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凯撒娱乐（CZR）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是凯撒娱乐的1.1倍（$3.0B vs $2.9B），Tennessee Valley Authority净利率更高（8.7% vs -2.9%，领先11.6%），Tennessee Valley Authority同比增速更快（4.4% vs 2.7%），过去两年凯撒娱乐的营收复合增速更高（0.7% vs -1.7%）
凯撒娱乐前身为埃尔拉多度假村公司，是总部位于美国内华达州里诺的酒店博彩娱乐集团。2020年7月20日公司收购原凯撒娱乐集团后更为现名，目前运营超过50处物业，业务覆盖酒店、博彩、休闲娱乐等多个领域。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
CZR vs TVE — 直观对比
营收规模更大
TVE
是对方的1.1倍
$2.9B
营收增速更快
TVE
高出1.7%
2.7%
净利率更高
TVE
高出11.6%
-2.9%
两年增速更快
CZR
近两年复合增速
-1.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $3.0B |
| 净利润 | $-83.0M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | 18.1% |
| 净利率 | -2.9% | 8.7% |
| 营收同比 | 2.7% | 4.4% |
| 净利润同比 | 15.3% | 112.8% |
| 每股收益（稀释后） | $-0.48 | — |
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CZRTVE
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $3.0B | ||
| Q3 25 | $2.9B | $3.9B | ||
| Q2 25 | $2.9B | $3.3B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $2.8B | $2.9B | ||
| Q3 24 | $2.9B | $3.5B | ||
| Q2 24 | $2.8B | $2.9B |
净利润CZRTVE
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-250.0M | $266.0M | ||
| Q3 25 | $-55.0M | $615.0M | ||
| Q2 25 | $-82.0M | $212.0M | ||
| Q1 25 | $-115.0M | $408.0M | ||
| Q4 24 | $11.0M | $125.0M | ||
| Q3 24 | $-9.0M | $520.0M | ||
| Q2 24 | $-122.0M | $181.0M |
营业利润率CZRTVE
| Q1 26 | 17.4% | — | ||
| Q4 25 | 11.4% | 18.1% | ||
| Q3 25 | 17.9% | 23.6% | ||
| Q2 25 | 18.1% | 15.6% | ||
| Q1 25 | 17.5% | 20.3% | ||
| Q4 24 | 23.9% | 14.1% | ||
| Q3 24 | 22.4% | 22.7% | ||
| Q2 24 | 17.9% | 15.9% |
净利率CZRTVE
| Q1 26 | -2.9% | — | ||
| Q4 25 | -8.6% | 8.7% | ||
| Q3 25 | -1.9% | 15.7% | ||
| Q2 25 | -2.8% | 6.4% | ||
| Q1 25 | -4.1% | 11.6% | ||
| Q4 24 | 0.4% | 4.3% | ||
| Q3 24 | -0.3% | 14.8% | ||
| Q2 24 | -4.3% | 6.3% |
每股收益（稀释后）CZRTVE
| Q1 26 | $-0.48 | — | ||
| Q4 25 | $-1.22 | — | ||
| Q3 25 | $-0.27 | — | ||
| Q2 25 | $-0.39 | — | ||
| Q1 25 | $-0.54 | — | ||
| Q4 24 | $0.04 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.56 | — |
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 | $867.0M | $501.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | — |
| 总资产 | — | $59.5B |
| 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CZRTVE
| Q1 26 | $867.0M | — | ||
| Q4 25 | $887.0M | $501.0M | ||
| Q3 25 | $836.0M | $1.6B | ||
| Q2 25 | $982.0M | $501.0M | ||
| Q1 25 | $884.0M | $502.0M | ||
| Q4 24 | $866.0M | $507.0M | ||
| Q3 24 | $802.0M | $502.0M | ||
| Q2 24 | $830.0M | $501.0M |
总债务CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | $11.9B | — | ||
| Q3 25 | $11.9B | $22.1B | ||
| Q2 25 | $12.3B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | $12.3B | — | ||
| Q3 24 | $12.7B | $19.1B | ||
| Q2 24 | $12.4B | — |
股东权益CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $3.9B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.3B | — |
总资产CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | $31.6B | $59.5B | ||
| Q3 25 | $31.9B | $60.9B | ||
| Q2 25 | $32.5B | $59.9B | ||
| Q1 25 | $32.4B | $59.3B | ||
| Q4 24 | $32.6B | $58.4B | ||
| Q3 24 | $33.0B | $57.7B | ||
| Q2 24 | $33.1B | $56.2B |
负债/权益比CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | 3.40× | — | ||
| Q3 25 | 3.15× | — | ||
| Q2 25 | 3.15× | — | ||
| Q1 25 | 3.04× | — | ||
| Q4 24 | 2.96× | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | 2.89× | — |
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 | — | $330.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-814.0M |
| 自由现金流率自由现金流/营收 | — | -26.7% |
| 资本支出强度资本支出/营收 | — | 37.5% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $-1.2B |
8季度趋势，按日历期对齐
经营现金流CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | $304.0M | $330.0M | ||
| Q3 25 | $318.0M | $1.2B | ||
| Q2 25 | $462.0M | $615.0M | ||
| Q1 25 | $218.0M | $1.0B | ||
| Q4 24 | $309.0M | $450.0M | ||
| Q3 24 | $232.0M | $1.1B | ||
| Q2 24 | $454.0M | $508.0M |
自由现金流CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | $147.0M | $-814.0M | ||
| Q3 25 | $123.0M | $233.0M | ||
| Q2 25 | $232.0M | $-431.0M | ||
| Q1 25 | $-5.0M | $-176.0M | ||
| Q4 24 | $30.0M | $-759.0M | ||
| Q3 24 | $-192.0M | $164.0M | ||
| Q2 24 | $125.0M | $-248.0M |
自由现金流率CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | 5.0% | -26.7% | ||
| Q3 25 | 4.3% | 6.0% | ||
| Q2 25 | 8.0% | -13.0% | ||
| Q1 25 | -0.2% | -5.0% | ||
| Q4 24 | 1.1% | -26.0% | ||
| Q3 24 | -6.7% | 4.7% | ||
| Q2 24 | 4.4% | -8.6% |
资本支出强度CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | 37.5% | ||
| Q3 25 | 6.8% | 25.9% | ||
| Q2 25 | 7.9% | 31.6% | ||
| Q1 25 | 8.0% | 33.6% | ||
| Q4 24 | 10.0% | 41.4% | ||
| Q3 24 | 14.8% | 25.6% | ||
| Q2 24 | 11.6% | 26.3% |
现金转化率CZRTVE
| Q1 26 | — | — | ||
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 2.03× | ||
| Q2 25 | — | 2.90× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | 28.09× | 3.60× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | — | 2.81× |
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
CZR
| Casino | $1.7B | 58% |
| Hotel | $487.0M | 17% |
| Food and beverage | $424.0M | 15% |
| Other | $293.0M | 10% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
