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凯撒娱乐（CZR）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
凯撒娱乐的季度营收约是WATSCO INC的1.8倍（$2.9B vs $1.6B）。WATSCO INC净利率更高（4.5% vs -8.6%，领先13.1%）。凯撒娱乐同比增速更快（4.2% vs -10.0%）。WATSCO INC自由现金流更多（$388.5M vs $147.0M）。过去两年凯撒娱乐的营收复合增速更高（3.1% vs 0.4%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
CZR vs WSO — 直观对比
营收规模更大
CZR
是对方的1.8倍
$1.6B
营收增速更快
CZR
高出14.2%
-10.0%
净利率更高
WSO
高出13.1%
-8.6%
自由现金流更多
WSO
多$241.5M
$147.0M
两年增速更快
CZR
近两年复合增速
0.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.6B |
| 净利润 | $-250.0M | $71.7M |
| 毛利率 | — | 27.1% |
| 营业利润率 | 11.4% | 6.4% |
| 净利率 | -8.6% | 4.5% |
| 营收同比 | 4.2% | -10.0% |
| 净利润同比 | -2372.7% | -25.9% |
| 每股收益（稀释后） | $-1.22 | $1.82 |
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CZRWSO
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $2.9B | $2.1B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.9B | $2.2B | ||
| Q2 24 | $2.8B | $2.1B | ||
| Q1 24 | $2.7B | $1.6B |
净利润CZRWSO
| Q4 25 | $-250.0M | $71.7M | ||
| Q3 25 | $-55.0M | $161.6M | ||
| Q2 25 | $-82.0M | $183.6M | ||
| Q1 25 | $-115.0M | $80.1M | ||
| Q4 24 | $11.0M | $96.8M | ||
| Q3 24 | $-9.0M | $171.0M | ||
| Q2 24 | $-122.0M | $181.4M | ||
| Q1 24 | $-158.0M | $87.0M |
毛利率CZRWSO
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
营业利润率CZRWSO
| Q4 25 | 11.4% | 6.4% | ||
| Q3 25 | 17.9% | 11.4% | ||
| Q2 25 | 18.1% | 13.2% | ||
| Q1 25 | 17.5% | 7.3% | ||
| Q4 24 | 23.9% | 7.8% | ||
| Q3 24 | 22.4% | 11.6% | ||
| Q2 24 | 17.9% | 12.6% | ||
| Q1 24 | 17.7% | 8.1% |
净利率CZRWSO
| Q4 25 | -8.6% | 4.5% | ||
| Q3 25 | -1.9% | 7.8% | ||
| Q2 25 | -2.8% | 8.9% | ||
| Q1 25 | -4.1% | 5.2% | ||
| Q4 24 | 0.4% | 5.5% | ||
| Q3 24 | -0.3% | 7.9% | ||
| Q2 24 | -4.3% | 8.5% | ||
| Q1 24 | -5.8% | 5.6% |
每股收益（稀释后）CZRWSO
| Q4 25 | $-1.22 | $1.82 | ||
| Q3 25 | $-0.27 | $3.98 | ||
| Q2 25 | $-0.39 | $4.52 | ||
| Q1 25 | $-0.54 | $1.93 | ||
| Q4 24 | $0.04 | $2.42 | ||
| Q3 24 | $-0.04 | $4.22 | ||
| Q2 24 | $-0.56 | $4.49 | ||
| Q1 24 | $-0.73 | $2.17 |
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 | $887.0M | $733.3M |
| 总债务越低越好 | $11.9B | $361.6M |
| 股东权益账面价值 | $3.5B | $2.8B |
| 总资产 | $31.6B | $4.4B |
| 负债/权益比越低杠杆越低 | 3.40× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资CZRWSO
| Q4 25 | $887.0M | $733.3M | ||
| Q3 25 | $836.0M | $524.3M | ||
| Q2 25 | $982.0M | $293.0M | ||
| Q1 25 | $884.0M | $431.8M | ||
| Q4 24 | $866.0M | $781.9M | ||
| Q3 24 | $802.0M | $550.0M | ||
| Q2 24 | $830.0M | $424.9M | ||
| Q1 24 | $726.0M | $478.9M |
总债务CZRWSO
| Q4 25 | $11.9B | $361.6M | ||
| Q3 25 | $11.9B | $340.8M | ||
| Q2 25 | $12.3B | $338.7M | ||
| Q1 25 | $12.3B | $346.4M | ||
| Q4 24 | $12.3B | $337.2M | ||
| Q3 24 | $12.7B | $321.0M | ||
| Q2 24 | $12.4B | $307.1M | ||
| Q1 24 | $12.4B | $306.3M |
股东权益CZRWSO
| Q4 25 | $3.5B | $2.8B | ||
| Q3 25 | $3.8B | $2.8B | ||
| Q2 25 | $3.9B | $2.8B | ||
| Q1 25 | $4.1B | $2.7B | ||
| Q4 24 | $4.2B | $2.7B | ||
| Q3 24 | $4.2B | $2.7B | ||
| Q2 24 | $4.3B | $2.6B | ||
| Q1 24 | $4.4B | $2.5B |
总资产CZRWSO
| Q4 25 | $31.6B | $4.4B | ||
| Q3 25 | $31.9B | $4.6B | ||
| Q2 25 | $32.5B | $4.7B | ||
| Q1 25 | $32.4B | $4.5B | ||
| Q4 24 | $32.6B | $4.5B | ||
| Q3 24 | $33.0B | $4.5B | ||
| Q2 24 | $33.1B | $4.4B | ||
| Q1 24 | $33.1B | $4.4B |
负债/权益比CZRWSO
| Q4 25 | 3.40× | 0.13× | ||
| Q3 25 | 3.15× | 0.12× | ||
| Q2 25 | 3.15× | 0.12× | ||
| Q1 25 | 3.04× | 0.13× | ||
| Q4 24 | 2.96× | 0.13× | ||
| Q3 24 | 3.04× | 0.12× | ||
| Q2 24 | 2.89× | 0.12× | ||
| Q1 24 | 2.82× | 0.12× |
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 | $304.0M | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $388.5M |
| 自由现金流率自由现金流/营收 | 5.0% | 24.6% |
| 资本支出强度资本支出/营收 | 5.4% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.57× |
| 过去12个月自由现金流最近4个季度 | $497.0M | $535.1M |
8季度趋势，按日历期对齐
经营现金流CZRWSO
| Q4 25 | $304.0M | $399.8M | ||
| Q3 25 | $318.0M | $354.9M | ||
| Q2 25 | $462.0M | $-7.4M | ||
| Q1 25 | $218.0M | $-177.6M | ||
| Q4 24 | $309.0M | $378.9M | ||
| Q3 24 | $232.0M | $232.8M | ||
| Q2 24 | $454.0M | $57.7M | ||
| Q1 24 | $80.0M | $103.7M |
自由现金流CZRWSO
| Q4 25 | $147.0M | $388.5M | ||
| Q3 25 | $123.0M | $346.1M | ||
| Q2 25 | $232.0M | $-14.3M | ||
| Q1 25 | $-5.0M | $-185.2M | ||
| Q4 24 | $30.0M | $370.9M | ||
| Q3 24 | $-192.0M | $223.0M | ||
| Q2 24 | $125.0M | $51.3M | ||
| Q1 24 | $-184.0M | $97.9M |
自由现金流率CZRWSO
| Q4 25 | 5.0% | 24.6% | ||
| Q3 25 | 4.3% | 16.7% | ||
| Q2 25 | 8.0% | -0.7% | ||
| Q1 25 | -0.2% | -12.1% | ||
| Q4 24 | 1.1% | 21.1% | ||
| Q3 24 | -6.7% | 10.3% | ||
| Q2 24 | 4.4% | 2.4% | ||
| Q1 24 | -6.7% | 6.3% |
资本支出强度CZRWSO
| Q4 25 | 5.4% | 0.7% | ||
| Q3 25 | 6.8% | 0.4% | ||
| Q2 25 | 7.9% | 0.3% | ||
| Q1 25 | 8.0% | 0.5% | ||
| Q4 24 | 10.0% | 0.5% | ||
| Q3 24 | 14.8% | 0.5% | ||
| Q2 24 | 11.6% | 0.3% | ||
| Q1 24 | 9.6% | 0.4% |
现金转化率CZRWSO
| Q4 25 | — | 5.57× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | 28.09× | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 1.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
