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传奇娱乐（ACEL）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是传奇娱乐的5.4倍（$1.8B vs $341.4M）。华纳音乐集团净利率更高（9.6% vs 4.7%，领先4.8%）。华纳音乐集团同比增速更快（10.4% vs 7.5%）。华纳音乐集团自由现金流更多（$420.0M vs $16.0M）。过去两年华纳音乐集团的营收复合增速更高（11.0% vs 6.4%）
传奇娱乐是一家美国大众传媒与电影制作公司，总部位于加利福尼亚州伯班克，由托马斯·图尔于2000年创立。该公司长期与华纳兄弟影业、环球影业、索尼影视、派拉蒙影业等主流制片厂，以及网飞、葫芦等流媒体平台展开合作。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
ACEL vs WMG — 直观对比
营收规模更大
WMG
是对方的5.4倍
$341.4M
营收增速更快
WMG
高出2.9%
7.5%
净利率更高
WMG
高出4.8%
4.7%
自由现金流更多
WMG
多$404.0M
$16.0M
两年增速更快
WMG
近两年复合增速
6.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $341.4M | $1.8B |
| 净利润 | $16.2M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 8.7% | 15.7% |
| 净利率 | 4.7% | 9.6% |
| 营收同比 | 7.5% | 10.4% |
| 净利润同比 | 93.3% | -25.4% |
| 每股收益（稀释后） | $0.19 | — |
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ACELWMG
| Q4 25 | $341.4M | $1.8B | ||
| Q3 25 | $329.7M | $1.9B | ||
| Q2 25 | $335.9M | $1.7B | ||
| Q1 25 | $323.9M | $1.5B | ||
| Q4 24 | $317.5M | $1.7B | ||
| Q3 24 | $302.2M | $1.6B | ||
| Q2 24 | $309.4M | $1.6B | ||
| Q1 24 | $301.8M | $1.5B |
净利润ACELWMG
| Q4 25 | $16.2M | $176.0M | ||
| Q3 25 | $13.4M | $109.0M | ||
| Q2 25 | $7.3M | $-16.0M | ||
| Q1 25 | $14.6M | $36.0M | ||
| Q4 24 | $8.4M | $236.0M | ||
| Q3 24 | $4.9M | $41.0M | ||
| Q2 24 | $14.6M | $139.0M | ||
| Q1 24 | $7.4M | $96.0M |
毛利率ACELWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率ACELWMG
| Q4 25 | 8.7% | 15.7% | ||
| Q3 25 | 7.7% | 7.7% | ||
| Q2 25 | 8.0% | 10.0% | ||
| Q1 25 | 8.0% | 11.3% | ||
| Q4 24 | 6.5% | 12.8% | ||
| Q3 24 | 7.2% | 8.8% | ||
| Q2 24 | 7.3% | 13.3% | ||
| Q1 24 | 8.5% | 8.0% |
净利率ACELWMG
| Q4 25 | 4.7% | 9.6% | ||
| Q3 25 | 4.1% | 5.8% | ||
| Q2 25 | 2.2% | -0.9% | ||
| Q1 25 | 4.5% | 2.4% | ||
| Q4 24 | 2.6% | 14.2% | ||
| Q3 24 | 1.6% | 2.5% | ||
| Q2 24 | 4.7% | 8.9% | ||
| Q1 24 | 2.5% | 6.4% |
每股收益（稀释后）ACELWMG
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.16 | — | ||
| Q2 25 | $0.08 | — | ||
| Q1 25 | $0.17 | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.06 | — | ||
| Q2 24 | $0.17 | — | ||
| Q1 24 | $0.09 | — |
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 | $296.6M | $751.0M |
| 总债务越低越好 | $607.4M | $4.4B |
| 股东权益账面价值 | $269.7M | $720.0M |
| 总资产 | $1.1B | $10.0B |
| 负债/权益比越低杠杆越低 | 2.25× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资ACELWMG
| Q4 25 | $296.6M | $751.0M | ||
| Q3 25 | $290.2M | $532.0M | ||
| Q2 25 | $264.6M | $527.0M | ||
| Q1 25 | $271.9M | $637.0M | ||
| Q4 24 | $281.3M | $802.0M | ||
| Q3 24 | $265.1M | $694.0M | ||
| Q2 24 | $254.9M | $607.0M | ||
| Q1 24 | $253.9M | $587.0M |
总债务ACELWMG
| Q4 25 | $607.4M | $4.4B | ||
| Q3 25 | $595.4M | $4.4B | ||
| Q2 25 | $595.5M | $4.4B | ||
| Q1 25 | $580.7M | $4.3B | ||
| Q4 24 | $595.4M | $4.0B | ||
| Q3 24 | $554.1M | $4.0B | ||
| Q2 24 | $565.7M | $4.0B | ||
| Q1 24 | $539.9M | $4.0B |
股东权益ACELWMG
| Q4 25 | $269.7M | $720.0M | ||
| Q3 25 | $267.1M | $647.0M | ||
| Q2 25 | $260.5M | $589.0M | ||
| Q1 25 | $259.1M | $567.0M | ||
| Q4 24 | $255.0M | $545.0M | ||
| Q3 24 | $206.7M | $518.0M | ||
| Q2 24 | $209.1M | $483.0M | ||
| Q1 24 | $202.1M | $433.0M |
总资产ACELWMG
| Q4 25 | $1.1B | $10.0B | ||
| Q3 25 | $1.1B | $9.8B | ||
| Q2 25 | $1.1B | $9.8B | ||
| Q1 25 | $1.0B | $9.6B | ||
| Q4 24 | $1.0B | $9.1B | ||
| Q3 24 | $950.2M | $9.2B | ||
| Q2 24 | $950.3M | $8.8B | ||
| Q1 24 | $919.1M | $8.7B |
负债/权益比ACELWMG
| Q4 25 | 2.25× | 6.07× | ||
| Q3 25 | 2.23× | 6.75× | ||
| Q2 25 | 2.29× | 7.41× | ||
| Q1 25 | 2.24× | 7.57× | ||
| Q4 24 | 2.33× | 7.26× | ||
| Q3 24 | 2.68× | 7.75× | ||
| Q2 24 | 2.71× | 8.24× | ||
| Q1 24 | 2.67× | 9.20× |
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 | $31.1M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $16.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 4.7% | 22.8% |
| 资本支出强度资本支出/营收 | 4.4% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.92× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $62.0M | $663.0M |
8季度趋势，按日历期对齐
经营现金流ACELWMG
| Q4 25 | $31.1M | $440.0M | ||
| Q3 25 | $55.2M | $231.0M | ||
| Q2 25 | $19.8M | $46.0M | ||
| Q1 25 | $44.8M | $69.0M | ||
| Q4 24 | $13.5M | $332.0M | ||
| Q3 24 | $50.1M | $304.0M | ||
| Q2 24 | $28.9M | $188.0M | ||
| Q1 24 | $28.8M | $-31.0M |
自由现金流ACELWMG
| Q4 25 | $16.0M | $420.0M | ||
| Q3 25 | $34.2M | $203.0M | ||
| Q2 25 | $-6.2M | $7.0M | ||
| Q1 25 | $18.0M | $33.0M | ||
| Q4 24 | $2.1M | $296.0M | ||
| Q3 24 | $33.1M | $271.0M | ||
| Q2 24 | $11.4M | $160.0M | ||
| Q1 24 | $8.1M | $-57.0M |
自由现金流率ACELWMG
| Q4 25 | 4.7% | 22.8% | ||
| Q3 25 | 10.4% | 10.9% | ||
| Q2 25 | -1.9% | 0.4% | ||
| Q1 25 | 5.6% | 2.2% | ||
| Q4 24 | 0.7% | 17.8% | ||
| Q3 24 | 11.0% | 16.6% | ||
| Q2 24 | 3.7% | 10.3% | ||
| Q1 24 | 2.7% | -3.8% |
资本支出强度ACELWMG
| Q4 25 | 4.4% | 1.1% | ||
| Q3 25 | 6.4% | 1.5% | ||
| Q2 25 | 7.8% | 2.3% | ||
| Q1 25 | 8.3% | 2.4% | ||
| Q4 24 | 3.6% | 2.2% | ||
| Q3 24 | 5.6% | 2.0% | ||
| Q2 24 | 5.7% | 1.8% | ||
| Q1 24 | 6.8% | 1.7% |
现金转化率ACELWMG
| Q4 25 | 1.92× | 2.50× | ||
| Q3 25 | 4.13× | 2.12× | ||
| Q2 25 | 2.71× | — | ||
| Q1 25 | 3.06× | 1.92× | ||
| Q4 24 | 1.62× | 1.41× | ||
| Q3 24 | 10.23× | 7.41× | ||
| Q2 24 | 1.98× | 1.35× | ||
| Q1 24 | 3.88× | -0.32× |
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
ACEL
| Video Gaming | $319.1M | 93% |
| ATM Fees And Other Revenue | $13.5M | 4% |
| Amusement | $5.3M | 2% |
| Manufacturing | $3.6M | 1% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
