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六旗（FUN）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
PTC Inc.的季度营收约是六旗的1.1倍（$685.8M vs $650.1M），PTC Inc.净利率更高（24.3% vs -14.2%，领先38.5%），PTC Inc.自由现金流更多（$267.4M 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。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
FUN vs PTC — 直观对比
营收规模更大
PTC
是对方的1.1倍
$650.1M
净利率更高
PTC
高出38.5%
-14.2%
自由现金流更多
PTC
多$376.7M
$-109.3M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $685.8M |
| 净利润 | $-92.4M | $166.5M |
| 毛利率 | 91.4% | 82.8% |
| 营业利润率 | -3.8% | 32.2% |
| 净利率 | -14.2% | 24.3% |
| 营收同比 | — | 21.4% |
| 净利润同比 | — | 102.5% |
| 每股收益（稀释后） | $-0.93 | $1.39 |
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FUNPTC
| Q4 25 | $650.1M | $685.8M | ||
| Q3 25 | $1.3B | $893.8M | ||
| Q2 25 | $930.4M | $643.9M | ||
| Q1 25 | $202.1M | $636.4M | ||
| Q4 24 | — | $565.1M | ||
| Q3 24 | $1.3B | $626.5M | ||
| Q2 24 | $571.6M | $518.6M | ||
| Q1 24 | — | $603.1M |
净利润FUNPTC
| Q4 25 | $-92.4M | $166.5M | ||
| Q3 25 | $-1.2B | $347.8M | ||
| Q2 25 | $-99.6M | $141.3M | ||
| Q1 25 | $-219.7M | $162.6M | ||
| Q4 24 | — | $82.2M | ||
| Q3 24 | $111.0M | $126.5M | ||
| Q2 24 | $55.6M | $69.0M | ||
| Q1 24 | — | $114.4M |
毛利率FUNPTC
| Q4 25 | 91.4% | 82.8% | ||
| Q3 25 | 91.6% | 86.9% | ||
| Q2 25 | 91.3% | 82.9% | ||
| Q1 25 | 89.3% | 83.3% | ||
| Q4 24 | — | 80.2% | ||
| Q3 24 | 91.9% | 82.0% | ||
| Q2 24 | 90.7% | 78.4% | ||
| Q1 24 | — | 81.8% |
营业利润率FUNPTC
| Q4 25 | -3.8% | 32.2% | ||
| Q3 25 | -83.7% | 48.5% | ||
| Q2 25 | 8.0% | 32.6% | ||
| Q1 25 | -158.9% | 35.1% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | 19.5% | 31.0% | ||
| Q2 24 | 21.6% | 18.5% | ||
| Q1 24 | — | 29.8% |
净利率FUNPTC
| Q4 25 | -14.2% | 24.3% | ||
| Q3 25 | -90.1% | 38.9% | ||
| Q2 25 | -10.7% | 21.9% | ||
| Q1 25 | -108.7% | 25.6% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | 8.2% | 20.2% | ||
| Q2 24 | 9.7% | 13.3% | ||
| Q1 24 | — | 19.0% |
每股收益（稀释后）FUNPTC
| Q4 25 | $-0.93 | $1.39 | ||
| Q3 25 | $-11.77 | $2.88 | ||
| Q2 25 | $-0.99 | $1.17 | ||
| Q1 25 | $-2.20 | $1.35 | ||
| Q4 24 | — | $0.68 | ||
| Q3 24 | $1.10 | $1.05 | ||
| Q2 24 | — | $0.57 | ||
| Q1 24 | — | $0.95 |
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 | $209.7M |
| 总债务越低越好 | $5.2B | $1.2B |
| 股东权益账面价值 | $549.8M | $3.8B |
| 总资产 | $7.8B | $6.4B |
| 负债/权益比越低杠杆越低 | 9.40× | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资FUNPTC
| Q4 25 | $91.1M | $209.7M | ||
| Q3 25 | $70.7M | $184.4M | ||
| Q2 25 | $107.4M | $199.3M | ||
| Q1 25 | $61.5M | $235.2M | ||
| Q4 24 | — | $196.3M | ||
| Q3 24 | $89.7M | $265.8M | ||
| Q2 24 | $52.9M | $247.7M | ||
| Q1 24 | — | $249.0M |
总债务FUNPTC
| Q4 25 | $5.2B | $1.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.0B | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $4.6B | $1.2B | ||
| Q2 24 | $2.3B | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益FUNPTC
| Q4 25 | $549.8M | $3.8B | ||
| Q3 25 | $614.3M | $3.8B | ||
| Q2 25 | $1.8B | $3.5B | ||
| Q1 25 | $1.8B | $3.4B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
总资产FUNPTC
| Q4 25 | $7.8B | $6.4B | ||
| Q3 25 | $7.9B | $6.6B | ||
| Q2 25 | $9.5B | $6.2B | ||
| Q1 25 | $9.2B | $6.2B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | $9.4B | $6.4B | ||
| Q2 24 | $2.3B | $6.1B | ||
| Q1 24 | — | $6.2B |
负债/权益比FUNPTC
| Q4 25 | 9.40× | 0.31× | ||
| Q3 25 | 8.16× | 0.31× | ||
| Q2 25 | 2.97× | 0.34× | ||
| Q1 25 | 2.75× | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | 1.95× | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.51× |
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 | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $267.4M |
| 自由现金流率自由现金流/营收 | -16.8% | 39.0% |
| 资本支出强度资本支出/营收 | 11.0% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $888.4M |
8季度趋势，按日历期对齐
经营现金流FUNPTC
| Q4 25 | $-37.7M | $269.7M | ||
| Q3 25 | $356.2M | $104.0M | ||
| Q2 25 | $187.0M | $243.9M | ||
| Q1 25 | $-178.0M | $281.3M | ||
| Q4 24 | — | $238.4M | ||
| Q3 24 | $337.4M | $98.1M | ||
| Q2 24 | — | $213.8M | ||
| Q1 24 | — | $250.7M |
自由现金流FUNPTC
| Q4 25 | $-109.3M | $267.4M | ||
| Q3 25 | $256.2M | $100.5M | ||
| Q2 25 | $18.8M | $242.0M | ||
| Q1 25 | $-318.0M | $278.5M | ||
| Q4 24 | — | $235.7M | ||
| Q3 24 | $227.7M | $93.6M | ||
| Q2 24 | — | $212.2M | ||
| Q1 24 | — | $247.1M |
自由现金流率FUNPTC
| Q4 25 | -16.8% | 39.0% | ||
| Q3 25 | 19.4% | 11.2% | ||
| Q2 25 | 2.0% | 37.6% | ||
| Q1 25 | -157.4% | 43.8% | ||
| Q4 24 | — | 41.7% | ||
| Q3 24 | 16.9% | 14.9% | ||
| Q2 24 | — | 40.9% | ||
| Q1 24 | — | 41.0% |
资本支出强度FUNPTC
| Q4 25 | 11.0% | 0.3% | ||
| Q3 25 | 7.6% | 0.4% | ||
| Q2 25 | 18.1% | 0.3% | ||
| Q1 25 | 69.3% | 0.4% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 8.1% | 0.7% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.6% |
现金转化率FUNPTC
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 2.90× | ||
| Q3 24 | 3.04× | 0.78× | ||
| Q2 24 | — | 3.10× | ||
| Q1 24 | — | 2.19× |
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% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
