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六旗（FUN）与H2O AMERICA（HTO）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H2O AMERICA的1.1倍（$225.6M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -119.0%，领先127.2%），六旗同比增速更快（11.7% vs 1.5%）
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。
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
FUN vs HTO — 直观对比
营收规模更大
FUN
是对方的1.1倍
$199.4M
营收增速更快
FUN
高出10.2%
1.5%
净利率更高
HTO
高出127.2%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $199.4M |
| 净利润 | $-268.6M | $16.2M |
| 毛利率 | — | — |
| 营业利润率 | — | 16.6% |
| 净利率 | -119.0% | 8.1% |
| 营收同比 | 11.7% | 1.5% |
| 净利润同比 | -22.2% | -29.2% |
| 每股收益（稀释后） | — | $0.45 |
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FUNHTO
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $199.4M | ||
| Q3 25 | $1.3B | $243.5M | ||
| Q2 25 | $930.4M | $197.8M | ||
| Q1 25 | $202.1M | $164.9M | ||
| Q4 24 | — | $196.5M | ||
| Q3 24 | $1.3B | $216.7M | ||
| Q2 24 | $571.6M | $173.1M |
净利润FUNHTO
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $16.2M | ||
| Q3 25 | $-1.2B | $45.1M | ||
| Q2 25 | $-99.6M | $24.7M | ||
| Q1 25 | $-219.7M | $16.6M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | $111.0M | $38.7M | ||
| Q2 24 | $55.6M | $20.7M |
毛利率FUNHTO
| 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FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 16.6% | ||
| Q3 25 | -83.7% | 26.5% | ||
| Q2 25 | 8.0% | 22.2% | ||
| Q1 25 | -158.9% | 21.8% | ||
| Q4 24 | — | 22.2% | ||
| Q3 24 | 19.5% | 26.9% | ||
| Q2 24 | 21.6% | 23.4% |
净利率FUNHTO
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 8.1% | ||
| Q3 25 | -90.1% | 18.5% | ||
| Q2 25 | -10.7% | 12.5% | ||
| Q1 25 | -108.7% | 10.0% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 8.2% | 17.8% | ||
| Q2 24 | 9.7% | 12.0% |
每股收益（稀释后）FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.45 | ||
| Q3 25 | $-11.77 | $1.27 | ||
| Q2 25 | $-0.99 | $0.71 | ||
| Q1 25 | $-2.20 | $0.49 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | $1.10 | $1.17 | ||
| Q2 24 | — | $0.64 |
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 | $20.7M |
| 总债务越低越好 | — | $1.9B |
| 股东权益账面价值 | $279.2M | $1.5B |
| 总资产 | $7.7B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资FUNHTO
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $20.7M | ||
| Q3 25 | $70.7M | $11.3M | ||
| Q2 25 | $107.4M | $19.8M | ||
| Q1 25 | $61.5M | $23.7M | ||
| Q4 24 | — | $11.1M | ||
| Q3 24 | $89.7M | $4.0M | ||
| Q2 24 | $52.9M | $22.8M |
总债务FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $1.9B | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.3B | — |
股东权益FUNHTO
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $1.5B | ||
| Q3 25 | $614.3M | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | — | $1.3B |
总资产FUNHTO
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $5.1B | ||
| Q3 25 | $7.9B | $5.0B | ||
| Q2 25 | $9.5B | $4.8B | ||
| Q1 25 | $9.2B | $4.7B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | $9.4B | $4.6B | ||
| Q2 24 | $2.3B | $4.4B |
负债/权益比FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 1.23× | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | — | $63.5M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 3.92× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $63.5M | ||
| Q3 25 | $356.2M | $77.3M | ||
| Q2 25 | $187.0M | $60.8M | ||
| Q1 25 | $-178.0M | $43.2M | ||
| Q4 24 | — | $41.5M | ||
| Q3 24 | $337.4M | $53.5M | ||
| Q2 24 | — | $49.3M |
自由现金流FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $227.7M | — | ||
| Q2 24 | — | — |
自由现金流率FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | — | — |
资本支出强度FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | — | — |
现金转化率FUNHTO
| Q1 26 | — | — | ||
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | — | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | 3.04× | 1.39× | ||
| Q2 24 | — | 2.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
