vs
六旗（FUN）与丰田北美（MPAA）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丰田北美的1.3倍（$225.6M vs $167.7M），丰田北美净利率更高（1.1% vs -119.0%，领先120.1%），六旗同比增速更快（11.7% vs -9.9%）
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。
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
FUN vs MPAA — 直观对比
营收规模更大
FUN
是对方的1.3倍
$167.7M
营收增速更快
FUN
高出21.6%
-9.9%
净利率更高
MPAA
高出120.1%
-119.0%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $167.7M |
| 净利润 | $-268.6M | $1.8M |
| 毛利率 | — | 19.6% |
| 营业利润率 | — | 5.0% |
| 净利率 | -119.0% | 1.1% |
| 营收同比 | 11.7% | -9.9% |
| 净利润同比 | -22.2% | -22.4% |
| 每股收益（稀释后） | — | $0.09 |
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FUNMPAA
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $167.7M | ||
| Q3 25 | $1.3B | $221.5M | ||
| Q2 25 | $930.4M | $188.4M | ||
| Q1 25 | $202.1M | $193.1M | ||
| Q4 24 | — | $186.2M | ||
| Q3 24 | $1.3B | $208.2M | ||
| Q2 24 | $571.6M | $169.9M |
净利润FUNMPAA
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $1.8M | ||
| Q3 25 | $-1.2B | $-2.1M | ||
| Q2 25 | $-99.6M | $3.0M | ||
| Q1 25 | $-219.7M | $-722.0K | ||
| Q4 24 | — | $2.3M | ||
| Q3 24 | $111.0M | $-3.0M | ||
| Q2 24 | $55.6M | $-18.1M |
毛利率FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 19.6% | ||
| Q3 25 | 91.6% | 19.3% | ||
| Q2 25 | 91.3% | 18.0% | ||
| Q1 25 | 89.3% | 19.9% | ||
| Q4 24 | — | 24.1% | ||
| Q3 24 | 91.9% | 19.8% | ||
| Q2 24 | 90.7% | 17.2% |
营业利润率FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 5.0% | ||
| Q3 25 | -83.7% | 7.4% | ||
| Q2 25 | 8.0% | 10.7% | ||
| Q1 25 | -158.9% | 8.4% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | 19.5% | 6.0% | ||
| Q2 24 | 21.6% | -3.8% |
净利率FUNMPAA
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 1.1% | ||
| Q3 25 | -90.1% | -1.0% | ||
| Q2 25 | -10.7% | 1.6% | ||
| Q1 25 | -108.7% | -0.4% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | 8.2% | -1.4% | ||
| Q2 24 | 9.7% | -10.6% |
每股收益（稀释后）FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.09 | ||
| Q3 25 | $-11.77 | $-0.11 | ||
| Q2 25 | $-0.99 | $0.15 | ||
| Q1 25 | $-2.20 | $-0.03 | ||
| Q4 24 | — | $0.11 | ||
| Q3 24 | $1.10 | $-0.15 | ||
| Q2 24 | — | $-0.92 |
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 | $19.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $279.2M | $258.5M |
| 总资产 | $7.7B | $991.3M |
| 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FUNMPAA
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $19.6M | ||
| Q3 25 | $70.7M | $17.7M | ||
| Q2 25 | $107.4M | $14.5M | ||
| Q1 25 | $61.5M | $11.3M | ||
| Q4 24 | — | $12.7M | ||
| Q3 24 | $89.7M | $12.3M | ||
| Q2 24 | $52.9M | $9.4M |
总债务FUNMPAA
| 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FUNMPAA
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $258.5M | ||
| Q3 25 | $614.3M | $258.5M | ||
| Q2 25 | $1.8B | $260.1M | ||
| Q1 25 | $1.8B | $257.7M | ||
| Q4 24 | — | $262.7M | ||
| Q3 24 | $2.3B | $264.0M | ||
| Q2 24 | — | $267.2M |
总资产FUNMPAA
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $991.3M | ||
| Q3 25 | $7.9B | $990.0M | ||
| Q2 25 | $9.5B | $973.4M | ||
| Q1 25 | $9.2B | $957.6M | ||
| Q4 24 | — | $949.5M | ||
| Q3 24 | $9.4B | $986.2M | ||
| Q2 24 | $2.3B | $978.0M |
负债/权益比FUNMPAA
| 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 | — | $-8.2M |
| 自由现金流经营现金流 - 资本支出 | — | $-8.6M |
| 自由现金流率自由现金流/营收 | — | -5.2% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 现金转化率经营现金流/净利润 | — | -4.63× |
| 过去12个月自由现金流最近4个季度 | — | $27.7M |
8季度趋势，按日历期对齐
经营现金流FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $-8.2M | ||
| Q3 25 | $356.2M | $21.9M | ||
| Q2 25 | $187.0M | $10.0M | ||
| Q1 25 | $-178.0M | $9.1M | ||
| Q4 24 | — | $34.4M | ||
| Q3 24 | $337.4M | $22.9M | ||
| Q2 24 | — | $-20.8M |
自由现金流FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $-8.6M | ||
| Q3 25 | $256.2M | $20.8M | ||
| Q2 25 | $18.8M | $9.2M | ||
| Q1 25 | $-318.0M | $6.2M | ||
| Q4 24 | — | $33.7M | ||
| Q3 24 | $227.7M | $22.3M | ||
| Q2 24 | — | $-21.3M |
自由现金流率FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | -5.2% | ||
| Q3 25 | 19.4% | 9.4% | ||
| Q2 25 | 2.0% | 4.9% | ||
| Q1 25 | -157.4% | 3.2% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | 16.9% | 10.7% | ||
| Q2 24 | — | -12.6% |
资本支出强度FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 0.2% | ||
| Q3 25 | 7.6% | 0.5% | ||
| Q2 25 | 18.1% | 0.4% | ||
| Q1 25 | 69.3% | 1.5% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 8.1% | 0.3% | ||
| Q2 24 | — | 0.3% |
现金转化率FUNMPAA
| Q1 26 | — | — | ||
| Q4 25 | — | -4.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 15.00× | ||
| 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% |
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
