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六旗（FUN）与Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.1倍（$225.6M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs -119.0%，领先177.3%），Texas Pacific Land Corporation同比增速更快（13.9% 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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
FUN vs TPL — 直观对比
营收规模更大
FUN
是对方的1.1倍
$211.6M
营收增速更快
TPL
高出2.2%
11.7%
净利率更高
TPL
高出177.3%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $211.6M |
| 净利润 | $-268.6M | $123.3M |
| 毛利率 | — | — |
| 营业利润率 | — | 70.5% |
| 净利率 | -119.0% | 58.3% |
| 营收同比 | 11.7% | 13.9% |
| 净利润同比 | -22.2% | 4.2% |
| 每股收益（稀释后） | — | $-8.59 |
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FUNTPL
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $211.6M | ||
| Q3 25 | $1.3B | $203.1M | ||
| Q2 25 | $930.4M | $187.5M | ||
| Q1 25 | $202.1M | $196.0M | ||
| Q4 24 | — | $185.8M | ||
| Q3 24 | $1.3B | $173.6M | ||
| Q2 24 | $571.6M | $172.3M |
净利润FUNTPL
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $123.3M | ||
| Q3 25 | $-1.2B | $121.2M | ||
| Q2 25 | $-99.6M | $116.1M | ||
| Q1 25 | $-219.7M | $120.7M | ||
| Q4 24 | — | $118.4M | ||
| Q3 24 | $111.0M | $106.6M | ||
| Q2 24 | $55.6M | $114.6M |
毛利率FUNTPL
| 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FUNTPL
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 70.5% | ||
| Q3 25 | -83.7% | 73.4% | ||
| Q2 25 | 8.0% | 76.6% | ||
| Q1 25 | -158.9% | 76.6% | ||
| Q4 24 | — | 76.7% | ||
| Q3 24 | 19.5% | 73.4% | ||
| Q2 24 | 21.6% | 77.3% |
净利率FUNTPL
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 58.3% | ||
| Q3 25 | -90.1% | 59.7% | ||
| Q2 25 | -10.7% | 61.9% | ||
| Q1 25 | -108.7% | 61.6% | ||
| Q4 24 | — | 63.7% | ||
| Q3 24 | 8.2% | 61.4% | ||
| Q2 24 | 9.7% | 66.5% |
每股收益（稀释后）FUNTPL
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-8.59 | ||
| Q3 25 | $-11.77 | $5.27 | ||
| Q2 25 | $-0.99 | $5.05 | ||
| Q1 25 | $-2.20 | $5.24 | ||
| Q4 24 | — | $5.14 | ||
| Q3 24 | $1.10 | $4.63 | ||
| Q2 24 | — | $4.98 |
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 | $144.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $279.2M | $1.5B |
| 总资产 | $7.7B | $1.6B |
| 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FUNTPL
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $144.8M | ||
| Q3 25 | $70.7M | $531.8M | ||
| Q2 25 | $107.4M | $543.9M | ||
| Q1 25 | $61.5M | $460.4M | ||
| Q4 24 | — | $369.8M | ||
| Q3 24 | $89.7M | $533.9M | ||
| Q2 24 | $52.9M | $894.7M |
总债务FUNTPL
| 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FUNTPL
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $1.5B | ||
| Q3 25 | $614.3M | $1.4B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | — | $1.2B |
总资产FUNTPL
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $1.6B | ||
| Q3 25 | $7.9B | $1.5B | ||
| Q2 25 | $9.5B | $1.4B | ||
| Q1 25 | $9.2B | $1.4B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $9.4B | $1.2B | ||
| Q2 24 | $2.3B | $1.3B |
负债/权益比FUNTPL
| 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 | — | $113.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 0.92× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FUNTPL
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $113.7M | ||
| Q3 25 | $356.2M | $154.6M | ||
| Q2 25 | $187.0M | $120.9M | ||
| Q1 25 | $-178.0M | $156.7M | ||
| Q4 24 | — | $126.6M | ||
| Q3 24 | $337.4M | $118.6M | ||
| Q2 24 | — | $98.3M |
自由现金流FUNTPL
| 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FUNTPL
| 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FUNTPL
| 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FUNTPL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.04× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | 3.04× | 1.11× | ||
| Q2 24 | — | 0.86× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
