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CALIFORNIA WATER SERVICE GROUP（CWT）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CALIFORNIA WATER SERVICE GROUP的1.1倍（$225.6M vs $210.7M），CALIFORNIA WATER SERVICE GROUP净利率更高（5.4% vs -119.0%，领先124.5%），六旗同比增速更快（11.7% vs -3.3%）
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
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。
CWT vs FUN — 直观对比
营收规模更大
FUN
是对方的1.1倍
$210.7M
营收增速更快
FUN
高出14.9%
-3.3%
净利率更高
CWT
高出124.5%
-119.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $225.6M |
| 净利润 | $11.5M | $-268.6M |
| 毛利率 | — | — |
| 营业利润率 | 12.2% | — |
| 净利率 | 5.4% | -119.0% |
| 营收同比 | -3.3% | 11.7% |
| 净利润同比 | -41.0% | -22.2% |
| 每股收益（稀释后） | $0.19 | — |
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CWTFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $210.7M | $650.1M | ||
| Q3 25 | $314.1M | $1.3B | ||
| Q2 25 | $256.2M | $930.4M | ||
| Q1 25 | $182.7M | $202.1M | ||
| Q4 24 | $217.8M | — | ||
| Q3 24 | $306.2M | $1.3B | ||
| Q2 24 | $226.7M | $571.6M |
净利润CWTFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $11.5M | $-92.4M | ||
| Q3 25 | $61.2M | $-1.2B | ||
| Q2 25 | $42.2M | $-99.6M | ||
| Q1 25 | $13.3M | $-219.7M | ||
| Q4 24 | $19.5M | — | ||
| Q3 24 | $60.7M | $111.0M | ||
| Q2 24 | $40.6M | $55.6M |
毛利率CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 91.4% | ||
| Q3 25 | — | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | — | 89.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 91.9% | ||
| Q2 24 | — | 90.7% |
营业利润率CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | 12.2% | -3.8% | ||
| Q3 25 | 22.5% | -83.7% | ||
| Q2 25 | 20.2% | 8.0% | ||
| Q1 25 | 12.2% | -158.9% | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 21.8% | 19.5% | ||
| Q2 24 | 21.2% | 21.6% |
净利率CWTFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | 5.4% | -14.2% | ||
| Q3 25 | 19.5% | -90.1% | ||
| Q2 25 | 16.5% | -10.7% | ||
| Q1 25 | 7.3% | -108.7% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 19.8% | 8.2% | ||
| Q2 24 | 17.9% | 9.7% |
每股收益（稀释后）CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | $0.19 | $-0.93 | ||
| Q3 25 | $1.03 | $-11.77 | ||
| Q2 25 | $0.71 | $-0.99 | ||
| Q1 25 | $0.22 | $-2.20 | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $1.03 | $1.10 | ||
| Q2 24 | $0.70 | — |
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 | $51.8M | $116.5M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $1.7B | $279.2M |
| 总资产 | $5.7B | $7.7B |
| 负债/权益比越低杠杆越低 | 0.87× | — |
8季度趋势，按日历期对齐
现金及短期投资CWTFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $51.8M | $91.1M | ||
| Q3 25 | $76.0M | $70.7M | ||
| Q2 25 | $50.5M | $107.4M | ||
| Q1 25 | $44.5M | $61.5M | ||
| Q4 24 | $50.1M | — | ||
| Q3 24 | $59.6M | $89.7M | ||
| Q2 24 | $37.3M | $52.9M |
总债务CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $5.2B | ||
| Q3 25 | $1.1B | $5.0B | ||
| Q2 25 | $1.1B | $5.3B | ||
| Q1 25 | $1.1B | $5.0B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益CWTFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $1.7B | $549.8M | ||
| Q3 25 | $1.7B | $614.3M | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.5B | — |
总资产CWTFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $5.7B | $7.8B | ||
| Q3 25 | $5.5B | $7.9B | ||
| Q2 25 | $5.4B | $9.5B | ||
| Q1 25 | $5.3B | $9.2B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.0B | $9.4B | ||
| Q2 24 | $4.9B | $2.3B |
负债/权益比CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 9.40× | ||
| Q3 25 | 0.65× | 8.16× | ||
| Q2 25 | 0.67× | 2.97× | ||
| Q1 25 | 0.68× | 2.75× | ||
| Q4 24 | 0.67× | — | ||
| 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 | $47.9M | — |
| 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 | 4.17× | — |
| 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CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | $47.9M | $-37.7M | ||
| Q3 25 | $167.3M | $356.2M | ||
| Q2 25 | $48.9M | $187.0M | ||
| Q1 25 | $38.4M | $-178.0M | ||
| Q4 24 | $68.1M | — | ||
| Q3 24 | $101.8M | $337.4M | ||
| Q2 24 | $94.4M | — |
自由现金流CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $-109.3M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $18.8M | ||
| Q1 25 | — | $-318.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $227.7M | ||
| Q2 24 | — | — |
自由现金流率CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | -16.8% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | -157.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 16.9% | ||
| Q2 24 | — | — |
资本支出强度CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 11.0% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 18.1% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | — |
现金转化率CWTFUN
| Q1 26 | — | — | ||
| Q4 25 | 4.17× | — | ||
| Q3 25 | 2.73× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.68× | 3.04× | ||
| Q2 24 | 2.33× | — |
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
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 1% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
