vs
医疗房产信托（SVC）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
猫途鹰的季度营收约是医疗房产信托的1.4倍（$411.0M vs $296.5M），医疗房产信托净利率更高（-0.3% vs -9.2%，领先9.0%），猫途鹰同比增速更快（0.0% vs -17.0%），医疗房产信托自由现金流更多（$-95.2M vs $-122.0M），过去两年猫途鹰的营收复合增速更高（2.0% vs -6.1%）
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
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。
SVC vs TRIP — 直观对比
营收规模更大
TRIP
是对方的1.4倍
$296.5M
营收增速更快
TRIP
高出17.0%
-17.0%
净利率更高
SVC
高出9.0%
-9.2%
自由现金流更多
SVC
多$26.8M
$-122.0M
两年增速更快
TRIP
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $296.5M | $411.0M |
| 净利润 | $-782.0K | $-38.0M |
| 毛利率 | — | 91.5% |
| 营业利润率 | -3.9% | -8.3% |
| 净利率 | -0.3% | -9.2% |
| 营收同比 | -17.0% | 0.0% |
| 净利润同比 | 99.0% | -3900.0% |
| 每股收益（稀释后） | $-0.01 | $-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SVCTRIP
| Q4 25 | $296.5M | $411.0M | ||
| Q3 25 | $377.6M | $553.0M | ||
| Q2 25 | $404.4M | $529.0M | ||
| Q1 25 | $335.0M | $398.0M | ||
| Q4 24 | $357.0M | $411.0M | ||
| Q3 24 | $390.9M | $532.0M | ||
| Q2 24 | $412.5M | $497.0M | ||
| Q1 24 | $336.2M | $395.0M |
净利润SVCTRIP
| Q4 25 | $-782.0K | $-38.0M | ||
| Q3 25 | $-46.9M | $53.0M | ||
| Q2 25 | $-38.2M | $36.0M | ||
| Q1 25 | $-116.4M | $-11.0M | ||
| Q4 24 | $-76.4M | $1.0M | ||
| Q3 24 | $-46.9M | $39.0M | ||
| Q2 24 | $-73.8M | $24.0M | ||
| Q1 24 | $-78.4M | $-59.0M |
毛利率SVCTRIP
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
营业利润率SVCTRIP
| Q4 25 | -3.9% | -8.3% | ||
| Q3 25 | -12.8% | 12.7% | ||
| Q2 25 | -9.2% | 11.2% | ||
| Q1 25 | -33.3% | -3.8% | ||
| Q4 24 | -19.4% | 0.2% | ||
| Q3 24 | -12.8% | 13.2% | ||
| Q2 24 | -17.1% | 7.2% | ||
| Q1 24 | -21.4% | -3.8% |
净利率SVCTRIP
| Q4 25 | -0.3% | -9.2% | ||
| Q3 25 | -12.4% | 9.6% | ||
| Q2 25 | -9.4% | 6.8% | ||
| Q1 25 | -34.8% | -2.8% | ||
| Q4 24 | -21.4% | 0.2% | ||
| Q3 24 | -12.0% | 7.3% | ||
| Q2 24 | -17.9% | 4.8% | ||
| Q1 24 | -23.3% | -14.9% |
每股收益（稀释后）SVCTRIP
| Q4 25 | $-0.01 | $-0.32 | ||
| Q3 25 | $-0.28 | $0.43 | ||
| Q2 25 | $-0.23 | $0.28 | ||
| Q1 25 | $-0.70 | $-0.08 | ||
| Q4 24 | $-0.46 | $0.03 | ||
| Q3 24 | $-0.28 | $0.27 | ||
| Q2 24 | $-0.45 | $0.17 | ||
| Q1 24 | $-0.48 | $-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 | $346.8M | $1.0B |
| 总债务越低越好 | $5.5B | $819.0M |
| 股东权益账面价值 | $646.1M | $645.0M |
| 总资产 | $6.5B | $2.6B |
| 负债/权益比越低杠杆越低 | 8.52× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资SVCTRIP
| Q4 25 | $346.8M | $1.0B | ||
| Q3 25 | $417.4M | $1.2B | ||
| Q2 25 | $63.2M | $1.2B | ||
| Q1 25 | $80.1M | $1.2B | ||
| Q4 24 | $143.5M | $1.1B | ||
| Q3 24 | $48.6M | $1.1B | ||
| Q2 24 | $14.6M | $1.2B | ||
| Q1 24 | $71.3M | $1.2B |
总债务SVCTRIP
| Q4 25 | $5.5B | $819.0M | ||
| Q3 25 | — | $821.0M | ||
| Q2 25 | — | $822.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $5.8B | $831.0M | ||
| Q3 24 | — | $832.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SVCTRIP
| Q4 25 | $646.1M | $645.0M | ||
| Q3 25 | $647.9M | $707.0M | ||
| Q2 25 | $695.9M | $627.0M | ||
| Q1 25 | $734.6M | $643.0M | ||
| Q4 24 | $851.9M | $943.0M | ||
| Q3 24 | $929.0M | $944.0M | ||
| Q2 24 | $1.0B | $857.0M | ||
| Q1 24 | $1.1B | $825.0M |
总资产SVCTRIP
| Q4 25 | $6.5B | $2.6B | ||
| Q3 25 | $7.0B | $2.8B | ||
| Q2 25 | $6.9B | $2.9B | ||
| Q1 25 | $7.0B | $2.8B | ||
| Q4 24 | $7.1B | $2.6B | ||
| Q3 24 | $7.1B | $2.7B | ||
| Q2 24 | $7.1B | $2.8B | ||
| Q1 24 | $7.2B | $2.7B |
负债/权益比SVCTRIP
| Q4 25 | 8.52× | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | 6.85× | 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 | $-18.5M | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | $-95.2M | $-122.0M |
| 自由现金流率自由现金流/营收 | -32.1% | -29.7% |
| 资本支出强度资本支出/营收 | 25.9% | 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 | $-107.0M | $163.0M |
8季度趋势，按日历期对齐
经营现金流SVCTRIP
| Q4 25 | $-18.5M | $-103.0M | ||
| Q3 25 | $98.1M | $44.0M | ||
| Q2 25 | $-7.0K | $202.0M | ||
| Q1 25 | $38.2M | $102.0M | ||
| Q4 24 | $-9.7M | $-3.0M | ||
| Q3 24 | $106.2M | $-43.0M | ||
| Q2 24 | $43.8M | $51.0M | ||
| Q1 24 | $-926.0K | $139.0M |
自由现金流SVCTRIP
| Q4 25 | $-95.2M | $-122.0M | ||
| Q3 25 | $57.9M | $25.0M | ||
| Q2 25 | $-46.6M | $177.0M | ||
| Q1 25 | $-23.2M | $83.0M | ||
| Q4 24 | $-88.9M | $-26.0M | ||
| Q3 24 | $24.1M | $-63.0M | ||
| Q2 24 | $-22.3M | $36.0M | ||
| Q1 24 | $-77.2M | $123.0M |
自由现金流率SVCTRIP
| Q4 25 | -32.1% | -29.7% | ||
| Q3 25 | 15.3% | 4.5% | ||
| Q2 25 | -11.5% | 33.5% | ||
| Q1 25 | -6.9% | 20.9% | ||
| Q4 24 | -24.9% | -6.3% | ||
| Q3 24 | 6.2% | -11.8% | ||
| Q2 24 | -5.4% | 7.2% | ||
| Q1 24 | -23.0% | 31.1% |
资本支出强度SVCTRIP
| Q4 25 | 25.9% | 4.6% | ||
| Q3 25 | 10.6% | 3.4% | ||
| Q2 25 | 11.5% | 4.7% | ||
| Q1 25 | 18.3% | 4.8% | ||
| Q4 24 | 22.2% | 5.6% | ||
| Q3 24 | 21.0% | 3.8% | ||
| Q2 24 | 16.0% | 3.0% | ||
| Q1 24 | 22.7% | 4.1% |
现金转化率SVCTRIP
| Q4 25 | — | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | — | — | ||
| 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
SVC
暂无分部数据
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
