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BLACKLINE, INC.（BL）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BLACKLINE, INC.的1.2倍（$225.6M vs $183.2M），BLACKLINE, INC.净利率更高（2.7% vs -119.0%，领先121.7%），六旗同比增速更快（11.7% vs 8.1%）
BlackLine是一家美国企业级软件公司，总部位于洛杉矶，在全球设有17个办事处，专注于开发云服务，可实现财务结账全流程自动化与管理，同时覆盖财务合并、发票到回款流程及公司间会计核算等业务场景。
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。
BL vs FUN — 直观对比
营收规模更大
FUN
是对方的1.2倍
$183.2M
营收增速更快
FUN
高出3.6%
8.1%
净利率更高
BL
高出121.7%
-119.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $183.2M | $225.6M |
| 净利润 | $4.9M | $-268.6M |
| 毛利率 | 75.2% | — |
| 营业利润率 | 3.7% | — |
| 净利率 | 2.7% | -119.0% |
| 营收同比 | 8.1% | 11.7% |
| 净利润同比 | -91.3% | -22.2% |
| 每股收益（稀释后） | $0.07 | — |
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BLFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $183.2M | $650.1M | ||
| Q3 25 | $178.3M | $1.3B | ||
| Q2 25 | $172.0M | $930.4M | ||
| Q1 25 | $166.9M | $202.1M | ||
| Q4 24 | $169.5M | — | ||
| Q3 24 | $165.9M | $1.3B | ||
| Q2 24 | $160.5M | $571.6M |
净利润BLFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $4.9M | $-92.4M | ||
| Q3 25 | $5.3M | $-1.2B | ||
| Q2 25 | $8.3M | $-99.6M | ||
| Q1 25 | $6.1M | $-219.7M | ||
| Q4 24 | $56.4M | — | ||
| Q3 24 | $17.2M | $111.0M | ||
| Q2 24 | $76.7M | $55.6M |
毛利率BLFUN
| Q1 26 | — | — | ||
| Q4 25 | 75.2% | 91.4% | ||
| Q3 25 | 75.1% | 91.6% | ||
| Q2 25 | 75.2% | 91.3% | ||
| Q1 25 | 75.5% | 89.3% | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | 91.9% | ||
| Q2 24 | 74.9% | 90.7% |
营业利润率BLFUN
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | -3.8% | ||
| Q3 25 | 4.3% | -83.7% | ||
| Q2 25 | 4.4% | 8.0% | ||
| Q1 25 | 2.1% | -158.9% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 5.0% | 19.5% | ||
| Q2 24 | 1.4% | 21.6% |
净利率BLFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | 2.7% | -14.2% | ||
| Q3 25 | 3.0% | -90.1% | ||
| Q2 25 | 4.8% | -10.7% | ||
| Q1 25 | 3.6% | -108.7% | ||
| Q4 24 | 33.3% | — | ||
| Q3 24 | 10.4% | 8.2% | ||
| Q2 24 | 47.8% | 9.7% |
每股收益（稀释后）BLFUN
| Q1 26 | — | — | ||
| Q4 25 | $0.07 | $-0.93 | ||
| Q3 25 | $0.09 | $-11.77 | ||
| Q2 25 | $0.13 | $-0.99 | ||
| Q1 25 | $0.10 | $-2.20 | ||
| Q4 24 | $0.79 | — | ||
| Q3 24 | $0.27 | $1.10 | ||
| Q2 24 | $0.22 | — |
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 | $390.0M | $116.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $332.3M | $279.2M |
| 总资产 | $1.8B | $7.7B |
| 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BLFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $390.0M | $91.1M | ||
| Q3 25 | $419.9M | $70.7M | ||
| Q2 25 | $459.1M | $107.4M | ||
| Q1 25 | $479.5M | $61.5M | ||
| Q4 24 | $885.9M | — | ||
| Q3 24 | $725.3M | $89.7M | ||
| Q2 24 | $616.6M | $52.9M |
总债务BLFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益BLFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $332.3M | $549.8M | ||
| Q3 25 | $328.3M | $614.3M | ||
| Q2 25 | $414.0M | $1.8B | ||
| Q1 25 | $417.9M | $1.8B | ||
| Q4 24 | $446.7M | — | ||
| Q3 24 | $367.9M | $2.3B | ||
| Q2 24 | $325.8M | — |
总资产BLFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $1.8B | $7.8B | ||
| Q3 25 | $1.7B | $7.9B | ||
| Q2 25 | $1.8B | $9.5B | ||
| Q1 25 | $1.8B | $9.2B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | $9.4B | ||
| Q2 24 | $1.9B | $2.3B |
负债/权益比BLFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | — |
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 | $26.7M | — |
| 自由现金流经营现金流 - 资本支出 | $26.1M | — |
| 自由现金流率自由现金流/营收 | 14.2% | — |
| 资本支出强度资本支出/营收 | 0.3% | — |
| 现金转化率经营现金流/净利润 | 5.46× | — |
| 过去12个月自由现金流最近4个季度 | $161.5M | — |
8季度趋势，按日历期对齐
经营现金流BLFUN
| Q1 26 | — | — | ||
| Q4 25 | $26.7M | $-37.7M | ||
| Q3 25 | $63.8M | $356.2M | ||
| Q2 25 | $32.3M | $187.0M | ||
| Q1 25 | $46.7M | $-178.0M | ||
| Q4 24 | $43.8M | — | ||
| Q3 24 | $55.9M | $337.4M | ||
| Q2 24 | $40.7M | — |
自由现金流BLFUN
| Q1 26 | — | — | ||
| Q4 25 | $26.1M | $-109.3M | ||
| Q3 25 | $63.3M | $256.2M | ||
| Q2 25 | $31.4M | $18.8M | ||
| Q1 25 | $40.8M | $-318.0M | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $55.5M | $227.7M | ||
| Q2 24 | $40.0M | — |
自由现金流率BLFUN
| Q1 26 | — | — | ||
| Q4 25 | 14.2% | -16.8% | ||
| Q3 25 | 35.5% | 19.4% | ||
| Q2 25 | 18.2% | 2.0% | ||
| Q1 25 | 24.4% | -157.4% | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | 33.5% | 16.9% | ||
| Q2 24 | 24.9% | — |
资本支出强度BLFUN
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 11.0% | ||
| Q3 25 | 0.3% | 7.6% | ||
| Q2 25 | 0.6% | 18.1% | ||
| Q1 25 | 3.6% | 69.3% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.2% | 8.1% | ||
| Q2 24 | 0.4% | — |
现金转化率BLFUN
| Q1 26 | — | — | ||
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | 3.04× | ||
| Q2 24 | 0.53× | — |
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
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
