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RH（RH）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是STARWOOD PROPERTY TRUST, INC.的1.8倍（$883.8M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 4.1%，领先15.6%），RH同比增速更快（8.9% vs 8.5%），过去两年RH的营收复合增速更高（9.4% vs -2.9%）
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
RH vs STWD — 直观对比
营收规模更大
RH
是对方的1.8倍
$492.9M
营收增速更快
RH
高出0.4%
8.5%
净利率更高
STWD
高出15.6%
4.1%
两年增速更快
RH
近两年复合增速
-2.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $492.9M |
| 净利润 | $36.3M | $96.9M |
| 毛利率 | 44.1% | — |
| 营业利润率 | 12.0% | 26.6% |
| 净利率 | 4.1% | 19.7% |
| 营收同比 | 8.9% | 8.5% |
| 净利润同比 | 9.3% | 87.7% |
| 每股收益（稀释后） | $1.83 | $0.25 |
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RHSTWD
| Q4 25 | $883.8M | $492.9M | ||
| Q3 25 | $899.2M | $488.9M | ||
| Q2 25 | $814.0M | $444.3M | ||
| Q1 25 | $812.4M | $418.2M | ||
| Q4 24 | $811.7M | $454.4M | ||
| Q3 24 | $829.7M | $479.5M | ||
| Q2 24 | $727.0M | $489.8M | ||
| Q1 24 | $738.3M | $523.1M |
净利润RHSTWD
| Q4 25 | $36.3M | $96.9M | ||
| Q3 25 | $51.7M | $72.6M | ||
| Q2 25 | $8.0M | $129.8M | ||
| Q1 25 | $13.9M | $112.3M | ||
| Q4 24 | $33.2M | $51.6M | ||
| Q3 24 | $29.0M | $76.1M | ||
| Q2 24 | $-3.6M | $77.9M | ||
| Q1 24 | $11.4M | $154.3M |
毛利率RHSTWD
| Q4 25 | 44.1% | — | ||
| Q3 25 | 45.5% | — | ||
| Q2 25 | 43.7% | — | ||
| Q1 25 | 44.7% | — | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | 45.2% | — | ||
| Q2 24 | 43.5% | — | ||
| Q1 24 | 43.5% | — |
营业利润率RHSTWD
| Q4 25 | 12.0% | 26.6% | ||
| Q3 25 | 14.3% | 19.1% | ||
| Q2 25 | 6.9% | 30.5% | ||
| Q1 25 | 8.7% | 28.7% | ||
| Q4 24 | 12.5% | 15.1% | ||
| Q3 24 | 11.6% | 17.2% | ||
| Q2 24 | 7.5% | 19.1% | ||
| Q1 24 | 8.7% | 30.8% |
净利率RHSTWD
| Q4 25 | 4.1% | 19.7% | ||
| Q3 25 | 5.8% | 14.8% | ||
| Q2 25 | 1.0% | 29.2% | ||
| Q1 25 | 1.7% | 26.8% | ||
| Q4 24 | 4.1% | 11.4% | ||
| Q3 24 | 3.5% | 15.9% | ||
| Q2 24 | -0.5% | 15.9% | ||
| Q1 24 | 1.5% | 29.5% |
每股收益（稀释后）RHSTWD
| Q4 25 | $1.83 | $0.25 | ||
| Q3 25 | $2.62 | $0.19 | ||
| Q2 25 | $0.40 | $0.38 | ||
| Q1 25 | $0.71 | $0.33 | ||
| Q4 24 | $1.66 | $0.15 | ||
| Q3 24 | $1.45 | $0.23 | ||
| Q2 24 | $-0.20 | $0.24 | ||
| Q1 24 | $0.91 | $0.48 |
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 | $43.1M | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3M | $6.8B |
| 总资产 | $4.8B | $63.2B |
| 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RHSTWD
| Q4 25 | $43.1M | $499.5M | ||
| Q3 25 | $34.6M | $301.1M | ||
| Q2 25 | $46.1M | $259.9M | ||
| Q1 25 | $30.4M | $440.6M | ||
| Q4 24 | $87.0M | $377.8M | ||
| Q3 24 | $78.3M | $357.9M | ||
| Q2 24 | $101.8M | $259.3M | ||
| Q1 24 | $123.7M | $327.4M |
股东权益RHSTWD
| Q4 25 | $3.3M | $6.8B | ||
| Q3 25 | $-40.9M | $6.9B | ||
| Q2 25 | $-110.8M | $6.4B | ||
| Q1 25 | $-163.6M | $6.4B | ||
| Q4 24 | $-183.0M | $6.4B | ||
| Q3 24 | $-234.7M | $6.5B | ||
| Q2 24 | $-289.9M | $6.2B | ||
| Q1 24 | $-297.4M | $6.3B |
总资产RHSTWD
| Q4 25 | $4.8B | $63.2B | ||
| Q3 25 | $4.7B | $62.4B | ||
| Q2 25 | $4.7B | $62.4B | ||
| Q1 25 | $4.6B | $62.2B | ||
| Q4 24 | $4.5B | $62.6B | ||
| Q3 24 | $4.4B | $64.2B | ||
| Q2 24 | $4.2B | $64.1B | ||
| Q1 24 | $4.1B | $66.2B |
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 | $131.9M | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | — |
| 自由现金流率自由现金流/营收 | 9.4% | — |
| 资本支出强度资本支出/营收 | 5.5% | — |
| 现金转化率经营现金流/净利润 | 3.64× | 5.04× |
| 过去12个月自由现金流最近4个季度 | $128.1M | — |
8季度趋势，按日历期对齐
经营现金流RHSTWD
| Q4 25 | $131.9M | $488.8M | ||
| Q3 25 | $137.7M | $337.6M | ||
| Q2 25 | $86.6M | $-87.4M | ||
| Q1 25 | $-18.8M | $238.9M | ||
| Q4 24 | $-31.4M | $295.6M | ||
| Q3 24 | $11.2M | $241.8M | ||
| Q2 24 | $56.1M | $53.3M | ||
| Q1 24 | $-114.0M | $55.9M |
自由现金流RHSTWD
| Q4 25 | $83.0M | — | ||
| Q3 25 | $80.7M | — | ||
| Q2 25 | $34.1M | — | ||
| Q1 25 | $-69.7M | — | ||
| Q4 24 | $-96.0M | — | ||
| Q3 24 | $-37.9M | — | ||
| Q2 24 | $-10.1M | — | ||
| Q1 24 | $-251.5M | — |
自由现金流率RHSTWD
| Q4 25 | 9.4% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | -8.6% | — | ||
| Q4 24 | -11.8% | — | ||
| Q3 24 | -4.6% | — | ||
| Q2 24 | -1.4% | — | ||
| Q1 24 | -34.1% | — |
资本支出强度RHSTWD
| Q4 25 | 5.5% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 5.9% | — | ||
| Q2 24 | 9.1% | — | ||
| Q1 24 | 18.6% | — |
现金转化率RHSTWD
| Q4 25 | 3.64× | 5.04× | ||
| Q3 25 | 2.66× | 4.65× | ||
| Q2 25 | 10.78× | -0.67× | ||
| Q1 25 | -1.35× | 2.13× | ||
| Q4 24 | -0.95× | 5.72× | ||
| Q3 24 | 0.39× | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | -10.01× | 0.36× |
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
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
