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六旗（FUN）与SLM Corp（SLM）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SLM Corp的1.2倍（$650.1M vs $560.0M），SLM Corp净利率更高（55.0% vs -14.2%，领先69.2%）
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。
尼康旗下SLM Solutions AG总部位于德国吕贝克，是金属3D打印机领域的上市生产商，共同拥有SLM文字商标，集团股份自2014年5月9日起在法兰克福证券交易所高级市场板块挂牌交易。
FUN vs SLM — 直观对比
营收规模更大
FUN
是对方的1.2倍
$560.0M
净利率更高
SLM
高出69.2%
-14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $560.0M |
| 净利润 | $-92.4M | $308.0M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | 69.6% |
| 净利率 | -14.2% | 55.0% |
| 营收同比 | — | — |
| 净利润同比 | — | 1.0% |
| 每股收益（稀释后） | $-0.93 | $1.54 |
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FUNSLM
| Q1 26 | — | $560.0M | ||
| Q4 25 | $650.1M | $377.1M | ||
| Q3 25 | $1.3B | $373.0M | ||
| Q2 25 | $930.4M | $376.8M | ||
| Q1 25 | $202.1M | $375.0M | ||
| Q4 24 | — | $362.2M | ||
| Q3 24 | $1.3B | $359.4M | ||
| Q2 24 | $571.6M | $372.2M |
净利润FUNSLM
| Q1 26 | — | $308.0M | ||
| Q4 25 | $-92.4M | $233.2M | ||
| Q3 25 | $-1.2B | $135.8M | ||
| Q2 25 | $-99.6M | $71.3M | ||
| Q1 25 | $-219.7M | $304.5M | ||
| Q4 24 | — | $111.6M | ||
| Q3 24 | $111.0M | $-45.2M | ||
| Q2 24 | $55.6M | $252.0M |
毛利率FUNSLM
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | — | ||
| Q3 25 | 91.6% | — | ||
| Q2 25 | 91.3% | — | ||
| Q1 25 | 89.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 91.9% | — | ||
| Q2 24 | 90.7% | — |
营业利润率FUNSLM
| Q1 26 | — | 69.6% | ||
| Q4 25 | -3.8% | 83.8% | ||
| Q3 25 | -83.7% | 49.8% | ||
| Q2 25 | 8.0% | 23.3% | ||
| Q1 25 | -158.9% | — | ||
| Q4 24 | — | 36.5% | ||
| Q3 24 | 19.5% | -16.6% | ||
| Q2 24 | 21.6% | 91.0% |
净利率FUNSLM
| Q1 26 | — | 55.0% | ||
| Q4 25 | -14.2% | 61.8% | ||
| Q3 25 | -90.1% | 36.4% | ||
| Q2 25 | -10.7% | 18.9% | ||
| Q1 25 | -108.7% | 81.2% | ||
| Q4 24 | — | 30.8% | ||
| Q3 24 | 8.2% | -12.6% | ||
| Q2 24 | 9.7% | 67.7% |
每股收益（稀释后）FUNSLM
| Q1 26 | — | $1.54 | ||
| Q4 25 | $-0.93 | $1.11 | ||
| Q3 25 | $-11.77 | $0.63 | ||
| Q2 25 | $-0.99 | $0.32 | ||
| Q1 25 | $-2.20 | $1.40 | ||
| Q4 24 | — | $0.53 | ||
| Q3 24 | $1.10 | $-0.23 | ||
| Q2 24 | — | $1.11 |
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 | $5.2B |
| 总债务越低越好 | $5.2B | $6.2B |
| 股东权益账面价值 | $549.8M | $2.4B |
| 总资产 | $7.8B | $29.4B |
| 负债/权益比越低杠杆越低 | 9.40× | 2.53× |
8季度趋势，按日历期对齐
现金及短期投资FUNSLM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $91.1M | $4.2B | ||
| Q3 25 | $70.7M | $3.5B | ||
| Q2 25 | $107.4M | $4.1B | ||
| Q1 25 | $61.5M | $3.7B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | $89.7M | $4.5B | ||
| Q2 24 | $52.9M | $5.3B |
总债务FUNSLM
| Q1 26 | — | $6.2B | ||
| Q4 25 | $5.2B | $5.4B | ||
| Q3 25 | $5.0B | $6.8B | ||
| Q2 25 | $5.3B | $6.4B | ||
| Q1 25 | $5.0B | $6.1B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $4.6B | $6.0B | ||
| Q2 24 | $2.3B | $5.4B |
股东权益FUNSLM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $549.8M | $2.5B | ||
| Q3 25 | $614.3M | $2.3B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $2.3B | $2.1B | ||
| Q2 24 | — | $2.3B |
总资产FUNSLM
| Q1 26 | — | $29.4B | ||
| Q4 25 | $7.8B | $29.7B | ||
| Q3 25 | $7.9B | $29.6B | ||
| Q2 25 | $9.5B | $29.6B | ||
| Q1 25 | $9.2B | $28.9B | ||
| Q4 24 | — | $30.1B | ||
| Q3 24 | $9.4B | $30.0B | ||
| Q2 24 | $2.3B | $28.8B |
负债/权益比FUNSLM
| Q1 26 | — | 2.53× | ||
| Q4 25 | 9.40× | 2.19× | ||
| Q3 25 | 8.16× | 2.92× | ||
| Q2 25 | 2.97× | 2.70× | ||
| Q1 25 | 2.75× | 2.56× | ||
| Q4 24 | — | 2.98× | ||
| Q3 24 | 1.95× | 2.83× | ||
| Q2 24 | — | 2.37× |
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 | — |
| 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FUNSLM
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $-64.5M | ||
| Q3 25 | $356.2M | $-49.3M | ||
| Q2 25 | $187.0M | $-138.7M | ||
| Q1 25 | $-178.0M | $-146.1M | ||
| Q4 24 | — | $4.5M | ||
| Q3 24 | $337.4M | $-113.4M | ||
| Q2 24 | — | $-143.8M |
自由现金流FUNSLM
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $227.7M | — | ||
| Q2 24 | — | — |
自由现金流率FUNSLM
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | — | — |
资本支出强度FUNSLM
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | — | — |
现金转化率FUNSLM
| Q1 26 | — | — | ||
| Q4 25 | — | -0.28× | ||
| Q3 25 | — | -0.36× | ||
| Q2 25 | — | -1.95× | ||
| Q1 25 | — | -0.48× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | -0.57× |
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% |
SLM
| Net Interest Income | $375.0M | 67% |
| Noninterest Income | $185.0M | 33% |
