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巴诺书店（NE）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
巴诺书店的季度营收约是Ryman Hospitality Properties, Inc.的1.0倍（$764.4M vs $737.8M），巴诺书店净利率更高（11.3% vs 10.1%，领先1.2%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs -17.6%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M vs $35.4M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% vs 9.5%）
巴诺书店是美国知名连锁图书零售企业，拥有全美数量最多的实体零售网点，目前在美国境内共运营超过700家线下门店，为消费者提供各类书籍、文创产品及相关文化消费服务。
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。
NE vs RHP — 直观对比
营收规模更大
NE
是对方的1.0倍
$737.8M
营收增速更快
RHP
高出31.5%
-17.6%
净利率更高
NE
高出1.2%
10.1%
自由现金流更多
RHP
多$23.2M
$35.4M
两年增速更快
RHP
近两年复合增速
9.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $764.4M | $737.8M |
| 净利润 | $86.6M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | 5.6% | 19.4% |
| 净利率 | 11.3% | 10.1% |
| 营收同比 | -17.6% | 13.9% |
| 净利润同比 | -10.4% | 3.0% |
| 每股收益（稀释后） | $0.54 | $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NERHP
| Q4 25 | $764.4M | $737.8M | ||
| Q3 25 | $798.0M | $592.5M | ||
| Q2 25 | $848.7M | $659.5M | ||
| Q1 25 | $874.5M | $587.3M | ||
| Q4 24 | $927.3M | $647.6M | ||
| Q3 24 | $800.5M | $550.0M | ||
| Q2 24 | $692.8M | $613.3M | ||
| Q1 24 | $637.1M | $528.3M |
净利润NERHP
| Q4 25 | $86.6M | $74.5M | ||
| Q3 25 | $-21.1M | $34.9M | ||
| Q2 25 | $42.9M | $71.8M | ||
| Q1 25 | $108.3M | $63.0M | ||
| Q4 24 | $96.6M | $72.3M | ||
| Q3 24 | $61.2M | $59.0M | ||
| Q2 24 | $195.0M | $100.8M | ||
| Q1 24 | $95.5M | $42.8M |
毛利率NERHP
| 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NERHP
| Q4 25 | 5.6% | 19.4% | ||
| Q3 25 | 6.3% | 15.0% | ||
| Q2 25 | 15.9% | 21.1% | ||
| Q1 25 | 21.4% | 19.8% | ||
| Q4 24 | 18.4% | 18.6% | ||
| Q3 24 | 14.4% | 19.3% | ||
| Q2 24 | 30.3% | 27.4% | ||
| Q1 24 | 16.9% | 18.2% |
净利率NERHP
| Q4 25 | 11.3% | 10.1% | ||
| Q3 25 | -2.6% | 5.9% | ||
| Q2 25 | 5.1% | 10.9% | ||
| Q1 25 | 12.4% | 10.7% | ||
| Q4 24 | 10.4% | 11.2% | ||
| Q3 24 | 7.6% | 10.7% | ||
| Q2 24 | 28.1% | 16.4% | ||
| Q1 24 | 15.0% | 8.1% |
每股收益（稀释后）NERHP
| Q4 25 | $0.54 | $1.12 | ||
| Q3 25 | $-0.13 | $0.53 | ||
| Q2 25 | $0.27 | $1.12 | ||
| Q1 25 | $0.67 | $1.00 | ||
| Q4 24 | $0.56 | $1.12 | ||
| Q3 24 | $0.40 | $0.94 | ||
| Q2 24 | $1.34 | $1.65 | ||
| Q1 24 | $0.66 | $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 | $471.4M | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.5B | $750.2M |
| 总资产 | $7.5B | $6.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NERHP
| Q4 25 | $471.4M | $471.4M | ||
| Q3 25 | $477.9M | $483.3M | ||
| Q2 25 | $338.2M | $420.6M | ||
| Q1 25 | $303.8M | $413.9M | ||
| Q4 24 | $247.3M | $477.7M | ||
| Q3 24 | $391.9M | $534.9M | ||
| Q2 24 | $162.9M | $498.4M | ||
| Q1 24 | $212.5M | $465.3M |
股东权益NERHP
| Q4 25 | $4.5B | $750.2M | ||
| Q3 25 | $4.5B | $758.5M | ||
| Q2 25 | $4.6B | $800.4M | ||
| Q1 25 | $4.7B | $531.5M | ||
| Q4 24 | $4.7B | $549.0M | ||
| Q3 24 | $4.7B | $551.9M | ||
| Q2 24 | $4.0B | $562.6M | ||
| Q1 24 | $3.9B | $529.9M |
总资产NERHP
| Q4 25 | $7.5B | $6.2B | ||
| Q3 25 | $7.6B | $6.2B | ||
| Q2 25 | $7.7B | $6.1B | ||
| Q1 25 | $7.9B | $5.2B | ||
| Q4 24 | $8.0B | $5.2B | ||
| Q3 24 | $8.0B | $5.2B | ||
| Q2 24 | $5.6B | $5.1B | ||
| Q1 24 | $5.4B | $5.1B |
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 | $187.1M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $35.4M | $58.5M |
| 自由现金流率自由现金流/营收 | 4.6% | 7.9% |
| 资本支出强度资本支出/营收 | 19.9% | 14.4% |
| 现金转化率经营现金流/净利润 | 2.16× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $432.2M | $232.4M |
8季度趋势，按日历期对齐
经营现金流NERHP
| Q4 25 | $187.1M | $164.7M | ||
| Q3 25 | $277.1M | $205.2M | ||
| Q2 25 | $216.4M | $122.5M | ||
| Q1 25 | $271.1M | $98.2M | ||
| Q4 24 | $136.2M | $166.6M | ||
| Q3 24 | $283.8M | $218.1M | ||
| Q2 24 | $106.8M | $184.3M | ||
| Q1 24 | $128.7M | $7.5M |
自由现金流NERHP
| Q4 25 | $35.4M | $58.5M | ||
| Q3 25 | $139.5M | $135.4M | ||
| Q2 25 | $99.8M | $53.0M | ||
| Q1 25 | $157.5M | $-14.5M | ||
| Q4 24 | $-4.4M | $76.0M | ||
| Q3 24 | $156.8M | $85.7M | ||
| Q2 24 | $-34.3M | $78.8M | ||
| Q1 24 | $-37.9M | $-72.0M |
自由现金流率NERHP
| Q4 25 | 4.6% | 7.9% | ||
| Q3 25 | 17.5% | 22.9% | ||
| Q2 25 | 11.8% | 8.0% | ||
| Q1 25 | 18.0% | -2.5% | ||
| Q4 24 | -0.5% | 11.7% | ||
| Q3 24 | 19.6% | 15.6% | ||
| Q2 24 | -4.9% | 12.9% | ||
| Q1 24 | -6.0% | -13.6% |
资本支出强度NERHP
| Q4 25 | 19.9% | 14.4% | ||
| Q3 25 | 17.3% | 11.8% | ||
| Q2 25 | 13.7% | 10.5% | ||
| Q1 25 | 13.0% | 19.2% | ||
| Q4 24 | 15.2% | 14.0% | ||
| Q3 24 | 15.9% | 24.1% | ||
| Q2 24 | 20.4% | 17.2% | ||
| Q1 24 | 26.2% | 15.0% |
现金转化率NERHP
| Q4 25 | 2.16× | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | 5.05× | 1.71× | ||
| Q1 25 | 2.50× | 1.56× | ||
| Q4 24 | 1.41× | 2.30× | ||
| Q3 24 | 4.64× | 3.70× | ||
| Q2 24 | 0.55× | 1.83× | ||
| Q1 24 | 1.35× | 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
NE
| Floaters | $559.8M | 73% |
| Jackups | $145.5M | 19% |
| Service Other | $59.1M | 8% |
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% |
