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DT Midstream, Inc.（DTM）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
DT Midstream, Inc.的季度营收约是六旗的1.4倍（$317.0M vs $225.6M），DT Midstream, Inc.净利率更高（35.0% vs -119.0%，领先154.1%），DT Midstream, Inc.同比增速更快（27.3% vs 11.7%）
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
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。
DTM vs FUN — 直观对比
营收规模更大
DTM
是对方的1.4倍
$225.6M
营收增速更快
DTM
高出15.6%
11.7%
净利率更高
DTM
高出154.1%
-119.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $225.6M |
| 净利润 | $111.0M | $-268.6M |
| 毛利率 | — | — |
| 营业利润率 | 49.2% | — |
| 净利率 | 35.0% | -119.0% |
| 营收同比 | 27.3% | 11.7% |
| 净利润同比 | 52.1% | -22.2% |
| 每股收益（稀释后） | $1.07 | — |
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DTMFUN
| Q1 26 | — | $225.6M | ||
| Q4 25 | $317.0M | $650.1M | ||
| Q3 25 | $314.0M | $1.3B | ||
| Q2 25 | $309.0M | $930.4M | ||
| Q1 25 | $303.0M | $202.1M | ||
| Q4 24 | $249.0M | — | ||
| Q3 24 | $248.0M | $1.3B | ||
| Q2 24 | $244.0M | $571.6M |
净利润DTMFUN
| Q1 26 | — | $-268.6M | ||
| Q4 25 | $111.0M | $-92.4M | ||
| Q3 25 | $115.0M | $-1.2B | ||
| Q2 25 | $107.0M | $-99.6M | ||
| Q1 25 | $108.0M | $-219.7M | ||
| Q4 24 | $73.0M | — | ||
| Q3 24 | $88.0M | $111.0M | ||
| Q2 24 | $96.0M | $55.6M |
毛利率DTMFUN
| 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DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | 49.2% | -3.8% | ||
| Q3 25 | 49.4% | -83.7% | ||
| Q2 25 | 50.2% | 8.0% | ||
| Q1 25 | 48.8% | -158.9% | ||
| Q4 24 | 45.4% | — | ||
| Q3 24 | 49.2% | 19.5% | ||
| Q2 24 | 53.3% | 21.6% |
净利率DTMFUN
| Q1 26 | — | -119.0% | ||
| Q4 25 | 35.0% | -14.2% | ||
| Q3 25 | 36.6% | -90.1% | ||
| Q2 25 | 34.6% | -10.7% | ||
| Q1 25 | 35.6% | -108.7% | ||
| Q4 24 | 29.3% | — | ||
| Q3 24 | 35.5% | 8.2% | ||
| Q2 24 | 39.3% | 9.7% |
每股收益（稀释后）DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | $1.07 | $-0.93 | ||
| Q3 25 | $1.13 | $-11.77 | ||
| Q2 25 | $1.04 | $-0.99 | ||
| Q1 25 | $1.06 | $-2.20 | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.90 | $1.10 | ||
| Q2 24 | $0.98 | — |
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 | $54.0M | $116.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.7B | $279.2M |
| 总资产 | $10.1B | $7.7B |
| 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DTMFUN
| Q1 26 | — | $116.5M | ||
| Q4 25 | $54.0M | $91.1M | ||
| Q3 25 | $98.0M | $70.7M | ||
| Q2 25 | $74.0M | $107.4M | ||
| Q1 25 | $83.0M | $61.5M | ||
| Q4 24 | $68.0M | — | ||
| Q3 24 | $77.0M | $89.7M | ||
| Q2 24 | $73.0M | $52.9M |
总债务DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B |
股东权益DTMFUN
| Q1 26 | — | $279.2M | ||
| Q4 25 | $4.7B | $549.8M | ||
| Q3 25 | $4.7B | $614.3M | ||
| Q2 25 | $4.7B | $1.8B | ||
| Q1 25 | $4.6B | $1.8B | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.2B | $2.3B | ||
| Q2 24 | $4.2B | — |
总资产DTMFUN
| Q1 26 | — | $7.7B | ||
| Q4 25 | $10.1B | $7.8B | ||
| Q3 25 | $10.1B | $7.9B | ||
| Q2 25 | $10.0B | $9.5B | ||
| Q1 25 | $9.9B | $9.2B | ||
| Q4 24 | $9.9B | — | ||
| Q3 24 | $8.6B | $9.4B | ||
| Q2 24 | $9.0B | $2.3B |
负债/权益比DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | 0.72× | — | ||
| 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 | $161.0M | — |
| 自由现金流经营现金流 - 资本支出 | $30.0M | — |
| 自由现金流率自由现金流/营收 | 9.5% | — |
| 资本支出强度资本支出/营收 | 41.3% | — |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 过去12个月自由现金流最近4个季度 | $441.0M | — |
8季度趋势，按日历期对齐
经营现金流DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | $161.0M | $-37.7M | ||
| Q3 25 | $274.0M | $356.2M | ||
| Q2 25 | $185.0M | $187.0M | ||
| Q1 25 | $247.0M | $-178.0M | ||
| Q4 24 | $152.0M | — | ||
| Q3 24 | $205.0M | $337.4M | ||
| Q2 24 | $165.0M | — |
自由现金流DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | $30.0M | $-109.3M | ||
| Q3 25 | $131.0M | $256.2M | ||
| Q2 25 | $104.0M | $18.8M | ||
| Q1 25 | $176.0M | $-318.0M | ||
| Q4 24 | $62.0M | — | ||
| Q3 24 | $124.0M | $227.7M | ||
| Q2 24 | $84.0M | — |
自由现金流率DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | 9.5% | -16.8% | ||
| Q3 25 | 41.7% | 19.4% | ||
| Q2 25 | 33.7% | 2.0% | ||
| Q1 25 | 58.1% | -157.4% | ||
| Q4 24 | 24.9% | — | ||
| Q3 24 | 50.0% | 16.9% | ||
| Q2 24 | 34.4% | — |
资本支出强度DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | 41.3% | 11.0% | ||
| Q3 25 | 45.5% | 7.6% | ||
| Q2 25 | 26.2% | 18.1% | ||
| Q1 25 | 23.4% | 69.3% | ||
| Q4 24 | 36.1% | — | ||
| Q3 24 | 32.7% | 8.1% | ||
| Q2 24 | 33.2% | — |
现金转化率DTMFUN
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.33× | 3.04× | ||
| Q2 24 | 1.72× | — |
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
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
FUN
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
