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六旗（FUN）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
美森的季度营收约是六旗的1.3倍（$851.9M vs $650.1M），美森净利率更高（16.8% vs -14.2%，领先31.0%），美森自由现金流更多（$42.2M 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。
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
FUN vs MATX — 直观对比
营收规模更大
MATX
是对方的1.3倍
$650.1M
净利率更高
MATX
高出31.0%
-14.2%
自由现金流更多
MATX
多$151.5M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $851.9M |
| 净利润 | $-92.4M | $143.1M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | 16.9% |
| 净利率 | -14.2% | 16.8% |
| 营收同比 | — | -4.3% |
| 净利润同比 | — | 11.8% |
| 每股收益（稀释后） | $-0.93 | $4.47 |
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FUNMATX
| Q4 25 | $650.1M | $851.9M | ||
| Q3 25 | $1.3B | $880.1M | ||
| Q2 25 | $930.4M | $830.5M | ||
| Q1 25 | $202.1M | $782.0M | ||
| Q4 24 | — | $890.3M | ||
| Q3 24 | $1.3B | $962.0M | ||
| Q2 24 | $571.6M | $847.4M | ||
| Q1 24 | — | $722.1M |
净利润FUNMATX
| Q4 25 | $-92.4M | $143.1M | ||
| Q3 25 | $-1.2B | $134.7M | ||
| Q2 25 | $-99.6M | $94.7M | ||
| Q1 25 | $-219.7M | $72.3M | ||
| Q4 24 | — | $128.0M | ||
| Q3 24 | $111.0M | $199.1M | ||
| Q2 24 | $55.6M | $113.2M | ||
| Q1 24 | — | $36.1M |
毛利率FUNMATX
| 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% | — | ||
| Q1 24 | — | — |
营业利润率FUNMATX
| Q4 25 | -3.8% | 16.9% | ||
| Q3 25 | -83.7% | 18.3% | ||
| Q2 25 | 8.0% | 13.6% | ||
| Q1 25 | -158.9% | 10.5% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | 19.5% | 25.2% | ||
| Q2 24 | 21.6% | 14.7% | ||
| Q1 24 | — | 5.1% |
净利率FUNMATX
| Q4 25 | -14.2% | 16.8% | ||
| Q3 25 | -90.1% | 15.3% | ||
| Q2 25 | -10.7% | 11.4% | ||
| Q1 25 | -108.7% | 9.2% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | 8.2% | 20.7% | ||
| Q2 24 | 9.7% | 13.4% | ||
| Q1 24 | — | 5.0% |
每股收益（稀释后）FUNMATX
| Q4 25 | $-0.93 | $4.47 | ||
| Q3 25 | $-11.77 | $4.24 | ||
| Q2 25 | $-0.99 | $2.92 | ||
| Q1 25 | $-2.20 | $2.18 | ||
| Q4 24 | — | $3.69 | ||
| Q3 24 | $1.10 | $5.89 | ||
| Q2 24 | — | $3.31 | ||
| Q1 24 | — | $1.04 |
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 | $141.9M |
| 总债务越低越好 | $5.2B | $361.2M |
| 股东权益账面价值 | $549.8M | $2.8B |
| 总资产 | $7.8B | $4.6B |
| 负债/权益比越低杠杆越低 | 9.40× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资FUNMATX
| Q4 25 | $91.1M | $141.9M | ||
| Q3 25 | $70.7M | $92.7M | ||
| Q2 25 | $107.4M | $59.1M | ||
| Q1 25 | $61.5M | $122.0M | ||
| Q4 24 | — | $266.8M | ||
| Q3 24 | $89.7M | $270.3M | ||
| Q2 24 | $52.9M | $168.2M | ||
| Q1 24 | — | $25.9M |
总债务FUNMATX
| Q4 25 | $5.2B | $361.2M | ||
| Q3 25 | $5.0B | $370.9M | ||
| Q2 25 | $5.3B | $341.3M | ||
| Q1 25 | $5.0B | $351.1M | ||
| Q4 24 | — | $361.2M | ||
| Q3 24 | $4.6B | $370.9M | ||
| Q2 24 | $2.3B | $381.0M | ||
| Q1 24 | — | $390.8M |
股东权益FUNMATX
| Q4 25 | $549.8M | $2.8B | ||
| Q3 25 | $614.3M | $2.7B | ||
| Q2 25 | $1.8B | $2.6B | ||
| Q1 25 | $1.8B | $2.6B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $2.3B | $2.6B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总资产FUNMATX
| Q4 25 | $7.8B | $4.6B | ||
| Q3 25 | $7.9B | $4.6B | ||
| Q2 25 | $9.5B | $4.5B | ||
| Q1 25 | $9.2B | $4.5B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | $9.4B | $4.4B | ||
| Q2 24 | $2.3B | $4.3B | ||
| Q1 24 | — | $4.2B |
负债/权益比FUNMATX
| Q4 25 | 9.40× | 0.13× | ||
| Q3 25 | 8.16× | 0.14× | ||
| Q2 25 | 2.97× | 0.13× | ||
| Q1 25 | 2.75× | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | 1.95× | 0.15× | ||
| Q2 24 | — | 0.16× | ||
| Q1 24 | — | 0.16× |
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 | $176.9M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $42.2M |
| 自由现金流率自由现金流/营收 | -16.8% | 5.0% |
| 资本支出强度资本支出/营收 | 11.0% | 15.8% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $153.7M |
8季度趋势，按日历期对齐
经营现金流FUNMATX
| Q4 25 | $-37.7M | $176.9M | ||
| Q3 25 | $356.2M | $175.6M | ||
| Q2 25 | $187.0M | $105.6M | ||
| Q1 25 | $-178.0M | $89.0M | ||
| Q4 24 | — | $174.7M | ||
| Q3 24 | $337.4M | $248.6M | ||
| Q2 24 | — | $307.9M | ||
| Q1 24 | — | $36.6M |
自由现金流FUNMATX
| Q4 25 | $-109.3M | $42.2M | ||
| Q3 25 | $256.2M | $92.4M | ||
| Q2 25 | $18.8M | $19.3M | ||
| Q1 25 | $-318.0M | $-200.0K | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | $227.7M | $189.0M | ||
| Q2 24 | — | $238.1M | ||
| Q1 24 | — | $-18.7M |
自由现金流率FUNMATX
| Q4 25 | -16.8% | 5.0% | ||
| Q3 25 | 19.4% | 10.5% | ||
| Q2 25 | 2.0% | 2.3% | ||
| Q1 25 | -157.4% | -0.0% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 16.9% | 19.6% | ||
| Q2 24 | — | 28.1% | ||
| Q1 24 | — | -2.6% |
资本支出强度FUNMATX
| Q4 25 | 11.0% | 15.8% | ||
| Q3 25 | 7.6% | 9.5% | ||
| Q2 25 | 18.1% | 10.4% | ||
| Q1 25 | 69.3% | 11.4% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | 8.1% | 6.2% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | — | 7.7% |
现金转化率FUNMATX
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | 3.04× | 1.25× | ||
| Q2 24 | — | 2.72× | ||
| Q1 24 | — | 1.01× |
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% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
