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MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是VinFast Auto Ltd.的1.7倍（$1.2B vs $718.6M），VinFast Auto Ltd.净利率更高（-2.8% vs -35.0%，领先32.2%）
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。
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。
VAC vs VFS — 直观对比
营收规模更大
VAC
是对方的1.7倍
$718.6M
净利率更高
VFS
高出32.2%
-35.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $718.6M |
| 净利润 | $-431.0M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | — | -96.1% |
| 净利率 | -35.0% | -2.8% |
| 营收同比 | -0.7% | — |
| 净利润同比 | -962.0% | — |
| 每股收益（稀释后） | $-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VACVFS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $718.6M | ||
| Q2 25 | $1.2B | $663.0M | ||
| Q1 25 | $1.1B | $656.5M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $511.6M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $302.6M |
净利润VACVFS
| Q4 25 | $-431.0M | — | ||
| Q3 25 | $-2.0M | $-20.0M | ||
| Q2 25 | $69.0M | $-51.8M | ||
| Q1 25 | $56.0M | $-26.1M | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $84.0M | $-10.4M | ||
| Q2 24 | $37.0M | — | ||
| Q1 24 | $47.0M | $-618.3M |
营业利润率VACVFS
| Q4 25 | — | — | ||
| Q3 25 | — | -96.1% | ||
| Q2 25 | — | -79.0% | ||
| Q1 25 | — | -74.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -65.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -139.4% |
净利率VACVFS
| Q4 25 | -35.0% | — | ||
| Q3 25 | -0.2% | -2.8% | ||
| Q2 25 | 6.0% | -7.8% | ||
| Q1 25 | 5.0% | -4.0% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 6.9% | -2.0% | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 4.2% | -204.3% |
每股收益（稀释后）VACVFS
| Q4 25 | $-12.00 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $1.77 | — | ||
| Q1 25 | $1.46 | — | ||
| Q4 24 | $1.29 | — | ||
| Q3 24 | $2.12 | — | ||
| Q2 24 | $0.98 | — | ||
| Q1 24 | $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 | $406.0M | $8.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $9.8B | $183.2M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资VACVFS
| Q4 25 | $406.0M | — | ||
| Q3 25 | $474.0M | $8.8M | ||
| Q2 25 | $205.0M | $650.0M | ||
| Q1 25 | $196.0M | $2.4M | ||
| Q4 24 | $197.0M | — | ||
| Q3 24 | $197.0M | $1.9M | ||
| Q2 24 | $206.0M | — | ||
| Q1 24 | $237.0M | $3.0M |
股东权益VACVFS
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | $-7.2B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
总资产VACVFS
| Q4 25 | $9.8B | — | ||
| Q3 25 | $10.1B | $183.2M | ||
| Q2 25 | $9.9B | $7.2B | ||
| Q1 25 | $9.9B | $158.2M | ||
| Q4 24 | $9.8B | — | ||
| Q3 24 | $9.7B | $151.8M | ||
| Q2 24 | $9.6B | — | ||
| Q1 24 | $9.9B | $145.6M |
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 | $6.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | — |
| 自由现金流率自由现金流/营收 | -0.5% | — |
| 资本支出强度资本支出/营收 | 1.0% | — |
| 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 | $-29.0M | — |
8季度趋势，按日历期对齐
经营现金流VACVFS
| Q4 25 | $6.0M | — | ||
| Q3 25 | $62.0M | — | ||
| Q2 25 | $-48.0M | — | ||
| Q1 25 | $8.0M | — | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $72.0M | — | ||
| Q2 24 | $30.0M | — | ||
| Q1 24 | $3.0M | — |
自由现金流VACVFS
| Q4 25 | $-6.0M | — | ||
| Q3 25 | $51.0M | — | ||
| Q2 25 | $-68.0M | — | ||
| Q1 25 | $-6.0M | — | ||
| Q4 24 | $86.0M | — | ||
| Q3 24 | $58.0M | — | ||
| Q2 24 | $17.0M | — | ||
| Q1 24 | $-13.0M | — |
自由现金流率VACVFS
| Q4 25 | -0.5% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | -5.9% | — | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | -1.2% | — |
资本支出强度VACVFS
| Q4 25 | 1.0% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 1.4% | — |
现金转化率VACVFS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.70× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 0.81× | — | ||
| Q1 24 | 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
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% |
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% |
