vs
六旗（FUN）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.7倍（$650.1M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -14.2%，领先39.2%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
FUN vs RGLD — 直观对比
营收规模更大
FUN
是对方的1.7倍
$375.3M
净利率更高
RGLD
高出39.2%
-14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $375.3M |
| 净利润 | $-92.4M | $93.6M |
| 毛利率 | 91.4% | 64.6% |
| 营业利润率 | -3.8% | 56.2% |
| 净利率 | -14.2% | 24.9% |
| 营收同比 | — | 85.3% |
| 净利润同比 | — | -12.8% |
| 每股收益（稀释后） | $-0.93 | $1.04 |
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FUNRGLD
| Q4 25 | $650.1M | $375.3M | ||
| Q3 25 | $1.3B | $252.1M | ||
| Q2 25 | $930.4M | $209.6M | ||
| Q1 25 | $202.1M | $193.4M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | $1.3B | $193.8M | ||
| Q2 24 | $571.6M | $174.1M | ||
| Q1 24 | — | $148.9M |
净利润FUNRGLD
| Q4 25 | $-92.4M | $93.6M | ||
| Q3 25 | $-1.2B | $126.8M | ||
| Q2 25 | $-99.6M | $132.3M | ||
| Q1 25 | $-219.7M | $113.5M | ||
| Q4 24 | — | $107.4M | ||
| Q3 24 | $111.0M | $96.2M | ||
| Q2 24 | $55.6M | $81.2M | ||
| Q1 24 | — | $47.2M |
毛利率FUNRGLD
| Q4 25 | 91.4% | 64.6% | ||
| Q3 25 | 91.6% | 73.6% | ||
| Q2 25 | 91.3% | 72.6% | ||
| Q1 25 | 89.3% | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | 91.9% | 66.6% | ||
| Q2 24 | 90.7% | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率FUNRGLD
| Q4 25 | -3.8% | 56.2% | ||
| Q3 25 | -83.7% | 64.4% | ||
| Q2 25 | 8.0% | 67.7% | ||
| Q1 25 | -158.9% | 63.6% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | 19.5% | 61.3% | ||
| Q2 24 | 21.6% | 58.6% | ||
| Q1 24 | — | 50.7% |
净利率FUNRGLD
| Q4 25 | -14.2% | 24.9% | ||
| Q3 25 | -90.1% | 50.3% | ||
| Q2 25 | -10.7% | 63.1% | ||
| Q1 25 | -108.7% | 58.7% | ||
| Q4 24 | — | 53.0% | ||
| Q3 24 | 8.2% | 49.7% | ||
| Q2 24 | 9.7% | 46.6% | ||
| Q1 24 | — | 31.7% |
每股收益（稀释后）FUNRGLD
| Q4 25 | $-0.93 | $1.04 | ||
| Q3 25 | $-11.77 | $1.92 | ||
| Q2 25 | $-0.99 | $2.01 | ||
| Q1 25 | $-2.20 | $1.72 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | $1.10 | $1.46 | ||
| Q2 24 | — | $1.23 | ||
| Q1 24 | — | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $7.2B |
| 总资产 | $7.8B | $9.5B |
| 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FUNRGLD
| Q4 25 | $91.1M | $233.7M | ||
| Q3 25 | $70.7M | $172.8M | ||
| Q2 25 | $107.4M | $248.2M | ||
| Q1 25 | $61.5M | $240.8M | ||
| Q4 24 | — | $195.5M | ||
| Q3 24 | $89.7M | $127.9M | ||
| Q2 24 | $52.9M | $74.2M | ||
| Q1 24 | — | $137.9M |
总债务FUNRGLD
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $4.6B | $0 | ||
| Q2 24 | $2.3B | $50.0M | ||
| Q1 24 | — | — |
股东权益FUNRGLD
| Q4 25 | $549.8M | $7.2B | ||
| Q3 25 | $614.3M | $3.4B | ||
| Q2 25 | $1.8B | $3.3B | ||
| Q1 25 | $1.8B | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $2.3B | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
总资产FUNRGLD
| Q4 25 | $7.8B | $9.5B | ||
| Q3 25 | $7.9B | $4.5B | ||
| Q2 25 | $9.5B | $3.6B | ||
| Q1 25 | $9.2B | $3.5B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $9.4B | $3.3B | ||
| Q2 24 | $2.3B | $3.3B | ||
| Q1 24 | — | $3.3B |
负债/权益比FUNRGLD
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.95× | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | — |
| 自由现金流率自由现金流/营收 | -16.8% | — |
| 资本支出强度资本支出/营收 | 11.0% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | — |
8季度趋势，按日历期对齐
经营现金流FUNRGLD
| Q4 25 | $-37.7M | $241.7M | ||
| Q3 25 | $356.2M | $174.0M | ||
| Q2 25 | $187.0M | $152.8M | ||
| Q1 25 | $-178.0M | $136.4M | ||
| Q4 24 | — | $141.1M | ||
| Q3 24 | $337.4M | $136.7M | ||
| Q2 24 | — | $113.5M | ||
| Q1 24 | — | $138.3M |
自由现金流FUNRGLD
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $227.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率FUNRGLD
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度FUNRGLD
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率FUNRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | 3.04× | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
