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六旗（FUN）与Reservoir Media, Inc.（RSVR）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Reservoir Media, Inc.的14.3倍（$650.1M vs $45.6M）。Reservoir Media, Inc.净利率更高（4.8% vs -14.2%，领先19.0%）。Reservoir Media, Inc.自由现金流更多（$12.8M 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。
Reservoir Media是全球领先的独立音乐版权管理企业，拥有并管理海量录音、音乐出版及邻接权版权库，合作各流派知名词曲作者、歌手与制作人，为流媒体平台、影视制作、广告、现场演出等场景提供版权授权服务，业务覆盖北美、欧洲、亚太等主要市场。
FUN vs RSVR — 直观对比
营收规模更大
FUN
是对方的14.3倍
$45.6M
净利率更高
RSVR
高出19.0%
-14.2%
自由现金流更多
RSVR
多$122.1M
$-109.3M
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $45.6M |
| 净利润 | $-92.4M | $2.2M |
| 毛利率 | 91.4% | 64.5% |
| 营业利润率 | -3.8% | 22.7% |
| 净利率 | -14.2% | 4.8% |
| 营收同比 | — | 7.7% |
| 净利润同比 | — | -58.1% |
| 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FUNRSVR
| Q4 25 | $650.1M | $45.6M | ||
| Q3 25 | $1.3B | $45.4M | ||
| Q2 25 | $930.4M | $37.2M | ||
| Q1 25 | $202.1M | $41.4M | ||
| Q4 24 | — | $42.3M | ||
| Q3 24 | $1.3B | $40.7M | ||
| Q2 24 | $571.6M | $34.3M | ||
| Q1 24 | — | $39.1M |
净利润FUNRSVR
| Q4 25 | $-92.4M | $2.2M | ||
| Q3 25 | $-1.2B | $2.3M | ||
| Q2 25 | $-99.6M | $-555.7K | ||
| Q1 25 | $-219.7M | $2.7M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | $111.0M | $185.0K | ||
| Q2 24 | $55.6M | $-346.7K | ||
| Q1 24 | — | $2.8M |
毛利率FUNRSVR
| Q4 25 | 91.4% | 64.5% | ||
| Q3 25 | 91.6% | 63.6% | ||
| Q2 25 | 91.3% | 64.5% | ||
| Q1 25 | 89.3% | 65.6% | ||
| Q4 24 | — | 64.4% | ||
| Q3 24 | 91.9% | 63.5% | ||
| Q2 24 | 90.7% | 61.3% | ||
| Q1 24 | — | 63.4% |
营业利润率FUNRSVR
| Q4 25 | -3.8% | 22.7% | ||
| Q3 25 | -83.7% | 23.5% | ||
| Q2 25 | 8.0% | 14.7% | ||
| Q1 25 | -158.9% | 25.2% | ||
| Q4 24 | — | 22.6% | ||
| Q3 24 | 19.5% | 24.9% | ||
| Q2 24 | 21.6% | 14.5% | ||
| Q1 24 | — | 22.4% |
净利率FUNRSVR
| Q4 25 | -14.2% | 4.8% | ||
| Q3 25 | -90.1% | 5.0% | ||
| Q2 25 | -10.7% | -1.5% | ||
| Q1 25 | -108.7% | 6.4% | ||
| Q4 24 | — | 12.4% | ||
| Q3 24 | 8.2% | 0.5% | ||
| Q2 24 | 9.7% | -1.0% | ||
| Q1 24 | — | 7.1% |
每股收益（稀释后）FUNRSVR
| Q4 25 | $-0.93 | $0.03 | ||
| Q3 25 | $-11.77 | $0.03 | ||
| Q2 25 | $-0.99 | $-0.01 | ||
| Q1 25 | $-2.20 | — | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | $1.10 | — | ||
| Q2 24 | — | $-0.01 | ||
| Q1 24 | — | — |
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 | $20.6M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $373.6M |
| 总资产 | $7.8B | $941.9M |
| 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FUNRSVR
| Q4 25 | $91.1M | $20.6M | ||
| Q3 25 | $70.7M | $27.9M | ||
| Q2 25 | $107.4M | $14.9M | ||
| Q1 25 | $61.5M | $21.4M | ||
| Q4 24 | — | $17.8M | ||
| Q3 24 | $89.7M | $21.1M | ||
| Q2 24 | $52.9M | $16.4M | ||
| Q1 24 | — | $18.1M |
总债务FUNRSVR
| 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FUNRSVR
| Q4 25 | $549.8M | $373.6M | ||
| Q3 25 | $614.3M | $370.9M | ||
| Q2 25 | $1.8B | $368.9M | ||
| Q1 25 | $1.8B | $364.9M | ||
| Q4 24 | — | $359.5M | ||
| Q3 24 | $2.3B | $357.9M | ||
| Q2 24 | — | $353.0M | ||
| Q1 24 | — | $353.0M |
总资产FUNRSVR
| Q4 25 | $7.8B | $941.9M | ||
| Q3 25 | $7.9B | $903.5M | ||
| Q2 25 | $9.5B | $857.0M | ||
| Q1 25 | $9.2B | $865.1M | ||
| Q4 24 | — | $832.4M | ||
| Q3 24 | $9.4B | $778.2M | ||
| Q2 24 | $2.3B | $768.2M | ||
| Q1 24 | — | $783.5M |
负债/权益比FUNRSVR
| 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 | $12.9M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $12.8M |
| 自由现金流率自由现金流/营收 | -16.8% | 28.1% |
| 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 | — | 5.89× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $50.1M |
8季度趋势，按日历期对齐
经营现金流FUNRSVR
| Q4 25 | $-37.7M | $12.9M | ||
| Q3 25 | $356.2M | $19.3M | ||
| Q2 25 | $187.0M | $6.0M | ||
| Q1 25 | $-178.0M | $12.2M | ||
| Q4 24 | — | $11.2M | ||
| Q3 24 | $337.4M | $13.3M | ||
| Q2 24 | — | $8.6M | ||
| Q1 24 | — | $13.8M |
自由现金流FUNRSVR
| Q4 25 | $-109.3M | $12.8M | ||
| Q3 25 | $256.2M | $19.2M | ||
| Q2 25 | $18.8M | $6.0M | ||
| Q1 25 | $-318.0M | $12.2M | ||
| Q4 24 | — | $11.2M | ||
| Q3 24 | $227.7M | $13.3M | ||
| Q2 24 | — | $8.5M | ||
| Q1 24 | — | $13.8M |
自由现金流率FUNRSVR
| Q4 25 | -16.8% | 28.1% | ||
| Q3 25 | 19.4% | 42.2% | ||
| Q2 25 | 2.0% | 16.1% | ||
| Q1 25 | -157.4% | 29.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | 16.9% | 32.7% | ||
| Q2 24 | — | 24.9% | ||
| Q1 24 | — | 35.2% |
资本支出强度FUNRSVR
| Q4 25 | 11.0% | 0.3% | ||
| Q3 25 | 7.6% | 0.3% | ||
| Q2 25 | 18.1% | 0.1% | ||
| Q1 25 | 69.3% | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 8.1% | 0.1% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.0% |
现金转化率FUNRSVR
| Q4 25 | — | 5.89× | ||
| Q3 25 | — | 8.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 4.56× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | 3.04× | 71.97× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.93× |
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% |
RSVR
| Other | $18.9M | 42% |
| Recorded Music Segment | $12.9M | 28% |
| Performance | $6.2M | 14% |
| Synchronization | $4.6M | 10% |
| Physical | $1.9M | 4% |
| Neighboring Rights | $1.1M | 3% |
