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思佳讯（SWKS）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的季度营收约是思佳讯的1.2倍（$1.2B vs $1.0B），思佳讯净利率更高（7.6% vs -35.0%，领先42.7%），思佳讯同比增速更快（8.6% vs -0.7%），思佳讯自由现金流更多（$339.0M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs -0.5%）
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
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。
SWKS vs VAC — 直观对比
营收规模更大
VAC
是对方的1.2倍
$1.0B
营收增速更快
SWKS
高出9.3%
-0.7%
净利率更高
SWKS
高出42.7%
-35.0%
自由现金流更多
SWKS
多$345.0M
$-6.0M
两年增速更快
VAC
近两年复合增速
-0.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $79.2M | $-431.0M |
| 毛利率 | 41.3% | — |
| 营业利润率 | 10.0% | — |
| 净利率 | 7.6% | -35.0% |
| 营收同比 | 8.6% | -0.7% |
| 净利润同比 | 15.3% | -962.0% |
| 每股收益（稀释后） | $0.53 | $-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SWKSVAC
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $965.0M | $1.2B | ||
| Q1 25 | $953.2M | $1.1B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $905.5M | $1.1B |
净利润SWKSVAC
| Q1 26 | $79.2M | — | ||
| Q4 25 | $141.4M | $-431.0M | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | $105.0M | $69.0M | ||
| Q1 25 | $68.7M | $56.0M | ||
| Q4 24 | $162.0M | $50.0M | ||
| Q3 24 | $60.5M | $84.0M | ||
| Q2 24 | $120.9M | $37.0M |
毛利率SWKSVAC
| Q1 26 | 41.3% | — | ||
| Q4 25 | 40.7% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 41.6% | — | ||
| Q1 25 | 41.1% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 41.9% | — | ||
| Q2 24 | 40.2% | — |
营业利润率SWKSVAC
| Q1 26 | 10.0% | — | ||
| Q4 25 | 10.1% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | 10.2% | — | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | 14.4% | — |
净利率SWKSVAC
| Q1 26 | 7.6% | — | ||
| Q4 25 | 12.9% | -35.0% | ||
| Q3 25 | — | -0.2% | ||
| Q2 25 | 10.9% | 6.0% | ||
| Q1 25 | 7.2% | 5.0% | ||
| Q4 24 | 15.2% | 4.0% | ||
| Q3 24 | 5.9% | 6.9% | ||
| Q2 24 | 13.4% | 3.5% |
每股收益（稀释后）SWKSVAC
| Q1 26 | $0.53 | — | ||
| Q4 25 | $0.95 | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | $0.70 | $1.77 | ||
| Q1 25 | $0.43 | $1.46 | ||
| Q4 24 | $1.00 | $1.29 | ||
| Q3 24 | $0.36 | $2.12 | ||
| Q2 24 | $0.75 | $0.98 |
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 | $1.6B | $406.0M |
| 总债务越低越好 | $496.6M | — |
| 股东权益账面价值 | $5.8B | $2.0B |
| 总资产 | $7.9B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.09× | — |
8季度趋势，按日历期对齐
现金及短期投资SWKSVAC
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.4B | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | $1.3B | $205.0M | ||
| Q1 25 | $1.5B | $196.0M | ||
| Q4 24 | $1.7B | $197.0M | ||
| Q3 24 | $1.6B | $197.0M | ||
| Q2 24 | $1.3B | $206.0M |
总债务SWKSVAC
| Q1 26 | $496.6M | — | ||
| Q4 25 | $496.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $496.2M | — | ||
| Q1 25 | $995.1M | — | ||
| Q4 24 | $994.7M | — | ||
| Q3 24 | $994.3M | — | ||
| Q2 24 | $994.0M | — |
股东权益SWKSVAC
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.8B | $2.0B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | $5.7B | $2.5B | ||
| Q1 25 | $5.9B | $2.4B | ||
| Q4 24 | $6.4B | $2.4B | ||
| Q3 24 | $6.3B | $2.4B | ||
| Q2 24 | $6.3B | $2.4B |
总资产SWKSVAC
| Q1 26 | $7.9B | — | ||
| Q4 25 | $7.9B | $9.8B | ||
| Q3 25 | — | $10.1B | ||
| Q2 25 | $7.7B | $9.9B | ||
| Q1 25 | $7.9B | $9.9B | ||
| Q4 24 | $8.3B | $9.8B | ||
| Q3 24 | $8.3B | $9.7B | ||
| Q2 24 | $8.2B | $9.6B |
负债/权益比SWKSVAC
| Q1 26 | 0.09× | — | ||
| Q4 25 | 0.09× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.17× | — | ||
| Q4 24 | 0.16× | — | ||
| Q3 24 | 0.16× | — | ||
| Q2 24 | 0.16× | — |
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 | $395.5M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $339.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 32.7% | -0.5% |
| 资本支出强度资本支出/营收 | 5.5% | 1.0% |
| 现金转化率经营现金流/净利润 | 4.99× | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | $-29.0M |
8季度趋势，按日历期对齐
经营现金流SWKSVAC
| Q1 26 | $395.5M | — | ||
| Q4 25 | $200.0M | $6.0M | ||
| Q3 25 | — | $62.0M | ||
| Q2 25 | $314.2M | $-48.0M | ||
| Q1 25 | $409.4M | $8.0M | ||
| Q4 24 | $377.2M | $100.0M | ||
| Q3 24 | $476.1M | $72.0M | ||
| Q2 24 | $273.4M | $30.0M |
自由现金流SWKSVAC
| Q1 26 | $339.0M | — | ||
| Q4 25 | $144.0M | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | $252.7M | $-68.0M | ||
| Q1 25 | $370.9M | $-6.0M | ||
| Q4 24 | $338.2M | $86.0M | ||
| Q3 24 | $393.3M | $58.0M | ||
| Q2 24 | $249.0M | $17.0M |
自由现金流率SWKSVAC
| Q1 26 | 32.7% | — | ||
| Q4 25 | 13.1% | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | 26.2% | -5.9% | ||
| Q1 25 | 38.9% | -0.5% | ||
| Q4 24 | 31.7% | 6.9% | ||
| Q3 24 | 38.4% | 4.8% | ||
| Q2 24 | 27.5% | 1.6% |
资本支出强度SWKSVAC
| Q1 26 | 5.5% | — | ||
| Q4 25 | 5.1% | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | 6.4% | 1.7% | ||
| Q1 25 | 4.0% | 1.3% | ||
| Q4 24 | 3.6% | 1.1% | ||
| Q3 24 | 8.1% | 1.1% | ||
| Q2 24 | 2.7% | 1.2% |
现金转化率SWKSVAC
| Q1 26 | 4.99× | — | ||
| Q4 25 | 1.41× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.99× | -0.70× | ||
| Q1 25 | 5.96× | 0.14× | ||
| Q4 24 | 2.33× | 2.00× | ||
| Q3 24 | 7.87× | 0.86× | ||
| Q2 24 | 2.26× | 0.81× |
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
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
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% |
