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六旗（FUN）与Martin Marietta Materials（MLM）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是六旗的1.8倍（$1.1B vs $650.1M），Martin Marietta Materials净利率更高（24.5% vs -14.2%，领先38.7%），Martin Marietta Materials自由现金流更多（$424.0M 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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
FUN vs MLM — 直观对比
营收规模更大
MLM
是对方的1.8倍
$650.1M
净利率更高
MLM
高出38.7%
-14.2%
自由现金流更多
MLM
多$533.3M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $1.1B |
| 净利润 | $-92.4M | $279.0M |
| 毛利率 | 91.4% | 35.0% |
| 营业利润率 | -3.8% | 24.6% |
| 净利率 | -14.2% | 24.5% |
| 营收同比 | — | -30.1% |
| 净利润同比 | — | -4.8% |
| 每股收益（稀释后） | $-0.93 | $4.59 |
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FUNMLM
| Q4 25 | $650.1M | $1.1B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $930.4M | $1.8B | ||
| Q1 25 | $202.1M | $1.4B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | $571.6M | $1.8B | ||
| Q1 24 | — | $1.3B |
净利润FUNMLM
| Q4 25 | $-92.4M | $279.0M | ||
| Q3 25 | $-1.2B | $414.0M | ||
| Q2 25 | $-99.6M | $328.0M | ||
| Q1 25 | $-219.7M | $116.0M | ||
| Q4 24 | — | $293.0M | ||
| Q3 24 | $111.0M | $363.0M | ||
| Q2 24 | $55.6M | $294.0M | ||
| Q1 24 | — | $1.0B |
毛利率FUNMLM
| Q4 25 | 91.4% | 35.0% | ||
| Q3 25 | 91.6% | 33.1% | ||
| Q2 25 | 91.3% | 30.0% | ||
| Q1 25 | 89.3% | 24.8% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | 91.9% | 31.7% | ||
| Q2 24 | 90.7% | 29.3% | ||
| Q1 24 | — | 21.7% |
营业利润率FUNMLM
| Q4 25 | -3.8% | 24.6% | ||
| Q3 25 | -83.7% | 27.4% | ||
| Q2 25 | 8.0% | 25.3% | ||
| Q1 25 | -158.9% | 14.3% | ||
| Q4 24 | — | 24.4% | ||
| Q3 24 | 19.5% | 25.9% | ||
| Q2 24 | 21.6% | 22.6% | ||
| Q1 24 | — | — |
净利率FUNMLM
| Q4 25 | -14.2% | 24.5% | ||
| Q3 25 | -90.1% | 22.4% | ||
| Q2 25 | -10.7% | 18.1% | ||
| Q1 25 | -108.7% | 8.6% | ||
| Q4 24 | — | 18.0% | ||
| Q3 24 | 8.2% | 19.2% | ||
| Q2 24 | 9.7% | 16.7% | ||
| Q1 24 | — | 83.5% |
每股收益（稀释后）FUNMLM
| Q4 25 | $-0.93 | $4.59 | ||
| Q3 25 | $-11.77 | $6.85 | ||
| Q2 25 | $-0.99 | $5.43 | ||
| Q1 25 | $-2.20 | $1.90 | ||
| Q4 24 | — | $4.87 | ||
| Q3 24 | $1.10 | $5.91 | ||
| Q2 24 | — | $4.76 | ||
| Q1 24 | — | $16.87 |
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 | $67.0M |
| 总债务越低越好 | $5.2B | $5.3B |
| 股东权益账面价值 | $549.8M | $10.0B |
| 总资产 | $7.8B | $18.7B |
| 负债/权益比越低杠杆越低 | 9.40× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资FUNMLM
| Q4 25 | $91.1M | $67.0M | ||
| Q3 25 | $70.7M | $57.0M | ||
| Q2 25 | $107.4M | $225.0M | ||
| Q1 25 | $61.5M | $101.0M | ||
| Q4 24 | — | $670.0M | ||
| Q3 24 | $89.7M | $52.0M | ||
| Q2 24 | $52.9M | $109.0M | ||
| Q1 24 | — | $2.6B |
总债务FUNMLM
| Q4 25 | $5.2B | $5.3B | ||
| Q3 25 | $5.0B | $5.5B | ||
| Q2 25 | $5.3B | $5.4B | ||
| Q1 25 | $5.0B | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | $4.6B | $4.0B | ||
| Q2 24 | $2.3B | $4.3B | ||
| Q1 24 | — | $4.3B |
股东权益FUNMLM
| Q4 25 | $549.8M | $10.0B | ||
| Q3 25 | $614.3M | $9.7B | ||
| Q2 25 | $1.8B | $9.4B | ||
| Q1 25 | $1.8B | $9.1B | ||
| Q4 24 | — | $9.5B | ||
| Q3 24 | $2.3B | $9.2B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | — | $8.9B |
总资产FUNMLM
| Q4 25 | $7.8B | $18.7B | ||
| Q3 25 | $7.9B | $18.7B | ||
| Q2 25 | $9.5B | $18.1B | ||
| Q1 25 | $9.2B | $17.7B | ||
| Q4 24 | — | $18.2B | ||
| Q3 24 | $9.4B | $16.5B | ||
| Q2 24 | $2.3B | $16.3B | ||
| Q1 24 | — | $16.2B |
负债/权益比FUNMLM
| Q4 25 | 9.40× | 0.53× | ||
| Q3 25 | 8.16× | 0.57× | ||
| Q2 25 | 2.97× | 0.58× | ||
| Q1 25 | 2.75× | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | 1.95× | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.49× |
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 | $629.0M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $424.0M |
| 自由现金流率自由现金流/营收 | -16.8% | 37.2% |
| 资本支出强度资本支出/营收 | 11.0% | 18.0% |
| 现金转化率经营现金流/净利润 | — | 2.25× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $978.0M |
8季度趋势，按日历期对齐
经营现金流FUNMLM
| Q4 25 | $-37.7M | $629.0M | ||
| Q3 25 | $356.2M | $551.0M | ||
| Q2 25 | $187.0M | $387.0M | ||
| Q1 25 | $-178.0M | $218.0M | ||
| Q4 24 | — | $686.0M | ||
| Q3 24 | $337.4M | $600.0M | ||
| Q2 24 | — | $1.0M | ||
| Q1 24 | — | $172.0M |
自由现金流FUNMLM
| Q4 25 | $-109.3M | $424.0M | ||
| Q3 25 | $256.2M | $361.0M | ||
| Q2 25 | $18.8M | $208.0M | ||
| Q1 25 | $-318.0M | $-15.0M | ||
| Q4 24 | — | $453.0M | ||
| Q3 24 | $227.7M | $317.0M | ||
| Q2 24 | — | $-138.0M | ||
| Q1 24 | — | $-28.0M |
自由现金流率FUNMLM
| Q4 25 | -16.8% | 37.2% | ||
| Q3 25 | 19.4% | 19.6% | ||
| Q2 25 | 2.0% | 11.5% | ||
| Q1 25 | -157.4% | -1.1% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | 16.9% | 16.8% | ||
| Q2 24 | — | -7.8% | ||
| Q1 24 | — | -2.2% |
资本支出强度FUNMLM
| Q4 25 | 11.0% | 18.0% | ||
| Q3 25 | 7.6% | 10.3% | ||
| Q2 25 | 18.1% | 9.9% | ||
| Q1 25 | 69.3% | 17.2% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | 8.1% | 15.0% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 16.0% |
现金转化率FUNMLM
| Q4 25 | — | 2.25× | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 1.88× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | 3.04× | 1.65× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
