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Soho House & Co Inc.（SHCO）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Soho House & Co Inc.的2.6倍（$961.0M vs $370.8M），Travel & Leisure Co.净利率更高（8.2% vs -5.0%，领先13.3%），Soho House & Co Inc.同比增速更快（11.2% vs 2.9%），Soho House & Co Inc.自由现金流更多（$3.5M vs $0），过去两年Soho House & Co Inc.的营收复合增速更高（13.5% vs -1.2%）
Soho House & Co Inc.是面向媒体、艺术及时尚领域从业者的国际私人会员俱乐部，主打为创意产业相关人群提供专属社交、休闲与资源对接空间，在全球多个核心城市布局线下据点，服务注重圈层属性与文化氛围的高端用户群体。
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。
SHCO vs TNL — 直观对比
营收规模更大
TNL
是对方的2.6倍
$370.8M
营收增速更快
SHCO
高出8.3%
2.9%
净利率更高
TNL
高出13.3%
-5.0%
自由现金流更多
SHCO
多$3.5M
$0
两年增速更快
SHCO
近两年复合增速
-1.2%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $370.8M | $961.0M |
| 净利润 | $-18.7M | $79.0M |
| 毛利率 | — | — |
| 营业利润率 | -1.6% | 16.5% |
| 净利率 | -5.0% | 8.2% |
| 营收同比 | 11.2% | 2.9% |
| 净利润同比 | -10790.3% | 8.2% |
| 每股收益（稀释后） | $-0.10 | $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SHCOTNL
| Q1 26 | — | $961.0M | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | $370.8M | $1.0B | ||
| Q2 25 | $329.8M | $1.0B | ||
| Q1 25 | $282.9M | $934.0M | ||
| Q4 24 | $305.6M | $970.0M | ||
| Q3 24 | $333.4M | $993.0M | ||
| Q2 24 | $302.9M | $985.0M |
净利润SHCOTNL
| Q1 26 | — | $79.0M | ||
| Q4 25 | — | $-62.0M | ||
| Q3 25 | $-18.7M | $111.0M | ||
| Q2 25 | $24.9M | $108.0M | ||
| Q1 25 | $8.2M | $73.0M | ||
| Q4 24 | $-91.7M | $119.0M | ||
| Q3 24 | $175.0K | $97.0M | ||
| Q2 24 | $-29.9M | $129.0M |
毛利率SHCOTNL
| 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SHCOTNL
| Q1 26 | — | 16.5% | ||
| Q4 25 | — | -2.2% | ||
| Q3 25 | -1.6% | 20.5% | ||
| Q2 25 | 18.1% | 20.2% | ||
| Q1 25 | 12.3% | 16.7% | ||
| Q4 24 | -23.1% | 21.1% | ||
| Q3 24 | 11.4% | 19.0% | ||
| Q2 24 | -4.3% | 19.2% |
净利率SHCOTNL
| Q1 26 | — | 8.2% | ||
| Q4 25 | — | -6.0% | ||
| Q3 25 | -5.0% | 10.6% | ||
| Q2 25 | 7.5% | 10.6% | ||
| Q1 25 | 2.9% | 7.8% | ||
| Q4 24 | -30.0% | 12.3% | ||
| Q3 24 | 0.1% | 9.8% | ||
| Q2 24 | -9.9% | 13.1% |
每股收益（稀释后）SHCOTNL
| Q1 26 | — | $1.22 | ||
| Q4 25 | — | $-0.92 | ||
| Q3 25 | $-0.10 | $1.67 | ||
| Q2 25 | $0.13 | $1.62 | ||
| Q1 25 | $0.04 | $1.07 | ||
| Q4 24 | $-0.48 | $1.70 | ||
| Q3 24 | $0.00 | $1.39 | ||
| Q2 24 | $-0.15 | $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 | $735.8M | — |
| 股东权益账面价值 | $-351.6M | — |
| 总资产 | $2.7B | $6.8B |
| 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SHCOTNL
| Q1 26 | — | $254.0M | ||
| Q4 25 | — | $271.0M | ||
| Q3 25 | $142.5M | $240.0M | ||
| Q2 25 | $150.3M | $212.0M | ||
| Q1 25 | $150.1M | $188.0M | ||
| Q4 24 | $152.7M | $185.0M | ||
| Q3 24 | $142.8M | $194.0M | ||
| Q2 24 | $148.5M | $166.0M |
总债务SHCOTNL
| Q1 26 | — | — | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | $735.8M | $5.6B | ||
| Q2 25 | $729.8M | $5.6B | ||
| Q1 25 | $705.1M | $5.7B | ||
| Q4 24 | $691.5M | $5.6B | ||
| Q3 24 | $694.8M | $5.6B | ||
| Q2 24 | $682.1M | $5.6B |
股东权益SHCOTNL
| Q1 26 | — | — | ||
| Q4 25 | — | $-981.0M | ||
| Q3 25 | $-351.6M | $-821.0M | ||
| Q2 25 | $-348.6M | $-852.0M | ||
| Q1 25 | $-340.1M | $-903.0M | ||
| Q4 24 | $-335.1M | $-881.0M | ||
| Q3 24 | $-279.4M | $-862.0M | ||
| Q2 24 | $-231.7M | $-885.0M |
总资产SHCOTNL
| Q1 26 | — | $6.8B | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | $2.7B | $6.9B | ||
| Q2 25 | $2.6B | $6.8B | ||
| Q1 25 | $2.5B | $6.8B | ||
| Q4 24 | $2.4B | $6.7B | ||
| Q3 24 | $2.6B | $6.7B | ||
| Q2 24 | $2.6B | $6.7B |
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 | $34.9M | $38.0M |
| 自由现金流经营现金流 - 资本支出 | $3.5M | $0 |
| 自由现金流率自由现金流/营收 | 0.9% | 0.0% |
| 资本支出强度资本支出/营收 | 8.5% | — |
| 现金转化率经营现金流/净利润 | — | 0.48× |
| 过去12个月自由现金流最近4个季度 | $41.9M | $423.0M |
8季度趋势，按日历期对齐
经营现金流SHCOTNL
| Q1 26 | — | $38.0M | ||
| Q4 25 | — | $124.0M | ||
| Q3 25 | $34.9M | $163.0M | ||
| Q2 25 | $41.0M | $232.0M | ||
| Q1 25 | $22.8M | $121.0M | ||
| Q4 24 | $26.9M | $98.0M | ||
| Q3 24 | $20.6M | $145.0M | ||
| Q2 24 | $36.0M | $174.0M |
自由现金流SHCOTNL
| Q1 26 | — | $0 | ||
| Q4 25 | — | $92.0M | ||
| Q3 25 | $3.5M | $136.0M | ||
| Q2 25 | $12.4M | $195.0M | ||
| Q1 25 | $7.5M | $100.0M | ||
| Q4 24 | $18.5M | $75.0M | ||
| Q3 24 | $10.3M | $125.0M | ||
| Q2 24 | $10.2M | $153.0M |
自由现金流率SHCOTNL
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 9.0% | ||
| Q3 25 | 0.9% | 13.0% | ||
| Q2 25 | 3.8% | 19.2% | ||
| Q1 25 | 2.7% | 10.7% | ||
| Q4 24 | 6.1% | 7.7% | ||
| Q3 24 | 3.1% | 12.6% | ||
| Q2 24 | 3.4% | 15.5% |
资本支出强度SHCOTNL
| Q1 26 | — | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | 8.5% | 2.6% | ||
| Q2 25 | 8.7% | 3.6% | ||
| Q1 25 | 5.4% | 2.2% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 3.1% | 2.0% | ||
| Q2 24 | 8.5% | 2.1% |
现金转化率SHCOTNL
| Q1 26 | — | 0.48× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | 1.65× | 2.15× | ||
| Q1 25 | 2.79× | 1.66× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | 117.70× | 1.49× | ||
| Q2 24 | — | 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
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
TNL
| Other | $452.0M | 47% |
| Service and membership fees | $396.0M | 41% |
| Consumer financing | $113.0M | 12% |
