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杜比实验室（DLB）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杜比实验室的1.9倍（$650.1M vs $346.7M），杜比实验室净利率更高（15.4% vs -14.2%，领先29.6%），杜比实验室自由现金流更多（$50.2M vs $-109.3M）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
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。
DLB vs FUN — 直观对比
营收规模更大
FUN
是对方的1.9倍
$346.7M
净利率更高
DLB
高出29.6%
-14.2%
自由现金流更多
DLB
多$159.4M
$-109.3M
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $346.7M | $650.1M |
| 净利润 | $53.3M | $-92.4M |
| 毛利率 | 87.5% | 91.4% |
| 营业利润率 | 17.9% | -3.8% |
| 净利率 | 15.4% | -14.2% |
| 营收同比 | -2.9% | — |
| 净利润同比 | -21.4% | — |
| 每股收益（稀释后） | $0.55 | $-0.93 |
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DLBFUN
| Q4 25 | $346.7M | $650.1M | ||
| Q3 25 | $307.0M | $1.3B | ||
| Q2 25 | $315.5M | $930.4M | ||
| Q1 25 | $369.6M | $202.1M | ||
| Q4 24 | $357.0M | — | ||
| Q3 24 | $304.8M | $1.3B | ||
| Q2 24 | $288.8M | $571.6M | ||
| Q1 24 | $364.5M | — |
净利润DLBFUN
| Q4 25 | $53.3M | $-92.4M | ||
| Q3 25 | $49.3M | $-1.2B | ||
| Q2 25 | $46.1M | $-99.6M | ||
| Q1 25 | $91.8M | $-219.7M | ||
| Q4 24 | $67.8M | — | ||
| Q3 24 | $58.6M | $111.0M | ||
| Q2 24 | $38.4M | $55.6M | ||
| Q1 24 | $97.8M | — |
毛利率DLBFUN
| Q4 25 | 87.5% | 91.4% | ||
| Q3 25 | 87.1% | 91.6% | ||
| Q2 25 | 86.1% | 91.3% | ||
| Q1 25 | 90.3% | 89.3% | ||
| Q4 24 | 88.6% | — | ||
| Q3 24 | 88.8% | 91.9% | ||
| Q2 24 | 87.7% | 90.7% | ||
| Q1 24 | 89.4% | — |
营业利润率DLBFUN
| Q4 25 | 17.9% | -3.8% | ||
| Q3 25 | 9.7% | -83.7% | ||
| Q2 25 | 15.1% | 8.0% | ||
| Q1 25 | 29.2% | -158.9% | ||
| Q4 24 | 22.4% | — | ||
| Q3 24 | 15.2% | 19.5% | ||
| Q2 24 | 12.7% | 21.6% | ||
| Q1 24 | 29.9% | — |
净利率DLBFUN
| Q4 25 | 15.4% | -14.2% | ||
| Q3 25 | 16.1% | -90.1% | ||
| Q2 25 | 14.6% | -10.7% | ||
| Q1 25 | 24.8% | -108.7% | ||
| Q4 24 | 19.0% | — | ||
| Q3 24 | 19.2% | 8.2% | ||
| Q2 24 | 13.3% | 9.7% | ||
| Q1 24 | 26.8% | — |
每股收益（稀释后）DLBFUN
| Q4 25 | $0.55 | $-0.93 | ||
| Q3 25 | $0.50 | $-11.77 | ||
| Q2 25 | $0.48 | $-0.99 | ||
| Q1 25 | $0.94 | $-2.20 | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $0.59 | $1.10 | ||
| Q2 24 | $0.40 | — | ||
| Q1 24 | $1.01 | — |
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 | $644.6M | $91.1M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $2.6B | $549.8M |
| 总资产 | $3.2B | $7.8B |
| 负债/权益比越低杠杆越低 | — | 9.40× |
8季度趋势，按日历期对齐
现金及短期投资DLBFUN
| Q4 25 | $644.6M | $91.1M | ||
| Q3 25 | $702.6M | $70.7M | ||
| Q2 25 | $699.3M | $107.4M | ||
| Q1 25 | $626.6M | $61.5M | ||
| Q4 24 | $520.8M | — | ||
| Q3 24 | $482.0M | $89.7M | ||
| Q2 24 | $869.0M | $52.9M | ||
| Q1 24 | $825.4M | — |
总债务DLBFUN
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | — |
股东权益DLBFUN
| Q4 25 | $2.6B | $549.8M | ||
| Q3 25 | $2.6B | $614.3M | ||
| Q2 25 | $2.6B | $1.8B | ||
| Q1 25 | $2.6B | $1.8B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
总资产DLBFUN
| Q4 25 | $3.2B | $7.8B | ||
| Q3 25 | $3.2B | $7.9B | ||
| Q2 25 | $3.2B | $9.5B | ||
| Q1 25 | $3.2B | $9.2B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | $9.4B | ||
| Q2 24 | $3.0B | $2.3B | ||
| Q1 24 | $3.0B | — |
负债/权益比DLBFUN
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | — | ||
| Q1 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 | $54.8M | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | $50.2M | $-109.3M |
| 自由现金流率自由现金流/营收 | 14.5% | -16.8% |
| 资本支出强度资本支出/营收 | 1.3% | 11.0% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | $715.3M | $-152.2M |
8季度趋势，按日历期对齐
经营现金流DLBFUN
| Q4 25 | $54.8M | $-37.7M | ||
| Q3 25 | $472.2M | $356.2M | ||
| Q2 25 | $67.7M | $187.0M | ||
| Q1 25 | $174.9M | $-178.0M | ||
| Q4 24 | $106.8M | — | ||
| Q3 24 | $327.3M | $337.4M | ||
| Q2 24 | $21.3M | — | ||
| Q1 24 | $181.4M | — |
自由现金流DLBFUN
| Q4 25 | $50.2M | $-109.3M | ||
| Q3 25 | $435.9M | $256.2M | ||
| Q2 25 | $61.3M | $18.8M | ||
| Q1 25 | $168.0M | $-318.0M | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $297.2M | $227.7M | ||
| Q2 24 | $13.7M | — | ||
| Q1 24 | $172.5M | — |
自由现金流率DLBFUN
| Q4 25 | 14.5% | -16.8% | ||
| Q3 25 | 142.0% | 19.4% | ||
| Q2 25 | 19.4% | 2.0% | ||
| Q1 25 | 45.5% | -157.4% | ||
| Q4 24 | 28.0% | — | ||
| Q3 24 | 97.5% | 16.9% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 47.3% | — |
资本支出强度DLBFUN
| Q4 25 | 1.3% | 11.0% | ||
| Q3 25 | 11.8% | 7.6% | ||
| Q2 25 | 2.0% | 18.1% | ||
| Q1 25 | 1.9% | 69.3% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 9.8% | 8.1% | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 2.4% | — |
现金转化率DLBFUN
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | 3.04× | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.85× | — |
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
DLB
| Licensing Brodcast Revenue | $100.3M | 29% |
| Licensing Mobile Revenue | $74.9M | 22% |
| Licensing Other Revenue | $70.2M | 20% |
| Licensing CE Revenue | $45.6M | 13% |
| Licensing PC Revenue | $28.7M | 8% |
| Products And Services | $26.9M | 8% |
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
