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六旗（FUN）与FORWARD AIR CORP（FWRD）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FORWARD AIR CORP的1.0倍（$650.1M vs $631.2M），FORWARD AIR CORP净利率更高（-4.5% vs -14.2%，领先9.7%）
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。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
FUN vs FWRD — 直观对比
营收规模更大
FUN
是对方的1.0倍
$631.2M
净利率更高
FWRD
高出9.7%
-14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $631.2M |
| 净利润 | $-92.4M | $-28.3M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | -0.5% |
| 净利率 | -14.2% | -4.5% |
| 营收同比 | — | -0.3% |
| 净利润同比 | — | 22.2% |
| 每股收益（稀释后） | $-0.93 | $-0.90 |
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FUNFWRD
| Q4 25 | $650.1M | $631.2M | ||
| Q3 25 | $1.3B | $631.8M | ||
| Q2 25 | $930.4M | $618.8M | ||
| Q1 25 | $202.1M | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | $1.3B | $655.9M | ||
| Q2 24 | $571.6M | $643.7M | ||
| Q1 24 | — | $541.8M |
净利润FUNFWRD
| Q4 25 | $-92.4M | $-28.3M | ||
| Q3 25 | $-1.2B | $-16.3M | ||
| Q2 25 | $-99.6M | $-12.6M | ||
| Q1 25 | $-219.7M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $111.0M | $-73.4M | ||
| Q2 24 | $55.6M | $-645.4M | ||
| Q1 24 | — | $-61.7M |
毛利率FUNFWRD
| 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% | — | ||
| Q1 24 | — | — |
营业利润率FUNFWRD
| Q4 25 | -3.8% | -0.5% | ||
| Q3 25 | -83.7% | 2.4% | ||
| Q2 25 | 8.0% | 3.2% | ||
| Q1 25 | -158.9% | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 19.5% | 3.5% | ||
| Q2 24 | 21.6% | -170.2% | ||
| Q1 24 | — | -12.1% |
净利率FUNFWRD
| Q4 25 | -14.2% | -4.5% | ||
| Q3 25 | -90.1% | -2.6% | ||
| Q2 25 | -10.7% | -2.0% | ||
| Q1 25 | -108.7% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 8.2% | -11.2% | ||
| Q2 24 | 9.7% | -100.3% | ||
| Q1 24 | — | -11.4% |
每股收益（稀释后）FUNFWRD
| Q4 25 | $-0.93 | $-0.90 | ||
| Q3 25 | $-11.77 | $-0.52 | ||
| Q2 25 | $-0.99 | $-0.41 | ||
| Q1 25 | $-2.20 | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | $1.10 | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | — | $-2.81 |
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 | $91.1M | $106.0M |
| 总债务越低越好 | $5.2B | $1.7B |
| 股东权益账面价值 | $549.8M | $113.3M |
| 总资产 | $7.8B | $2.7B |
| 负债/权益比越低杠杆越低 | 9.40× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资FUNFWRD
| Q4 25 | $91.1M | $106.0M | ||
| Q3 25 | $70.7M | $140.4M | ||
| Q2 25 | $107.4M | $95.1M | ||
| Q1 25 | $61.5M | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | $89.7M | $136.6M | ||
| Q2 24 | $52.9M | $84.9M | ||
| Q1 24 | — | $152.0M |
总债务FUNFWRD
| Q4 25 | $5.2B | $1.7B | ||
| Q3 25 | $5.0B | $1.7B | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | — | $1.7B |
股东权益FUNFWRD
| Q4 25 | $549.8M | $113.3M | ||
| Q3 25 | $614.3M | $139.8M | ||
| Q2 25 | $1.8B | $151.8M | ||
| Q1 25 | $1.8B | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | $2.3B | $226.1M | ||
| Q2 24 | — | $283.8M | ||
| Q1 24 | — | $926.1M |
总资产FUNFWRD
| Q4 25 | $7.8B | $2.7B | ||
| Q3 25 | $7.9B | $2.8B | ||
| Q2 25 | $9.5B | $2.8B | ||
| Q1 25 | $9.2B | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $9.4B | $3.1B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | — | $4.0B |
负债/权益比FUNFWRD
| Q4 25 | 9.40× | 14.89× | ||
| Q3 25 | 8.16× | 12.05× | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.95× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 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 | $-37.7M | — |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | — |
| 自由现金流率自由现金流/营收 | -16.8% | — |
| 资本支出强度资本支出/营收 | 11.0% | 1.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-152.2M | — |
8季度趋势，按日历期对齐
经营现金流FUNFWRD
| Q4 25 | $-37.7M | — | ||
| Q3 25 | $356.2M | $52.7M | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $-178.0M | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $337.4M | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | — | $-51.7M |
自由现金流FUNFWRD
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | $48.6M | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $227.7M | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
自由现金流率FUNFWRD
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | 7.7% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | 16.9% | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
资本支出强度FUNFWRD
| Q4 25 | 11.0% | 1.3% | ||
| Q3 25 | 7.6% | 0.7% | ||
| Q2 25 | 18.1% | 0.8% | ||
| Q1 25 | 69.3% | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 8.1% | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
现金转化率FUNFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | — | ||
| Q1 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
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
