vs
六旗（FUN）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是六旗的1.3倍（$822.5M vs $650.1M），明晟净利率更高（34.6% vs -14.2%，领先48.8%），明晟自由现金流更多（$488.7M 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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
FUN vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.3倍
$650.1M
净利率更高
MSCI
高出48.8%
-14.2%
自由现金流更多
MSCI
多$598.0M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $822.5M |
| 净利润 | $-92.4M | $284.7M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | 56.4% |
| 净利率 | -14.2% | 34.6% |
| 营收同比 | — | 10.6% |
| 净利润同比 | — | -6.8% |
| 每股收益（稀释后） | $-0.93 | $3.81 |
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FUNMSCI
| Q4 25 | $650.1M | $822.5M | ||
| Q3 25 | $1.3B | $793.4M | ||
| Q2 25 | $930.4M | $772.7M | ||
| Q1 25 | $202.1M | $745.8M | ||
| Q4 24 | — | $743.5M | ||
| Q3 24 | $1.3B | $724.7M | ||
| Q2 24 | $571.6M | $707.9M | ||
| Q1 24 | — | $680.0M |
净利润FUNMSCI
| Q4 25 | $-92.4M | $284.7M | ||
| Q3 25 | $-1.2B | $325.4M | ||
| Q2 25 | $-99.6M | $303.6M | ||
| Q1 25 | $-219.7M | $288.6M | ||
| Q4 24 | — | $305.5M | ||
| Q3 24 | $111.0M | $280.9M | ||
| Q2 24 | $55.6M | $266.8M | ||
| Q1 24 | — | $256.0M |
毛利率FUNMSCI
| 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% | — | ||
| Q1 24 | — | — |
营业利润率FUNMSCI
| Q4 25 | -3.8% | 56.4% | ||
| Q3 25 | -83.7% | 56.4% | ||
| Q2 25 | 8.0% | 55.0% | ||
| Q1 25 | -158.9% | 50.6% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | 19.5% | 55.4% | ||
| Q2 24 | 21.6% | 54.0% | ||
| Q1 24 | — | 49.9% |
净利率FUNMSCI
| Q4 25 | -14.2% | 34.6% | ||
| Q3 25 | -90.1% | 41.0% | ||
| Q2 25 | -10.7% | 39.3% | ||
| Q1 25 | -108.7% | 38.7% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | 8.2% | 38.8% | ||
| Q2 24 | 9.7% | 37.7% | ||
| Q1 24 | — | 37.6% |
每股收益（稀释后）FUNMSCI
| Q4 25 | $-0.93 | $3.81 | ||
| Q3 25 | $-11.77 | $4.25 | ||
| Q2 25 | $-0.99 | $3.92 | ||
| Q1 25 | $-2.20 | $3.71 | ||
| Q4 24 | — | $3.89 | ||
| Q3 24 | $1.10 | $3.57 | ||
| Q2 24 | — | $3.37 | ||
| Q1 24 | — | $3.22 |
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 | $515.3M |
| 总债务越低越好 | $5.2B | $6.2B |
| 股东权益账面价值 | $549.8M | $-2.7B |
| 总资产 | $7.8B | $5.7B |
| 负债/权益比越低杠杆越低 | 9.40× | — |
8季度趋势，按日历期对齐
现金及短期投资FUNMSCI
| Q4 25 | $91.1M | $515.3M | ||
| Q3 25 | $70.7M | $400.1M | ||
| Q2 25 | $107.4M | $347.3M | ||
| Q1 25 | $61.5M | $360.7M | ||
| Q4 24 | — | $409.4M | ||
| Q3 24 | $89.7M | $501.0M | ||
| Q2 24 | $52.9M | $451.4M | ||
| Q1 24 | — | $519.3M |
总债务FUNMSCI
| Q4 25 | $5.2B | $6.2B | ||
| Q3 25 | $5.0B | $5.5B | ||
| Q2 25 | $5.3B | $4.5B | ||
| Q1 25 | $5.0B | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $4.6B | $4.5B | ||
| Q2 24 | $2.3B | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益FUNMSCI
| Q4 25 | $549.8M | $-2.7B | ||
| Q3 25 | $614.3M | $-1.9B | ||
| Q2 25 | $1.8B | $-886.2M | ||
| Q1 25 | $1.8B | $-958.6M | ||
| Q4 24 | — | $-940.0M | ||
| Q3 24 | $2.3B | $-751.0M | ||
| Q2 24 | — | $-734.5M | ||
| Q1 24 | — | $-650.5M |
总资产FUNMSCI
| Q4 25 | $7.8B | $5.7B | ||
| Q3 25 | $7.9B | $5.4B | ||
| Q2 25 | $9.5B | $5.4B | ||
| Q1 25 | $9.2B | $5.3B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | $9.4B | $5.4B | ||
| Q2 24 | $2.3B | $5.5B | ||
| Q1 24 | — | $5.5B |
负债/权益比FUNMSCI
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.95× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-37.7M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $488.7M |
| 自由现金流率自由现金流/营收 | -16.8% | 59.4% |
| 资本支出强度资本支出/营收 | 11.0% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $1.5B |
8季度趋势，按日历期对齐
经营现金流FUNMSCI
| Q4 25 | $-37.7M | $501.1M | ||
| Q3 25 | $356.2M | $449.4M | ||
| Q2 25 | $187.0M | $336.1M | ||
| Q1 25 | $-178.0M | $301.7M | ||
| Q4 24 | — | $430.6M | ||
| Q3 24 | $337.4M | $421.6M | ||
| Q2 24 | — | $349.2M | ||
| Q1 24 | — | $300.1M |
自由现金流FUNMSCI
| Q4 25 | $-109.3M | $488.7M | ||
| Q3 25 | $256.2M | $445.5M | ||
| Q2 25 | $18.8M | $324.7M | ||
| Q1 25 | $-318.0M | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | $227.7M | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
自由现金流率FUNMSCI
| Q4 25 | -16.8% | 59.4% | ||
| Q3 25 | 19.4% | 56.2% | ||
| Q2 25 | 2.0% | 42.0% | ||
| Q1 25 | -157.4% | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | 16.9% | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
资本支出强度FUNMSCI
| Q4 25 | 11.0% | 1.5% | ||
| Q3 25 | 7.6% | 0.5% | ||
| Q2 25 | 18.1% | 1.5% | ||
| Q1 25 | 69.3% | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 8.1% | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率FUNMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.04× | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
