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Primo Brands Corp（PRMB）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
Primo Brands Corp的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的1.3倍（$1.6B vs $1.2B），Primo Brands Corp净利率更高（1.7% vs -35.0%，领先36.7%），Primo Brands Corp同比增速更快（0.8% vs -0.7%），过去两年Primo Brands Corp的营收复合增速更高（19.7% vs 5.2%）
Primo Brands Corp是一家美加合资饮用水企业，主营多规格桶装水、饮水机、自助补水设备及净水家电，总部位于美国佛罗里达州坦帕市，服务覆盖美国、加拿大、欧洲及以色列的住宅与商业客户。
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。
PRMB vs VAC — 直观对比
营收规模更大
PRMB
是对方的1.3倍
$1.2B
营收增速更快
PRMB
高出1.5%
-0.7%
净利率更高
PRMB
高出36.7%
-35.0%
两年增速更快
PRMB
近两年复合增速
5.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $27.3M | $-431.0M |
| 毛利率 | 28.6% | — |
| 营业利润率 | 8.5% | — |
| 净利率 | 1.7% | -35.0% |
| 营收同比 | 0.8% | -0.7% |
| 净利润同比 | -4.9% | -962.0% |
| 每股收益（稀释后） | $0.07 | $-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PRMBVAC
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $0 | $1.2B | ||
| Q2 24 | $1.3B | $1.1B |
净利润PRMBVAC
| Q1 26 | $27.3M | — | ||
| Q4 25 | $-13.0M | $-431.0M | ||
| Q3 25 | $16.8M | $-2.0M | ||
| Q2 25 | $27.6M | $69.0M | ||
| Q1 25 | $28.7M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $-2.0K | $84.0M | ||
| Q2 24 | $54.5M | $37.0M |
毛利率PRMBVAC
| Q1 26 | 28.6% | — | ||
| Q4 25 | 27.7% | — | ||
| Q3 25 | 29.9% | — | ||
| Q2 25 | 31.3% | — | ||
| Q1 25 | 32.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 32.7% | — |
营业利润率PRMBVAC
| Q1 26 | 8.5% | — | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 8.3% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 12.1% | — |
净利率PRMBVAC
| Q1 26 | 1.7% | — | ||
| Q4 25 | -0.8% | -35.0% | ||
| Q3 25 | 1.0% | -0.2% | ||
| Q2 25 | 1.6% | 6.0% | ||
| Q1 25 | 1.8% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | 4.1% | 3.5% |
每股收益（稀释后）PRMBVAC
| Q1 26 | $0.07 | — | ||
| Q4 25 | $-0.03 | $-12.00 | ||
| Q3 25 | $0.04 | $-0.07 | ||
| Q2 25 | $0.07 | $1.77 | ||
| Q1 25 | $0.08 | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | $-20.00 | $2.12 | ||
| Q2 24 | $0.25 | $0.98 |
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 | — | $406.0M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $3.0B | $2.0B |
| 总资产 | $10.6B | $9.8B |
| 负债/权益比越低杠杆越低 | 1.74× | — |
8季度趋势，按日历期对齐
现金及短期投资PRMBVAC
| Q1 26 | — | — | ||
| Q4 25 | $376.7M | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M |
总债务PRMBVAC
| Q1 26 | $5.2B | — | ||
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PRMBVAC
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.0B | $2.0B | ||
| Q3 25 | $3.2B | $2.5B | ||
| Q2 25 | $3.2B | $2.5B | ||
| Q1 25 | $3.3B | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $-2.0K | $2.4B | ||
| Q2 24 | $-296.8M | $2.4B |
总资产PRMBVAC
| Q1 26 | $10.6B | — | ||
| Q4 25 | $10.6B | $9.8B | ||
| Q3 25 | $11.0B | $10.1B | ||
| Q2 25 | $11.0B | $9.9B | ||
| Q1 25 | $11.0B | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | $0 | $9.7B | ||
| Q2 24 | — | $9.6B |
负债/权益比PRMBVAC
| Q1 26 | 1.74× | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.61× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $103.8M | $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 | 2.9% | 1.0% |
| 现金转化率经营现金流/净利润 | 3.80× | — |
| 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PRMBVAC
| Q1 26 | $103.8M | — | ||
| Q4 25 | $203.1M | $6.0M | ||
| Q3 25 | $283.4M | $62.0M | ||
| Q2 25 | $155.0M | $-48.0M | ||
| Q1 25 | $38.8M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $0 | $72.0M | ||
| Q2 24 | $102.5M | $30.0M |
自由现金流PRMBVAC
| Q1 26 | — | — | ||
| Q4 25 | $57.3M | $-6.0M | ||
| Q3 25 | $167.7M | $51.0M | ||
| Q2 25 | $101.1M | $-68.0M | ||
| Q1 25 | $-23.2M | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | $61.4M | $17.0M |
自由现金流率PRMBVAC
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | -0.5% | ||
| Q3 25 | 9.5% | 4.3% | ||
| Q2 25 | 5.8% | -5.9% | ||
| Q1 25 | -1.4% | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | 4.7% | 1.6% |
资本支出强度PRMBVAC
| Q1 26 | 2.9% | — | ||
| Q4 25 | 9.4% | 1.0% | ||
| Q3 25 | 6.6% | 0.9% | ||
| Q2 25 | 3.1% | 1.7% | ||
| Q1 25 | 3.8% | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | 3.1% | 1.2% |
现金转化率PRMBVAC
| Q1 26 | 3.80× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 16.87× | — | ||
| Q2 25 | 5.62× | -0.70× | ||
| Q1 25 | 1.35× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | 1.88× | 0.81× |
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
PRMB
| Regional spring water | $801.2M | 49% |
| Purified water | $511.2M | 31% |
| Other | $208.2M | 13% |
| Premium water | $105.5M | 6% |
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% |
