vs
六旗（FUN）与IONIS PHARMACEUTICALS INC（IONS）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IONIS PHARMACEUTICALS INC的1.1倍（$225.6M vs $203.3M），IONIS PHARMACEUTICALS INC净利率更高（-112.8% vs -119.0%，领先6.2%），六旗同比增速更快（11.7% vs -10.3%）
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。
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
FUN vs IONS — 直观对比
营收规模更大
FUN
是对方的1.1倍
$203.3M
营收增速更快
FUN
高出21.9%
-10.3%
净利率更高
IONS
高出6.2%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $203.3M |
| 净利润 | $-268.6M | $-229.4M |
| 毛利率 | — | 96.1% |
| 营业利润率 | — | -105.5% |
| 净利率 | -119.0% | -112.8% |
| 营收同比 | 11.7% | -10.3% |
| 净利润同比 | -22.2% | -119.8% |
| 每股收益（稀释后） | — | $-1.35 |
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FUNIONS
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $203.3M | ||
| Q3 25 | $1.3B | $156.7M | ||
| Q2 25 | $930.4M | $452.0M | ||
| Q1 25 | $202.1M | $131.6M | ||
| Q4 24 | — | $226.6M | ||
| Q3 24 | $1.3B | $133.8M | ||
| Q2 24 | $571.6M | $225.3M |
净利润FUNIONS
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-229.4M | ||
| Q3 25 | $-1.2B | $-128.6M | ||
| Q2 25 | $-99.6M | $123.6M | ||
| Q1 25 | $-219.7M | $-146.9M | ||
| Q4 24 | — | $-104.3M | ||
| Q3 24 | $111.0M | $-140.5M | ||
| Q2 24 | $55.6M | $-66.3M |
毛利率FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 96.1% | ||
| Q3 25 | 91.6% | 98.5% | ||
| Q2 25 | 91.3% | 99.1% | ||
| Q1 25 | 89.3% | 98.9% | ||
| Q4 24 | — | 98.3% | ||
| Q3 24 | 91.9% | 99.2% | ||
| Q2 24 | 90.7% | 98.2% |
营业利润率FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | -105.5% | ||
| Q3 25 | -83.7% | -102.2% | ||
| Q2 25 | 8.0% | 30.9% | ||
| Q1 25 | -158.9% | -111.6% | ||
| Q4 24 | — | -48.9% | ||
| Q3 24 | 19.5% | -111.1% | ||
| Q2 24 | 21.6% | -29.3% |
净利率FUNIONS
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -112.8% | ||
| Q3 25 | -90.1% | -82.1% | ||
| Q2 25 | -10.7% | 27.3% | ||
| Q1 25 | -108.7% | -111.6% | ||
| Q4 24 | — | -46.1% | ||
| Q3 24 | 8.2% | -105.0% | ||
| Q2 24 | 9.7% | -29.4% |
每股收益（稀释后）FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-1.35 | ||
| Q3 25 | $-11.77 | $-0.80 | ||
| Q2 25 | $-0.99 | $0.70 | ||
| Q1 25 | $-2.20 | $-0.93 | ||
| Q4 24 | — | $-0.66 | ||
| Q3 24 | $1.10 | $-0.95 | ||
| Q2 24 | — | $-0.45 |
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 | $2.7B |
| 总债务越低越好 | — | $1.8B |
| 股东权益账面价值 | $279.2M | $489.1M |
| 总资产 | $7.7B | $3.5B |
| 负债/权益比越低杠杆越低 | — | 3.71× |
8季度趋势，按日历期对齐
现金及短期投资FUNIONS
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $2.7B | ||
| Q3 25 | $70.7M | $2.2B | ||
| Q2 25 | $107.4M | $2.3B | ||
| Q1 25 | $61.5M | $2.1B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $89.7M | $2.5B | ||
| Q2 24 | $52.9M | $2.1B |
总债务FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $1.8B | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.3B | — |
股东权益FUNIONS
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $489.1M | ||
| Q3 25 | $614.3M | $618.0M | ||
| Q2 25 | $1.8B | $631.7M | ||
| Q1 25 | $1.8B | $475.7M | ||
| Q4 24 | — | $588.4M | ||
| Q3 24 | $2.3B | $662.5M | ||
| Q2 24 | — | $263.7M |
总资产FUNIONS
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $3.5B | ||
| Q3 25 | $7.9B | $3.0B | ||
| Q2 25 | $9.5B | $3.0B | ||
| Q1 25 | $9.2B | $2.8B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $9.4B | $3.1B | ||
| Q2 24 | $2.3B | $2.7B |
负债/权益比FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 3.71× | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | 2.13× | ||
| 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 | — | $-137.7M |
| 自由现金流经营现金流 - 资本支出 | — | $-159.0M |
| 自由现金流率自由现金流/营收 | — | -78.2% |
| 资本支出强度资本支出/营收 | — | 10.5% |
| 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 | — | $-320.0M |
8季度趋势，按日历期对齐
经营现金流FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $-137.7M | ||
| Q3 25 | $356.2M | $-131.4M | ||
| Q2 25 | $187.0M | $151.3M | ||
| Q1 25 | $-178.0M | $-150.8M | ||
| Q4 24 | — | $-116.1M | ||
| Q3 24 | $337.4M | $-115.0M | ||
| Q2 24 | — | $-119.9M |
自由现金流FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $-159.0M | ||
| Q3 25 | $256.2M | $-136.7M | ||
| Q2 25 | $18.8M | $139.0M | ||
| Q1 25 | $-318.0M | $-163.4M | ||
| Q4 24 | — | $-141.6M | ||
| Q3 24 | $227.7M | $-124.0M | ||
| Q2 24 | — | $-126.1M |
自由现金流率FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | -78.2% | ||
| Q3 25 | 19.4% | -87.2% | ||
| Q2 25 | 2.0% | 30.8% | ||
| Q1 25 | -157.4% | -124.1% | ||
| Q4 24 | — | -62.5% | ||
| Q3 24 | 16.9% | -92.7% | ||
| Q2 24 | — | -56.0% |
资本支出强度FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 10.5% | ||
| Q3 25 | 7.6% | 3.4% | ||
| Q2 25 | 18.1% | 2.7% | ||
| Q1 25 | 69.3% | 9.6% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | 8.1% | 6.8% | ||
| Q2 24 | — | 2.8% |
现金转化率FUNIONS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 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
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
