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六旗（FUN）与GCM Grosvenor Inc.（GCMG）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GCM Grosvenor Inc.的1.3倍（$225.6M vs $177.1M），GCM Grosvenor Inc.净利率更高（32.8% vs -119.0%，领先151.9%），六旗同比增速更快（11.7% vs 7.2%）
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。
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
FUN vs GCMG — 直观对比
营收规模更大
FUN
是对方的1.3倍
$177.1M
营收增速更快
FUN
高出4.5%
7.2%
净利率更高
GCMG
高出151.9%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $177.1M |
| 净利润 | $-268.6M | $58.2M |
| 毛利率 | — | — |
| 营业利润率 | — | 30.9% |
| 净利率 | -119.0% | 32.8% |
| 营收同比 | 11.7% | 7.2% |
| 净利润同比 | -22.2% | 149.2% |
| 每股收益（稀释后） | — | $0.23 |
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FUNGCMG
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $177.1M | ||
| Q3 25 | $1.3B | $135.0M | ||
| Q2 25 | $930.4M | $119.7M | ||
| Q1 25 | $202.1M | $125.8M | ||
| Q4 24 | — | $165.3M | ||
| Q3 24 | $1.3B | $122.9M | ||
| Q2 24 | $571.6M | $117.0M |
净利润FUNGCMG
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $58.2M | ||
| Q3 25 | $-1.2B | $10.5M | ||
| Q2 25 | $-99.6M | $15.4M | ||
| Q1 25 | $-219.7M | $463.0K | ||
| Q4 24 | — | $7.6M | ||
| Q3 24 | $111.0M | $4.2M | ||
| Q2 24 | $55.6M | $4.8M |
毛利率FUNGCMG
| 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FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 30.9% | ||
| Q3 25 | -83.7% | 32.7% | ||
| Q2 25 | 8.0% | 16.1% | ||
| Q1 25 | -158.9% | 12.2% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | 19.5% | 20.3% | ||
| Q2 24 | 21.6% | 17.8% |
净利率FUNGCMG
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 32.8% | ||
| Q3 25 | -90.1% | 7.8% | ||
| Q2 25 | -10.7% | 12.9% | ||
| Q1 25 | -108.7% | 0.4% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | 8.2% | 3.4% | ||
| Q2 24 | 9.7% | 4.1% |
每股收益（稀释后）FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.23 | ||
| Q3 25 | $-11.77 | $0.16 | ||
| Q2 25 | $-0.99 | $0.05 | ||
| Q1 25 | $-2.20 | $-0.02 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | $1.10 | $0.03 | ||
| Q2 24 | — | $0.04 |
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 | $116.5M | $242.1M |
| 总债务越低越好 | — | $428.4M |
| 股东权益账面价值 | $279.2M | $27.0M |
| 总资产 | $7.7B | $813.8M |
| 负债/权益比越低杠杆越低 | — | 15.87× |
8季度趋势，按日历期对齐
现金及短期投资FUNGCMG
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $242.1M | ||
| Q3 25 | $70.7M | $182.7M | ||
| Q2 25 | $107.4M | $136.3M | ||
| Q1 25 | $61.5M | $94.5M | ||
| Q4 24 | — | $89.5M | ||
| Q3 24 | $89.7M | $98.4M | ||
| Q2 24 | $52.9M | $73.9M |
总债务FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $428.4M | ||
| Q3 25 | $5.0B | $429.3M | ||
| Q2 25 | $5.3B | $430.2M | ||
| Q1 25 | $5.0B | $431.1M | ||
| Q4 24 | — | $432.0M | ||
| Q3 24 | $4.6B | $432.9M | ||
| Q2 24 | $2.3B | $433.8M |
股东权益FUNGCMG
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $27.0M | ||
| Q3 25 | $614.3M | $-7.4M | ||
| Q2 25 | $1.8B | $-12.3M | ||
| Q1 25 | $1.8B | $-28.3M | ||
| Q4 24 | — | $-27.6M | ||
| Q3 24 | $2.3B | $-31.9M | ||
| Q2 24 | — | $-28.5M |
总资产FUNGCMG
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $813.8M | ||
| Q3 25 | $7.9B | $685.9M | ||
| Q2 25 | $9.5B | $636.9M | ||
| Q1 25 | $9.2B | $579.8M | ||
| Q4 24 | — | $612.7M | ||
| Q3 24 | $9.4B | $575.0M | ||
| Q2 24 | $2.3B | $543.9M |
负债/权益比FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 15.87× | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| 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 | — | $183.5M |
| 自由现金流经营现金流 - 资本支出 | — | $175.0M |
| 自由现金流率自由现金流/营收 | — | 98.8% |
| 资本支出强度资本支出/营收 | — | 4.8% |
| 现金转化率经营现金流/净利润 | — | 3.16× |
| 过去12个月自由现金流最近4个季度 | — | $326.2M |
8季度趋势，按日历期对齐
经营现金流FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $183.5M | ||
| Q3 25 | $356.2M | $79.8M | ||
| Q2 25 | $187.0M | $42.0M | ||
| Q1 25 | $-178.0M | $33.3M | ||
| Q4 24 | — | $148.8M | ||
| Q3 24 | $337.4M | $69.0M | ||
| Q2 24 | — | $17.5M |
自由现金流FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $175.0M | ||
| Q3 25 | $256.2M | $78.3M | ||
| Q2 25 | $18.8M | $40.8M | ||
| Q1 25 | $-318.0M | $32.1M | ||
| Q4 24 | — | $132.0M | ||
| Q3 24 | $227.7M | $62.2M | ||
| Q2 24 | — | $12.8M |
自由现金流率FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 98.8% | ||
| Q3 25 | 19.4% | 58.0% | ||
| Q2 25 | 2.0% | 34.1% | ||
| Q1 25 | -157.4% | 25.5% | ||
| Q4 24 | — | 79.9% | ||
| Q3 24 | 16.9% | 50.6% | ||
| Q2 24 | — | 10.9% |
资本支出强度FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 4.8% | ||
| Q3 25 | 7.6% | 1.1% | ||
| Q2 25 | 18.1% | 1.0% | ||
| Q1 25 | 69.3% | 0.9% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | 8.1% | 5.5% | ||
| Q2 24 | — | 4.0% |
现金转化率FUNGCMG
| Q1 26 | — | — | ||
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 7.61× | ||
| Q2 25 | — | 2.72× | ||
| Q1 25 | — | 71.84× | ||
| Q4 24 | — | 19.54× | ||
| Q3 24 | 3.04× | 16.60× | ||
| Q2 24 | — | 3.64× |
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
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
