vs
六旗（FUN）与麦格劳希尔（MH）财务数据对比。点击上方公司名可切换其他公司
麦格劳希尔的季度营收约是六旗的1.9倍（$434.2M vs $225.6M），麦格劳希尔净利率更高（-4.7% vs -119.0%，领先114.4%），六旗同比增速更快（11.7% vs -35.1%）
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。
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
FUN vs MH — 直观对比
营收规模更大
MH
是对方的1.9倍
$225.6M
营收增速更快
FUN
高出46.8%
-35.1%
净利率更高
MH
高出114.4%
-119.0%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $434.2M |
| 净利润 | $-268.6M | $-20.2M |
| 毛利率 | — | 85.3% |
| 营业利润率 | — | 7.0% |
| 净利率 | -119.0% | -4.7% |
| 营收同比 | 11.7% | -35.1% |
| 净利润同比 | -22.2% | -119.2% |
| 每股收益（稀释后） | — | $-0.11 |
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FUNMH
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $434.2M | ||
| Q3 25 | $1.3B | $669.2M | ||
| Q2 25 | $930.4M | $535.7M | ||
| Q1 25 | $202.1M | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $571.6M | — |
净利润FUNMH
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-20.2M | ||
| Q3 25 | $-1.2B | $105.3M | ||
| Q2 25 | $-99.6M | $502.0K | ||
| Q1 25 | $-219.7M | — | ||
| Q3 24 | $111.0M | — | ||
| Q2 24 | $55.6M | — |
毛利率FUNMH
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 85.3% | ||
| Q3 25 | 91.6% | 79.2% | ||
| Q2 25 | 91.3% | 77.0% | ||
| Q1 25 | 89.3% | — | ||
| Q3 24 | 91.9% | — | ||
| Q2 24 | 90.7% | — |
营业利润率FUNMH
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 7.0% | ||
| Q3 25 | -83.7% | 23.4% | ||
| Q2 25 | 8.0% | 18.0% | ||
| Q1 25 | -158.9% | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 21.6% | — |
净利率FUNMH
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -4.7% | ||
| Q3 25 | -90.1% | 15.7% | ||
| Q2 25 | -10.7% | 0.1% | ||
| Q1 25 | -108.7% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 9.7% | — |
每股收益（稀释后）FUNMH
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-0.11 | ||
| Q3 25 | $-11.77 | $0.57 | ||
| Q2 25 | $-0.99 | $0.00 | ||
| Q1 25 | $-2.20 | — | ||
| 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 | $514.4M |
| 总债务越低越好 | — | $2.6B |
| 股东权益账面价值 | $279.2M | $775.3M |
| 总资产 | $7.7B | $5.6B |
| 负债/权益比越低杠杆越低 | — | 3.36× |
8季度趋势，按日历期对齐
现金及短期投资FUNMH
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $514.4M | ||
| Q3 25 | $70.7M | $463.2M | ||
| Q2 25 | $107.4M | $247.3M | ||
| Q1 25 | $61.5M | — | ||
| Q3 24 | $89.7M | — | ||
| Q2 24 | $52.9M | — |
总债务FUNMH
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $2.6B | ||
| Q3 25 | $5.0B | $2.8B | ||
| Q2 25 | $5.3B | $3.2B | ||
| Q1 25 | $5.0B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.3B | — |
股东权益FUNMH
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $775.3M | ||
| Q3 25 | $614.3M | $794.6M | ||
| Q2 25 | $1.8B | $283.3M | ||
| Q1 25 | $1.8B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | — | — |
总资产FUNMH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $5.6B | ||
| Q3 25 | $7.9B | $6.0B | ||
| Q2 25 | $9.5B | $5.7B | ||
| Q1 25 | $9.2B | — | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $2.3B | — |
负债/权益比FUNMH
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 3.36× | ||
| Q3 25 | 8.16× | 3.52× | ||
| Q2 25 | 2.97× | 11.17× | ||
| Q1 25 | 2.75× | — | ||
| Q3 24 | 1.95× | — | ||
| Q2 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 | — | $309.0M |
| 自由现金流经营现金流 - 资本支出 | — | $285.4M |
| 自由现金流率自由现金流/营收 | — | 65.7% |
| 资本支出强度资本支出/营收 | — | 5.4% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流FUNMH
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $309.0M | ||
| Q3 25 | $356.2M | $265.0M | ||
| Q2 25 | $187.0M | $-96.7M | ||
| Q1 25 | $-178.0M | — | ||
| Q3 24 | $337.4M | — | ||
| Q2 24 | — | — |
自由现金流FUNMH
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $285.4M | ||
| Q3 25 | $256.2M | $243.8M | ||
| Q2 25 | $18.8M | $-112.9M | ||
| Q1 25 | $-318.0M | — | ||
| Q3 24 | $227.7M | — | ||
| Q2 24 | — | — |
自由现金流率FUNMH
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 65.7% | ||
| Q3 25 | 19.4% | 36.4% | ||
| Q2 25 | 2.0% | -21.1% | ||
| Q1 25 | -157.4% | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | — | — |
资本支出强度FUNMH
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 5.4% | ||
| Q3 25 | 7.6% | 3.2% | ||
| Q2 25 | 18.1% | 3.0% | ||
| Q1 25 | 69.3% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | — | — |
现金转化率FUNMH
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.52× | ||
| Q2 25 | — | -192.53× | ||
| Q1 25 | — | — | ||
| Q3 24 | 3.04× | — | ||
| 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% |
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
