vs
六旗（FUN）与玛斯特锁（MBC）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玛斯特锁的1.0倍（$650.1M vs $644.6M），玛斯特锁净利率更高（-6.5% vs -14.2%，领先7.7%），玛斯特锁自由现金流更多（$52.5M 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。
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
FUN vs MBC — 直观对比
营收规模更大
FUN
是对方的1.0倍
$644.6M
净利率更高
MBC
高出7.7%
-14.2%
自由现金流更多
MBC
多$161.8M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $644.6M |
| 净利润 | $-92.4M | $-42.0M |
| 毛利率 | 91.4% | 26.0% |
| 营业利润率 | -3.8% | -4.2% |
| 净利率 | -14.2% | -6.5% |
| 营收同比 | — | -3.5% |
| 净利润同比 | — | -400.0% |
| 每股收益（稀释后） | $-0.93 | $-0.32 |
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FUNMBC
| Q4 25 | $650.1M | $644.6M | ||
| Q3 25 | $1.3B | $698.9M | ||
| Q2 25 | $930.4M | $730.9M | ||
| Q1 25 | $202.1M | $660.3M | ||
| Q4 24 | — | $667.7M | ||
| Q3 24 | $1.3B | $718.1M | ||
| Q2 24 | $571.6M | $676.5M | ||
| Q1 24 | — | $638.1M |
净利润FUNMBC
| Q4 25 | $-92.4M | $-42.0M | ||
| Q3 25 | $-1.2B | $18.1M | ||
| Q2 25 | $-99.6M | $37.3M | ||
| Q1 25 | $-219.7M | $13.3M | ||
| Q4 24 | — | $14.0M | ||
| Q3 24 | $111.0M | $29.1M | ||
| Q2 24 | $55.6M | $45.3M | ||
| Q1 24 | — | $37.5M |
毛利率FUNMBC
| Q4 25 | 91.4% | 26.0% | ||
| Q3 25 | 91.6% | 31.2% | ||
| Q2 25 | 91.3% | 32.8% | ||
| Q1 25 | 89.3% | 30.6% | ||
| Q4 24 | — | 30.4% | ||
| Q3 24 | 91.9% | 33.1% | ||
| Q2 24 | 90.7% | 34.1% | ||
| Q1 24 | — | 32.1% |
营业利润率FUNMBC
| Q4 25 | -3.8% | -4.2% | ||
| Q3 25 | -83.7% | 6.0% | ||
| Q2 25 | 8.0% | 9.2% | ||
| Q1 25 | -158.9% | 5.6% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | 19.5% | 8.0% | ||
| Q2 24 | 21.6% | 11.5% | ||
| Q1 24 | — | 9.8% |
净利率FUNMBC
| Q4 25 | -14.2% | -6.5% | ||
| Q3 25 | -90.1% | 2.6% | ||
| Q2 25 | -10.7% | 5.1% | ||
| Q1 25 | -108.7% | 2.0% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 8.2% | 4.1% | ||
| Q2 24 | 9.7% | 6.7% | ||
| Q1 24 | — | 5.9% |
每股收益（稀释后）FUNMBC
| Q4 25 | $-0.93 | $-0.32 | ||
| Q3 25 | $-11.77 | $0.14 | ||
| Q2 25 | $-0.99 | $0.29 | ||
| Q1 25 | $-2.20 | $0.10 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | $1.10 | $0.22 | ||
| Q2 24 | — | $0.35 | ||
| Q1 24 | — | $0.29 |
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 | $183.3M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $1.3B |
| 总资产 | $7.8B | $3.1B |
| 负债/权益比越低杠杆越低 | 9.40× | — |
8季度趋势，按日历期对齐
现金及短期投资FUNMBC
| Q4 25 | $91.1M | $183.3M | ||
| Q3 25 | $70.7M | $114.8M | ||
| Q2 25 | $107.4M | $120.1M | ||
| Q1 25 | $61.5M | $113.5M | ||
| Q4 24 | — | $120.6M | ||
| Q3 24 | $89.7M | $108.4M | ||
| Q2 24 | $52.9M | $189.4M | ||
| Q1 24 | — | $153.7M |
总债务FUNMBC
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $4.6B | $1.1B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | — | — |
股东权益FUNMBC
| Q4 25 | $549.8M | $1.3B | ||
| Q3 25 | $614.3M | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
总资产FUNMBC
| Q4 25 | $7.8B | $3.1B | ||
| Q3 25 | $7.9B | $3.0B | ||
| Q2 25 | $9.5B | $3.0B | ||
| Q1 25 | $9.2B | $3.0B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $9.4B | $3.0B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | — | $2.4B |
负债/权益比FUNMBC
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | 0.79× | ||
| Q3 24 | 1.95× | 0.83× | ||
| Q2 24 | — | — | ||
| Q1 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 | $-37.7M | $86.9M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $52.5M |
| 自由现金流率自由现金流/营收 | -16.8% | 8.1% |
| 资本支出强度资本支出/营收 | 11.0% | 5.3% |
| 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 | $117.5M |
8季度趋势，按日历期对齐
经营现金流FUNMBC
| Q4 25 | $-37.7M | $86.9M | ||
| Q3 25 | $356.2M | $55.4M | ||
| Q2 25 | $187.0M | $84.8M | ||
| Q1 25 | $-178.0M | $-31.4M | ||
| Q4 24 | — | $115.1M | ||
| Q3 24 | $337.4M | $80.8M | ||
| Q2 24 | — | $77.4M | ||
| Q1 24 | — | $18.7M |
自由现金流FUNMBC
| Q4 25 | $-109.3M | $52.5M | ||
| Q3 25 | $256.2M | $39.5M | ||
| Q2 25 | $18.8M | $66.7M | ||
| Q1 25 | $-318.0M | $-41.2M | ||
| Q4 24 | — | $68.8M | ||
| Q3 24 | $227.7M | $64.5M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $11.7M |
自由现金流率FUNMBC
| Q4 25 | -16.8% | 8.1% | ||
| Q3 25 | 19.4% | 5.7% | ||
| Q2 25 | 2.0% | 9.1% | ||
| Q1 25 | -157.4% | -6.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 16.9% | 9.0% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | — | 1.8% |
资本支出强度FUNMBC
| Q4 25 | 11.0% | 5.3% | ||
| Q3 25 | 7.6% | 2.3% | ||
| Q2 25 | 18.1% | 2.5% | ||
| Q1 25 | 69.3% | 1.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | 8.1% | 2.3% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 1.1% |
现金转化率FUNMBC
| Q4 25 | — | — | ||
| Q3 25 | — | 3.06× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | -2.36× | ||
| Q4 24 | — | 8.22× | ||
| Q3 24 | 3.04× | 2.78× | ||
| Q2 24 | — | 1.71× | ||
| Q1 24 | — | 0.50× |
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% |
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
