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六旗（FUN）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是六旗的1.1倍（$737.8M vs $650.1M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs -14.2%，领先24.3%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
FUN vs RHP — 直观对比
营收规模更大
RHP
是对方的1.1倍
$650.1M
净利率更高
RHP
高出24.3%
-14.2%
自由现金流更多
RHP
多$167.8M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $737.8M |
| 净利润 | $-92.4M | $74.5M |
| 毛利率 | 91.4% | 41.4% |
| 营业利润率 | -3.8% | 19.4% |
| 净利率 | -14.2% | 10.1% |
| 营收同比 | — | 13.9% |
| 净利润同比 | — | 3.0% |
| 每股收益（稀释后） | $-0.93 | $1.12 |
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FUNRHP
| Q4 25 | $650.1M | $737.8M | ||
| Q3 25 | $1.3B | $592.5M | ||
| Q2 25 | $930.4M | $659.5M | ||
| Q1 25 | $202.1M | $587.3M | ||
| Q4 24 | — | $647.6M | ||
| Q3 24 | $1.3B | $550.0M | ||
| Q2 24 | $571.6M | $613.3M | ||
| Q1 24 | — | $528.3M |
净利润FUNRHP
| Q4 25 | $-92.4M | $74.5M | ||
| Q3 25 | $-1.2B | $34.9M | ||
| Q2 25 | $-99.6M | $71.8M | ||
| Q1 25 | $-219.7M | $63.0M | ||
| Q4 24 | — | $72.3M | ||
| Q3 24 | $111.0M | $59.0M | ||
| Q2 24 | $55.6M | $100.8M | ||
| Q1 24 | — | $42.8M |
毛利率FUNRHP
| Q4 25 | 91.4% | 41.4% | ||
| Q3 25 | 91.6% | 40.9% | ||
| Q2 25 | 91.3% | 49.7% | ||
| Q1 25 | 89.3% | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | 91.9% | 43.1% | ||
| Q2 24 | 90.7% | 48.4% | ||
| Q1 24 | — | 41.5% |
营业利润率FUNRHP
| Q4 25 | -3.8% | 19.4% | ||
| Q3 25 | -83.7% | 15.0% | ||
| Q2 25 | 8.0% | 21.1% | ||
| Q1 25 | -158.9% | 19.8% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | 19.5% | 19.3% | ||
| Q2 24 | 21.6% | 27.4% | ||
| Q1 24 | — | 18.2% |
净利率FUNRHP
| Q4 25 | -14.2% | 10.1% | ||
| Q3 25 | -90.1% | 5.9% | ||
| Q2 25 | -10.7% | 10.9% | ||
| Q1 25 | -108.7% | 10.7% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | 8.2% | 10.7% | ||
| Q2 24 | 9.7% | 16.4% | ||
| Q1 24 | — | 8.1% |
每股收益（稀释后）FUNRHP
| Q4 25 | $-0.93 | $1.12 | ||
| Q3 25 | $-11.77 | $0.53 | ||
| Q2 25 | $-0.99 | $1.12 | ||
| Q1 25 | $-2.20 | $1.00 | ||
| Q4 24 | — | $1.12 | ||
| Q3 24 | $1.10 | $0.94 | ||
| Q2 24 | — | $1.65 | ||
| Q1 24 | — | $0.67 |
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 | $471.4M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $750.2M |
| 总资产 | $7.8B | $6.2B |
| 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FUNRHP
| Q4 25 | $91.1M | $471.4M | ||
| Q3 25 | $70.7M | $483.3M | ||
| Q2 25 | $107.4M | $420.6M | ||
| Q1 25 | $61.5M | $413.9M | ||
| Q4 24 | — | $477.7M | ||
| Q3 24 | $89.7M | $534.9M | ||
| Q2 24 | $52.9M | $498.4M | ||
| Q1 24 | — | $465.3M |
总债务FUNRHP
| 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FUNRHP
| Q4 25 | $549.8M | $750.2M | ||
| Q3 25 | $614.3M | $758.5M | ||
| Q2 25 | $1.8B | $800.4M | ||
| Q1 25 | $1.8B | $531.5M | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | $2.3B | $551.9M | ||
| Q2 24 | — | $562.6M | ||
| Q1 24 | — | $529.9M |
总资产FUNRHP
| Q4 25 | $7.8B | $6.2B | ||
| Q3 25 | $7.9B | $6.2B | ||
| Q2 25 | $9.5B | $6.1B | ||
| Q1 25 | $9.2B | $5.2B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | $9.4B | $5.2B | ||
| Q2 24 | $2.3B | $5.1B | ||
| Q1 24 | — | $5.1B |
负债/权益比FUNRHP
| 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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $58.5M |
| 自由现金流率自由现金流/营收 | -16.8% | 7.9% |
| 资本支出强度资本支出/营收 | 11.0% | 14.4% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $232.4M |
8季度趋势，按日历期对齐
经营现金流FUNRHP
| Q4 25 | $-37.7M | $164.7M | ||
| Q3 25 | $356.2M | $205.2M | ||
| Q2 25 | $187.0M | $122.5M | ||
| Q1 25 | $-178.0M | $98.2M | ||
| Q4 24 | — | $166.6M | ||
| Q3 24 | $337.4M | $218.1M | ||
| Q2 24 | — | $184.3M | ||
| Q1 24 | — | $7.5M |
自由现金流FUNRHP
| Q4 25 | $-109.3M | $58.5M | ||
| Q3 25 | $256.2M | $135.4M | ||
| Q2 25 | $18.8M | $53.0M | ||
| Q1 25 | $-318.0M | $-14.5M | ||
| Q4 24 | — | $76.0M | ||
| Q3 24 | $227.7M | $85.7M | ||
| Q2 24 | — | $78.8M | ||
| Q1 24 | — | $-72.0M |
自由现金流率FUNRHP
| Q4 25 | -16.8% | 7.9% | ||
| Q3 25 | 19.4% | 22.9% | ||
| Q2 25 | 2.0% | 8.0% | ||
| Q1 25 | -157.4% | -2.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 16.9% | 15.6% | ||
| Q2 24 | — | 12.9% | ||
| Q1 24 | — | -13.6% |
资本支出强度FUNRHP
| Q4 25 | 11.0% | 14.4% | ||
| Q3 25 | 7.6% | 11.8% | ||
| Q2 25 | 18.1% | 10.5% | ||
| Q1 25 | 69.3% | 19.2% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | 8.1% | 24.1% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 15.0% |
现金转化率FUNRHP
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 3.04× | 3.70× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
