vs
Solventum（SOLV）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
Solventum的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的1.6倍（$2.0B vs $1.2B），Solventum净利率更高（3.2% vs -35.0%，领先38.2%），MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -3.7%），Solventum自由现金流更多（$32.0M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -0.4%）
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
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。
SOLV vs VAC — 直观对比
营收规模更大
SOLV
是对方的1.6倍
$1.2B
营收增速更快
VAC
高出3.0%
-3.7%
净利率更高
SOLV
高出38.2%
-35.0%
自由现金流更多
SOLV
多$38.0M
$-6.0M
两年增速更快
VAC
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $63.0M | $-431.0M |
| 毛利率 | 51.4% | — |
| 营业利润率 | 6.3% | — |
| 净利率 | 3.2% | -35.0% |
| 营收同比 | -3.7% | -0.7% |
| 净利润同比 | 103.2% | -962.0% |
| 每股收益（稀释后） | $0.37 | $-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SOLVVAC
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.1B | $1.1B | ||
| Q1 24 | $2.0B | $1.1B |
净利润SOLVVAC
| Q4 25 | $63.0M | $-431.0M | ||
| Q3 25 | $1.3B | $-2.0M | ||
| Q2 25 | $90.0M | $69.0M | ||
| Q1 25 | $137.0M | $56.0M | ||
| Q4 24 | $31.0M | $50.0M | ||
| Q3 24 | $122.0M | $84.0M | ||
| Q2 24 | $89.0M | $37.0M | ||
| Q1 24 | $237.0M | $47.0M |
毛利率SOLVVAC
| Q4 25 | 51.4% | — | ||
| Q3 25 | 54.2% | — | ||
| Q2 25 | 54.4% | — | ||
| Q1 25 | 53.8% | — | ||
| Q4 24 | 53.9% | — | ||
| Q3 24 | 56.0% | — | ||
| Q2 24 | 54.6% | — | ||
| Q1 24 | 58.1% | — |
营业利润率SOLVVAC
| Q4 25 | 6.3% | — | ||
| Q3 25 | 80.6% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 7.3% | — | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 13.2% | — | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 18.9% | — |
净利率SOLVVAC
| Q4 25 | 3.2% | -35.0% | ||
| Q3 25 | 60.4% | -0.2% | ||
| Q2 25 | 4.2% | 6.0% | ||
| Q1 25 | 6.6% | 5.0% | ||
| Q4 24 | 1.5% | 4.0% | ||
| Q3 24 | 5.9% | 6.9% | ||
| Q2 24 | 4.3% | 3.5% | ||
| Q1 24 | 11.8% | 4.2% |
每股收益（稀释后）SOLVVAC
| Q4 25 | $0.37 | $-12.00 | ||
| Q3 25 | $7.22 | $-0.07 | ||
| Q2 25 | $0.51 | $1.77 | ||
| Q1 25 | $0.78 | $1.46 | ||
| Q4 24 | $0.18 | $1.29 | ||
| Q3 24 | $0.70 | $2.12 | ||
| Q2 24 | $0.51 | $0.98 | ||
| Q1 24 | $1.37 | $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 | $878.0M | $406.0M |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $5.0B | $2.0B |
| 总资产 | $14.3B | $9.8B |
| 负债/权益比越低杠杆越低 | 1.00× | — |
8季度趋势，按日历期对齐
现金及短期投资SOLVVAC
| Q4 25 | $878.0M | $406.0M | ||
| Q3 25 | $1.6B | $474.0M | ||
| Q2 25 | $492.0M | $205.0M | ||
| Q1 25 | $534.0M | $196.0M | ||
| Q4 24 | $762.0M | $197.0M | ||
| Q3 24 | $772.0M | $197.0M | ||
| Q2 24 | $897.0M | $206.0M | ||
| Q1 24 | $996.0M | $237.0M |
总债务SOLVVAC
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $8.1B | — | ||
| Q2 24 | $8.3B | — | ||
| Q1 24 | $8.3B | — |
股东权益SOLVVAC
| Q4 25 | $5.0B | $2.0B | ||
| Q3 25 | $5.0B | $2.5B | ||
| Q2 25 | $3.6B | $2.5B | ||
| Q1 25 | $3.3B | $2.4B | ||
| Q4 24 | $3.0B | $2.4B | ||
| Q3 24 | $3.2B | $2.4B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $3.9B | $2.4B |
总资产SOLVVAC
| Q4 25 | $14.3B | $9.8B | ||
| Q3 25 | $14.0B | $10.1B | ||
| Q2 25 | $15.1B | $9.9B | ||
| Q1 25 | $14.5B | $9.9B | ||
| Q4 24 | $14.5B | $9.8B | ||
| Q3 24 | $14.7B | $9.7B | ||
| Q2 24 | $14.6B | $9.6B | ||
| Q1 24 | $14.7B | $9.9B |
负债/权益比SOLVVAC
| Q4 25 | 1.00× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 2.14× | — | ||
| Q1 25 | 2.43× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 2.90× | — | ||
| Q1 24 | 2.16× | — |
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 | $95.0M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 1.6% | -0.5% |
| 资本支出强度资本支出/营收 | 3.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.51× | — |
| 过去12个月自由现金流最近4个季度 | $-10.0M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流SOLVVAC
| Q4 25 | $95.0M | $6.0M | ||
| Q3 25 | $76.0M | $62.0M | ||
| Q2 25 | $169.0M | $-48.0M | ||
| Q1 25 | $29.0M | $8.0M | ||
| Q4 24 | $219.0M | $100.0M | ||
| Q3 24 | $169.0M | $72.0M | ||
| Q2 24 | $355.0M | $30.0M | ||
| Q1 24 | $442.0M | $3.0M |
自由现金流SOLVVAC
| Q4 25 | $32.0M | $-6.0M | ||
| Q3 25 | $-21.0M | $51.0M | ||
| Q2 25 | $59.0M | $-68.0M | ||
| Q1 25 | $-80.0M | $-6.0M | ||
| Q4 24 | $92.0M | $86.0M | ||
| Q3 24 | $76.0M | $58.0M | ||
| Q2 24 | $297.0M | $17.0M | ||
| Q1 24 | $340.0M | $-13.0M |
自由现金流率SOLVVAC
| Q4 25 | 1.6% | -0.5% | ||
| Q3 25 | -1.0% | 4.3% | ||
| Q2 25 | 2.7% | -5.9% | ||
| Q1 25 | -3.9% | -0.5% | ||
| Q4 24 | 4.4% | 6.9% | ||
| Q3 24 | 3.7% | 4.8% | ||
| Q2 24 | 14.3% | 1.6% | ||
| Q1 24 | 16.9% | -1.2% |
资本支出强度SOLVVAC
| Q4 25 | 3.2% | 1.0% | ||
| Q3 25 | 4.6% | 0.9% | ||
| Q2 25 | 5.1% | 1.7% | ||
| Q1 25 | 5.3% | 1.3% | ||
| Q4 24 | 6.1% | 1.1% | ||
| Q3 24 | 4.5% | 1.1% | ||
| Q2 24 | 2.8% | 1.2% | ||
| Q1 24 | 5.1% | 1.4% |
现金转化率SOLVVAC
| Q4 25 | 1.51× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 1.88× | -0.70× | ||
| Q1 25 | 0.21× | 0.14× | ||
| Q4 24 | 7.06× | 2.00× | ||
| Q3 24 | 1.39× | 0.86× | ||
| Q2 24 | 3.99× | 0.81× | ||
| Q1 24 | 1.86× | 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
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
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% |
