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Atlanta Braves Holdings, Inc.（BATRA）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Atlanta Braves Holdings, Inc.的30.0倍（$1.8B vs $61.3M）。华纳音乐集团净利率更高（9.6% vs -67.6%，领先77.2%）。Atlanta Braves Holdings, Inc.同比增速更快（17.6% vs 10.4%）。过去两年Atlanta Braves Holdings, Inc.的营收复合增速更高（28.6% vs 11.0%）
亚特兰大勇士控股有限公司是一家体育娱乐类控股企业，核心持有并运营美国职业棒球大联盟旗下的亚特兰大勇士队，同时开展场馆周边商住开发、活动承办、周边商品销售及传媒业务，服务美国东南部及全球棒球迷。
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。
BATRA vs WMG — 直观对比
营收规模更大
WMG
是对方的30.0倍
$61.3M
营收增速更快
BATRA
高出7.2%
10.4%
净利率更高
WMG
高出77.2%
-67.6%
两年增速更快
BATRA
近两年复合增速
11.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $61.3M | $1.8B |
| 净利润 | $-41.4M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | -81.2% | 15.7% |
| 净利率 | -67.6% | 9.6% |
| 营收同比 | 17.6% | 10.4% |
| 净利润同比 | -116.7% | -25.4% |
| 每股收益（稀释后） | $-0.64 | — |
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BATRAWMG
| Q4 25 | $61.3M | $1.8B | ||
| Q3 25 | $311.5M | $1.9B | ||
| Q2 25 | $312.4M | $1.7B | ||
| Q1 25 | $47.2M | $1.5B | ||
| Q4 24 | $52.1M | $1.7B | ||
| Q3 24 | $290.7M | $1.6B | ||
| Q2 24 | $282.9M | $1.6B | ||
| Q1 24 | $37.1M | $1.5B |
净利润BATRAWMG
| Q4 25 | $-41.4M | $176.0M | ||
| Q3 25 | $30.0M | $109.0M | ||
| Q2 25 | $29.5M | $-16.0M | ||
| Q1 25 | $-41.4M | $36.0M | ||
| Q4 24 | $-19.1M | $236.0M | ||
| Q3 24 | $10.0M | $41.0M | ||
| Q2 24 | $29.1M | $139.0M | ||
| Q1 24 | $-51.3M | $96.0M |
毛利率BATRAWMG
| 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BATRAWMG
| Q4 25 | -81.2% | 15.7% | ||
| Q3 25 | 12.5% | 7.7% | ||
| Q2 25 | 13.4% | 10.0% | ||
| Q1 25 | -94.2% | 11.3% | ||
| Q4 24 | -35.8% | 12.8% | ||
| Q3 24 | 2.2% | 8.8% | ||
| Q2 24 | 8.8% | 13.3% | ||
| Q1 24 | -141.2% | 8.0% |
净利率BATRAWMG
| Q4 25 | -67.6% | 9.6% | ||
| Q3 25 | 9.6% | 5.8% | ||
| Q2 25 | 9.4% | -0.9% | ||
| Q1 25 | -87.7% | 2.4% | ||
| Q4 24 | -36.7% | 14.2% | ||
| Q3 24 | 3.4% | 2.5% | ||
| Q2 24 | 10.3% | 8.9% | ||
| Q1 24 | -138.3% | 6.4% |
每股收益（稀释后）BATRAWMG
| Q4 25 | $-0.64 | — | ||
| Q3 25 | $0.47 | — | ||
| Q2 25 | $0.46 | — | ||
| Q1 25 | $-0.66 | — | ||
| Q4 24 | $-0.29 | — | ||
| Q3 24 | $0.16 | — | ||
| Q2 24 | $0.46 | — | ||
| Q1 24 | $-0.83 | — |
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 | $99.9M | $751.0M |
| 总债务越低越好 | $738.6M | $4.4B |
| 股东权益账面价值 | $526.0M | $720.0M |
| 总资产 | $1.6B | $10.0B |
| 负债/权益比越低杠杆越低 | 1.40× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资BATRAWMG
| Q4 25 | $99.9M | $751.0M | ||
| Q3 25 | $82.2M | $532.0M | ||
| Q2 25 | $96.2M | $527.0M | ||
| Q1 25 | $244.7M | $637.0M | ||
| Q4 24 | $110.1M | $802.0M | ||
| Q3 24 | $100.9M | $694.0M | ||
| Q2 24 | $121.2M | $607.0M | ||
| Q1 24 | $181.5M | $587.0M |
总债务BATRAWMG
| Q4 25 | $738.6M | $4.4B | ||
| Q3 25 | $759.9M | $4.4B | ||
| Q2 25 | $703.1M | $4.4B | ||
| Q1 25 | $699.5M | $4.3B | ||
| Q4 24 | $617.1M | $4.0B | ||
| Q3 24 | $640.1M | $4.0B | ||
| Q2 24 | $600.0M | $4.0B | ||
| Q1 24 | $579.9M | $4.0B |
股东权益BATRAWMG
| Q4 25 | $526.0M | $720.0M | ||
| Q3 25 | $560.3M | $647.0M | ||
| Q2 25 | $522.8M | $589.0M | ||
| Q1 25 | $486.1M | $567.0M | ||
| Q4 24 | $524.2M | $545.0M | ||
| Q3 24 | $530.4M | $518.0M | ||
| Q2 24 | $512.7M | $483.0M | ||
| Q1 24 | $479.2M | $433.0M |
总资产BATRAWMG
| Q4 25 | $1.6B | $10.0B | ||
| Q3 25 | $1.7B | $9.8B | ||
| Q2 25 | $1.7B | $9.8B | ||
| Q1 25 | $1.7B | $9.6B | ||
| Q4 24 | $1.5B | $9.1B | ||
| Q3 24 | $1.6B | $9.2B | ||
| Q2 24 | $1.6B | $8.8B | ||
| Q1 24 | $1.6B | $8.7B |
负债/权益比BATRAWMG
| Q4 25 | 1.40× | 6.07× | ||
| Q3 25 | 1.36× | 6.75× | ||
| Q2 25 | 1.34× | 7.41× | ||
| Q1 25 | 1.44× | 7.57× | ||
| Q4 24 | 1.18× | 7.26× | ||
| Q3 24 | 1.21× | 7.75× | ||
| Q2 24 | 1.17× | 8.24× | ||
| Q1 24 | 1.21× | 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 | $26.4M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 资本支出强度资本支出/营收 | 0.0% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流BATRAWMG
| Q4 25 | $26.4M | $440.0M | ||
| Q3 25 | $-88.8M | $231.0M | ||
| Q2 25 | $-8.1M | $46.0M | ||
| Q1 25 | $95.8M | $69.0M | ||
| Q4 24 | $28.9M | $332.0M | ||
| Q3 24 | $-69.0M | $304.0M | ||
| Q2 24 | $-34.3M | $188.0M | ||
| Q1 24 | $91.1M | $-31.0M |
自由现金流BATRAWMG
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | $-82.3M | $7.0M | ||
| Q1 25 | $76.3M | $33.0M | ||
| Q4 24 | $16.8M | $296.0M | ||
| Q3 24 | $-85.5M | $271.0M | ||
| Q2 24 | $-64.1M | $160.0M | ||
| Q1 24 | $63.4M | $-57.0M |
自由现金流率BATRAWMG
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | -26.3% | 0.4% | ||
| Q1 25 | 161.5% | 2.2% | ||
| Q4 24 | 32.3% | 17.8% | ||
| Q3 24 | -29.4% | 16.6% | ||
| Q2 24 | -22.7% | 10.3% | ||
| Q1 24 | 171.0% | -3.8% |
资本支出强度BATRAWMG
| Q4 25 | 0.0% | 1.1% | ||
| Q3 25 | 0.0% | 1.5% | ||
| Q2 25 | 23.7% | 2.3% | ||
| Q1 25 | 41.3% | 2.4% | ||
| Q4 24 | 23.2% | 2.2% | ||
| Q3 24 | 5.7% | 2.0% | ||
| Q2 24 | 10.5% | 1.8% | ||
| Q1 24 | 74.5% | 1.7% |
现金转化率BATRAWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | -2.96× | 2.12× | ||
| Q2 25 | -0.28× | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | -6.89× | 7.41× | ||
| Q2 24 | -1.18× | 1.35× | ||
| Q1 24 | — | -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
BATRA
| Baseball | $34.8M | 57% |
| Mixed Use Development Segment | $26.5M | 43% |
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% |
