vs
六旗（FUN）与STARWOOD PROPERTY TRUST, INC.（STWD）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STARWOOD PROPERTY TRUST, INC.的1.3倍（$650.1M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -14.2%，领先33.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
FUN vs STWD — 直观对比
营收规模更大
FUN
是对方的1.3倍
$492.9M
净利率更高
STWD
高出33.9%
-14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $492.9M |
| 净利润 | $-92.4M | $96.9M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | 26.6% |
| 净利率 | -14.2% | 19.7% |
| 营收同比 | — | 8.5% |
| 净利润同比 | — | 87.7% |
| 每股收益（稀释后） | $-0.93 | $0.25 |
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FUNSTWD
| Q4 25 | $650.1M | $492.9M | ||
| Q3 25 | $1.3B | $488.9M | ||
| Q2 25 | $930.4M | $444.3M | ||
| Q1 25 | $202.1M | $418.2M | ||
| Q4 24 | — | $454.4M | ||
| Q3 24 | $1.3B | $479.5M | ||
| Q2 24 | $571.6M | $489.8M | ||
| Q1 24 | — | $523.1M |
净利润FUNSTWD
| Q4 25 | $-92.4M | $96.9M | ||
| Q3 25 | $-1.2B | $72.6M | ||
| Q2 25 | $-99.6M | $129.8M | ||
| Q1 25 | $-219.7M | $112.3M | ||
| Q4 24 | — | $51.6M | ||
| Q3 24 | $111.0M | $76.1M | ||
| Q2 24 | $55.6M | $77.9M | ||
| Q1 24 | — | $154.3M |
毛利率FUNSTWD
| 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FUNSTWD
| Q4 25 | -3.8% | 26.6% | ||
| Q3 25 | -83.7% | 19.1% | ||
| Q2 25 | 8.0% | 30.5% | ||
| Q1 25 | -158.9% | 28.7% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | 19.5% | 17.2% | ||
| Q2 24 | 21.6% | 19.1% | ||
| Q1 24 | — | 30.8% |
净利率FUNSTWD
| Q4 25 | -14.2% | 19.7% | ||
| Q3 25 | -90.1% | 14.8% | ||
| Q2 25 | -10.7% | 29.2% | ||
| Q1 25 | -108.7% | 26.8% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | 8.2% | 15.9% | ||
| Q2 24 | 9.7% | 15.9% | ||
| Q1 24 | — | 29.5% |
每股收益（稀释后）FUNSTWD
| Q4 25 | $-0.93 | $0.25 | ||
| Q3 25 | $-11.77 | $0.19 | ||
| Q2 25 | $-0.99 | $0.38 | ||
| Q1 25 | $-2.20 | $0.33 | ||
| Q4 24 | — | $0.15 | ||
| Q3 24 | $1.10 | $0.23 | ||
| Q2 24 | — | $0.24 | ||
| Q1 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 | $91.1M | $499.5M |
| 总债务越低越好 | $5.2B | — |
| 股东权益账面价值 | $549.8M | $6.8B |
| 总资产 | $7.8B | $63.2B |
| 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FUNSTWD
| Q4 25 | $91.1M | $499.5M | ||
| Q3 25 | $70.7M | $301.1M | ||
| Q2 25 | $107.4M | $259.9M | ||
| Q1 25 | $61.5M | $440.6M | ||
| Q4 24 | — | $377.8M | ||
| Q3 24 | $89.7M | $357.9M | ||
| Q2 24 | $52.9M | $259.3M | ||
| Q1 24 | — | $327.4M |
总债务FUNSTWD
| 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 | — | ||
| Q1 24 | — | — |
股东权益FUNSTWD
| Q4 25 | $549.8M | $6.8B | ||
| Q3 25 | $614.3M | $6.9B | ||
| Q2 25 | $1.8B | $6.4B | ||
| Q1 25 | $1.8B | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $2.3B | $6.5B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.3B |
总资产FUNSTWD
| Q4 25 | $7.8B | $63.2B | ||
| Q3 25 | $7.9B | $62.4B | ||
| Q2 25 | $9.5B | $62.4B | ||
| Q1 25 | $9.2B | $62.2B | ||
| Q4 24 | — | $62.6B | ||
| Q3 24 | $9.4B | $64.2B | ||
| Q2 24 | $2.3B | $64.1B | ||
| Q1 24 | — | $66.2B |
负债/权益比FUNSTWD
| Q4 25 | 9.40× | — | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.95× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-37.7M | $488.8M |
| 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 | — | 5.04× |
| 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FUNSTWD
| Q4 25 | $-37.7M | $488.8M | ||
| Q3 25 | $356.2M | $337.6M | ||
| Q2 25 | $187.0M | $-87.4M | ||
| Q1 25 | $-178.0M | $238.9M | ||
| Q4 24 | — | $295.6M | ||
| Q3 24 | $337.4M | $241.8M | ||
| Q2 24 | — | $53.3M | ||
| Q1 24 | — | $55.9M |
自由现金流FUNSTWD
| 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FUNSTWD
| 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FUNSTWD
| 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FUNSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | — | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | 3.04× | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
