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凯撒娱乐（CZR）与威富集团（VFC）财务数据对比。点击上方公司名可切换其他公司
威富集团的季度营收约是凯撒娱乐的1.0倍（$2.9B vs $2.9B），威富集团净利率更高（10.5% vs -2.9%，领先13.4%），凯撒娱乐同比增速更快（2.7% vs 1.5%），过去两年威富集团的营收复合增速更高（10.1% vs 0.7%）
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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
CZR vs VFC — 直观对比
营收规模更大
VFC
是对方的1.0倍
$2.9B
营收增速更快
CZR
高出1.2%
1.5%
净利率更高
VFC
高出13.4%
-2.9%
两年增速更快
VFC
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $2.9B |
| 净利润 | $-83.0M | $300.8M |
| 毛利率 | — | 56.6% |
| 营业利润率 | 17.4% | 10.1% |
| 净利率 | -2.9% | 10.5% |
| 营收同比 | 2.7% | 1.5% |
| 净利润同比 | 15.3% | 79.3% |
| 每股收益（稀释后） | $-0.48 | $0.76 |
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CZRVFC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.9B | ||
| Q3 25 | $2.9B | $2.8B | ||
| Q2 25 | $2.9B | $1.8B | ||
| Q1 25 | $2.8B | $2.0B | ||
| Q4 24 | $2.8B | $2.8B | ||
| Q3 24 | $2.9B | $2.8B | ||
| Q2 24 | $2.8B | $1.9B |
净利润CZRVFC
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-250.0M | $300.8M | ||
| Q3 25 | $-55.0M | $189.8M | ||
| Q2 25 | $-82.0M | $-116.4M | ||
| Q1 25 | $-115.0M | $-150.8M | ||
| Q4 24 | $11.0M | $167.8M | ||
| Q3 24 | $-9.0M | $52.2M | ||
| Q2 24 | $-122.0M | $-258.9M |
毛利率CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | — | 56.6% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 53.9% | ||
| Q1 25 | — | 52.7% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 52.0% |
营业利润率CZRVFC
| Q1 26 | 17.4% | — | ||
| Q4 25 | 11.4% | 10.1% | ||
| Q3 25 | 17.9% | 11.2% | ||
| Q2 25 | 18.1% | -4.9% | ||
| Q1 25 | 17.5% | 2.2% | ||
| Q4 24 | 23.9% | 8.0% | ||
| Q3 24 | 22.4% | 9.9% | ||
| Q2 24 | 17.9% | -12.6% |
净利率CZRVFC
| Q1 26 | -2.9% | — | ||
| Q4 25 | -8.6% | 10.5% | ||
| Q3 25 | -1.9% | 6.8% | ||
| Q2 25 | -2.8% | -6.6% | ||
| Q1 25 | -4.1% | -7.5% | ||
| Q4 24 | 0.4% | 5.9% | ||
| Q3 24 | -0.3% | 1.9% | ||
| Q2 24 | -4.3% | -13.6% |
每股收益（稀释后）CZRVFC
| Q1 26 | $-0.48 | — | ||
| Q4 25 | $-1.22 | $0.76 | ||
| Q3 25 | $-0.27 | $0.48 | ||
| Q2 25 | $-0.39 | $-0.30 | ||
| Q1 25 | $-0.54 | $-0.37 | ||
| Q4 24 | $0.04 | $0.43 | ||
| Q3 24 | $-0.04 | $0.13 | ||
| Q2 24 | $-0.56 | $-0.67 |
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 | $1.5B |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | — | $1.8B |
| 总资产 | — | $10.4B |
| 负债/权益比越低杠杆越低 | — | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资CZRVFC
| Q1 26 | $867.0M | — | ||
| Q4 25 | $887.0M | $1.5B | ||
| Q3 25 | $836.0M | $419.1M | ||
| Q2 25 | $982.0M | $642.4M | ||
| Q1 25 | $884.0M | $429.4M | ||
| Q4 24 | $866.0M | $1.4B | ||
| Q3 24 | $802.0M | $492.2M | ||
| Q2 24 | $830.0M | $637.4M |
总债务CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | $11.9B | $3.6B | ||
| Q3 25 | $11.9B | $3.5B | ||
| Q2 25 | $12.3B | $3.6B | ||
| Q1 25 | $12.3B | $3.4B | ||
| Q4 24 | $12.3B | $3.9B | ||
| Q3 24 | $12.7B | $4.0B | ||
| Q2 24 | $12.4B | $3.9B |
股东权益CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $1.8B | ||
| Q3 25 | $3.8B | $1.5B | ||
| Q2 25 | $3.9B | $1.3B | ||
| Q1 25 | $4.1B | $1.5B | ||
| Q4 24 | $4.2B | $1.7B | ||
| Q3 24 | $4.2B | $1.4B | ||
| Q2 24 | $4.3B | $1.4B |
总资产CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | $31.6B | $10.4B | ||
| Q3 25 | $31.9B | $10.6B | ||
| Q2 25 | $32.5B | $10.2B | ||
| Q1 25 | $32.4B | $9.4B | ||
| Q4 24 | $32.6B | $10.6B | ||
| Q3 24 | $33.0B | $12.2B | ||
| Q2 24 | $33.1B | $11.5B |
负债/权益比CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | 3.40× | 1.99× | ||
| Q3 25 | 3.15× | 2.40× | ||
| Q2 25 | 3.15× | 2.76× | ||
| Q1 25 | 3.04× | 2.30× | ||
| Q4 24 | 2.96× | 2.31× | ||
| Q3 24 | 3.04× | 2.86× | ||
| Q2 24 | 2.89× | 2.84× |
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 | — | $1.0B |
| 自由现金流经营现金流 - 资本支出 | — | $977.9M |
| 自由现金流率自由现金流/营收 | — | 34.0% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | 3.36× |
| 过去12个月自由现金流最近4个季度 | — | $357.6M |
8季度趋势，按日历期对齐
经营现金流CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | $304.0M | $1.0B | ||
| Q3 25 | $318.0M | $-227.0M | ||
| Q2 25 | $462.0M | $-145.5M | ||
| Q1 25 | $218.0M | $-171.1M | ||
| Q4 24 | $309.0M | $918.1M | ||
| Q3 24 | $232.0M | $-301.6M | ||
| Q2 24 | $454.0M | $19.8M |
自由现金流CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | $147.0M | $977.9M | ||
| Q3 25 | $123.0M | $-253.5M | ||
| Q2 25 | $232.0M | $-173.7M | ||
| Q1 25 | $-5.0M | $-193.0M | ||
| Q4 24 | $30.0M | $899.7M | ||
| Q3 24 | $-192.0M | $-322.4M | ||
| Q2 24 | $125.0M | $-5.4M |
自由现金流率CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | 5.0% | 34.0% | ||
| Q3 25 | 4.3% | -9.0% | ||
| Q2 25 | 8.0% | -9.9% | ||
| Q1 25 | -0.2% | -9.6% | ||
| Q4 24 | 1.1% | 31.7% | ||
| Q3 24 | -6.7% | -11.7% | ||
| Q2 24 | 4.4% | -0.3% |
资本支出强度CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | 1.1% | ||
| Q3 25 | 6.8% | 0.9% | ||
| Q2 25 | 7.9% | 1.6% | ||
| Q1 25 | 8.0% | 1.1% | ||
| Q4 24 | 10.0% | 0.6% | ||
| Q3 24 | 14.8% | 0.8% | ||
| Q2 24 | 11.6% | 1.3% |
现金转化率CZRVFC
| Q1 26 | — | — | ||
| Q4 25 | — | 3.36× | ||
| Q3 25 | — | -1.20× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 28.09× | 5.47× | ||
| Q3 24 | — | -5.78× | ||
| Q2 24 | — | — |
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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
