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Opendoor Technologies Inc.（OPEN）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Opendoor Technologies Inc.的1.7倍（$1.2B vs $736.0M）。MARRIOTT VACATIONS WORLDWIDE Corp净利率更高（-35.0% vs -148.9%，领先113.9%）。MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -32.1%）。Opendoor Technologies Inc.自由现金流更多（$67.0M vs $-6.0M）。过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -21.1%）
Opendoor Technologies Inc.是一家主营住宅房地产买卖的线上企业，总部位于旧金山。平台可通过线上流程向房主提供房屋即时现金报价，收购房产后进行修缮再重新挂牌出售，同时还提供基于移动端应用的购房服务及配套融资方案，截至2021年11月业务覆盖美国44个区域市场。
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。
OPEN vs VAC — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $736.0M | $1.2B |
| 净利润 | $-1.1B | $-431.0M |
| 毛利率 | 7.7% | — |
| 营业利润率 | -20.4% | — |
| 净利率 | -148.9% | -35.0% |
| 营收同比 | -32.1% | -0.7% |
| 净利润同比 | -869.9% | -962.0% |
| 每股收益（稀释后） | $-1.42 | $-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 | $736.0M | $1.2B | ||
| Q3 25 | $915.0M | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
| Q4 25 | $-1.1B | $-431.0M | ||
| Q3 25 | $-90.0M | $-2.0M | ||
| Q2 25 | $-29.0M | $69.0M | ||
| Q1 25 | $-85.0M | $56.0M | ||
| Q4 24 | $-113.0M | $50.0M | ||
| Q3 24 | $-78.0M | $84.0M | ||
| Q2 24 | $-92.0M | $37.0M | ||
| Q1 24 | $-109.0M | $47.0M |
| Q4 25 | 7.7% | — | ||
| Q3 25 | 7.2% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 7.6% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 9.7% | — |
| Q4 25 | -20.4% | — | ||
| Q3 25 | -7.4% | — | ||
| Q2 25 | -0.8% | — | ||
| Q1 25 | -4.9% | — | ||
| Q4 24 | -8.7% | — | ||
| Q3 24 | -4.9% | — | ||
| Q2 24 | -4.8% | — | ||
| Q1 24 | -7.4% | — |
| Q4 25 | -148.9% | -35.0% | ||
| Q3 25 | -9.8% | -0.2% | ||
| Q2 25 | -1.9% | 6.0% | ||
| Q1 25 | -7.4% | 5.0% | ||
| Q4 24 | -10.4% | 4.0% | ||
| Q3 24 | -5.7% | 6.9% | ||
| Q2 24 | -6.1% | 3.5% | ||
| Q1 24 | -9.2% | 4.2% |
| Q4 25 | $-1.42 | $-12.00 | ||
| Q3 25 | $-0.12 | $-0.07 | ||
| Q2 25 | $-0.04 | $1.77 | ||
| Q1 25 | $-0.12 | $1.46 | ||
| Q4 24 | $-0.16 | $1.29 | ||
| Q3 24 | $-0.11 | $2.12 | ||
| Q2 24 | $-0.13 | $0.98 | ||
| Q1 24 | $-0.16 | $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 | $962.0M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.0B | $2.0B |
| 总资产 | $2.4B | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $962.0M | $406.0M | ||
| Q3 25 | $962.0M | $474.0M | ||
| Q2 25 | $789.0M | $205.0M | ||
| Q1 25 | $559.0M | $196.0M | ||
| Q4 24 | $679.0M | $197.0M | ||
| Q3 24 | $837.0M | $197.0M | ||
| Q2 24 | $809.0M | $206.0M | ||
| Q1 24 | $990.0M | $237.0M |
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $811.0M | $2.5B | ||
| Q2 25 | $631.0M | $2.5B | ||
| Q1 25 | $645.0M | $2.4B | ||
| Q4 24 | $713.0M | $2.4B | ||
| Q3 24 | $801.0M | $2.4B | ||
| Q2 24 | $845.0M | $2.4B | ||
| Q1 24 | $899.0M | $2.4B |
| Q4 25 | $2.4B | $9.8B | ||
| Q3 25 | $2.7B | $10.1B | ||
| Q2 25 | $2.9B | $9.9B | ||
| Q1 25 | $3.3B | $9.9B | ||
| Q4 24 | $3.1B | $9.8B | ||
| Q3 24 | $3.4B | $9.7B | ||
| Q2 24 | $3.4B | $9.6B | ||
| Q1 24 | $3.4B | $9.9B |
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 | $70.0M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $67.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 9.1% | -0.5% |
| 资本支出强度资本支出/营收 | 0.4% | 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 | $1.0B | $-29.0M |
8季度趋势，按日历期对齐
| Q4 25 | $70.0M | $6.0M | ||
| Q3 25 | $435.0M | $62.0M | ||
| Q2 25 | $823.0M | $-48.0M | ||
| Q1 25 | $-279.0M | $8.0M | ||
| Q4 24 | $-80.0M | $100.0M | ||
| Q3 24 | $62.0M | $72.0M | ||
| Q2 24 | $-399.0M | $30.0M | ||
| Q1 24 | $-178.0M | $3.0M |
| Q4 25 | $67.0M | $-6.0M | ||
| Q3 25 | $432.0M | $51.0M | ||
| Q2 25 | $821.0M | $-68.0M | ||
| Q1 25 | $-283.0M | $-6.0M | ||
| Q4 24 | $-83.0M | $86.0M | ||
| Q3 24 | $56.0M | $58.0M | ||
| Q2 24 | $-407.0M | $17.0M | ||
| Q1 24 | $-186.0M | $-13.0M |
| Q4 25 | 9.1% | -0.5% | ||
| Q3 25 | 47.2% | 4.3% | ||
| Q2 25 | 52.4% | -5.9% | ||
| Q1 25 | -24.5% | -0.5% | ||
| Q4 24 | -7.7% | 6.9% | ||
| Q3 24 | 4.1% | 4.8% | ||
| Q2 24 | -26.9% | 1.6% | ||
| Q1 24 | -15.7% | -1.2% |
| Q4 25 | 0.4% | 1.0% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.1% | 1.7% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.3% | 1.1% | ||
| Q3 24 | 0.4% | 1.1% | ||
| Q2 24 | 0.5% | 1.2% | ||
| Q1 24 | 0.7% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 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
OPEN
暂无分部数据
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% |
