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实耐宝（SNA）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
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是实耐宝的1.0倍（$1.2B vs $1.2B），实耐宝净利率更高（21.3% vs -35.0%，领先56.3%），实耐宝同比增速更快（2.7% vs -0.7%），实耐宝自由现金流更多（$254.6M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs 2.0%）
实耐宝（Snap-on）是美国高端专业工具及设备的设计、制造与销售企业，产品广泛应用于汽车、重型装备、船舶、航空、铁路等交通运输行业的专业场景，1930年起总部设于威斯康星州基诺沙，旗下另设Blue-Point品牌主打平价工具线，核心竞争对手包含Matco、Mac Tools、Cornwell Tools等。
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。
SNA vs VAC — 直观对比
营收规模更大
VAC
是对方的1.0倍
$1.2B
营收增速更快
SNA
高出3.4%
-0.7%
净利率更高
SNA
高出56.3%
-35.0%
自由现金流更多
SNA
多$260.6M
$-6.0M
两年增速更快
VAC
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $260.7M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 27.8% | — |
| 净利率 | 21.3% | -35.0% |
| 营收同比 | 2.7% | -0.7% |
| 净利润同比 | 1.0% | -962.0% |
| 每股收益（稀释后） | $4.94 | $-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SNAVAC
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
净利润SNAVAC
| Q4 25 | $260.7M | $-431.0M | ||
| Q3 25 | $265.4M | $-2.0M | ||
| Q2 25 | $250.3M | $69.0M | ||
| Q1 25 | $240.5M | $56.0M | ||
| Q4 24 | $258.1M | $50.0M | ||
| Q3 24 | $251.1M | $84.0M | ||
| Q2 24 | $271.2M | $37.0M | ||
| Q1 24 | $263.5M | $47.0M |
营业利润率SNAVAC
| Q4 25 | 27.8% | — | ||
| Q3 25 | 29.4% | — | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 27.7% | — | ||
| Q4 24 | 27.9% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | 28.9% | — |
净利率SNAVAC
| Q4 25 | 21.3% | -35.0% | ||
| Q3 25 | 22.5% | -0.2% | ||
| Q2 25 | 21.4% | 6.0% | ||
| Q1 25 | 21.2% | 5.0% | ||
| Q4 24 | 21.7% | 4.0% | ||
| Q3 24 | 22.0% | 6.9% | ||
| Q2 24 | 23.1% | 3.5% | ||
| Q1 24 | 22.4% | 4.2% |
每股收益（稀释后）SNAVAC
| Q4 25 | $4.94 | $-12.00 | ||
| Q3 25 | $5.02 | $-0.07 | ||
| Q2 25 | $4.72 | $1.77 | ||
| Q1 25 | $4.51 | $1.46 | ||
| Q4 24 | $4.83 | $1.29 | ||
| Q3 24 | $4.70 | $2.12 | ||
| Q2 24 | $5.07 | $0.98 | ||
| Q1 24 | $4.91 | $1.22 |
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 | — | — |
| 股东权益账面价值 | — | $2.0B |
| 总资产 | — | $9.8B |
| 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SNAVAC
| Q4 25 | — | $406.0M | ||
| Q3 25 | $1.5B | $474.0M | ||
| Q2 25 | $1.5B | $205.0M | ||
| Q1 25 | $1.4B | $196.0M | ||
| Q4 24 | $1.4B | $197.0M | ||
| Q3 24 | $1.3B | $197.0M | ||
| Q2 24 | $1.2B | $206.0M | ||
| Q1 24 | $1.1B | $237.0M |
总债务SNAVAC
| Q4 25 | — | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SNAVAC
| Q4 25 | — | $2.0B | ||
| Q3 25 | $5.8B | $2.5B | ||
| Q2 25 | $5.7B | $2.5B | ||
| Q1 25 | $5.5B | $2.4B | ||
| Q4 24 | $5.4B | $2.4B | ||
| Q3 24 | $5.5B | $2.4B | ||
| Q2 24 | $5.3B | $2.4B | ||
| Q1 24 | $5.1B | $2.4B |
总资产SNAVAC
| Q4 25 | — | $9.8B | ||
| Q3 25 | $8.4B | $10.1B | ||
| Q2 25 | $8.2B | $9.9B | ||
| Q1 25 | $8.1B | $9.9B | ||
| Q4 24 | $7.9B | $9.8B | ||
| Q3 24 | $8.0B | $9.7B | ||
| Q2 24 | $7.8B | $9.6B | ||
| Q1 24 | $7.7B | $9.9B |
负债/权益比SNAVAC
| Q4 25 | — | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.22× | — | ||
| Q3 24 | — | — | ||
| 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 | $268.1M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $254.6M | $-6.0M |
| 自由现金流率自由现金流/营收 | 20.8% | -0.5% |
| 资本支出强度资本支出/营收 | 1.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | $-29.0M |
8季度趋势，按日历期对齐
经营现金流SNAVAC
| Q4 25 | $268.1M | $6.0M | ||
| Q3 25 | $277.9M | $62.0M | ||
| Q2 25 | $237.2M | $-48.0M | ||
| Q1 25 | $298.5M | $8.0M | ||
| Q4 24 | $293.5M | $100.0M | ||
| Q3 24 | $274.2M | $72.0M | ||
| Q2 24 | $301.1M | $30.0M | ||
| Q1 24 | $348.7M | $3.0M |
自由现金流SNAVAC
| Q4 25 | $254.6M | $-6.0M | ||
| Q3 25 | $258.0M | $51.0M | ||
| Q2 25 | $217.5M | $-68.0M | ||
| Q1 25 | $275.6M | $-6.0M | ||
| Q4 24 | $275.4M | $86.0M | ||
| Q3 24 | $253.8M | $58.0M | ||
| Q2 24 | $277.9M | $17.0M | ||
| Q1 24 | $326.9M | $-13.0M |
自由现金流率SNAVAC
| Q4 25 | 20.8% | -0.5% | ||
| Q3 25 | 21.8% | 4.3% | ||
| Q2 25 | 18.6% | -5.9% | ||
| Q1 25 | 24.3% | -0.5% | ||
| Q4 24 | 23.1% | 6.9% | ||
| Q3 24 | 22.3% | 4.8% | ||
| Q2 24 | 23.7% | 1.6% | ||
| Q1 24 | 27.8% | -1.2% |
资本支出强度SNAVAC
| Q4 25 | 1.1% | 1.0% | ||
| Q3 25 | 1.7% | 0.9% | ||
| Q2 25 | 1.7% | 1.7% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.5% | 1.1% | ||
| Q3 24 | 1.8% | 1.1% | ||
| Q2 24 | 2.0% | 1.2% | ||
| Q1 24 | 1.9% | 1.4% |
现金转化率SNAVAC
| Q4 25 | 1.03× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 0.95× | -0.70× | ||
| Q1 25 | 1.24× | 0.14× | ||
| Q4 24 | 1.14× | 2.00× | ||
| Q3 24 | 1.09× | 0.86× | ||
| Q2 24 | 1.11× | 0.81× | ||
| Q1 24 | 1.32× | 0.06× |
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
SNA
暂无分部数据
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% |
