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六旗（FUN）与罗塞塔石碑（STEP）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罗塞塔石碑的1.1倍（$650.1M vs $586.5M），六旗净利率更高（-14.2% vs -21.0%，领先6.8%），罗塞塔石碑自由现金流更多（$26.7M 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
FUN vs STEP — 直观对比
营收规模更大
FUN
是对方的1.1倍
$586.5M
净利率更高
FUN
高出6.8%
-21.0%
自由现金流更多
STEP
多$136.0M
$-109.3M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $586.5M |
| 净利润 | $-92.4M | $-123.5M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | -33.2% |
| 净利率 | -14.2% | -21.0% |
| 营收同比 | — | 73.0% |
| 净利润同比 | — | 35.7% |
| 每股收益（稀释后） | $-0.93 | $-1.55 |
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FUNSTEP
| Q4 25 | $650.1M | $586.5M | ||
| Q3 25 | $1.3B | $454.2M | ||
| Q2 25 | $930.4M | $364.3M | ||
| Q1 25 | $202.1M | $377.7M | ||
| Q4 24 | — | $339.0M | ||
| Q3 24 | $1.3B | $271.7M | ||
| Q2 24 | $571.6M | $186.4M | ||
| Q1 24 | — | $356.8M |
净利润FUNSTEP
| Q4 25 | $-92.4M | $-123.5M | ||
| Q3 25 | $-1.2B | $-366.1M | ||
| Q2 25 | $-99.6M | $-38.4M | ||
| Q1 25 | $-219.7M | $-18.5M | ||
| Q4 24 | — | $-192.0M | ||
| Q3 24 | $111.0M | $17.6M | ||
| Q2 24 | $55.6M | $13.3M | ||
| Q1 24 | — | $30.8M |
毛利率FUNSTEP
| 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% | — | ||
| Q1 24 | — | — |
营业利润率FUNSTEP
| Q4 25 | -3.8% | -33.2% | ||
| Q3 25 | -83.7% | -148.8% | ||
| Q2 25 | 8.0% | -5.6% | ||
| Q1 25 | -158.9% | 2.6% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | 19.5% | 21.3% | ||
| Q2 24 | 21.6% | 29.4% | ||
| Q1 24 | — | 26.5% |
净利率FUNSTEP
| Q4 25 | -14.2% | -21.0% | ||
| Q3 25 | -90.1% | -80.6% | ||
| Q2 25 | -10.7% | -10.5% | ||
| Q1 25 | -108.7% | -4.9% | ||
| Q4 24 | — | -56.6% | ||
| Q3 24 | 8.2% | 6.5% | ||
| Q2 24 | 9.7% | 7.2% | ||
| Q1 24 | — | 8.6% |
每股收益（稀释后）FUNSTEP
| Q4 25 | $-0.93 | $-1.55 | ||
| Q3 25 | $-11.77 | $-4.66 | ||
| Q2 25 | $-0.99 | $-0.49 | ||
| Q1 25 | $-2.20 | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | $1.10 | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $0.47 |
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 | $270.2M |
| 股东权益账面价值 | $549.8M | $-378.8M |
| 总资产 | $7.8B | $5.2B |
| 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FUNSTEP
| Q4 25 | $91.1M | — | ||
| Q3 25 | $70.7M | — | ||
| Q2 25 | $107.4M | — | ||
| Q1 25 | $61.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $89.7M | — | ||
| Q2 24 | $52.9M | — | ||
| Q1 24 | — | — |
总债务FUNSTEP
| Q4 25 | $5.2B | $270.2M | ||
| Q3 25 | $5.0B | $269.9M | ||
| Q2 25 | $5.3B | $269.6M | ||
| Q1 25 | $5.0B | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | $4.6B | $172.3M | ||
| Q2 24 | $2.3B | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益FUNSTEP
| Q4 25 | $549.8M | $-378.8M | ||
| Q3 25 | $614.3M | $-233.5M | ||
| Q2 25 | $1.8B | $153.9M | ||
| Q1 25 | $1.8B | $179.4M | ||
| Q4 24 | — | $209.8M | ||
| Q3 24 | $2.3B | $397.5M | ||
| Q2 24 | — | $366.9M | ||
| Q1 24 | — | $324.5M |
总资产FUNSTEP
| Q4 25 | $7.8B | $5.2B | ||
| Q3 25 | $7.9B | $5.3B | ||
| Q2 25 | $9.5B | $4.8B | ||
| Q1 25 | $9.2B | $4.6B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | $9.4B | $4.0B | ||
| Q2 24 | $2.3B | $3.8B | ||
| Q1 24 | — | $3.8B |
负债/权益比FUNSTEP
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | 1.75× | ||
| Q1 25 | 2.75× | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | 1.95× | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $26.7M |
| 自由现金流率自由现金流/营收 | -16.8% | 4.6% |
| 资本支出强度资本支出/营收 | 11.0% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流FUNSTEP
| Q4 25 | $-37.7M | $27.2M | ||
| Q3 25 | $356.2M | $16.2M | ||
| Q2 25 | $187.0M | $46.3M | ||
| Q1 25 | $-178.0M | $-66.5M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | $337.4M | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | — | $7.6M |
自由现金流FUNSTEP
| Q4 25 | $-109.3M | $26.7M | ||
| Q3 25 | $256.2M | $15.9M | ||
| Q2 25 | $18.8M | $45.2M | ||
| Q1 25 | $-318.0M | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | $227.7M | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率FUNSTEP
| Q4 25 | -16.8% | 4.6% | ||
| Q3 25 | 19.4% | 3.5% | ||
| Q2 25 | 2.0% | 12.4% | ||
| Q1 25 | -157.4% | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | 16.9% | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度FUNSTEP
| Q4 25 | 11.0% | 0.1% | ||
| Q3 25 | 7.6% | 0.1% | ||
| Q2 25 | 18.1% | 0.3% | ||
| Q1 25 | 69.3% | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 8.1% | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率FUNSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
