vs
六旗（FUN）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是六旗的2.2倍（$489.3M vs $225.6M），六旗同比增速更快（11.7% vs -3.5%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
FUN vs MERC — 直观对比
营收规模更大
MERC
是对方的2.2倍
$225.6M
营收增速更快
FUN
高出15.2%
-3.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $489.3M |
| 净利润 | $-268.6M | — |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | -119.0% | — |
| 营收同比 | 11.7% | -3.5% |
| 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FUNMERC
| Q1 26 | $225.6M | $489.3M | ||
| Q4 25 | $650.1M | $449.5M | ||
| Q3 25 | $1.3B | $458.1M | ||
| Q2 25 | $930.4M | $453.5M | ||
| Q1 25 | $202.1M | $507.0M | ||
| Q4 24 | — | $488.4M | ||
| Q3 24 | $1.3B | $502.1M | ||
| Q2 24 | $571.6M | $499.4M |
净利润FUNMERC
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-308.7M | ||
| Q3 25 | $-1.2B | $-80.8M | ||
| Q2 25 | $-99.6M | $-86.1M | ||
| Q1 25 | $-219.7M | $-22.3M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | $111.0M | $-17.6M | ||
| Q2 24 | $55.6M | $-67.6M |
毛利率FUNMERC
| 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FUNMERC
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | -62.0% | ||
| Q3 25 | -83.7% | -14.8% | ||
| Q2 25 | 8.0% | -12.9% | ||
| Q1 25 | -158.9% | 1.3% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 19.5% | 1.8% | ||
| Q2 24 | 21.6% | -8.8% |
净利率FUNMERC
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -68.7% | ||
| Q3 25 | -90.1% | -17.6% | ||
| Q2 25 | -10.7% | -19.0% | ||
| Q1 25 | -108.7% | -4.4% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | 8.2% | -3.5% | ||
| Q2 24 | 9.7% | -13.5% |
每股收益（稀释后）FUNMERC
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-4.61 | ||
| Q3 25 | $-11.77 | $-1.21 | ||
| Q2 25 | $-0.99 | $-1.29 | ||
| Q1 25 | $-2.20 | $-0.33 | ||
| Q4 24 | — | $0.25 | ||
| Q3 24 | $1.10 | $-0.26 | ||
| Q2 24 | — | $-1.01 |
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 | $84.5M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $279.2M | — |
| 总资产 | $7.7B | $2.0B |
| 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FUNMERC
| Q1 26 | $116.5M | $84.5M | ||
| Q4 25 | $91.1M | $186.8M | ||
| Q3 25 | $70.7M | $98.1M | ||
| Q2 25 | $107.4M | $146.5M | ||
| Q1 25 | $61.5M | $181.5M | ||
| Q4 24 | — | $184.9M | ||
| Q3 24 | $89.7M | $239.0M | ||
| Q2 24 | $52.9M | $263.2M |
总债务FUNMERC
| Q1 26 | — | $1.5B | ||
| Q4 25 | $5.2B | $1.6B | ||
| Q3 25 | $5.0B | $1.5B | ||
| Q2 25 | $5.3B | $1.5B | ||
| Q1 25 | $5.0B | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $2.3B | $1.6B |
股东权益FUNMERC
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $68.1M | ||
| Q3 25 | $614.3M | $359.5M | ||
| Q2 25 | $1.8B | $446.5M | ||
| Q1 25 | $1.8B | $437.4M | ||
| Q4 24 | — | $429.8M | ||
| Q3 24 | $2.3B | $516.8M | ||
| Q2 24 | — | $487.7M |
总资产FUNMERC
| Q1 26 | $7.7B | $2.0B | ||
| Q4 25 | $7.8B | $2.0B | ||
| Q3 25 | $7.9B | $2.3B | ||
| Q2 25 | $9.5B | $2.4B | ||
| Q1 25 | $9.2B | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $9.4B | $2.5B | ||
| Q2 24 | $2.3B | $2.5B |
负债/权益比FUNMERC
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 23.58× | ||
| Q3 25 | 8.16× | 4.30× | ||
| Q2 25 | 2.97× | 3.42× | ||
| Q1 25 | 2.75× | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | 1.95× | 3.09× | ||
| Q2 24 | — | 3.22× |
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% |
MERC
| Pulp segment | $345.0M | 71% |
| Solid wood segment | $131.7M | 27% |
| Corporate and other | $12.6M | 3% |
