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六旗（FUN）与USA Compression Partners, LP（USAC）财务数据对比。点击上方公司名可切换其他公司
USA Compression Partners, LP的季度营收约是六旗的1.1倍（$252.5M vs $225.6M），USA Compression Partners, LP净利率更高（11.0% vs -119.0%，领先130.0%），六旗同比增速更快（11.7% vs 2.7%）
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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
FUN vs USAC — 直观对比
营收规模更大
USAC
是对方的1.1倍
$225.6M
营收增速更快
FUN
高出9.0%
2.7%
净利率更高
USAC
高出130.0%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $252.5M |
| 净利润 | $-268.6M | $27.8M |
| 毛利率 | — | — |
| 营业利润率 | — | 30.3% |
| 净利率 | -119.0% | 11.0% |
| 营收同比 | 11.7% | 2.7% |
| 净利润同比 | -22.2% | 9.1% |
| 每股收益（稀释后） | — | — |
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FUNUSAC
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $252.5M | ||
| Q3 25 | $1.3B | $250.3M | ||
| Q2 25 | $930.4M | $250.1M | ||
| Q1 25 | $202.1M | $245.2M | ||
| Q4 24 | — | $245.9M | ||
| Q3 24 | $1.3B | $240.0M | ||
| Q2 24 | $571.6M | $235.3M |
净利润FUNUSAC
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $27.8M | ||
| Q3 25 | $-1.2B | $34.5M | ||
| Q2 25 | $-99.6M | $28.6M | ||
| Q1 25 | $-219.7M | $20.5M | ||
| Q4 24 | — | $25.4M | ||
| Q3 24 | $111.0M | $19.3M | ||
| Q2 24 | $55.6M | $31.2M |
毛利率FUNUSAC
| 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FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 30.3% | ||
| Q3 25 | -83.7% | 33.5% | ||
| Q2 25 | 8.0% | 30.6% | ||
| Q1 25 | -158.9% | 28.3% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | 19.5% | 31.5% | ||
| Q2 24 | 21.6% | 32.9% |
净利率FUNUSAC
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 11.0% | ||
| Q3 25 | -90.1% | 13.8% | ||
| Q2 25 | -10.7% | 11.4% | ||
| Q1 25 | -108.7% | 8.4% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 8.2% | 8.1% | ||
| Q2 24 | 9.7% | 13.3% |
每股收益（稀释后）FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | — | ||
| Q3 25 | $-11.77 | — | ||
| Q2 25 | $-0.99 | — | ||
| Q1 25 | $-2.20 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.10 | — | ||
| Q2 24 | — | — |
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 | $8.6M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $279.2M | — |
| 总资产 | $7.7B | $2.6B |
| 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FUNUSAC
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $8.6M | ||
| Q3 25 | $70.7M | — | ||
| Q2 25 | $107.4M | $2.0K | ||
| Q1 25 | $61.5M | $2.0K | ||
| Q4 24 | — | $14.0K | ||
| Q3 24 | $89.7M | $79.0K | ||
| Q2 24 | $52.9M | $9.0K |
总债务FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $2.5B | ||
| Q3 25 | $5.0B | $2.5B | ||
| Q2 25 | $5.3B | $2.5B | ||
| Q1 25 | $5.0B | $2.5B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | $4.6B | $2.5B | ||
| Q2 24 | $2.3B | $2.5B |
股东权益FUNUSAC
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | — | ||
| Q3 25 | $614.3M | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | — | — |
总资产FUNUSAC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $2.6B | ||
| Q3 25 | $7.9B | $2.7B | ||
| Q2 25 | $9.5B | $2.7B | ||
| Q1 25 | $9.2B | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $9.4B | $2.8B | ||
| Q2 24 | $2.3B | $2.8B |
负债/权益比FUNUSAC
| 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 | — | $139.5M |
| 自由现金流经营现金流 - 资本支出 | — | $87.7M |
| 自由现金流率自由现金流/营收 | — | 34.8% |
| 资本支出强度资本支出/营收 | — | 20.5% |
| 现金转化率经营现金流/净利润 | — | 5.02× |
| 过去12个月自由现金流最近4个季度 | — | $277.0M |
8季度趋势，按日历期对齐
经营现金流FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $139.5M | ||
| Q3 25 | $356.2M | $75.9M | ||
| Q2 25 | $187.0M | $124.2M | ||
| Q1 25 | $-178.0M | $54.7M | ||
| Q4 24 | — | $130.2M | ||
| Q3 24 | $337.4M | $48.5M | ||
| Q2 24 | — | $96.7M |
自由现金流FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $87.7M | ||
| Q3 25 | $256.2M | $51.9M | ||
| Q2 25 | $18.8M | $101.1M | ||
| Q1 25 | $-318.0M | $36.3M | ||
| Q4 24 | — | $101.2M | ||
| Q3 24 | $227.7M | $19.8M | ||
| Q2 24 | — | $48.2M |
自由现金流率FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 34.8% | ||
| Q3 25 | 19.4% | 20.7% | ||
| Q2 25 | 2.0% | 40.4% | ||
| Q1 25 | -157.4% | 14.8% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | 16.9% | 8.2% | ||
| Q2 24 | — | 20.5% |
资本支出强度FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 20.5% | ||
| Q3 25 | 7.6% | 9.6% | ||
| Q2 25 | 18.1% | 9.3% | ||
| Q1 25 | 69.3% | 7.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 8.1% | 12.0% | ||
| Q2 24 | — | 20.6% |
现金转化率FUNUSAC
| Q1 26 | — | — | ||
| Q4 25 | — | 5.02× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | — | 4.35× | ||
| Q1 25 | — | 2.66× | ||
| Q4 24 | — | 5.12× | ||
| Q3 24 | 3.04× | 2.51× | ||
| Q2 24 | — | 3.10× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
