vs
六旗（FUN）与MARCUS CORP（MCS）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MARCUS CORP的1.2倍（$225.6M vs $193.5M），六旗同比增速更快（11.7% vs 2.8%）
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。
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
FUN vs MCS — 直观对比
营收规模更大
FUN
是对方的1.2倍
$193.5M
营收增速更快
FUN
高出8.9%
2.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $193.5M |
| 净利润 | $-268.6M | — |
| 毛利率 | — | — |
| 营业利润率 | — | 0.9% |
| 净利率 | -119.0% | — |
| 营收同比 | 11.7% | 2.8% |
| 净利润同比 | -22.2% | — |
| 每股收益（稀释后） | — | — |
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FUNMCS
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $193.5M | ||
| Q3 25 | $1.3B | $210.2M | ||
| Q2 25 | $930.4M | $206.0M | ||
| Q1 25 | $202.1M | $148.8M | ||
| Q4 24 | — | $188.3M | ||
| Q3 24 | $1.3B | $232.7M | ||
| Q2 24 | $571.6M | $176.0M |
净利润FUNMCS
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | — | ||
| Q3 25 | $-1.2B | $16.2M | ||
| Q2 25 | $-99.6M | $7.3M | ||
| Q1 25 | $-219.7M | $-16.8M | ||
| Q4 24 | — | $986.0K | ||
| Q3 24 | $111.0M | $23.3M | ||
| Q2 24 | $55.6M | $-20.2M |
毛利率FUNMCS
| Q1 26 | — | — | ||
| 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% | — |
营业利润率FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 0.9% | ||
| Q3 25 | -83.7% | 10.8% | ||
| Q2 25 | 8.0% | 6.3% | ||
| Q1 25 | -158.9% | -13.7% | ||
| Q4 24 | — | -1.2% | ||
| Q3 24 | 19.5% | 14.1% | ||
| Q2 24 | 21.6% | 1.3% |
净利率FUNMCS
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | — | ||
| Q3 25 | -90.1% | 7.7% | ||
| Q2 25 | -10.7% | 3.6% | ||
| Q1 25 | -108.7% | -11.3% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 8.2% | 10.0% | ||
| Q2 24 | 9.7% | -11.5% |
每股收益（稀释后）FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | — | ||
| Q3 25 | $-11.77 | — | ||
| Q2 25 | $-0.99 | — | ||
| Q1 25 | $-2.20 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.10 | — | ||
| Q2 24 | — | — |
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 | $23.4M |
| 总债务越低越好 | — | $159.0M |
| 股东权益账面价值 | $279.2M | $457.4M |
| 总资产 | $7.7B | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资FUNMCS
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $23.4M | ||
| Q3 25 | $70.7M | $7.4M | ||
| Q2 25 | $107.4M | $14.9M | ||
| Q1 25 | $61.5M | $11.9M | ||
| Q4 24 | — | $40.8M | ||
| Q3 24 | $89.7M | $28.4M | ||
| Q2 24 | $52.9M | $32.8M |
总债务FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $159.0M | ||
| Q3 25 | $5.0B | $162.0M | ||
| Q2 25 | $5.3B | $179.9M | ||
| Q1 25 | $5.0B | $198.9M | ||
| Q4 24 | — | $159.1M | ||
| Q3 24 | $4.6B | $173.1M | ||
| Q2 24 | $2.3B | $175.7M |
股东权益FUNMCS
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $457.4M | ||
| Q3 25 | $614.3M | $454.3M | ||
| Q2 25 | $1.8B | $448.4M | ||
| Q1 25 | $1.8B | $441.8M | ||
| Q4 24 | — | $464.9M | ||
| Q3 24 | $2.3B | $462.3M | ||
| Q2 24 | — | $449.4M |
总资产FUNMCS
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $1.0B | ||
| Q3 25 | $7.9B | $1.0B | ||
| Q2 25 | $9.5B | $1.0B | ||
| Q1 25 | $9.2B | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $9.4B | $1.0B | ||
| Q2 24 | $2.3B | $1.1B |
负债/权益比FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 0.35× | ||
| Q3 25 | 8.16× | 0.36× | ||
| Q2 25 | 2.97× | 0.40× | ||
| Q1 25 | 2.75× | 0.45× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | 1.95× | 0.37× | ||
| Q2 24 | — | 0.39× |
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 | — | $48.8M |
| 自由现金流经营现金流 - 资本支出 | — | $26.4M |
| 自由现金流率自由现金流/营收 | — | 13.6% |
| 资本支出强度资本支出/营收 | — | 11.6% |
| 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 | — | $989.0K |
8季度趋势，按日历期对齐
经营现金流FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $48.8M | ||
| Q3 25 | $356.2M | $39.1M | ||
| Q2 25 | $187.0M | $31.6M | ||
| Q1 25 | $-178.0M | $-35.3M | ||
| Q4 24 | — | $52.6M | ||
| Q3 24 | $337.4M | $30.5M | ||
| Q2 24 | — | $36.0M |
自由现金流FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $26.4M | ||
| Q3 25 | $256.2M | $18.2M | ||
| Q2 25 | $18.8M | $14.7M | ||
| Q1 25 | $-318.0M | $-58.3M | ||
| Q4 24 | — | $27.1M | ||
| Q3 24 | $227.7M | $12.0M | ||
| Q2 24 | — | $16.1M |
自由现金流率FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 13.6% | ||
| Q3 25 | 19.4% | 8.7% | ||
| Q2 25 | 2.0% | 7.1% | ||
| Q1 25 | -157.4% | -39.2% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | 16.9% | 5.2% | ||
| Q2 24 | — | 9.2% |
资本支出强度FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 11.6% | ||
| Q3 25 | 7.6% | 9.9% | ||
| Q2 25 | 18.1% | 8.2% | ||
| Q1 25 | 69.3% | 15.5% | ||
| Q4 24 | — | 13.5% | ||
| Q3 24 | 8.1% | 7.9% | ||
| Q2 24 | — | 11.3% |
现金转化率FUNMCS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.41× | ||
| Q2 25 | — | 4.32× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 53.31× | ||
| Q3 24 | 3.04× | 1.31× | ||
| 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% |
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
