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BILL Holdings, Inc.（BILL）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
六旗的季度营收约是BILL Holdings, Inc.的1.6倍（$650.1M vs $414.7M），BILL Holdings, Inc.净利率更高（-0.6% vs -14.2%，领先13.6%），BILL Holdings, Inc.自由现金流更多（$103.8M vs $-109.3M）
BILL Holdings, Inc. 是总部位于美国加利福尼亚州圣何塞的企业，专注为美国小型企业提供自动化云原生财务运营软件。旗下Bill.com Connect是白标端到端支付自动化平台，可供金融机构接入其单点登录的线上企业银行生态中使用。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
BILL vs FUN — 直观对比
营收规模更大
FUN
是对方的1.6倍
$414.7M
净利率更高
BILL
高出13.6%
-14.2%
自由现金流更多
BILL
多$213.1M
$-109.3M
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $414.7M | $650.1M |
| 净利润 | $-2.6M | $-92.4M |
| 毛利率 | 79.8% | 91.4% |
| 营业利润率 | -4.4% | -3.8% |
| 净利率 | -0.6% | -14.2% |
| 营收同比 | 14.4% | — |
| 净利润同比 | -107.7% | — |
| 每股收益（稀释后） | $-0.03 | $-0.93 |
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BILLFUN
| Q4 25 | $414.7M | $650.1M | ||
| Q3 25 | $395.7M | $1.3B | ||
| Q2 25 | $383.3M | $930.4M | ||
| Q1 25 | $358.2M | $202.1M | ||
| Q4 24 | $362.6M | — | ||
| Q3 24 | $358.4M | $1.3B | ||
| Q2 24 | $343.7M | $571.6M | ||
| Q1 24 | $323.0M | — |
净利润BILLFUN
| Q4 25 | $-2.6M | $-92.4M | ||
| Q3 25 | $-3.0M | $-1.2B | ||
| Q2 25 | $-7.1M | $-99.6M | ||
| Q1 25 | $-11.6M | $-219.7M | ||
| Q4 24 | $33.5M | — | ||
| Q3 24 | $8.9M | $111.0M | ||
| Q2 24 | $7.6M | $55.6M | ||
| Q1 24 | $31.8M | — |
毛利率BILLFUN
| Q4 25 | 79.8% | 91.4% | ||
| Q3 25 | 80.5% | 91.6% | ||
| Q2 25 | 80.8% | 91.3% | ||
| Q1 25 | 81.2% | 89.3% | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | 91.9% | ||
| Q2 24 | 81.0% | 90.7% | ||
| Q1 24 | 83.0% | — |
营业利润率BILLFUN
| Q4 25 | -4.4% | -3.8% | ||
| Q3 25 | -5.2% | -83.7% | ||
| Q2 25 | -5.8% | 8.0% | ||
| Q1 25 | -8.1% | -158.9% | ||
| Q4 24 | -6.0% | — | ||
| Q3 24 | -2.1% | 19.5% | ||
| Q2 24 | -6.5% | 21.6% | ||
| Q1 24 | -8.6% | — |
净利率BILLFUN
| Q4 25 | -0.6% | -14.2% | ||
| Q3 25 | -0.7% | -90.1% | ||
| Q2 25 | -1.8% | -10.7% | ||
| Q1 25 | -3.2% | -108.7% | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 2.5% | 8.2% | ||
| Q2 24 | 2.2% | 9.7% | ||
| Q1 24 | 9.8% | — |
每股收益（稀释后）BILLFUN
| Q4 25 | $-0.03 | $-0.93 | ||
| Q3 25 | $-0.03 | $-11.77 | ||
| Q2 25 | $0.02 | $-0.99 | ||
| Q1 25 | $-0.11 | $-2.20 | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $0.08 | $1.10 | ||
| Q2 24 | $0.37 | — | ||
| Q1 24 | $0.00 | — |
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 | $1.1B | $91.1M |
| 总债务越低越好 | $1.8B | $5.2B |
| 股东权益账面价值 | $3.8B | $549.8M |
| 总资产 | $10.1B | $7.8B |
| 负债/权益比越低杠杆越低 | 0.48× | 9.40× |
8季度趋势，按日历期对齐
现金及短期投资BILLFUN
| Q4 25 | $1.1B | $91.1M | ||
| Q3 25 | $1.1B | $70.7M | ||
| Q2 25 | $1.0B | $107.4M | ||
| Q1 25 | $1.0B | $61.5M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | $89.7M | ||
| Q2 24 | $985.9M | $52.9M | ||
| Q1 24 | $952.5M | — |
总债务BILLFUN
| Q4 25 | $1.8B | $5.2B | ||
| Q3 25 | $1.9B | $5.0B | ||
| Q2 25 | $1.7B | $5.3B | ||
| Q1 25 | $1.7B | $5.0B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | $4.6B | ||
| Q2 24 | $914.0M | $2.3B | ||
| Q1 24 | $1.1B | — |
股东权益BILLFUN
| Q4 25 | $3.8B | $549.8M | ||
| Q3 25 | $3.9B | $614.3M | ||
| Q2 25 | $3.9B | $1.8B | ||
| Q1 25 | $3.9B | $1.8B | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $4.0B | $2.3B | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $4.1B | — |
总资产BILLFUN
| Q4 25 | $10.1B | $7.8B | ||
| Q3 25 | $10.2B | $7.9B | ||
| Q2 25 | $10.1B | $9.5B | ||
| Q1 25 | $9.6B | $9.2B | ||
| Q4 24 | $9.7B | — | ||
| Q3 24 | $9.0B | $9.4B | ||
| Q2 24 | $9.2B | $2.3B | ||
| Q1 24 | $9.1B | — |
负债/权益比BILLFUN
| Q4 25 | 0.48× | 9.40× | ||
| Q3 25 | 0.48× | 8.16× | ||
| Q2 25 | 0.44× | 2.97× | ||
| Q1 25 | 0.43× | 2.75× | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | 1.95× | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
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 | $105.3M | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $-109.3M |
| 自由现金流率自由现金流/营收 | 25.0% | -16.8% |
| 资本支出强度资本支出/营收 | 0.4% | 11.0% |
| 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 | $378.8M | $-152.2M |
8季度趋势，按日历期对齐
经营现金流BILLFUN
| Q4 25 | $105.3M | $-37.7M | ||
| Q3 25 | $96.9M | $356.2M | ||
| Q2 25 | $83.8M | $187.0M | ||
| Q1 25 | $99.5M | $-178.0M | ||
| Q4 24 | $78.7M | — | ||
| Q3 24 | $88.6M | $337.4M | ||
| Q2 24 | $78.6M | — | ||
| Q1 24 | $66.8M | — |
自由现金流BILLFUN
| Q4 25 | $103.8M | $-109.3M | ||
| Q3 25 | $95.6M | $256.2M | ||
| Q2 25 | $81.0M | $18.8M | ||
| Q1 25 | $98.4M | $-318.0M | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | $227.7M | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
自由现金流率BILLFUN
| Q4 25 | 25.0% | -16.8% | ||
| Q3 25 | 24.1% | 19.4% | ||
| Q2 25 | 21.1% | 2.0% | ||
| Q1 25 | 27.5% | -157.4% | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | 16.9% | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
资本支出强度BILLFUN
| Q4 25 | 0.4% | 11.0% | ||
| Q3 25 | 0.3% | 7.6% | ||
| Q2 25 | 0.7% | 18.1% | ||
| Q1 25 | 0.3% | 69.3% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | 8.1% | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
现金转化率BILLFUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 3.04× | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | — |
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
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
