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六旗（FUN）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.1倍（$650.1M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -14.2%，领先12.2%），Cloudflare, Inc.自由现金流更多（$105.2M 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
FUN vs NET — 直观对比
营收规模更大
FUN
是对方的1.1倍
$614.5M
净利率更高
NET
高出12.2%
-14.2%
自由现金流更多
NET
多$214.5M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $614.5M |
| 净利润 | $-92.4M | $-12.1M |
| 毛利率 | 91.4% | 73.6% |
| 营业利润率 | -3.8% | -8.0% |
| 净利率 | -14.2% | -2.0% |
| 营收同比 | — | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | $-0.93 | $-0.03 |
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FUNNET
| Q4 25 | $650.1M | $614.5M | ||
| Q3 25 | $1.3B | $562.0M | ||
| Q2 25 | $930.4M | $512.3M | ||
| Q1 25 | $202.1M | $479.1M | ||
| Q4 24 | — | $459.9M | ||
| Q3 24 | $1.3B | $430.1M | ||
| Q2 24 | $571.6M | $401.0M | ||
| Q1 24 | — | $378.6M |
净利润FUNNET
| Q4 25 | $-92.4M | $-12.1M | ||
| Q3 25 | $-1.2B | $-1.3M | ||
| Q2 25 | $-99.6M | $-50.4M | ||
| Q1 25 | $-219.7M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $111.0M | $-15.3M | ||
| Q2 24 | $55.6M | $-15.1M | ||
| Q1 24 | — | $-35.5M |
毛利率FUNNET
| Q4 25 | 91.4% | 73.6% | ||
| Q3 25 | 91.6% | 74.0% | ||
| Q2 25 | 91.3% | 74.9% | ||
| Q1 25 | 89.3% | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | 91.9% | 77.7% | ||
| Q2 24 | 90.7% | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率FUNNET
| Q4 25 | -3.8% | -8.0% | ||
| Q3 25 | -83.7% | -6.7% | ||
| Q2 25 | 8.0% | -13.1% | ||
| Q1 25 | -158.9% | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | 19.5% | -7.2% | ||
| Q2 24 | 21.6% | -8.7% | ||
| Q1 24 | — | -14.4% |
净利率FUNNET
| Q4 25 | -14.2% | -2.0% | ||
| Q3 25 | -90.1% | -0.2% | ||
| Q2 25 | -10.7% | -9.8% | ||
| Q1 25 | -108.7% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 8.2% | -3.6% | ||
| Q2 24 | 9.7% | -3.8% | ||
| Q1 24 | — | -9.4% |
每股收益（稀释后）FUNNET
| Q4 25 | $-0.93 | $-0.03 | ||
| Q3 25 | $-11.77 | $0.00 | ||
| Q2 25 | $-0.99 | $-0.15 | ||
| Q1 25 | $-2.20 | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $1.10 | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $1.5B |
| 总资产 | $7.8B | $6.0B |
| 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FUNNET
| Q4 25 | $91.1M | $943.5M | ||
| Q3 25 | $70.7M | $1.1B | ||
| Q2 25 | $107.4M | $1.5B | ||
| Q1 25 | $61.5M | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | $89.7M | $182.9M | ||
| Q2 24 | $52.9M | $157.0M | ||
| Q1 24 | — | $254.4M |
总债务FUNNET
| 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 | — | ||
| Q1 24 | — | — |
股东权益FUNNET
| Q4 25 | $549.8M | $1.5B | ||
| Q3 25 | $614.3M | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $2.3B | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | — | $797.2M |
总资产FUNNET
| Q4 25 | $7.8B | $6.0B | ||
| Q3 25 | $7.9B | $5.8B | ||
| Q2 25 | $9.5B | $5.6B | ||
| Q1 25 | $9.2B | $3.7B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $9.4B | $3.1B | ||
| Q2 24 | $2.3B | $2.9B | ||
| Q1 24 | — | $2.8B |
负债/权益比FUNNET
| 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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $105.2M |
| 自由现金流率自由现金流/营收 | -16.8% | 17.1% |
| 资本支出强度资本支出/营收 | 11.0% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FUNNET
| Q4 25 | $-37.7M | $190.4M | ||
| Q3 25 | $356.2M | $167.1M | ||
| Q2 25 | $187.0M | $99.8M | ||
| Q1 25 | $-178.0M | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | $337.4M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | — | $73.6M |
自由现金流FUNNET
| Q4 25 | $-109.3M | $105.2M | ||
| Q3 25 | $256.2M | $82.5M | ||
| Q2 25 | $18.8M | $39.9M | ||
| Q1 25 | $-318.0M | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | $227.7M | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率FUNNET
| Q4 25 | -16.8% | 17.1% | ||
| Q3 25 | 19.4% | 14.7% | ||
| Q2 25 | 2.0% | 7.8% | ||
| Q1 25 | -157.4% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 16.9% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度FUNNET
| Q4 25 | 11.0% | 13.9% | ||
| Q3 25 | 7.6% | 15.1% | ||
| Q2 25 | 18.1% | 11.7% | ||
| Q1 25 | 69.3% | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | 8.1% | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率FUNNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | — | ||
| Q1 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
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
