vs
六旗（FUN）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
雷诺士国际的季度营收约是六旗的1.8倍（$1.2B vs $650.1M），雷诺士国际净利率更高（13.6% vs -14.2%，领先27.8%），雷诺士国际自由现金流更多（$376.7M 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。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
FUN vs LII — 直观对比
营收规模更大
LII
是对方的1.8倍
$650.1M
净利率更高
LII
高出27.8%
-14.2%
自由现金流更多
LII
多$486.0M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $1.2B |
| 净利润 | $-92.4M | $162.1M |
| 毛利率 | 91.4% | 34.7% |
| 营业利润率 | -3.8% | 18.6% |
| 净利率 | -14.2% | 13.6% |
| 营收同比 | — | -11.2% |
| 净利润同比 | — | -18.0% |
| 每股收益（稀释后） | $-0.93 | $4.62 |
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FUNLII
| Q4 25 | $650.1M | $1.2B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $930.4M | $1.5B | ||
| Q1 25 | $202.1M | $1.1B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $571.6M | $1.5B | ||
| Q1 24 | — | $1.0B |
净利润FUNLII
| Q4 25 | $-92.4M | $162.1M | ||
| Q3 25 | $-1.2B | $245.8M | ||
| Q2 25 | $-99.6M | $277.6M | ||
| Q1 25 | $-219.7M | $120.3M | ||
| Q4 24 | — | $197.7M | ||
| Q3 24 | $111.0M | $239.0M | ||
| Q2 24 | $55.6M | $245.9M | ||
| Q1 24 | — | $124.3M |
毛利率FUNLII
| Q4 25 | 91.4% | 34.7% | ||
| Q3 25 | 91.6% | 32.8% | ||
| Q2 25 | 91.3% | 34.8% | ||
| Q1 25 | 89.3% | 30.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | 91.9% | 32.6% | ||
| Q2 24 | 90.7% | 33.6% | ||
| Q1 24 | — | 32.5% |
营业利润率FUNLII
| Q4 25 | -3.8% | 18.6% | ||
| Q3 25 | -83.7% | 21.7% | ||
| Q2 25 | 8.0% | 23.6% | ||
| Q1 25 | -158.9% | 14.5% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | 19.5% | 20.2% | ||
| Q2 24 | 21.6% | 22.1% | ||
| Q1 24 | — | 15.9% |
净利率FUNLII
| Q4 25 | -14.2% | 13.6% | ||
| Q3 25 | -90.1% | 17.2% | ||
| Q2 25 | -10.7% | 18.5% | ||
| Q1 25 | -108.7% | 11.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 8.2% | 16.0% | ||
| Q2 24 | 9.7% | 16.9% | ||
| Q1 24 | — | 11.9% |
每股收益（稀释后）FUNLII
| Q4 25 | $-0.93 | $4.62 | ||
| Q3 25 | $-11.77 | $6.98 | ||
| Q2 25 | $-0.99 | $7.82 | ||
| Q1 25 | $-2.20 | $3.37 | ||
| Q4 24 | — | $5.52 | ||
| Q3 24 | $1.10 | $6.68 | ||
| Q2 24 | — | $6.87 | ||
| Q1 24 | — | $3.47 |
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 | $34.7M |
| 总债务越低越好 | $5.2B | $1.1B |
| 股东权益账面价值 | $549.8M | $1.2B |
| 总资产 | $7.8B | $4.1B |
| 负债/权益比越低杠杆越低 | 9.40× | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资FUNLII
| Q4 25 | $91.1M | $34.7M | ||
| Q3 25 | $70.7M | $59.2M | ||
| Q2 25 | $107.4M | $55.1M | ||
| Q1 25 | $61.5M | $222.9M | ||
| Q4 24 | — | $422.3M | ||
| Q3 24 | $89.7M | $255.7M | ||
| Q2 24 | $52.9M | $57.8M | ||
| Q1 24 | — | $57.6M |
总债务FUNLII
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $5.0B | $838.2M | ||
| Q2 25 | $5.3B | $835.7M | ||
| Q1 25 | $5.0B | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | $4.6B | $827.6M | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | — | $1.2B |
股东权益FUNLII
| Q4 25 | $549.8M | $1.2B | ||
| Q3 25 | $614.3M | $1.1B | ||
| Q2 25 | $1.8B | $900.5M | ||
| Q1 25 | $1.8B | $852.5M | ||
| Q4 24 | — | $850.2M | ||
| Q3 24 | $2.3B | $754.0M | ||
| Q2 24 | — | $577.4M | ||
| Q1 24 | — | $368.8M |
总资产FUNLII
| Q4 25 | $7.8B | $4.1B | ||
| Q3 25 | $7.9B | $3.5B | ||
| Q2 25 | $9.5B | $3.7B | ||
| Q1 25 | $9.2B | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | $9.4B | $3.3B | ||
| Q2 24 | $2.3B | $3.2B | ||
| Q1 24 | — | $3.0B |
负债/权益比FUNLII
| Q4 25 | 9.40× | 0.98× | ||
| Q3 25 | 8.16× | 0.78× | ||
| Q2 25 | 2.97× | 0.93× | ||
| Q1 25 | 2.75× | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | 1.95× | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $376.7M |
| 自由现金流率自由现金流/营收 | -16.8% | 31.5% |
| 资本支出强度资本支出/营收 | 11.0% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $638.8M |
8季度趋势，按日历期对齐
经营现金流FUNLII
| Q4 25 | $-37.7M | $405.9M | ||
| Q3 25 | $356.2M | $300.7M | ||
| Q2 25 | $187.0M | $86.8M | ||
| Q1 25 | $-178.0M | $-35.8M | ||
| Q4 24 | — | $332.4M | ||
| Q3 24 | $337.4M | $452.1M | ||
| Q2 24 | — | $184.0M | ||
| Q1 24 | — | $-22.8M |
自由现金流FUNLII
| Q4 25 | $-109.3M | $376.7M | ||
| Q3 25 | $256.2M | $265.1M | ||
| Q2 25 | $18.8M | $58.3M | ||
| Q1 25 | $-318.0M | $-61.3M | ||
| Q4 24 | — | $272.2M | ||
| Q3 24 | $227.7M | $410.9M | ||
| Q2 24 | — | $151.3M | ||
| Q1 24 | — | $-52.3M |
自由现金流率FUNLII
| Q4 25 | -16.8% | 31.5% | ||
| Q3 25 | 19.4% | 18.6% | ||
| Q2 25 | 2.0% | 3.9% | ||
| Q1 25 | -157.4% | -5.7% | ||
| Q4 24 | — | 20.2% | ||
| Q3 24 | 16.9% | 27.4% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | -5.0% |
资本支出强度FUNLII
| Q4 25 | 11.0% | 2.4% | ||
| Q3 25 | 7.6% | 2.5% | ||
| Q2 25 | 18.1% | 1.9% | ||
| Q1 25 | 69.3% | 2.4% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | 8.1% | 2.8% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 2.8% |
现金转化率FUNLII
| Q4 25 | — | 2.50× | ||
| Q3 25 | — | 1.22× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | -0.30× | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | 3.04× | 1.89× | ||
| Q2 24 | — | 0.75× | ||
| Q1 24 | — | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
