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六旗（FUN）与RAYONIER ADVANCED MATERIALS INC.（RYAM）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RAYONIER ADVANCED MATERIALS INC.的1.6倍（$650.1M vs $417.5M），RAYONIER ADVANCED MATERIALS INC.净利率更高（-5.0% vs -14.2%，领先9.2%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
FUN vs RYAM — 直观对比
营收规模更大
FUN
是对方的1.6倍
$417.5M
净利率更高
RYAM
高出9.2%
-14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $417.5M |
| 净利润 | $-92.4M | $-21.1M |
| 毛利率 | 91.4% | 8.9% |
| 营业利润率 | -3.8% | 2.6% |
| 净利率 | -14.2% | -5.0% |
| 营收同比 | — | -1.2% |
| 净利润同比 | — | -31.9% |
| 每股收益（稀释后） | $-0.93 | $-0.33 |
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FUNRYAM
| Q4 25 | $650.1M | $417.5M | ||
| Q3 25 | $1.3B | $352.8M | ||
| Q2 25 | $930.4M | $340.0M | ||
| Q1 25 | $202.1M | $356.0M | ||
| Q4 24 | — | $422.5M | ||
| Q3 24 | $1.3B | $401.1M | ||
| Q2 24 | $571.6M | $419.0M | ||
| Q1 24 | — | $387.7M |
净利润FUNRYAM
| Q4 25 | $-92.4M | $-21.1M | ||
| Q3 25 | $-1.2B | $-4.5M | ||
| Q2 25 | $-99.6M | $-363.2M | ||
| Q1 25 | $-219.7M | $-32.0M | ||
| Q4 24 | — | $-16.0M | ||
| Q3 24 | $111.0M | $-32.6M | ||
| Q2 24 | $55.6M | $11.4M | ||
| Q1 24 | — | $-1.6M |
毛利率FUNRYAM
| Q4 25 | 91.4% | 8.9% | ||
| Q3 25 | 91.6% | 9.7% | ||
| Q2 25 | 91.3% | 7.0% | ||
| Q1 25 | 89.3% | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | 91.9% | 10.9% | ||
| Q2 24 | 90.7% | 11.5% | ||
| Q1 24 | — | 9.5% |
营业利润率FUNRYAM
| Q4 25 | -3.8% | 2.6% | ||
| Q3 25 | -83.7% | 2.8% | ||
| Q2 25 | 8.0% | -0.4% | ||
| Q1 25 | -158.9% | -4.2% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | 19.5% | -4.2% | ||
| Q2 24 | 21.6% | 6.7% | ||
| Q1 24 | — | 4.4% |
净利率FUNRYAM
| Q4 25 | -14.2% | -5.0% | ||
| Q3 25 | -90.1% | -1.3% | ||
| Q2 25 | -10.7% | -106.8% | ||
| Q1 25 | -108.7% | -9.0% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | 8.2% | -8.1% | ||
| Q2 24 | 9.7% | 2.7% | ||
| Q1 24 | — | -0.4% |
每股收益（稀释后）FUNRYAM
| Q4 25 | $-0.93 | $-0.33 | ||
| Q3 25 | $-11.77 | $-0.07 | ||
| Q2 25 | $-0.99 | $-5.44 | ||
| Q1 25 | $-2.20 | $-0.49 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | $1.10 | $-0.49 | ||
| Q2 24 | — | $0.17 | ||
| Q1 24 | — | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | $5.2B | $758.1M |
| 股东权益账面价值 | $549.8M | $316.6M |
| 总资产 | $7.8B | $1.8B |
| 负债/权益比越低杠杆越低 | 9.40× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资FUNRYAM
| Q4 25 | $91.1M | $75.4M | ||
| Q3 25 | $70.7M | $77.0M | ||
| Q2 25 | $107.4M | $70.7M | ||
| Q1 25 | $61.5M | $129.9M | ||
| Q4 24 | — | $125.2M | ||
| Q3 24 | $89.7M | $136.1M | ||
| Q2 24 | $52.9M | $114.1M | ||
| Q1 24 | — | $54.6M |
总债务FUNRYAM
| Q4 25 | $5.2B | $758.1M | ||
| Q3 25 | $5.0B | $763.5M | ||
| Q2 25 | $5.3B | $720.4M | ||
| Q1 25 | $5.0B | $707.0M | ||
| Q4 24 | — | $706.4M | ||
| Q3 24 | $4.6B | $747.7M | ||
| Q2 24 | $2.3B | $752.8M | ||
| Q1 24 | — | $755.6M |
股东权益FUNRYAM
| Q4 25 | $549.8M | $316.6M | ||
| Q3 25 | $614.3M | $338.2M | ||
| Q2 25 | $1.8B | $342.3M | ||
| Q1 25 | $1.8B | $688.1M | ||
| Q4 24 | — | $713.9M | ||
| Q3 24 | $2.3B | $732.7M | ||
| Q2 24 | — | $755.1M | ||
| Q1 24 | — | $741.8M |
总资产FUNRYAM
| Q4 25 | $7.8B | $1.8B | ||
| Q3 25 | $7.9B | $1.8B | ||
| Q2 25 | $9.5B | $1.8B | ||
| Q1 25 | $9.2B | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $9.4B | $2.2B | ||
| Q2 24 | $2.3B | $2.2B | ||
| Q1 24 | — | $2.1B |
负债/权益比FUNRYAM
| Q4 25 | 9.40× | 2.39× | ||
| Q3 25 | 8.16× | 2.26× | ||
| Q2 25 | 2.97× | 2.10× | ||
| Q1 25 | 2.75× | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | 1.95× | 1.02× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.02× |
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 | $32.3M |
| 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 | — | — |
| 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FUNRYAM
| Q4 25 | $-37.7M | $32.3M | ||
| Q3 25 | $356.2M | $-17.8M | ||
| Q2 25 | $187.0M | $-30.2M | ||
| Q1 25 | $-178.0M | $39.6M | ||
| Q4 24 | — | $54.9M | ||
| Q3 24 | $337.4M | $49.8M | ||
| Q2 24 | — | $87.6M | ||
| Q1 24 | — | $11.3M |
自由现金流FUNRYAM
| 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FUNRYAM
| 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FUNRYAM
| 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FUNRYAM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
