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永利度假村有限公司（RRR）与Travel & Leisure Co.（TNL）财务数据对比。点击上方公司名可切换其他公司
Travel & Leisure Co.的季度营收约是永利度假村有限公司的1.9倍（$961.0M vs $511.8M）。永利度假村有限公司净利率更高（8.7% vs 8.2%，领先0.5%）。永利度假村有限公司同比增速更快（3.2% vs 2.9%）。永利度假村有限公司自由现金流更多（$77.7M vs $0）。过去两年永利度假村有限公司的营收复合增速更高（2.3% vs -1.2%）
永利度假村有限公司是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店与赌场的开发及运营。公司由前梦幻度假村集团董事长兼首席执行官史蒂夫·永利于2002年创立，现任首席执行官为克雷格·比林斯，截至2020年共开发了6处物业。
Travel + Leisure Co.是一家总部位于美国佛罗里达州奥兰多的分时度假企业，旗下运营温德姆俱乐部、温德姆WorldMark、玛格丽塔维尔度假俱乐部、雅高度假俱乐部等多个度假所有权品牌，开发、销售并管理分时度假物业，同时主要通过RCI提供分时度假交换服务，还运营Travel + Leisure GO等旅行俱乐部。
RRR vs TNL — 直观对比
营收规模更大
TNL
是对方的1.9倍
$511.8M
营收增速更快
RRR
高出0.4%
2.9%
净利率更高
RRR
高出0.5%
8.2%
自由现金流更多
RRR
多$77.7M
$0
两年增速更快
RRR
近两年复合增速
-1.2%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $511.8M | $961.0M |
| 净利润 | $44.7M | $79.0M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | 16.5% |
| 净利率 | 8.7% | 8.2% |
| 营收同比 | 3.2% | 2.9% |
| 净利润同比 | -4.1% | 8.2% |
| 每股收益（稀释后） | $0.74 | $1.22 |
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RRRTNL
| Q1 26 | — | $961.0M | ||
| Q4 25 | $511.8M | $1.0B | ||
| Q3 25 | $475.6M | $1.0B | ||
| Q2 25 | $526.3M | $1.0B | ||
| Q1 25 | $497.9M | $934.0M | ||
| Q4 24 | $495.7M | $970.0M | ||
| Q3 24 | $468.0M | $993.0M | ||
| Q2 24 | $486.4M | $985.0M |
净利润RRRTNL
| Q1 26 | — | $79.0M | ||
| Q4 25 | $44.7M | $-62.0M | ||
| Q3 25 | $42.3M | $111.0M | ||
| Q2 25 | $56.4M | $108.0M | ||
| Q1 25 | $44.7M | $73.0M | ||
| Q4 24 | $46.6M | $119.0M | ||
| Q3 24 | $29.0M | $97.0M | ||
| Q2 24 | $35.7M | $129.0M |
毛利率RRRTNL
| Q1 26 | — | — | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 98.8% | ||
| Q2 25 | — | 97.9% | ||
| Q1 25 | — | 97.5% | ||
| Q4 24 | — | 99.0% | ||
| Q3 24 | — | 97.3% | ||
| Q2 24 | — | 97.9% |
营业利润率RRRTNL
| Q1 26 | — | 16.5% | ||
| Q4 25 | 28.1% | -2.2% | ||
| Q3 25 | 27.6% | 20.5% | ||
| Q2 25 | 31.9% | 20.2% | ||
| Q1 25 | 31.0% | 16.7% | ||
| Q4 24 | 28.7% | 21.1% | ||
| Q3 24 | 27.9% | 19.0% | ||
| Q2 24 | 28.8% | 19.2% |
净利率RRRTNL
| Q1 26 | — | 8.2% | ||
| Q4 25 | 8.7% | -6.0% | ||
| Q3 25 | 8.9% | 10.6% | ||
| Q2 25 | 10.7% | 10.6% | ||
| Q1 25 | 9.0% | 7.8% | ||
| Q4 24 | 9.4% | 12.3% | ||
| Q3 24 | 6.2% | 9.8% | ||
| Q2 24 | 7.3% | 13.1% |
每股收益（稀释后）RRRTNL
| Q1 26 | — | $1.22 | ||
| Q4 25 | $0.74 | $-0.92 | ||
| Q3 25 | $0.68 | $1.67 | ||
| Q2 25 | $0.95 | $1.62 | ||
| Q1 25 | $0.75 | $1.07 | ||
| Q4 24 | $0.78 | $1.70 | ||
| Q3 24 | $0.48 | $1.39 | ||
| Q2 24 | $0.59 | $1.81 |
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 | $142.5M | $254.0M |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | $208.3M | — |
| 总资产 | $4.2B | $6.8B |
| 负债/权益比越低杠杆越低 | 16.30× | — |
8季度趋势，按日历期对齐
现金及短期投资RRRTNL
| Q1 26 | — | $254.0M | ||
| Q4 25 | $142.5M | $271.0M | ||
| Q3 25 | $129.8M | $240.0M | ||
| Q2 25 | $145.2M | $212.0M | ||
| Q1 25 | $150.6M | $188.0M | ||
| Q4 24 | $164.4M | $185.0M | ||
| Q3 24 | $117.5M | $194.0M | ||
| Q2 24 | $136.4M | $166.0M |
总债务RRRTNL
| Q1 26 | — | — | ||
| Q4 25 | $3.4B | $5.6B | ||
| Q3 25 | — | $5.6B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $3.4B | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $5.6B |
股东权益RRRTNL
| Q1 26 | — | — | ||
| Q4 25 | $208.3M | $-981.0M | ||
| Q3 25 | $219.6M | $-821.0M | ||
| Q2 25 | $203.4M | $-852.0M | ||
| Q1 25 | $247.1M | $-903.0M | ||
| Q4 24 | $215.1M | $-881.0M | ||
| Q3 24 | $175.5M | $-862.0M | ||
| Q2 24 | $159.0M | $-885.0M |
总资产RRRTNL
| Q1 26 | — | $6.8B | ||
| Q4 25 | $4.2B | $6.8B | ||
| Q3 25 | $4.1B | $6.9B | ||
| Q2 25 | $4.0B | $6.8B | ||
| Q1 25 | $4.1B | $6.8B | ||
| Q4 24 | $4.0B | $6.7B | ||
| Q3 24 | $4.0B | $6.7B | ||
| Q2 24 | $4.0B | $6.7B |
负债/权益比RRRTNL
| Q1 26 | — | — | ||
| Q4 25 | 16.30× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.84× | — | ||
| 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 | $156.6M | $38.0M |
| 自由现金流经营现金流 - 资本支出 | $77.7M | $0 |
| 自由现金流率自由现金流/营收 | 15.2% | 0.0% |
| 资本支出强度资本支出/营收 | 15.4% | — |
| 现金转化率经营现金流/净利润 | 3.51× | 0.48× |
| 过去12个月自由现金流最近4个季度 | $290.5M | $423.0M |
8季度趋势，按日历期对齐
经营现金流RRRTNL
| Q1 26 | — | $38.0M | ||
| Q4 25 | $156.6M | $124.0M | ||
| Q3 25 | $168.3M | $163.0M | ||
| Q2 25 | $158.4M | $232.0M | ||
| Q1 25 | $126.2M | $121.0M | ||
| Q4 24 | $148.2M | $98.0M | ||
| Q3 24 | $131.0M | $145.0M | ||
| Q2 24 | $142.5M | $174.0M |
自由现金流RRRTNL
| Q1 26 | — | $0 | ||
| Q4 25 | $77.7M | $92.0M | ||
| Q3 25 | $74.6M | $136.0M | ||
| Q2 25 | $80.3M | $195.0M | ||
| Q1 25 | $58.0M | $100.0M | ||
| Q4 24 | $121.4M | $75.0M | ||
| Q3 24 | $50.7M | $125.0M | ||
| Q2 24 | $64.0M | $153.0M |
自由现金流率RRRTNL
| Q1 26 | — | 0.0% | ||
| Q4 25 | 15.2% | 9.0% | ||
| Q3 25 | 15.7% | 13.0% | ||
| Q2 25 | 15.3% | 19.2% | ||
| Q1 25 | 11.6% | 10.7% | ||
| Q4 24 | 24.5% | 7.7% | ||
| Q3 24 | 10.8% | 12.6% | ||
| Q2 24 | 13.1% | 15.5% |
资本支出强度RRRTNL
| Q1 26 | — | — | ||
| Q4 25 | 15.4% | 3.1% | ||
| Q3 25 | 19.7% | 2.6% | ||
| Q2 25 | 14.9% | 3.6% | ||
| Q1 25 | 13.7% | 2.2% | ||
| Q4 24 | 5.4% | 2.4% | ||
| Q3 24 | 17.2% | 2.0% | ||
| Q2 24 | 16.2% | 2.1% |
现金转化率RRRTNL
| Q1 26 | — | 0.48× | ||
| Q4 25 | 3.51× | — | ||
| Q3 25 | 3.98× | 1.47× | ||
| Q2 25 | 2.81× | 2.15× | ||
| Q1 25 | 2.82× | 1.66× | ||
| Q4 24 | 3.18× | 0.82× | ||
| Q3 24 | 4.53× | 1.49× | ||
| Q2 24 | 4.00× | 1.35× |
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
RRR
| Casino | $343.0M | 67% |
| Food And Beverage | $93.3M | 18% |
| Occupancy | $47.2M | 9% |
| Hotel Other | $24.6M | 5% |
TNL
| Other | $452.0M | 47% |
| Service and membership fees | $396.0M | 41% |
| Consumer financing | $113.0M | 12% |
