vs
Flutter Entertainment plc（FLUT）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
Flutter Entertainment plc的季度营收约是美高梅国际度假村的1.0倍（$4.7B vs $4.6B），美高梅国际度假村净利率更高（6.4% vs 0.2%，领先6.2%），Flutter Entertainment plc同比增速更快（24.9% vs 6.0%），Flutter Entertainment plc自由现金流更多（$392.0M vs $358.5M），过去两年Flutter Entertainment plc的营收复合增速更高（18.1% vs 2.5%）
Flutter Entertainment plc是爱尔兰裔美国跨国体育博彩及娱乐博彩企业，于纽约证券交易所主上市，同时在伦敦证券交易所第二上市，旗下拥有Betfair、FanDuel、Paddy Power、PokerStars、Sky Betting & Gaming、Sportsbet等知名品牌，是全球规模最大的在线博彩运营商。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
FLUT vs MGM — 直观对比
营收规模更大
FLUT
是对方的1.0倍
$4.6B
营收增速更快
FLUT
高出19.0%
6.0%
净利率更高
MGM
高出6.2%
0.2%
自由现金流更多
FLUT
多$33.5M
$358.5M
两年增速更快
FLUT
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $4.6B |
| 净利润 | $10.0M | $293.6M |
| 毛利率 | 44.5% | — |
| 营业利润率 | 5.4% | 7.1% |
| 净利率 | 0.2% | 6.4% |
| 营收同比 | 24.9% | 6.0% |
| 净利润同比 | -93.6% | 86.5% |
| 每股收益（稀释后） | $0.00 | $1.12 |
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FLUTMGM
| Q4 25 | $4.7B | $4.6B | ||
| Q3 25 | $3.8B | $4.3B | ||
| Q2 25 | $4.2B | $4.4B | ||
| Q1 25 | $3.7B | $4.3B | ||
| Q4 24 | $3.8B | $4.3B | ||
| Q3 24 | $3.2B | $4.2B | ||
| Q2 24 | $3.6B | $4.3B | ||
| Q1 24 | $3.4B | $4.4B |
净利润FLUTMGM
| Q4 25 | $10.0M | $293.6M | ||
| Q3 25 | $-789.0M | $-285.3M | ||
| Q2 25 | $37.0M | $49.0M | ||
| Q1 25 | $335.0M | $148.6M | ||
| Q4 24 | $156.0M | $157.4M | ||
| Q3 24 | $-114.0M | $184.6M | ||
| Q2 24 | $297.0M | $187.1M | ||
| Q1 24 | $-177.0M | $217.5M |
毛利率FLUTMGM
| Q4 25 | 44.5% | — | ||
| Q3 25 | 42.9% | — | ||
| Q2 25 | 46.8% | — | ||
| Q1 25 | 46.6% | — | ||
| Q4 24 | 48.2% | — | ||
| Q3 24 | 46.1% | — | ||
| Q2 24 | 49.2% | — | ||
| Q1 24 | 47.2% | — |
营业利润率FLUTMGM
| Q4 25 | 5.4% | 7.1% | ||
| Q3 25 | -22.0% | -2.7% | ||
| Q2 25 | 9.3% | 9.2% | ||
| Q1 25 | 6.1% | 9.0% | ||
| Q4 24 | 7.4% | 6.7% | ||
| Q3 24 | 3.0% | 7.5% | ||
| Q2 24 | 10.2% | 9.8% | ||
| Q1 24 | 3.7% | 10.5% |
净利率FLUTMGM
| Q4 25 | 0.2% | 6.4% | ||
| Q3 25 | -20.8% | -6.7% | ||
| Q2 25 | 0.9% | 1.1% | ||
| Q1 25 | 9.1% | 3.5% | ||
| Q4 24 | 4.1% | 3.6% | ||
| Q3 24 | -3.5% | 4.4% | ||
| Q2 24 | 8.2% | 4.3% | ||
| Q1 24 | -5.2% | 5.0% |
每股收益（稀释后）FLUTMGM
| Q4 25 | $0.00 | $1.12 | ||
| Q3 25 | $-3.91 | $-1.05 | ||
| Q2 25 | $0.59 | $0.18 | ||
| Q1 25 | $1.57 | $0.51 | ||
| Q4 24 | $0.47 | $0.52 | ||
| Q3 24 | $-0.58 | $0.61 | ||
| Q2 24 | $1.45 | $0.60 | ||
| Q1 24 | $-1.10 | $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 | $1.8B | $2.1B |
| 总债务越低越好 | $12.3B | $6.2B |
| 股东权益账面价值 | $9.0B | $2.4B |
| 总资产 | $29.3B | $41.4B |
| 负债/权益比越低杠杆越低 | 1.36× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资FLUTMGM
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.5B | $3.0B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.4B | $2.7B |
总债务FLUTMGM
| Q4 25 | $12.3B | $6.2B | ||
| Q3 25 | $12.1B | $6.2B | ||
| Q2 25 | $10.0B | $6.2B | ||
| Q1 25 | $6.8B | $6.4B | ||
| Q4 24 | $6.7B | $6.4B | ||
| Q3 24 | $6.9B | $6.9B | ||
| Q2 24 | $6.8B | $6.3B | ||
| Q1 24 | $6.8B | $6.3B |
股东权益FLUTMGM
| Q4 25 | $9.0B | $2.4B | ||
| Q3 25 | $9.2B | $2.7B | ||
| Q2 25 | $10.2B | $3.0B | ||
| Q1 25 | $9.9B | $2.9B | ||
| Q4 24 | $9.3B | $3.0B | ||
| Q3 24 | $10.2B | $3.2B | ||
| Q2 24 | $9.9B | $3.2B | ||
| Q1 24 | $9.5B | $3.5B |
总资产FLUTMGM
| Q4 25 | $29.3B | $41.4B | ||
| Q3 25 | $29.3B | $41.4B | ||
| Q2 25 | $29.9B | $41.7B | ||
| Q1 25 | $24.8B | $41.9B | ||
| Q4 24 | $24.5B | $42.2B | ||
| Q3 24 | $25.5B | $42.7B | ||
| Q2 24 | $24.3B | $41.8B | ||
| Q1 24 | $24.4B | $42.1B |
负债/权益比FLUTMGM
| Q4 25 | 1.36× | 2.56× | ||
| Q3 25 | 1.31× | 2.30× | ||
| Q2 25 | 0.97× | 2.09× | ||
| Q1 25 | 0.69× | 2.25× | ||
| Q4 24 | 0.72× | 2.10× | ||
| Q3 24 | 0.67× | 2.14× | ||
| Q2 24 | 0.69× | 1.96× | ||
| Q1 24 | 0.72× | 1.81× |
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 | $428.0M | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $392.0M | $358.5M |
| 自由现金流率自由现金流/营收 | 8.3% | 7.8% |
| 资本支出强度资本支出/营收 | 0.8% | 6.4% |
| 现金转化率经营现金流/净利润 | 42.80× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.5B |
8季度趋势，按日历期对齐
经营现金流FLUTMGM
| Q4 25 | $428.0M | $655.0M | ||
| Q3 25 | $209.0M | $681.4M | ||
| Q2 25 | $359.0M | $645.9M | ||
| Q1 25 | $188.0M | $547.1M | ||
| Q4 24 | $652.0M | $671.6M | ||
| Q3 24 | $290.0M | $667.4M | ||
| Q2 24 | $323.0M | $474.2M | ||
| Q1 24 | $337.0M | $549.3M |
自由现金流FLUTMGM
| Q4 25 | $392.0M | $358.5M | ||
| Q3 25 | $196.0M | $405.4M | ||
| Q2 25 | $322.0M | $377.4M | ||
| Q1 25 | $169.0M | $319.0M | ||
| Q4 24 | $595.0M | $267.5M | ||
| Q3 24 | $253.0M | $331.2M | ||
| Q2 24 | $295.0M | $236.0M | ||
| Q1 24 | $315.0M | $377.2M |
自由现金流率FLUTMGM
| Q4 25 | 8.3% | 7.8% | ||
| Q3 25 | 5.2% | 9.5% | ||
| Q2 25 | 7.7% | 8.6% | ||
| Q1 25 | 4.6% | 7.5% | ||
| Q4 24 | 15.7% | 6.2% | ||
| Q3 24 | 7.8% | 7.9% | ||
| Q2 24 | 8.2% | 5.5% | ||
| Q1 24 | 9.3% | 8.6% |
资本支出强度FLUTMGM
| Q4 25 | 0.8% | 6.4% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | 0.9% | 6.1% | ||
| Q1 25 | 0.5% | 5.3% | ||
| Q4 24 | 1.5% | 9.3% | ||
| Q3 24 | 1.1% | 8.0% | ||
| Q2 24 | 0.8% | 5.5% | ||
| Q1 24 | 0.6% | 3.9% |
现金转化率FLUTMGM
| Q4 25 | 42.80× | 2.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | 9.70× | 13.19× | ||
| Q1 25 | 0.56× | 3.68× | ||
| Q4 24 | 4.18× | 4.27× | ||
| Q3 24 | — | 3.62× | ||
| Q2 24 | 1.09× | 2.54× | ||
| Q1 24 | — | 2.53× |
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
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
