vs
六旗（FUN）与泰尼特医疗（HCSG）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泰尼特医疗的1.4倍（$650.1M vs $466.7M），泰尼特医疗自由现金流更多（$16.0M vs $-109.3M）
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。
泰尼特医疗集团是一家总部位于达拉斯的美国上市营利性跨国医疗服务企业，旗下通过品牌、子公司、合资企业及合作项目（包括联合外科合作伙伴国际USPI），运营着65家医院与超450家医疗机构，此外还经营康尼弗医疗解决方案，为医疗系统及其他客户提供医疗配套服务支持。
FUN vs HCSG — 直观对比
营收规模更大
FUN
是对方的1.4倍
$466.7M
自由现金流更多
HCSG
多$125.3M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $466.7M |
| 净利润 | $-92.4M | — |
| 毛利率 | 91.4% | 15.4% |
| 营业利润率 | -3.8% | 6.1% |
| 净利率 | -14.2% | — |
| 营收同比 | — | 6.6% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.93 | $0.43 |
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FUNHCSG
| Q4 25 | $650.1M | $466.7M | ||
| Q3 25 | $1.3B | $464.3M | ||
| Q2 25 | $930.4M | $458.5M | ||
| Q1 25 | $202.1M | $447.7M | ||
| Q4 24 | — | $437.8M | ||
| Q3 24 | $1.3B | $428.1M | ||
| Q2 24 | $571.6M | $426.3M | ||
| Q1 24 | — | $423.4M |
净利润FUNHCSG
| Q4 25 | $-92.4M | — | ||
| Q3 25 | $-1.2B | $43.0M | ||
| Q2 25 | $-99.6M | $-32.4M | ||
| Q1 25 | $-219.7M | $17.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $111.0M | $14.0M | ||
| Q2 24 | $55.6M | $-1.8M | ||
| Q1 24 | — | $15.3M |
毛利率FUNHCSG
| Q4 25 | 91.4% | 15.4% | ||
| Q3 25 | 91.6% | 20.8% | ||
| Q2 25 | 91.3% | 0.6% | ||
| Q1 25 | 89.3% | 15.2% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 91.9% | 14.8% | ||
| Q2 24 | 90.7% | 9.7% | ||
| Q1 24 | — | 15.2% |
营业利润率FUNHCSG
| Q4 25 | -3.8% | 6.1% | ||
| Q3 25 | -83.7% | 12.3% | ||
| Q2 25 | 8.0% | -9.1% | ||
| Q1 25 | -158.9% | 5.3% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | 19.5% | 4.4% | ||
| Q2 24 | 21.6% | -0.5% | ||
| Q1 24 | — | 5.0% |
净利率FUNHCSG
| Q4 25 | -14.2% | — | ||
| Q3 25 | -90.1% | 9.3% | ||
| Q2 25 | -10.7% | -7.1% | ||
| Q1 25 | -108.7% | 3.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.2% | 3.3% | ||
| Q2 24 | 9.7% | -0.4% | ||
| Q1 24 | — | 3.6% |
每股收益（稀释后）FUNHCSG
| Q4 25 | $-0.93 | $0.43 | ||
| Q3 25 | $-11.77 | $0.59 | ||
| Q2 25 | $-0.99 | $-0.44 | ||
| Q1 25 | $-2.20 | $0.23 | ||
| Q4 24 | — | $0.15 | ||
| Q3 24 | $1.10 | $0.19 | ||
| Q2 24 | — | $-0.02 | ||
| Q1 24 | — | $0.21 |
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 | $168.0M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $510.2M |
| 总资产 | $7.8B | $794.3M |
| 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FUNHCSG
| Q4 25 | $91.1M | $168.0M | ||
| Q3 25 | $70.7M | $177.5M | ||
| Q2 25 | $107.4M | $134.5M | ||
| Q1 25 | $61.5M | $114.8M | ||
| Q4 24 | — | $107.3M | ||
| Q3 24 | $89.7M | $103.8M | ||
| Q2 24 | $52.9M | $105.6M | ||
| Q1 24 | — | $104.9M |
总债务FUNHCSG
| 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FUNHCSG
| Q4 25 | $549.8M | $510.2M | ||
| Q3 25 | $614.3M | $496.0M | ||
| Q2 25 | $1.8B | $477.0M | ||
| Q1 25 | $1.8B | $514.2M | ||
| Q4 24 | — | $499.9M | ||
| Q3 24 | $2.3B | $488.7M | ||
| Q2 24 | — | $471.4M | ||
| Q1 24 | — | $474.6M |
总资产FUNHCSG
| Q4 25 | $7.8B | $794.3M | ||
| Q3 25 | $7.9B | $804.3M | ||
| Q2 25 | $9.5B | $802.2M | ||
| Q1 25 | $9.2B | $823.0M | ||
| Q4 24 | — | $802.8M | ||
| Q3 24 | $9.4B | $805.8M | ||
| Q2 24 | $2.3B | $799.7M | ||
| Q1 24 | — | $803.9M |
负债/权益比FUNHCSG
| 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 | $-37.7M | $17.4M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $16.0M |
| 自由现金流率自由现金流/营收 | -16.8% | 3.4% |
| 资本支出强度资本支出/营收 | 11.0% | 0.3% |
| 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 | $139.2M |
8季度趋势，按日历期对齐
经营现金流FUNHCSG
| Q4 25 | $-37.7M | $17.4M | ||
| Q3 25 | $356.2M | $71.3M | ||
| Q2 25 | $187.0M | $28.8M | ||
| Q1 25 | $-178.0M | $27.5M | ||
| Q4 24 | — | $36.2M | ||
| Q3 24 | $337.4M | $4.3M | ||
| Q2 24 | — | $16.3M | ||
| Q1 24 | — | $-26.0M |
自由现金流FUNHCSG
| Q4 25 | $-109.3M | $16.0M | ||
| Q3 25 | $256.2M | $70.0M | ||
| Q2 25 | $18.8M | $27.4M | ||
| Q1 25 | $-318.0M | $25.8M | ||
| Q4 24 | — | $34.8M | ||
| Q3 24 | $227.7M | $2.9M | ||
| Q2 24 | — | $15.0M | ||
| Q1 24 | — | $-28.2M |
自由现金流率FUNHCSG
| Q4 25 | -16.8% | 3.4% | ||
| Q3 25 | 19.4% | 15.1% | ||
| Q2 25 | 2.0% | 6.0% | ||
| Q1 25 | -157.4% | 5.8% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | 16.9% | 0.7% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | -6.7% |
资本支出强度FUNHCSG
| Q4 25 | 11.0% | 0.3% | ||
| Q3 25 | 7.6% | 0.3% | ||
| Q2 25 | 18.1% | 0.3% | ||
| Q1 25 | 69.3% | 0.4% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 8.1% | 0.3% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.5% |
现金转化率FUNHCSG
| Q4 25 | — | — | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | 0.31× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -1.70× |
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% |
HCSG
| Dietary Services | $255.9M | 55% |
| Other | $210.8M | 45% |
