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BOYD GAMING CORP（BYD）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
BOYD GAMING CORP的季度营收约是德太投资的1.4倍（$997.4M vs $715.1M），德太投资净利率更高（10.8% vs 10.5%，领先0.3%），德太投资同比增速更快（35.6% vs 0.6%），过去两年德太投资的营收复合增速更高（18.1% vs 1.5%）
博伊德博彩集团是总部位于美国内华达州帕拉代斯的知名博彩及酒店服务运营商，核心业务涵盖赌场运营、休闲度假配套服务等板块，为全球游客提供优质的综合娱乐体验。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
BYD vs TPG — 直观对比
营收规模更大
BYD
是对方的1.4倍
$715.1M
营收增速更快
TPG
高出35.0%
0.6%
净利率更高
TPG
高出0.3%
10.5%
两年增速更快
TPG
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $997.4M | $715.1M |
| 净利润 | $104.3M | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 16.4% | — |
| 净利率 | 10.5% | 10.8% |
| 营收同比 | 0.6% | 35.6% |
| 净利润同比 | -5.9% | 494.1% |
| 每股收益（稀释后） | $1.37 | $0.30 |
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BYDTPG
| Q1 26 | $997.4M | — | ||
| Q4 25 | $1.1B | $715.1M | ||
| Q3 25 | $1.0B | $596.5M | ||
| Q2 25 | $1.0B | $569.1M | ||
| Q1 25 | $991.6M | $543.5M | ||
| Q4 24 | $1.0B | $527.2M | ||
| Q3 24 | $961.2M | $524.7M | ||
| Q2 24 | $967.5M | $522.8M |
净利润BYDTPG
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $77.1M | ||
| Q3 25 | $1.4B | $67.1M | ||
| Q2 25 | $151.5M | $14.9M | ||
| Q1 25 | $111.4M | $25.4M | ||
| Q4 24 | $170.5M | $13.0M | ||
| Q3 24 | $131.1M | $9.0M | ||
| Q2 24 | $139.8M | $-14.0M |
营业利润率BYDTPG
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 23.4% | — | ||
| Q1 25 | 20.2% | — | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 23.5% | — |
净利率BYDTPG
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 10.8% | ||
| Q3 25 | 143.4% | 11.3% | ||
| Q2 25 | 14.6% | 2.6% | ||
| Q1 25 | 11.2% | 4.7% | ||
| Q4 24 | 16.4% | 2.5% | ||
| Q3 24 | 13.6% | 1.7% | ||
| Q2 24 | 14.5% | -2.7% |
每股收益（稀释后）BYDTPG
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.30 | ||
| Q3 25 | $17.81 | $0.20 | ||
| Q2 25 | $1.84 | $-0.05 | ||
| Q1 25 | $1.31 | $0.00 | ||
| Q4 24 | $1.89 | $-0.04 | ||
| Q3 24 | $1.43 | $-0.08 | ||
| Q2 24 | $1.47 | $-0.19 |
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 | — | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | — | $4.1B |
| 总资产 | — | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $826.1M | ||
| Q3 25 | $319.1M | $1.1B | ||
| Q2 25 | $320.1M | $1.1B | ||
| Q1 25 | $311.5M | $822.0M | ||
| Q4 24 | $316.7M | $808.0M | ||
| Q3 24 | $286.3M | $1.2B | ||
| Q2 24 | $280.8M | $1.1B |
总债务BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $3.6B | $1.6B | ||
| Q1 25 | $3.5B | $1.5B | ||
| Q4 24 | $3.2B | $1.3B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $3.0B | $1.2B |
股东权益BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $4.1B | ||
| Q3 25 | $2.7B | $3.8B | ||
| Q2 25 | $1.4B | $3.6B | ||
| Q1 25 | $1.3B | $3.5B | ||
| Q4 24 | $1.6B | $3.6B | ||
| Q3 24 | $1.6B | $3.4B | ||
| Q2 24 | $1.7B | $3.3B |
总资产BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $13.5B | ||
| Q3 25 | $6.5B | $13.0B | ||
| Q2 25 | $6.6B | $12.0B | ||
| Q1 25 | $6.5B | $11.3B | ||
| Q4 24 | $6.4B | $10.5B | ||
| Q3 24 | $6.3B | $10.5B | ||
| Q2 24 | $6.3B | $10.1B |
负债/权益比BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | 2.56× | 0.45× | ||
| Q1 25 | 2.61× | 0.42× | ||
| Q4 24 | 2.01× | 0.36× | ||
| Q3 24 | 1.88× | 0.39× | ||
| Q2 24 | 1.73× | 0.37× |
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 | — | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | -0.57× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $-43.7M | ||
| Q3 25 | $240.0M | $492.0M | ||
| Q2 25 | $205.0M | $385.9M | ||
| Q1 25 | $256.4M | $198.2M | ||
| Q4 24 | $262.1M | $-188.1M | ||
| Q3 24 | $231.2M | $68.9M | ||
| Q2 24 | $213.1M | $214.6M |
自由现金流BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | — | ||
| Q3 25 | $94.4M | — | ||
| Q2 25 | $80.6M | — | ||
| Q1 25 | $86.5M | — | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $146.0M | — | ||
| Q2 24 | $98.7M | — |
自由现金流率BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.2% | — | ||
| Q2 24 | 10.2% | — |
资本支出强度BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 12.0% | — | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 8.9% | — | ||
| Q2 24 | 11.8% | — |
现金转化率BYDTPG
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | -0.57× | ||
| Q3 25 | 0.17× | 7.33× | ||
| Q2 25 | 1.35× | 25.83× | ||
| Q1 25 | 2.30× | 7.80× | ||
| Q4 24 | 1.54× | -14.49× | ||
| Q3 24 | 1.76× | 7.69× | ||
| Q2 24 | 1.52× | — |
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
BYD
| Gaming | $650.5M | 65% |
| Online reimbursements | $135.4M | 14% |
| Food & beverage | $75.8M | 8% |
| Other | $63.5M | 6% |
| Room | $45.9M | 5% |
| Management fee | $26.2M | 3% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
