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六旗（FUN）与LINDBLAD EXPEDITIONS HOLDINGS, INC.（LIND）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LINDBLAD EXPEDITIONS HOLDINGS, INC.的1.2倍（$225.6M vs $183.2M），LINDBLAD EXPEDITIONS HOLDINGS, INC.净利率更高（-12.9% vs -119.0%，领先106.2%），LINDBLAD EXPEDITIONS HOLDINGS, INC.同比增速更快（23.3% vs 11.7%）
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。
林德布拉德探险控股是一家专业探险旅行企业，总部位于美国纽约。目前公司运营15艘探险邮轮，载客量从28人到150人不等，可为旅行者提供覆盖全球七大洲目的地的探险邮轮旅程。
FUN vs LIND — 直观对比
营收规模更大
FUN
是对方的1.2倍
$183.2M
营收增速更快
LIND
高出11.6%
11.7%
净利率更高
LIND
高出106.2%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $183.2M |
| 净利润 | $-268.6M | $-23.6M |
| 毛利率 | — | 40.3% |
| 营业利润率 | — | -3.0% |
| 净利率 | -119.0% | -12.9% |
| 营收同比 | 11.7% | 23.3% |
| 净利润同比 | -22.2% | 6.0% |
| 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FUNLIND
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $183.2M | ||
| Q3 25 | $1.3B | $240.2M | ||
| Q2 25 | $930.4M | $167.9M | ||
| Q1 25 | $202.1M | $179.7M | ||
| Q4 24 | — | $148.6M | ||
| Q3 24 | $1.3B | $206.0M | ||
| Q2 24 | $571.6M | $136.5M |
净利润FUNLIND
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-23.6M | ||
| Q3 25 | $-1.2B | $1.2M | ||
| Q2 25 | $-99.6M | $-8.5M | ||
| Q1 25 | $-219.7M | $1.2M | ||
| Q4 24 | — | $-25.0M | ||
| Q3 24 | $111.0M | $22.5M | ||
| Q2 24 | $55.6M | $-24.7M |
毛利率FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 40.3% | ||
| Q3 25 | 91.6% | 48.2% | ||
| Q2 25 | 91.3% | 45.6% | ||
| Q1 25 | 89.3% | 48.3% | ||
| Q4 24 | — | 42.5% | ||
| Q3 24 | 91.9% | 46.7% | ||
| Q2 24 | 90.7% | 39.2% |
营业利润率FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | -3.0% | ||
| Q3 25 | -83.7% | 15.0% | ||
| Q2 25 | 8.0% | 2.6% | ||
| Q1 25 | -158.9% | 5.9% | ||
| Q4 24 | — | -5.1% | ||
| Q3 24 | 19.5% | 14.3% | ||
| Q2 24 | 21.6% | -6.0% |
净利率FUNLIND
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -12.9% | ||
| Q3 25 | -90.1% | 0.5% | ||
| Q2 25 | -10.7% | -5.1% | ||
| Q1 25 | -108.7% | 0.6% | ||
| Q4 24 | — | -16.9% | ||
| Q3 24 | 8.2% | 10.9% | ||
| Q2 24 | 9.7% | -18.1% |
每股收益（稀释后）FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-0.45 | ||
| Q3 25 | $-11.77 | $0.00 | ||
| Q2 25 | $-0.99 | $-0.18 | ||
| Q1 25 | $-2.20 | $0.00 | ||
| Q4 24 | — | $-0.45 | ||
| Q3 24 | $1.10 | $0.36 | ||
| Q2 24 | — | $-0.48 |
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 | $256.7M |
| 总债务越低越好 | — | $662.7M |
| 股东权益账面价值 | $279.2M | $-284.5M |
| 总资产 | $7.7B | $980.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FUNLIND
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $256.7M | ||
| Q3 25 | $70.7M | $261.8M | ||
| Q2 25 | $107.4M | $200.9M | ||
| Q1 25 | $61.5M | $188.9M | ||
| Q4 24 | — | $183.9M | ||
| Q3 24 | $89.7M | $193.9M | ||
| Q2 24 | $52.9M | $168.1M |
总债务FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $662.7M | ||
| Q3 25 | $5.0B | $663.5M | ||
| Q2 25 | $5.3B | $627.3M | ||
| Q1 25 | $5.0B | $626.4M | ||
| Q4 24 | — | $625.5M | ||
| Q3 24 | $4.6B | $624.5M | ||
| Q2 24 | $2.3B | $623.6M |
股东权益FUNLIND
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $-284.5M | ||
| Q3 25 | $614.3M | $-256.6M | ||
| Q2 25 | $1.8B | $-263.8M | ||
| Q1 25 | $1.8B | $-252.2M | ||
| Q4 24 | — | $-253.1M | ||
| Q3 24 | $2.3B | $-226.9M | ||
| Q2 24 | — | $-255.5M |
总资产FUNLIND
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $980.0M | ||
| Q3 25 | $7.9B | $976.5M | ||
| Q2 25 | $9.5B | $936.5M | ||
| Q1 25 | $9.2B | $908.8M | ||
| Q4 24 | — | $876.9M | ||
| Q3 24 | $9.4B | $889.8M | ||
| Q2 24 | $2.3B | $858.3M |
负债/权益比FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | — | ||
| 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 | — | $14.4M |
| 自由现金流经营现金流 - 资本支出 | — | $3.5M |
| 自由现金流率自由现金流/营收 | — | 1.9% |
| 资本支出强度资本支出/营收 | — | 6.0% |
| 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 | — | $63.8M |
8季度趋势，按日历期对齐
经营现金流FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $14.4M | ||
| Q3 25 | $356.2M | $19.5M | ||
| Q2 25 | $187.0M | $29.2M | ||
| Q1 25 | $-178.0M | $48.4M | ||
| Q4 24 | — | $1.7M | ||
| Q3 24 | $337.4M | $28.1M | ||
| Q2 24 | — | $18.6M |
自由现金流FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $3.5M | ||
| Q3 25 | $256.2M | $11.9M | ||
| Q2 25 | $18.8M | $13.5M | ||
| Q1 25 | $-318.0M | $35.0M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | $227.7M | $18.4M | ||
| Q2 24 | — | $11.2M |
自由现金流率FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 1.9% | ||
| Q3 25 | 19.4% | 5.0% | ||
| Q2 25 | 2.0% | 8.0% | ||
| Q1 25 | -157.4% | 19.5% | ||
| Q4 24 | — | -5.5% | ||
| Q3 24 | 16.9% | 8.9% | ||
| Q2 24 | — | 8.2% |
资本支出强度FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 6.0% | ||
| Q3 25 | 7.6% | 3.2% | ||
| Q2 25 | 18.1% | 9.4% | ||
| Q1 25 | 69.3% | 7.5% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | 8.1% | 4.7% | ||
| Q2 24 | — | 5.4% |
现金转化率FUNLIND
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 16.41× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 41.69× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | 1.25× | ||
| 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% |
LIND
| Guest Ticket | $96.5M | 53% |
| Landexperience | $67.3M | 37% |
| Other Tour | $19.4M | 11% |
