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Ubiquiti Inc.（UI）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Ubiquiti Inc.的1.5倍（$1.2B vs $814.9M），Ubiquiti Inc.净利率更高（28.7% vs -35.0%，领先63.7%），Ubiquiti Inc.同比增速更快（35.8% vs -0.7%），Ubiquiti Inc.自由现金流更多（$260.3M vs $-6.0M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% vs 5.2%）
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
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。
UI vs VAC — 直观对比
营收规模更大
VAC
是对方的1.5倍
$814.9M
营收增速更快
UI
高出36.6%
-0.7%
净利率更高
UI
高出63.7%
-35.0%
自由现金流更多
UI
多$266.3M
$-6.0M
两年增速更快
UI
近两年复合增速
5.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $814.9M | $1.2B |
| 净利润 | $233.6M | $-431.0M |
| 毛利率 | 45.9% | — |
| 营业利润率 | 35.9% | — |
| 净利率 | 28.7% | -35.0% |
| 营收同比 | 35.8% | -0.7% |
| 净利润同比 | 70.8% | -962.0% |
| 每股收益（稀释后） | $3.86 | $-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UIVAC
| Q4 25 | $814.9M | $1.2B | ||
| Q3 25 | $733.8M | $1.2B | ||
| Q2 25 | $759.2M | $1.2B | ||
| Q1 25 | $664.2M | $1.1B | ||
| Q4 24 | $599.9M | $1.2B | ||
| Q3 24 | $550.3M | $1.2B | ||
| Q2 24 | $507.5M | $1.1B | ||
| Q1 24 | $493.0M | $1.1B |
净利润UIVAC
| Q4 25 | $233.6M | $-431.0M | ||
| Q3 25 | $207.9M | $-2.0M | ||
| Q2 25 | $266.7M | $69.0M | ||
| Q1 25 | $180.4M | $56.0M | ||
| Q4 24 | $136.8M | $50.0M | ||
| Q3 24 | $128.0M | $84.0M | ||
| Q2 24 | $103.8M | $37.0M | ||
| Q1 24 | $76.3M | $47.0M |
毛利率UIVAC
| Q4 25 | 45.9% | — | ||
| Q3 25 | 46.0% | — | ||
| Q2 25 | 45.1% | — | ||
| Q1 25 | 44.5% | — | ||
| Q4 24 | 41.2% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | 40.2% | — | ||
| Q1 24 | 35.3% | — |
营业利润率UIVAC
| Q4 25 | 35.9% | — | ||
| Q3 25 | 35.7% | — | ||
| Q2 25 | 34.4% | — | ||
| Q1 25 | 34.2% | — | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 30.7% | — | ||
| Q2 24 | 27.3% | — | ||
| Q1 24 | 22.6% | — |
净利率UIVAC
| Q4 25 | 28.7% | -35.0% | ||
| Q3 25 | 28.3% | -0.2% | ||
| Q2 25 | 35.1% | 6.0% | ||
| Q1 25 | 27.2% | 5.0% | ||
| Q4 24 | 22.8% | 4.0% | ||
| Q3 24 | 23.3% | 6.9% | ||
| Q2 24 | 20.5% | 3.5% | ||
| Q1 24 | 15.5% | 4.2% |
每股收益（稀释后）UIVAC
| Q4 25 | $3.86 | $-12.00 | ||
| Q3 25 | $3.43 | $-0.07 | ||
| Q2 25 | $4.40 | $1.77 | ||
| Q1 25 | $2.98 | $1.46 | ||
| Q4 24 | $2.26 | $1.29 | ||
| Q3 24 | $2.12 | $2.12 | ||
| Q2 24 | $1.72 | $0.98 | ||
| Q1 24 | $1.26 | $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 | $302.8M | $406.0M |
| 总债务越低越好 | $47.5M | — |
| 股东权益账面价值 | $1.0B | $2.0B |
| 总资产 | $1.6B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.05× | — |
8季度趋势，按日历期对齐
现金及短期投资UIVAC
| Q4 25 | $302.8M | $406.0M | ||
| Q3 25 | $177.2M | $474.0M | ||
| Q2 25 | $149.7M | $205.0M | ||
| Q1 25 | $151.0M | $196.0M | ||
| Q4 24 | $133.1M | $197.0M | ||
| Q3 24 | $165.2M | $197.0M | ||
| Q2 24 | $126.3M | $206.0M | ||
| Q1 24 | $102.5M | $237.0M |
总债务UIVAC
| Q4 25 | $47.5M | — | ||
| Q3 25 | $133.8M | — | ||
| Q2 25 | $250.0M | — | ||
| Q1 25 | $340.0M | — | ||
| Q4 24 | $406.3M | — | ||
| Q3 24 | $552.5M | — | ||
| Q2 24 | $708.1M | — | ||
| Q1 24 | $877.5M | — |
股东权益UIVAC
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $828.4M | $2.5B | ||
| Q2 25 | $668.3M | $2.5B | ||
| Q1 25 | $436.1M | $2.4B | ||
| Q4 24 | $290.4M | $2.4B | ||
| Q3 24 | $188.1M | $2.4B | ||
| Q2 24 | $95.1M | $2.4B | ||
| Q1 24 | $25.9M | $2.4B |
总资产UIVAC
| Q4 25 | $1.6B | $9.8B | ||
| Q3 25 | $1.5B | $10.1B | ||
| Q2 25 | $1.5B | $9.9B | ||
| Q1 25 | $1.3B | $9.9B | ||
| Q4 24 | $1.2B | $9.8B | ||
| Q3 24 | $1.2B | $9.7B | ||
| Q2 24 | $1.2B | $9.6B | ||
| Q1 24 | $1.2B | $9.9B |
负债/权益比UIVAC
| Q4 25 | 0.05× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.37× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 2.94× | — | ||
| Q2 24 | 7.45× | — | ||
| Q1 24 | 33.92× | — |
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 | $263.9M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $260.3M | $-6.0M |
| 自由现金流率自由现金流/营收 | 31.9% | -0.5% |
| 资本支出强度资本支出/营收 | 0.4% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $699.5M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流UIVAC
| Q4 25 | $263.9M | $6.0M | ||
| Q3 25 | $198.5M | $62.0M | ||
| Q2 25 | $130.4M | $-48.0M | ||
| Q1 25 | $123.6M | $8.0M | ||
| Q4 24 | $152.4M | $100.0M | ||
| Q3 24 | $233.7M | $72.0M | ||
| Q2 24 | $231.4M | $30.0M | ||
| Q1 24 | $163.9M | $3.0M |
自由现金流UIVAC
| Q4 25 | $260.3M | $-6.0M | ||
| Q3 25 | $193.3M | $51.0M | ||
| Q2 25 | $125.2M | $-68.0M | ||
| Q1 25 | $120.7M | $-6.0M | ||
| Q4 24 | $150.4M | $86.0M | ||
| Q3 24 | $231.1M | $58.0M | ||
| Q2 24 | $229.5M | $17.0M | ||
| Q1 24 | $160.6M | $-13.0M |
自由现金流率UIVAC
| Q4 25 | 31.9% | -0.5% | ||
| Q3 25 | 26.3% | 4.3% | ||
| Q2 25 | 16.5% | -5.9% | ||
| Q1 25 | 18.2% | -0.5% | ||
| Q4 24 | 25.1% | 6.9% | ||
| Q3 24 | 42.0% | 4.8% | ||
| Q2 24 | 45.2% | 1.6% | ||
| Q1 24 | 32.6% | -1.2% |
资本支出强度UIVAC
| Q4 25 | 0.4% | 1.0% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.4% | 1.3% | ||
| Q4 24 | 0.3% | 1.1% | ||
| Q3 24 | 0.5% | 1.1% | ||
| Q2 24 | 0.4% | 1.2% | ||
| Q1 24 | 0.7% | 1.4% |
现金转化率UIVAC
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.95× | — | ||
| Q2 25 | 0.49× | -0.70× | ||
| Q1 25 | 0.68× | 0.14× | ||
| Q4 24 | 1.11× | 2.00× | ||
| Q3 24 | 1.83× | 0.86× | ||
| Q2 24 | 2.23× | 0.81× | ||
| Q1 24 | 2.15× | 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
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
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% |
