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Sabre Corp（SABR）与猫途鹰（TRIP）财务数据对比。点击上方公司名可切换其他公司
Sabre Corp的季度营收约是猫途鹰的1.4倍（$592.0M vs $411.0M），猫途鹰净利率更高（-9.2% vs -17.5%，领先8.2%），Sabre Corp同比增速更快（2.9% vs 0.0%），过去两年猫途鹰的营收复合增速更高（2.0% vs -13.0%）
Sabre Corporation是总部位于美国得克萨斯州南湖的旅游科技公司，也是全球最大的航空预订全球分销系统（GDS）服务商。其核心产品Sabre全球分销系统作为中立中介，连接航司、酒店等旅游供应商与旅行社等旅游销售方，提供实时库存与价格信息，是企业差旅管理领域的重要服务商。
TripAdvisor是美国知名在线旅游服务企业，旗下运营在线旅行社平台、旅游产品比价网站及移动应用，平台拥有大量用户生成的真实旅行内容，为全球消费者提供出行规划、预订等多元服务。
SABR vs TRIP — 直观对比
营收规模更大
SABR
是对方的1.4倍
$411.0M
营收增速更快
SABR
高出2.9%
0.0%
净利率更高
TRIP
高出8.2%
-17.5%
两年增速更快
TRIP
近两年复合增速
-13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $592.0M | $411.0M |
| 净利润 | $-103.5M | $-38.0M |
| 毛利率 | 55.4% | 91.5% |
| 营业利润率 | 1.6% | -8.3% |
| 净利率 | -17.5% | -9.2% |
| 营收同比 | 2.9% | 0.0% |
| 净利润同比 | -38.6% | -3900.0% |
| 每股收益（稀释后） | $-0.08 | $-0.32 |
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SABRTRIP
| Q4 25 | $592.0M | $411.0M | ||
| Q3 25 | $715.2M | $553.0M | ||
| Q2 25 | $687.1M | $529.0M | ||
| Q1 25 | $776.6M | $398.0M | ||
| Q4 24 | $575.6M | $411.0M | ||
| Q3 24 | $691.3M | $532.0M | ||
| Q2 24 | $695.0M | $497.0M | ||
| Q1 24 | $782.9M | $395.0M |
净利润SABRTRIP
| Q4 25 | $-103.5M | $-38.0M | ||
| Q3 25 | $848.5M | $53.0M | ||
| Q2 25 | $-256.5M | $36.0M | ||
| Q1 25 | $35.5M | $-11.0M | ||
| Q4 24 | $-74.7M | $1.0M | ||
| Q3 24 | $-62.8M | $39.0M | ||
| Q2 24 | $-69.8M | $24.0M | ||
| Q1 24 | $-71.5M | $-59.0M |
毛利率SABRTRIP
| Q4 25 | 55.4% | 91.5% | ||
| Q3 25 | 56.2% | 92.6% | ||
| Q2 25 | 56.9% | 92.1% | ||
| Q1 25 | 57.0% | 93.2% | ||
| Q4 24 | 58.8% | 93.4% | ||
| Q3 24 | 57.4% | 92.5% | ||
| Q2 24 | 57.8% | 92.8% | ||
| Q1 24 | 59.0% | 93.7% |
营业利润率SABRTRIP
| Q4 25 | 1.6% | -8.3% | ||
| Q3 25 | 13.1% | 12.7% | ||
| Q2 25 | 13.0% | 11.2% | ||
| Q1 25 | 13.3% | -3.8% | ||
| Q4 24 | 6.5% | 0.2% | ||
| Q3 24 | 8.4% | 13.2% | ||
| Q2 24 | 7.0% | 7.2% | ||
| Q1 24 | 12.5% | -3.8% |
净利率SABRTRIP
| Q4 25 | -17.5% | -9.2% | ||
| Q3 25 | 118.6% | 9.6% | ||
| Q2 25 | -37.3% | 6.8% | ||
| Q1 25 | 4.6% | -2.8% | ||
| Q4 24 | -13.0% | 0.2% | ||
| Q3 24 | -9.1% | 7.3% | ||
| Q2 24 | -10.0% | 4.8% | ||
| Q1 24 | -9.1% | -14.9% |
每股收益（稀释后）SABRTRIP
| Q4 25 | $-0.08 | $-0.32 | ||
| Q3 25 | $1.98 | $0.43 | ||
| Q2 25 | $-0.65 | $0.28 | ||
| Q1 25 | $0.09 | $-0.08 | ||
| Q4 24 | $-0.20 | $0.03 | ||
| Q3 24 | $-0.16 | $0.27 | ||
| Q2 24 | $-0.18 | $0.17 | ||
| Q1 24 | $-0.19 | $-0.43 |
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 | $791.6M | $1.0B |
| 总债务越低越好 | $4.3B | $819.0M |
| 股东权益账面价值 | $-1.0B | $645.0M |
| 总资产 | $4.5B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资SABRTRIP
| Q4 25 | $791.6M | $1.0B | ||
| Q3 25 | $661.7M | $1.2B | ||
| Q2 25 | $426.1M | $1.2B | ||
| Q1 25 | $651.1M | $1.2B | ||
| Q4 24 | $724.5M | $1.1B | ||
| Q3 24 | $668.8M | $1.1B | ||
| Q2 24 | $612.6M | $1.2B | ||
| Q1 24 | $629.1M | $1.2B |
总债务SABRTRIP
| Q4 25 | $4.3B | $819.0M | ||
| Q3 25 | $4.2B | $821.0M | ||
| Q2 25 | $5.1B | $822.0M | ||
| Q1 25 | $5.0B | $1.2B | ||
| Q4 24 | $5.0B | $831.0M | ||
| Q3 24 | $4.9B | $832.0M | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $5.1B | — |
股东权益SABRTRIP
| Q4 25 | $-1.0B | $645.0M | ||
| Q3 25 | $-950.8M | $707.0M | ||
| Q2 25 | $-1.8B | $627.0M | ||
| Q1 25 | $-1.6B | $643.0M | ||
| Q4 24 | $-1.6B | $943.0M | ||
| Q3 24 | $-1.5B | $944.0M | ||
| Q2 24 | $-1.5B | $857.0M | ||
| Q1 24 | $-1.4B | $825.0M |
总资产SABRTRIP
| Q4 25 | $4.5B | $2.6B | ||
| Q3 25 | $4.4B | $2.8B | ||
| Q2 25 | $4.4B | $2.9B | ||
| Q1 25 | $4.7B | $2.8B | ||
| Q4 24 | $4.6B | $2.6B | ||
| Q3 24 | $4.7B | $2.7B | ||
| Q2 24 | $4.7B | $2.8B | ||
| Q1 24 | $4.7B | $2.7B |
负债/权益比SABRTRIP
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | — | ||
| Q1 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 | — | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-122.0M |
| 自由现金流率自由现金流/营收 | — | -29.7% |
| 资本支出强度资本支出/营收 | 4.0% | 4.6% |
| 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 | — | $163.0M |
8季度趋势，按日历期对齐
经营现金流SABRTRIP
| Q4 25 | — | $-103.0M | ||
| Q3 25 | $33.7M | $44.0M | ||
| Q2 25 | — | $202.0M | ||
| Q1 25 | $-80.6M | $102.0M | ||
| Q4 24 | $75.7M | $-3.0M | ||
| Q3 24 | $24.4M | $-43.0M | ||
| Q2 24 | $38.2M | $51.0M | ||
| Q1 24 | $-68.1M | $139.0M |
自由现金流SABRTRIP
| Q4 25 | — | $-122.0M | ||
| Q3 25 | $13.4M | $25.0M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | $-98.5M | $83.0M | ||
| Q4 24 | $61.0M | $-26.0M | ||
| Q3 24 | $5.1M | $-63.0M | ||
| Q2 24 | $20.4M | $36.0M | ||
| Q1 24 | $-95.8M | $123.0M |
自由现金流率SABRTRIP
| Q4 25 | — | -29.7% | ||
| Q3 25 | 1.9% | 4.5% | ||
| Q2 25 | — | 33.5% | ||
| Q1 25 | -12.7% | 20.9% | ||
| Q4 24 | 10.6% | -6.3% | ||
| Q3 24 | 0.7% | -11.8% | ||
| Q2 24 | 2.9% | 7.2% | ||
| Q1 24 | -12.2% | 31.1% |
资本支出强度SABRTRIP
| Q4 25 | 4.0% | 4.6% | ||
| Q3 25 | 2.8% | 3.4% | ||
| Q2 25 | 3.1% | 4.7% | ||
| Q1 25 | 2.3% | 4.8% | ||
| Q4 24 | 2.6% | 5.6% | ||
| Q3 24 | 2.8% | 3.8% | ||
| Q2 24 | 2.6% | 3.0% | ||
| Q1 24 | 3.5% | 4.1% |
现金转化率SABRTRIP
| Q4 25 | — | — | ||
| Q3 25 | 0.04× | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | -2.27× | — | ||
| Q4 24 | — | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | — |
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
SABR
| Distribution | $526.8M | 89% |
| Other | $65.2M | 11% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
