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先锋自然资源公司（PR）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的季度营收约是先锋自然资源公司的1.1倍（$1.2B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs -35.0%，领先64.0%），MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -9.8%），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -3.0%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
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。
PR vs VAC — 直观对比
营收规模更大
VAC
是对方的1.1倍
$1.2B
营收增速更快
VAC
高出9.1%
-9.8%
净利率更高
PR
高出64.0%
-35.0%
两年增速更快
VAC
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $339.5M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.1% | — |
| 净利率 | 29.0% | -35.0% |
| 营收同比 | -9.8% | -0.7% |
| 净利润同比 | 56.7% | -962.0% |
| 每股收益（稀释后） | $0.48 | $-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PRVAC
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
净利润PRVAC
| Q4 25 | $339.5M | $-431.0M | ||
| Q3 25 | $59.2M | $-2.0M | ||
| Q2 25 | $207.1M | $69.0M | ||
| Q1 25 | $329.3M | $56.0M | ||
| Q4 24 | $216.7M | $50.0M | ||
| Q3 24 | $386.4M | $84.0M | ||
| Q2 24 | $235.1M | $37.0M | ||
| Q1 24 | $146.6M | $47.0M |
营业利润率PRVAC
| Q4 25 | 23.1% | — | ||
| Q3 25 | 29.6% | — | ||
| Q2 25 | 24.8% | — | ||
| Q1 25 | 36.6% | — | ||
| Q4 24 | 32.8% | — | ||
| Q3 24 | 32.5% | — | ||
| Q2 24 | 36.5% | — | ||
| Q1 24 | 37.7% | — |
净利率PRVAC
| Q4 25 | 29.0% | -35.0% | ||
| Q3 25 | 4.5% | -0.2% | ||
| Q2 25 | 17.3% | 6.0% | ||
| Q1 25 | 23.9% | 5.0% | ||
| Q4 24 | 16.7% | 4.0% | ||
| Q3 24 | 31.8% | 6.9% | ||
| Q2 24 | 18.9% | 3.5% | ||
| Q1 24 | 11.8% | 4.2% |
每股收益（稀释后）PRVAC
| Q4 25 | $0.48 | $-12.00 | ||
| Q3 25 | $0.08 | $-0.07 | ||
| Q2 25 | $0.28 | $1.77 | ||
| Q1 25 | $0.44 | $1.46 | ||
| Q4 24 | $0.31 | $1.29 | ||
| Q3 24 | $0.53 | $2.12 | ||
| Q2 24 | $0.36 | $0.98 | ||
| Q1 24 | $0.25 | $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 | $153.7M | $406.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $10.3B | $2.0B |
| 总资产 | $17.9B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资PRVAC
| Q4 25 | $153.7M | $406.0M | ||
| Q3 25 | $111.8M | $474.0M | ||
| Q2 25 | $451.0M | $205.0M | ||
| Q1 25 | $702.2M | $196.0M | ||
| Q4 24 | $479.3M | $197.0M | ||
| Q3 24 | $272.0M | $197.0M | ||
| Q2 24 | $47.8M | $206.0M | ||
| Q1 24 | $12.7M | $237.0M |
总债务PRVAC
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.9B | — |
股东权益PRVAC
| Q4 25 | $10.3B | $2.0B | ||
| Q3 25 | $10.0B | $2.5B | ||
| Q2 25 | $9.5B | $2.5B | ||
| Q1 25 | $9.4B | $2.4B | ||
| Q4 24 | $9.1B | $2.4B | ||
| Q3 24 | $9.0B | $2.4B | ||
| Q2 24 | $8.3B | $2.4B | ||
| Q1 24 | $7.0B | $2.4B |
总资产PRVAC
| Q4 25 | $17.9B | $9.8B | ||
| Q3 25 | $17.3B | $10.1B | ||
| Q2 25 | $17.5B | $9.9B | ||
| Q1 25 | $17.1B | $9.9B | ||
| Q4 24 | $16.9B | $9.8B | ||
| Q3 24 | $16.6B | $9.7B | ||
| Q2 24 | $15.4B | $9.6B | ||
| Q1 24 | $15.1B | $9.9B |
负债/权益比PRVAC
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.56× | — |
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 | $904.3M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 2.66× | — |
| 过去12个月自由现金流最近4个季度 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流PRVAC
| Q4 25 | $904.3M | $6.0M | ||
| Q3 25 | $766.5M | $62.0M | ||
| Q2 25 | $1.0B | $-48.0M | ||
| Q1 25 | $898.0M | $8.0M | ||
| Q4 24 | $871.6M | $100.0M | ||
| Q3 24 | $954.4M | $72.0M | ||
| Q2 24 | $938.4M | $30.0M | ||
| Q1 24 | $647.6M | $3.0M |
自由现金流PRVAC
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率PRVAC
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度PRVAC
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率PRVAC
| Q4 25 | 2.66× | — | ||
| Q3 25 | 12.94× | — | ||
| Q2 25 | 5.01× | -0.70× | ||
| Q1 25 | 2.73× | 0.14× | ||
| Q4 24 | 4.02× | 2.00× | ||
| Q3 24 | 2.47× | 0.86× | ||
| Q2 24 | 3.99× | 0.81× | ||
| Q1 24 | 4.42× | 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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
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% |
