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六旗（FUN）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是六旗的1.3倍（$862.2M vs $650.1M），美泰净利率更高（7.1% vs -14.2%，领先21.3%），美泰自由现金流更多（$-88.1M 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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
FUN vs MAT — 直观对比
营收规模更大
MAT
是对方的1.3倍
$650.1M
净利率更高
MAT
高出21.3%
-14.2%
自由现金流更多
MAT
多$21.2M
$-109.3M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $862.2M |
| 净利润 | $-92.4M | $61.0M |
| 毛利率 | 91.4% | 44.9% |
| 营业利润率 | -3.8% | — |
| 净利率 | -14.2% | 7.1% |
| 营收同比 | — | 4.3% |
| 净利润同比 | — | 251.4% |
| 每股收益（稀释后） | $-0.93 | $0.20 |
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FUNMAT
| Q1 26 | — | $862.2M | ||
| Q4 25 | $650.1M | $1.8B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $930.4M | $1.0B | ||
| Q1 25 | $202.1M | $826.6M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $571.6M | $1.1B |
净利润FUNMAT
| Q1 26 | — | $61.0M | ||
| Q4 25 | $-92.4M | $106.2M | ||
| Q3 25 | $-1.2B | $278.4M | ||
| Q2 25 | $-99.6M | $53.4M | ||
| Q1 25 | $-219.7M | $-40.3M | ||
| Q4 24 | — | $140.9M | ||
| Q3 24 | $111.0M | $372.4M | ||
| Q2 24 | $55.6M | $56.9M |
毛利率FUNMAT
| Q1 26 | — | 44.9% | ||
| Q4 25 | 91.4% | 45.9% | ||
| Q3 25 | 91.6% | 50.0% | ||
| Q2 25 | 91.3% | 50.9% | ||
| Q1 25 | 89.3% | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | 91.9% | 53.1% | ||
| Q2 24 | 90.7% | 49.2% |
营业利润率FUNMAT
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 8.0% | ||
| Q3 25 | -83.7% | 21.9% | ||
| Q2 25 | 8.0% | 7.7% | ||
| Q1 25 | -158.9% | -6.4% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | 19.5% | 26.5% | ||
| Q2 24 | 21.6% | 7.7% |
净利率FUNMAT
| Q1 26 | — | 7.1% | ||
| Q4 25 | -14.2% | 6.0% | ||
| Q3 25 | -90.1% | 16.0% | ||
| Q2 25 | -10.7% | 5.2% | ||
| Q1 25 | -108.7% | -4.9% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | 8.2% | 20.2% | ||
| Q2 24 | 9.7% | 5.3% |
每股收益（稀释后）FUNMAT
| Q1 26 | — | $0.20 | ||
| Q4 25 | $-0.93 | $0.32 | ||
| Q3 25 | $-11.77 | $0.88 | ||
| Q2 25 | $-0.99 | $0.16 | ||
| Q1 25 | $-2.20 | $-0.12 | ||
| Q4 24 | — | $0.40 | ||
| Q3 24 | $1.10 | $1.09 | ||
| Q2 24 | — | $0.17 |
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 | $866.0M |
| 总债务越低越好 | $5.2B | $2.3B |
| 股东权益账面价值 | $549.8M | $2.1B |
| 总资产 | $7.8B | $6.3B |
| 负债/权益比越低杠杆越低 | 9.40× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资FUNMAT
| Q1 26 | — | $866.0M | ||
| Q4 25 | $91.1M | $1.2B | ||
| Q3 25 | $70.7M | $691.9M | ||
| Q2 25 | $107.4M | $870.5M | ||
| Q1 25 | $61.5M | $1.2B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $89.7M | $723.5M | ||
| Q2 24 | $52.9M | $722.4M |
总债务FUNMAT
| Q1 26 | — | $2.3B | ||
| Q4 25 | $5.2B | $2.3B | ||
| Q3 25 | $5.0B | $2.3B | ||
| Q2 25 | $5.3B | $2.3B | ||
| Q1 25 | $5.0B | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $4.6B | $2.3B | ||
| Q2 24 | $2.3B | $2.3B |
股东权益FUNMAT
| Q1 26 | — | $2.1B | ||
| Q4 25 | $549.8M | $2.2B | ||
| Q3 25 | $614.3M | $2.3B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | — | $2.0B |
总资产FUNMAT
| Q1 26 | — | $6.3B | ||
| Q4 25 | $7.8B | $6.6B | ||
| Q3 25 | $7.9B | $6.6B | ||
| Q2 25 | $9.5B | $6.2B | ||
| Q1 25 | $9.2B | $6.2B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | $9.4B | $6.5B | ||
| Q2 24 | $2.3B | $5.9B |
负债/权益比FUNMAT
| Q1 26 | — | 1.11× | ||
| Q4 25 | 9.40× | 1.04× | ||
| Q3 25 | 8.16× | 1.03× | ||
| Q2 25 | 2.97× | 1.08× | ||
| Q1 25 | 2.75× | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 1.95× | 1.01× | ||
| Q2 24 | — | 1.18× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $-88.1M |
| 自由现金流率自由现金流/营收 | -16.8% | -10.2% |
| 资本支出强度资本支出/营收 | 11.0% | 7.6% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流FUNMAT
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $796.6M | ||
| Q3 25 | $356.2M | $72.0M | ||
| Q2 25 | $187.0M | $-300.1M | ||
| Q1 25 | $-178.0M | $24.8M | ||
| Q4 24 | — | $862.1M | ||
| Q3 24 | $337.4M | $155.8M | ||
| Q2 24 | — | $-252.9M |
自由现金流FUNMAT
| Q1 26 | — | $-88.1M | ||
| 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FUNMAT
| Q1 26 | — | -10.2% | ||
| 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FUNMAT
| Q1 26 | — | 7.6% | ||
| 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FUNMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 7.50× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.12× | ||
| Q3 24 | 3.04× | 0.42× | ||
| Q2 24 | — | -4.45× |
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% |
MAT
暂无分部数据
