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ATI INC（ATI）与PENN Entertainment, Inc.（PENN）财务数据对比。点击上方公司名可切换其他公司
PENN Entertainment, Inc.的季度营收约是ATI INC的1.5倍（$1.8B vs $1.2B），ATI INC净利率更高（8.2% vs -0.2%，领先8.4%），PENN Entertainment, Inc.同比增速更快（6.4% vs 0.4%），过去两年ATI INC的营收复合增速更高（6.2% vs 3.4%）
ATI是加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器（GPU）及芯片组研发。公司成立于1985年，1993年公开上市，2006年被AMD收购。作为无晶圆厂半导体巨头，ATI坚持自主研发，生产组装环节外包，2000年竞争对手3dfx破产后，成为全球图形芯片领域的核心厂商之一。
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
ATI vs PENN — 直观对比
营收规模更大
PENN
是对方的1.5倍
$1.2B
营收增速更快
PENN
高出6.0%
0.4%
净利率更高
ATI
高出8.4%
-0.2%
两年增速更快
ATI
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $96.6M | $-2.8M |
| 毛利率 | 23.2% | — |
| 营业利润率 | 14.5% | 5.5% |
| 净利率 | 8.2% | -0.2% |
| 营收同比 | 0.4% | 6.4% |
| 净利润同比 | -29.5% | 66.7% |
| 每股收益（稀释后） | $0.70 | $-0.02 |
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ATIPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.1B | $1.7B |
净利润ATIPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $96.6M | $-72.9M | ||
| Q3 25 | $110.0M | $-864.6M | ||
| Q2 25 | $100.7M | $-17.4M | ||
| Q1 25 | $97.0M | $111.8M | ||
| Q4 24 | $137.1M | $-133.3M | ||
| Q3 24 | $82.7M | $-36.7M | ||
| Q2 24 | $81.9M | $-26.8M |
毛利率ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | 23.2% | — | ||
| Q3 25 | 22.7% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 21.2% | — | ||
| Q3 24 | 21.4% | — | ||
| Q2 24 | 20.8% | — |
营业利润率ATIPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 14.5% | -1.0% | ||
| Q3 25 | 14.4% | -45.2% | ||
| Q2 25 | 14.1% | 4.4% | ||
| Q1 25 | 12.8% | 2.6% | ||
| Q4 24 | 17.8% | -2.9% | ||
| Q3 24 | 13.5% | 4.1% | ||
| Q2 24 | 13.0% | 4.5% |
净利率ATIPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | 8.2% | -4.0% | ||
| Q3 25 | 9.8% | -50.3% | ||
| Q2 25 | 8.8% | -1.0% | ||
| Q1 25 | 8.5% | 6.7% | ||
| Q4 24 | 11.7% | -8.0% | ||
| Q3 24 | 7.9% | -2.2% | ||
| Q2 24 | 7.5% | -1.6% |
每股收益（稀释后）ATIPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.70 | $-0.36 | ||
| Q3 25 | $0.78 | $-6.03 | ||
| Q2 25 | $0.70 | $-0.12 | ||
| Q1 25 | $0.67 | $0.68 | ||
| Q4 24 | $0.94 | $-0.87 | ||
| Q3 24 | $0.57 | $-0.24 | ||
| Q2 24 | $0.58 | $-0.18 |
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 | $416.7M | $708.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $1.8B | — |
| 总资产 | $5.1B | — |
| 负债/权益比越低杠杆越低 | 0.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ATIPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $416.7M | $686.6M | ||
| Q3 25 | $372.2M | $660.1M | ||
| Q2 25 | $319.6M | $671.6M | ||
| Q1 25 | $475.8M | $591.6M | ||
| Q4 24 | $721.2M | $706.6M | ||
| Q3 24 | $406.6M | $834.0M | ||
| Q2 24 | $425.6M | $877.6M |
总债务ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.7B | $2.8B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.9B | $2.8B | ||
| Q2 24 | $1.9B | $2.8B |
股东权益ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $3.0B | ||
| Q1 25 | $1.9B | $3.0B | ||
| Q4 24 | $1.9B | $2.9B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.4B | $3.1B |
总资产ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $14.3B | ||
| Q3 25 | $5.0B | $14.3B | ||
| Q2 25 | $5.0B | $15.2B | ||
| Q1 25 | $5.2B | $15.1B | ||
| Q4 24 | $5.2B | $15.3B | ||
| Q3 24 | $5.1B | $15.5B | ||
| Q2 24 | $4.9B | $15.5B |
负债/权益比ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | 0.95× | 1.58× | ||
| Q3 25 | 1.00× | 1.46× | ||
| Q2 25 | 0.98× | 0.94× | ||
| Q1 25 | 0.91× | 0.89× | ||
| Q4 24 | 0.93× | 0.98× | ||
| Q3 24 | 1.04× | 0.91× | ||
| Q2 24 | 1.37× | 0.91× |
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 | $315.8M | — |
| 自由现金流经营现金流 - 资本支出 | $223.1M | — |
| 自由现金流率自由现金流/营收 | 19.0% | — |
| 资本支出强度资本支出/营收 | 7.9% | 5.3% |
| 现金转化率经营现金流/净利润 | 3.27× | — |
| 过去12个月自由现金流最近4个季度 | $333.7M | — |
8季度趋势，按日历期对齐
经营现金流ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | $315.8M | $107.2M | ||
| Q3 25 | $229.5M | $180.9M | ||
| Q2 25 | $161.5M | $178.2M | ||
| Q1 25 | $-92.5M | $41.9M | ||
| Q4 24 | $380.9M | $102.9M | ||
| Q3 24 | $24.0M | $174.7M | ||
| Q2 24 | $101.1M | $150.4M |
自由现金流ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | $223.1M | $-83.2M | ||
| Q3 25 | $167.0M | $8.2M | ||
| Q2 25 | $89.4M | $18.8M | ||
| Q1 25 | $-145.8M | $-83.3M | ||
| Q4 24 | $333.6M | $-118.1M | ||
| Q3 24 | $-41.8M | $42.6M | ||
| Q2 24 | $40.9M | $62.2M |
自由现金流率ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | -4.6% | ||
| Q3 25 | 14.8% | 0.5% | ||
| Q2 25 | 7.8% | 1.1% | ||
| Q1 25 | -12.7% | -5.0% | ||
| Q4 24 | 28.4% | -7.1% | ||
| Q3 24 | -4.0% | 2.6% | ||
| Q2 24 | 3.7% | 3.7% |
资本支出强度ATIPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | 7.9% | 10.5% | ||
| Q3 25 | 5.6% | 10.1% | ||
| Q2 25 | 6.3% | 9.0% | ||
| Q1 25 | 4.7% | 7.5% | ||
| Q4 24 | 4.0% | 13.2% | ||
| Q3 24 | 6.3% | 8.1% | ||
| Q2 24 | 5.5% | 5.3% |
现金转化率ATIPENN
| Q1 26 | — | — | ||
| Q4 25 | 3.27× | — | ||
| Q3 25 | 2.09× | — | ||
| Q2 25 | 1.60× | — | ||
| Q1 25 | -0.95× | 0.37× | ||
| Q4 24 | 2.78× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 1.23× | — |
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
ATI
| Other | $527.1M | 45% |
| Advanced Alloys Solutions | $333.5M | 28% |
| Airframes Commercial | $82.0M | 7% |
| Defense | $73.7M | 6% |
| Electronics Market | $53.1M | 5% |
| Internal Customers | $50.9M | 4% |
| Specialty Energy | $29.3M | 2% |
| Medical Market | $12.2M | 1% |
| Construction Mining Market | $7.2M | 1% |
| Other Market | $5.6M | 0% |
| Conventional Energy | $1.9M | 0% |
| Automotive Market | $600.0K | 0% |
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
