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六旗（FUN）与Marcus & Millichap, Inc.（MMI）财务数据对比。点击上方公司名可切换其他公司
Marcus & Millichap, Inc.的季度营收约是六旗的1.1倍（$243.9M vs $225.6M），Marcus & Millichap, Inc.净利率更高（5.5% vs -119.0%，领先124.5%），六旗同比增速更快（11.7% vs 1.6%）
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-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
FUN vs MMI — 直观对比
营收规模更大
MMI
是对方的1.1倍
$225.6M
营收增速更快
FUN
高出10.1%
1.6%
净利率更高
MMI
高出124.5%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $243.9M |
| 净利润 | $-268.6M | $13.3M |
| 毛利率 | — | — |
| 营业利润率 | — | 6.3% |
| 净利率 | -119.0% | 5.5% |
| 营收同比 | 11.7% | 1.6% |
| 净利润同比 | -22.2% | 55.7% |
| 每股收益（稀释后） | — | $0.33 |
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FUNMMI
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $243.9M | ||
| Q3 25 | $1.3B | $193.9M | ||
| Q2 25 | $930.4M | $172.3M | ||
| Q1 25 | $202.1M | $145.0M | ||
| Q4 24 | — | $240.1M | ||
| Q3 24 | $1.3B | $168.5M | ||
| Q2 24 | $571.6M | $158.4M |
净利润FUNMMI
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $13.3M | ||
| Q3 25 | $-1.2B | $240.0K | ||
| Q2 25 | $-99.6M | $-11.0M | ||
| Q1 25 | $-219.7M | $-4.4M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | $111.0M | $-5.4M | ||
| Q2 24 | $55.6M | $-5.5M |
毛利率FUNMMI
| 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FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 6.3% | ||
| Q3 25 | -83.7% | -1.2% | ||
| Q2 25 | 8.0% | -5.3% | ||
| Q1 25 | -158.9% | -12.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 19.5% | -6.8% | ||
| Q2 24 | 21.6% | -5.1% |
净利率FUNMMI
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 5.5% | ||
| Q3 25 | -90.1% | 0.1% | ||
| Q2 25 | -10.7% | -6.4% | ||
| Q1 25 | -108.7% | -3.0% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 8.2% | -3.2% | ||
| Q2 24 | 9.7% | -3.5% |
每股收益（稀释后）FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.33 | ||
| Q3 25 | $-11.77 | $0.01 | ||
| Q2 25 | $-0.99 | $-0.28 | ||
| Q1 25 | $-2.20 | $-0.11 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | $1.10 | $-0.14 | ||
| Q2 24 | — | $-0.14 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $279.2M | $603.1M |
| 总资产 | $7.7B | $827.2M |
| 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FUNMMI
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | — | ||
| Q3 25 | $70.7M | — | ||
| Q2 25 | $107.4M | — | ||
| Q1 25 | $61.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $89.7M | — | ||
| Q2 24 | $52.9M | — |
总债务FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $2.3B | — |
股东权益FUNMMI
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $603.1M | ||
| Q3 25 | $614.3M | $602.2M | ||
| Q2 25 | $1.8B | $607.8M | ||
| Q1 25 | $1.8B | $617.6M | ||
| Q4 24 | — | $630.8M | ||
| Q3 24 | $2.3B | $617.7M | ||
| Q2 24 | — | $626.7M |
总资产FUNMMI
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $827.2M | ||
| Q3 25 | $7.9B | $812.5M | ||
| Q2 25 | $9.5B | $792.2M | ||
| Q1 25 | $9.2B | $802.0M | ||
| Q4 24 | — | $869.8M | ||
| Q3 24 | $9.4B | $833.7M | ||
| Q2 24 | $2.3B | $825.4M |
负债/权益比FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| 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 | — | $46.3M |
| 自由现金流经营现金流 - 资本支出 | — | $43.9M |
| 自由现金流率自由现金流/营收 | — | 18.0% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | — | $58.8M |
8季度趋势，按日历期对齐
经营现金流FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $46.3M | ||
| Q3 25 | $356.2M | $52.2M | ||
| Q2 25 | $187.0M | $21.0M | ||
| Q1 25 | $-178.0M | $-52.8M | ||
| Q4 24 | — | $56.7M | ||
| Q3 24 | $337.4M | $15.2M | ||
| Q2 24 | — | $851.0K |
自由现金流FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $43.9M | ||
| Q3 25 | $256.2M | $50.0M | ||
| Q2 25 | $18.8M | $19.3M | ||
| Q1 25 | $-318.0M | $-54.3M | ||
| Q4 24 | — | $55.1M | ||
| Q3 24 | $227.7M | $13.2M | ||
| Q2 24 | — | $-806.0K |
自由现金流率FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 18.0% | ||
| Q3 25 | 19.4% | 25.8% | ||
| Q2 25 | 2.0% | 11.2% | ||
| Q1 25 | -157.4% | -37.5% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | 16.9% | 7.8% | ||
| Q2 24 | — | -0.5% |
资本支出强度FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 1.0% | ||
| Q3 25 | 7.6% | 1.2% | ||
| Q2 25 | 18.1% | 1.0% | ||
| Q1 25 | 69.3% | 1.0% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 8.1% | 1.2% | ||
| Q2 24 | — | 1.0% |
现金转化率FUNMMI
| Q1 26 | — | — | ||
| Q4 25 | — | 3.48× | ||
| Q3 25 | — | 217.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.63× | ||
| 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% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
