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六旗（FUN）与SPS COMMERCE INC（SPSC）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SPS COMMERCE INC的1.2倍（$225.6M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs -119.0%，领先132.5%），SPS COMMERCE INC同比增速更快（12.7% vs 11.7%）
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。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
FUN vs SPSC — 直观对比
营收规模更大
FUN
是对方的1.2倍
$192.7M
营收增速更快
SPSC
高出1.1%
11.7%
净利率更高
SPSC
高出132.5%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $192.7M |
| 净利润 | $-268.6M | $25.8M |
| 毛利率 | — | 70.4% |
| 营业利润率 | — | 18.0% |
| 净利率 | -119.0% | 13.4% |
| 营收同比 | 11.7% | 12.7% |
| 净利润同比 | -22.2% | 47.2% |
| 每股收益（稀释后） | — | $0.69 |
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FUNSPSC
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $192.7M | ||
| Q3 25 | $1.3B | $189.9M | ||
| Q2 25 | $930.4M | $187.4M | ||
| Q1 25 | $202.1M | $181.5M | ||
| Q4 24 | — | $170.9M | ||
| Q3 24 | $1.3B | $163.7M | ||
| Q2 24 | $571.6M | $153.6M |
净利润FUNSPSC
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $25.8M | ||
| Q3 25 | $-1.2B | $25.6M | ||
| Q2 25 | $-99.6M | $19.7M | ||
| Q1 25 | $-219.7M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $111.0M | $23.5M | ||
| Q2 24 | $55.6M | $18.0M |
毛利率FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 70.4% | ||
| Q3 25 | 91.6% | 69.5% | ||
| Q2 25 | 91.3% | 68.1% | ||
| Q1 25 | 89.3% | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | 91.9% | 68.5% | ||
| Q2 24 | 90.7% | 66.1% |
营业利润率FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 18.0% | ||
| Q3 25 | -83.7% | 16.4% | ||
| Q2 25 | 8.0% | 14.1% | ||
| Q1 25 | -158.9% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 19.5% | 15.6% | ||
| Q2 24 | 21.6% | 15.1% |
净利率FUNSPSC
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 13.4% | ||
| Q3 25 | -90.1% | 13.5% | ||
| Q2 25 | -10.7% | 10.5% | ||
| Q1 25 | -108.7% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 8.2% | 14.3% | ||
| Q2 24 | 9.7% | 11.7% |
每股收益（稀释后）FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.69 | ||
| Q3 25 | $-11.77 | $0.67 | ||
| Q2 25 | $-0.99 | $0.52 | ||
| Q1 25 | $-2.20 | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $1.10 | $0.62 | ||
| Q2 24 | — | $0.48 |
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 | $116.5M | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $279.2M | $973.9M |
| 总资产 | $7.7B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FUNSPSC
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $151.4M | ||
| Q3 25 | $70.7M | $133.7M | ||
| Q2 25 | $107.4M | $107.6M | ||
| Q1 25 | $61.5M | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | $89.7M | $205.8M | ||
| Q2 24 | $52.9M | $271.8M |
总债务FUNSPSC
| Q1 26 | — | — | ||
| 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 | — |
股东权益FUNSPSC
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $973.9M | ||
| Q3 25 | $614.3M | $958.9M | ||
| Q2 25 | $1.8B | $949.8M | ||
| Q1 25 | $1.8B | $920.9M | ||
| Q4 24 | — | $854.7M | ||
| Q3 24 | $2.3B | $829.4M | ||
| Q2 24 | — | $703.4M |
总资产FUNSPSC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $1.2B | ||
| Q3 25 | $7.9B | $1.2B | ||
| Q2 25 | $9.5B | $1.1B | ||
| Q1 25 | $9.2B | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $9.4B | $1.0B | ||
| Q2 24 | $2.3B | $854.5M |
负债/权益比FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.95× | — | ||
| Q2 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 | — | $45.9M |
| 自由现金流经营现金流 - 资本支出 | — | $38.2M |
| 自由现金流率自由现金流/营收 | — | 19.8% |
| 资本支出强度资本支出/营收 | — | 4.0% |
| 现金转化率经营现金流/净利润 | — | 1.78× |
| 过去12个月自由现金流最近4个季度 | — | $152.3M |
8季度趋势，按日历期对齐
经营现金流FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $45.9M | ||
| Q3 25 | $356.2M | $60.6M | ||
| Q2 25 | $187.0M | $32.3M | ||
| Q1 25 | $-178.0M | $40.0M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | $337.4M | $53.3M | ||
| Q2 24 | — | $29.4M |
自由现金流FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $38.2M | ||
| Q3 25 | $256.2M | $54.6M | ||
| Q2 25 | $18.8M | $25.7M | ||
| Q1 25 | $-318.0M | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $227.7M | $48.1M | ||
| Q2 24 | — | $24.4M |
自由现金流率FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 19.8% | ||
| Q3 25 | 19.4% | 28.7% | ||
| Q2 25 | 2.0% | 13.7% | ||
| Q1 25 | -157.4% | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | 16.9% | 29.4% | ||
| Q2 24 | — | 15.9% |
资本支出强度FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 4.0% | ||
| Q3 25 | 7.6% | 3.2% | ||
| Q2 25 | 18.1% | 3.6% | ||
| Q1 25 | 69.3% | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 8.1% | 3.2% | ||
| Q2 24 | — | 3.3% |
现金转化率FUNSPSC
| Q1 26 | — | — | ||
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 3.04× | 2.27× | ||
| Q2 24 | — | 1.63× |
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
| In-park admissions revenues | $113.4M | 50% |
| In-park product revenues | $89.0M | 39% |
| Out-of-park revenues | $28.8M | 13% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
