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六旗（FUN）与MSA Safety Inc（MSA）财务数据对比。点击上方公司名可切换其他公司
MSA Safety Inc的季度营收约是六旗的2.3倍（$510.9M vs $225.6M），MSA Safety Inc净利率更高（17.0% vs -119.0%，领先136.1%），六旗同比增速更快（11.7% vs 2.2%）
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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
FUN vs MSA — 直观对比
营收规模更大
MSA
是对方的2.3倍
$225.6M
营收增速更快
FUN
高出9.4%
2.2%
净利率更高
MSA
高出136.1%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $510.9M |
| 净利润 | $-268.6M | $86.9M |
| 毛利率 | — | 46.9% |
| 营业利润率 | — | 22.3% |
| 净利率 | -119.0% | 17.0% |
| 营收同比 | 11.7% | 2.2% |
| 净利润同比 | -22.2% | -1.2% |
| 每股收益（稀释后） | — | $2.22 |
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FUNMSA
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $510.9M | ||
| Q3 25 | $1.3B | $468.4M | ||
| Q2 25 | $930.4M | $474.1M | ||
| Q1 25 | $202.1M | $421.3M | ||
| Q4 24 | — | $499.7M | ||
| Q3 24 | $1.3B | $432.7M | ||
| Q2 24 | $571.6M | $462.5M |
净利润FUNMSA
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $86.9M | ||
| Q3 25 | $-1.2B | $69.6M | ||
| Q2 25 | $-99.6M | $62.8M | ||
| Q1 25 | $-219.7M | $59.6M | ||
| Q4 24 | — | $87.9M | ||
| Q3 24 | $111.0M | $66.6M | ||
| Q2 24 | $55.6M | $72.2M |
毛利率FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 46.9% | ||
| Q3 25 | 91.6% | 46.5% | ||
| Q2 25 | 91.3% | 46.6% | ||
| Q1 25 | 89.3% | 45.9% | ||
| Q4 24 | — | 46.9% | ||
| Q3 24 | 91.9% | 47.9% | ||
| Q2 24 | 90.7% | 48.2% |
营业利润率FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 22.3% | ||
| Q3 25 | -83.7% | 20.1% | ||
| Q2 25 | 8.0% | 18.1% | ||
| Q1 25 | -158.9% | 18.5% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | 19.5% | 21.1% | ||
| Q2 24 | 21.6% | 21.6% |
净利率FUNMSA
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 17.0% | ||
| Q3 25 | -90.1% | 14.9% | ||
| Q2 25 | -10.7% | 13.2% | ||
| Q1 25 | -108.7% | 14.1% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | 8.2% | 15.4% | ||
| Q2 24 | 9.7% | 15.6% |
每股收益（稀释后）FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $2.22 | ||
| Q3 25 | $-11.77 | $1.77 | ||
| Q2 25 | $-0.99 | $1.59 | ||
| Q1 25 | $-2.20 | $1.51 | ||
| Q4 24 | — | $2.22 | ||
| Q3 24 | $1.10 | $1.69 | ||
| Q2 24 | — | $1.83 |
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 | $165.1M |
| 总债务越低越好 | — | $580.9M |
| 股东权益账面价值 | $279.2M | $1.4B |
| 总资产 | $7.7B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资FUNMSA
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $165.1M | ||
| Q3 25 | $70.7M | $170.0M | ||
| Q2 25 | $107.4M | $147.0M | ||
| Q1 25 | $61.5M | $170.6M | ||
| Q4 24 | — | $164.6M | ||
| Q3 24 | $89.7M | $154.4M | ||
| Q2 24 | $52.9M | $146.8M |
总债务FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $580.9M | ||
| Q3 25 | $5.0B | $628.6M | ||
| Q2 25 | $5.3B | $679.3M | ||
| Q1 25 | $5.0B | $502.1M | ||
| Q4 24 | — | $508.0M | ||
| Q3 24 | $4.6B | $554.7M | ||
| Q2 24 | $2.3B | $588.2M |
股东权益FUNMSA
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $1.4B | ||
| Q3 25 | $614.3M | $1.3B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | — | $1.0B |
总资产FUNMSA
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $2.6B | ||
| Q3 25 | $7.9B | $2.6B | ||
| Q2 25 | $9.5B | $2.6B | ||
| Q1 25 | $9.2B | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $9.4B | $2.2B | ||
| Q2 24 | $2.3B | $2.2B |
负债/权益比FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 0.42× | ||
| Q3 25 | 8.16× | 0.48× | ||
| Q2 25 | 2.97× | 0.54× | ||
| Q1 25 | 2.75× | 0.42× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | 1.95× | 0.51× | ||
| Q2 24 | — | 0.57× |
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 | — | $122.4M |
| 自由现金流经营现金流 - 资本支出 | — | $106.0M |
| 自由现金流率自由现金流/营收 | — | 20.8% |
| 资本支出强度资本支出/营收 | — | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.41× |
| 过去12个月自由现金流最近4个季度 | — | $295.4M |
8季度趋势，按日历期对齐
经营现金流FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $122.4M | ||
| Q3 25 | $356.2M | $112.5M | ||
| Q2 25 | $187.0M | $67.2M | ||
| Q1 25 | $-178.0M | $61.8M | ||
| Q4 24 | — | $107.9M | ||
| Q3 24 | $337.4M | $84.3M | ||
| Q2 24 | — | $53.3M |
自由现金流FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $106.0M | ||
| Q3 25 | $256.2M | $100.5M | ||
| Q2 25 | $18.8M | $37.9M | ||
| Q1 25 | $-318.0M | $51.0M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | $227.7M | $70.1M | ||
| Q2 24 | — | $39.0M |
自由现金流率FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 20.8% | ||
| Q3 25 | 19.4% | 21.4% | ||
| Q2 25 | 2.0% | 8.0% | ||
| Q1 25 | -157.4% | 12.1% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | 16.9% | 16.2% | ||
| Q2 24 | — | 8.4% |
资本支出强度FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 3.2% | ||
| Q3 25 | 7.6% | 2.6% | ||
| Q2 25 | 18.1% | 6.2% | ||
| Q1 25 | 69.3% | 2.6% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | 8.1% | 3.3% | ||
| Q2 24 | — | 3.1% |
现金转化率FUNMSA
| Q1 26 | — | — | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.07× | ||
| Q1 25 | — | 1.04× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | 3.04× | 1.27× | ||
| Q2 24 | — | 0.74× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
