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猫途鹰（TRIP）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是猫途鹰的1.7倍（$718.6M vs $411.0M），VinFast Auto Ltd.净利率更高（-2.8% vs -9.2%，领先6.5%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
TRIP vs VFS — 直观对比
营收规模更大
VFS
是对方的1.7倍
$411.0M
净利率更高
VFS
高出6.5%
-9.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $411.0M | $718.6M |
| 净利润 | $-38.0M | $-20.0M |
| 毛利率 | 91.5% | — |
| 营业利润率 | -8.3% | -96.1% |
| 净利率 | -9.2% | -2.8% |
| 营收同比 | 0.0% | — |
| 净利润同比 | -3900.0% | — |
| 每股收益（稀释后） | $-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TRIPVFS
| Q4 25 | $411.0M | — | ||
| Q3 25 | $553.0M | $718.6M | ||
| Q2 25 | $529.0M | $663.0M | ||
| Q1 25 | $398.0M | $656.5M | ||
| Q4 24 | $411.0M | — | ||
| Q3 24 | $532.0M | $511.6M | ||
| Q2 24 | $497.0M | — | ||
| Q1 24 | $395.0M | $302.6M |
净利润TRIPVFS
| Q4 25 | $-38.0M | — | ||
| Q3 25 | $53.0M | $-20.0M | ||
| Q2 25 | $36.0M | $-51.8M | ||
| Q1 25 | $-11.0M | $-26.1M | ||
| Q4 24 | $1.0M | — | ||
| Q3 24 | $39.0M | $-10.4M | ||
| Q2 24 | $24.0M | — | ||
| Q1 24 | $-59.0M | $-618.3M |
毛利率TRIPVFS
| 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TRIPVFS
| Q4 25 | -8.3% | — | ||
| Q3 25 | 12.7% | -96.1% | ||
| Q2 25 | 11.2% | -79.0% | ||
| Q1 25 | -3.8% | -74.0% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 13.2% | -65.9% | ||
| Q2 24 | 7.2% | — | ||
| Q1 24 | -3.8% | -139.4% |
净利率TRIPVFS
| Q4 25 | -9.2% | — | ||
| Q3 25 | 9.6% | -2.8% | ||
| Q2 25 | 6.8% | -7.8% | ||
| Q1 25 | -2.8% | -4.0% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 7.3% | -2.0% | ||
| Q2 24 | 4.8% | — | ||
| Q1 24 | -14.9% | -204.3% |
每股收益（稀释后）TRIPVFS
| Q4 25 | $-0.32 | — | ||
| Q3 25 | $0.43 | — | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $-0.08 | — | ||
| Q4 24 | $0.03 | — | ||
| Q3 24 | $0.27 | — | ||
| Q2 24 | $0.17 | — | ||
| Q1 24 | $-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 | $1.0B | $8.8M |
| 总债务越低越好 | $819.0M | — |
| 股东权益账面价值 | $645.0M | — |
| 总资产 | $2.6B | $183.2M |
| 负债/权益比越低杠杆越低 | 1.27× | — |
8季度趋势，按日历期对齐
现金及短期投资TRIPVFS
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.2B | $8.8M | ||
| Q2 25 | $1.2B | $650.0M | ||
| Q1 25 | $1.2B | $2.4M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $1.9M | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | $3.0M |
总债务TRIPVFS
| Q4 25 | $819.0M | — | ||
| Q3 25 | $821.0M | — | ||
| Q2 25 | $822.0M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $831.0M | — | ||
| Q3 24 | $832.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TRIPVFS
| Q4 25 | $645.0M | — | ||
| Q3 25 | $707.0M | — | ||
| Q2 25 | $627.0M | $-7.2B | ||
| Q1 25 | $643.0M | — | ||
| Q4 24 | $943.0M | — | ||
| Q3 24 | $944.0M | — | ||
| Q2 24 | $857.0M | — | ||
| Q1 24 | $825.0M | — |
总资产TRIPVFS
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.8B | $183.2M | ||
| Q2 25 | $2.9B | $7.2B | ||
| Q1 25 | $2.8B | $158.2M | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $151.8M | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.7B | $145.6M |
负债/权益比TRIPVFS
| Q4 25 | 1.27× | — | ||
| Q3 25 | 1.16× | — | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 1.81× | — | ||
| Q4 24 | 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 | $-103.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-122.0M | — |
| 自由现金流率自由现金流/营收 | -29.7% | — |
| 资本支出强度资本支出/营收 | 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 | $163.0M | — |
8季度趋势，按日历期对齐
经营现金流TRIPVFS
| Q4 25 | $-103.0M | — | ||
| Q3 25 | $44.0M | — | ||
| Q2 25 | $202.0M | — | ||
| Q1 25 | $102.0M | — | ||
| Q4 24 | $-3.0M | — | ||
| Q3 24 | $-43.0M | — | ||
| Q2 24 | $51.0M | — | ||
| Q1 24 | $139.0M | — |
自由现金流TRIPVFS
| Q4 25 | $-122.0M | — | ||
| Q3 25 | $25.0M | — | ||
| Q2 25 | $177.0M | — | ||
| Q1 25 | $83.0M | — | ||
| Q4 24 | $-26.0M | — | ||
| Q3 24 | $-63.0M | — | ||
| Q2 24 | $36.0M | — | ||
| Q1 24 | $123.0M | — |
自由现金流率TRIPVFS
| Q4 25 | -29.7% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 33.5% | — | ||
| Q1 25 | 20.9% | — | ||
| Q4 24 | -6.3% | — | ||
| Q3 24 | -11.8% | — | ||
| Q2 24 | 7.2% | — | ||
| Q1 24 | 31.1% | — |
资本支出强度TRIPVFS
| Q4 25 | 4.6% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 3.8% | — | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 4.1% | — |
现金转化率TRIPVFS
| 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
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
