $858.8M | $2.4B | ||
| Q2 24 | $788.4M | $2.4B | ||
| Q1 24 | $747.6M | $2.4B |
总资产MODVAC
| Q4 25 | $2.5B | $9.8B | ||
| Q3 25 | $2.4B | $10.1B | ||
| Q2 25 | $2.2B | $9.9B | ||
| Q1 25 | $1.9B | $9.9B | ||
| Q4 24 | $1.8B | $9.8B | ||
| Q3 24 | $1.9B | $9.7B | ||
| Q2 24 | $1.9B | $9.6B | ||
| Q1 24 | $1.9B | $9.9B |
负债/权益比MODVAC
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.53× | — |
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 | $24.7M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $-17.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | -2.1% | -0.5% |
| 资本支出强度资本支出/营收 | 5.2% | 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 | $-20.3M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流MODVAC
| Q4 25 | $24.7M | $6.0M | ||
| Q3 25 | $1.4M | $62.0M | ||
| Q2 25 | $27.7M | $-48.0M | ||
| Q1 25 | $54.8M | $8.0M | ||
| Q4 24 | $60.7M | $100.0M | ||
| Q3 24 | $57.3M | $72.0M | ||
| Q2 24 | $40.5M | $30.0M | ||
| Q1 24 | $39.6M | $3.0M |
自由现金流MODVAC
| Q4 25 | $-17.1M | $-6.0M | ||
| Q3 25 | $-30.5M | $51.0M | ||
| Q2 25 | $200.0K | $-68.0M | ||
| Q1 25 | $27.1M | $-6.0M | ||
| Q4 24 | $44.7M | $86.0M | ||
| Q3 24 | $43.8M | $58.0M | ||
| Q2 24 | $13.7M | $17.0M | ||
| Q1 24 | $-4.3M | $-13.0M |
自由现金流率MODVAC
| Q4 25 | -2.1% | -0.5% | ||
| Q3 25 | -4.1% | 4.3% | ||
| Q2 25 | 0.0% | -5.9% | ||
| Q1 25 | 4.2% | -0.5% | ||
| Q4 24 | 7.2% | 6.9% | ||
| Q3 24 | 6.7% | 4.8% | ||
| Q2 24 | 2.1% | 1.6% | ||
| Q1 24 | -0.7% | -1.2% |
资本支出强度MODVAC
| Q4 25 | 5.2% | 1.0% | ||
| Q3 25 | 4.3% | 0.9% | ||
| Q2 25 | 4.0% | 1.7% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | 2.6% | 1.1% | ||
| Q3 24 | 2.1% | 1.1% | ||
| Q2 24 | 4.1% | 1.2% | ||
| Q1 24 | 7.3% | 1.4% |
现金转化率MODVAC
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.54× | -0.70× | ||
| Q1 25 | 1.10× | 0.14× | ||
| Q4 24 | 1.48× | 2.00× | ||
| Q3 24 | 1.24× | 0.86× | ||
| Q2 24 | 0.86× | 0.81× | ||
| Q1 24 | 1.53× | 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
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
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% |
