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六旗（FUN）与Sphere Entertainment Co.（SPHR）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Sphere Entertainment Co.的1.7倍（$650.1M vs $393.8M）。Sphere Entertainment Co.净利率更高（16.4% vs -14.2%，领先30.6%）
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。
Sphere Entertainment Co.是总部位于纽约的美国娱乐控股企业，由查尔斯·多兰家族掌控，旗下拥有位于内华达州拉斯维加斯谷帕拉代斯的Sphere演艺场馆，以及总部位于纽约的区域体育网络连锁品牌MSG Networks。
FUN vs SPHR — 直观对比
营收规模更大
FUN
是对方的1.7倍
$393.8M
净利率更高
SPHR
高出30.6%
-14.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $393.8M |
| 净利润 | $-92.4M | $64.7M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | 7.3% |
| 净利率 | -14.2% | 16.4% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.93 | $2.42 |
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FUNSPHR
| Q4 25 | $650.1M | $393.8M | ||
| Q3 25 | $1.3B | $262.1M | ||
| Q2 25 | $930.4M | $282.2M | ||
| Q1 25 | $202.1M | $280.1M | ||
| Q3 24 | $1.3B | $227.1M | ||
| Q2 24 | $571.6M | $272.6M | ||
| Q1 24 | — | $320.6M | ||
| Q4 23 | — | $313.4M |
净利润FUNSPHR
| Q4 25 | $-92.4M | $64.7M | ||
| Q3 25 | $-1.2B | $-101.2M | ||
| Q2 25 | $-99.6M | $151.8M | ||
| Q1 25 | $-219.7M | $-82.0M | ||
| Q3 24 | $111.0M | $-105.3M | ||
| Q2 24 | $55.6M | $-46.6M | ||
| Q1 24 | — | $-47.2M | ||
| Q4 23 | — | $-173.2M |
毛利率FUNSPHR
| Q4 25 | 91.4% | — | ||
| Q3 25 | 91.6% | — | ||
| Q2 25 | 91.3% | — | ||
| Q1 25 | 89.3% | — | ||
| Q3 24 | 91.9% | — | ||
| Q2 24 | 90.7% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
营业利润率FUNSPHR
| Q4 25 | -3.8% | 7.3% | ||
| Q3 25 | -83.7% | -49.5% | ||
| Q2 25 | 8.0% | -17.8% | ||
| Q1 25 | -158.9% | -28.1% | ||
| Q3 24 | 19.5% | -51.8% | ||
| Q2 24 | 21.6% | -66.3% | ||
| Q1 24 | — | -12.6% | ||
| Q4 23 | — | — |
净利率FUNSPHR
| Q4 25 | -14.2% | 16.4% | ||
| Q3 25 | -90.1% | -38.6% | ||
| Q2 25 | -10.7% | 53.8% | ||
| Q1 25 | -108.7% | -29.3% | ||
| Q3 24 | 8.2% | -46.4% | ||
| Q2 24 | 9.7% | -17.1% | ||
| Q1 24 | — | -14.7% | ||
| Q4 23 | — | -55.3% |
每股收益（稀释后）FUNSPHR
| Q4 25 | $-0.93 | $2.42 | ||
| Q3 25 | $-11.77 | $-2.80 | ||
| Q2 25 | $-0.99 | $3.39 | ||
| Q1 25 | $-2.20 | $-2.27 | ||
| Q3 24 | $1.10 | $-2.95 | ||
| Q2 24 | — | $-1.33 | ||
| Q1 24 | — | $-1.33 | ||
| Q4 23 | — | $-4.91 |
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 | — |
| 总债务越低越好 | $5.2B | $692.7M |
| 股东权益账面价值 | $549.8M | $2.2B |
| 总资产 | $7.8B | $4.2B |
| 负债/权益比越低杠杆越低 | 9.40× | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资FUNSPHR
| Q4 25 | $91.1M | — | ||
| Q3 25 | $70.7M | $384.8M | ||
| Q2 25 | $107.4M | $355.7M | ||
| Q1 25 | $61.5M | $465.0M | ||
| Q3 24 | $89.7M | — | ||
| Q2 24 | $52.9M | $559.8M | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $614.5M |
总债务FUNSPHR
| Q4 25 | $5.2B | $692.7M | ||
| Q3 25 | $5.0B | $733.8M | ||
| Q2 25 | $5.3B | $743.8M | ||
| Q1 25 | $5.0B | $1.3B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $2.3B | $1.4B | ||
| Q1 24 | — | $1.4B | ||
| Q4 23 | — | $1.4B |
股东权益FUNSPHR
| Q4 25 | $549.8M | $2.2B | ||
| Q3 25 | $614.3M | $2.2B | ||
| Q2 25 | $1.8B | $2.3B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B | ||
| Q4 23 | — | $2.5B |
总资产FUNSPHR
| Q4 25 | $7.8B | $4.2B | ||
| Q3 25 | $7.9B | $4.1B | ||
| Q2 25 | $9.5B | $4.2B | ||
| Q1 25 | $9.2B | $4.4B | ||
| Q3 24 | $9.4B | $4.6B | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | — | $4.9B | ||
| Q4 23 | — | $4.9B |
负债/权益比FUNSPHR
| Q4 25 | 9.40× | 0.31× | ||
| Q3 25 | 8.16× | 0.34× | ||
| Q2 25 | 2.97× | 0.32× | ||
| Q1 25 | 2.75× | 0.62× | ||
| Q3 24 | 1.95× | 0.59× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.57× | ||
| Q4 23 | — | 0.58× |
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 | $180.2M |
| 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 | — | 2.78× |
| 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FUNSPHR
| Q4 25 | $-37.7M | $180.2M | ||
| Q3 25 | $356.2M | $115.8M | ||
| Q2 25 | $187.0M | $-59.1M | ||
| Q1 25 | $-178.0M | $6.3M | ||
| Q3 24 | $337.4M | $34.1M | ||
| Q2 24 | — | $-72.4M | ||
| Q1 24 | — | $101.0M | ||
| Q4 23 | — | $46.4M |
自由现金流FUNSPHR
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | — | ||
| Q3 24 | $227.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
自由现金流率FUNSPHR
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | — | ||
| Q3 24 | 16.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
资本支出强度FUNSPHR
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
现金转化率FUNSPHR
| Q4 25 | — | 2.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.39× | ||
| Q1 25 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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% |
SPHR
| Ticketing And Venue License Fee Revenues | $198.5M | 50% |
| Media Networks Revenue | $120.1M | 30% |
| Sponsorship Signage Exosphere Advertising And Suite Licenses | $32.2M | 8% |
| Food Beverage And Merchandise Revenues | $27.6M | 7% |
| Other | $13.2M | 3% |
| Related Party | $2.3M | 1% |
