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六旗（FUN）与U S PHYSICAL THERAPY INC（USPH）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U S PHYSICAL THERAPY INC的1.1倍（$225.6M vs $202.7M），U S PHYSICAL THERAPY INC净利率更高（2.0% vs -119.0%，领先121.1%），U S PHYSICAL THERAPY INC同比增速更快（12.3% 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。
该企业是美国领先的门诊康复服务提供商，运营数百间线下物理治疗门诊，为受伤、术后、慢性疼痛及行动障碍人群提供康复护理，同时覆盖运动医学、职业治疗、儿童康复等特色服务领域。
FUN vs USPH — 直观对比
营收规模更大
FUN
是对方的1.1倍
$202.7M
营收增速更快
USPH
高出0.7%
11.7%
净利率更高
USPH
高出121.1%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $202.7M |
| 净利润 | $-268.6M | $4.2M |
| 毛利率 | — | 19.8% |
| 营业利润率 | — | 8.3% |
| 净利率 | -119.0% | 2.0% |
| 营收同比 | 11.7% | 12.3% |
| 净利润同比 | -22.2% | -55.1% |
| 每股收益（稀释后） | — | $-0.44 |
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FUNUSPH
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $202.7M | ||
| Q3 25 | $1.3B | $197.1M | ||
| Q2 25 | $930.4M | $197.3M | ||
| Q1 25 | $202.1M | $183.8M | ||
| Q4 24 | — | $180.4M | ||
| Q3 24 | $1.3B | $168.0M | ||
| Q2 24 | $571.6M | $167.2M |
净利润FUNUSPH
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $4.2M | ||
| Q3 25 | $-1.2B | $13.1M | ||
| Q2 25 | $-99.6M | $12.4M | ||
| Q1 25 | $-219.7M | $9.9M | ||
| Q4 24 | — | $9.2M | ||
| Q3 24 | $111.0M | $6.6M | ||
| Q2 24 | $55.6M | $7.5M |
毛利率FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 19.8% | ||
| Q3 25 | 91.6% | 18.7% | ||
| Q2 25 | 91.3% | 21.1% | ||
| Q1 25 | 89.3% | 16.9% | ||
| Q4 24 | — | 18.0% | ||
| Q3 24 | 91.9% | 17.3% | ||
| Q2 24 | 90.7% | 20.3% |
营业利润率FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 8.3% | ||
| Q3 25 | -83.7% | 12.8% | ||
| Q2 25 | 8.0% | 12.6% | ||
| Q1 25 | -158.9% | 10.7% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | 19.5% | 7.6% | ||
| Q2 24 | 21.6% | 9.3% |
净利率FUNUSPH
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | 2.0% | ||
| Q3 25 | -90.1% | 6.7% | ||
| Q2 25 | -10.7% | 6.3% | ||
| Q1 25 | -108.7% | 5.4% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | 8.2% | 3.9% | ||
| Q2 24 | 9.7% | 4.5% |
每股收益（稀释后）FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-0.44 | ||
| Q3 25 | $-11.77 | $0.48 | ||
| Q2 25 | $-0.99 | $0.58 | ||
| Q1 25 | $-2.20 | $0.80 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | $1.10 | $0.39 | ||
| Q2 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 | $116.5M | $35.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $279.2M | $476.4M |
| 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FUNUSPH
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $35.6M | ||
| Q3 25 | $70.7M | $31.1M | ||
| Q2 25 | $107.4M | $34.1M | ||
| Q1 25 | $61.5M | $39.2M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | $89.7M | $117.0M | ||
| Q2 24 | $52.9M | $112.9M |
总债务FUNUSPH
| 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FUNUSPH
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $476.4M | ||
| Q3 25 | $614.3M | $503.6M | ||
| Q2 25 | $1.8B | $500.8M | ||
| Q1 25 | $1.8B | $497.3M | ||
| Q4 24 | — | $488.9M | ||
| Q3 24 | $2.3B | $482.8M | ||
| Q2 24 | — | $484.6M |
总资产FUNUSPH
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $1.2B | ||
| Q3 25 | $7.9B | $1.2B | ||
| Q2 25 | $9.5B | $1.2B | ||
| Q1 25 | $9.2B | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $9.4B | $1.0B | ||
| Q2 24 | $2.3B | $1.0B |
负债/权益比FUNUSPH
| 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 | — | $24.9M |
| 自由现金流经营现金流 - 资本支出 | — | $21.0M |
| 自由现金流率自由现金流/营收 | — | 10.4% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | — | 6.00× |
| 过去12个月自由现金流最近4个季度 | — | $61.0M |
8季度趋势，按日历期对齐
经营现金流FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $24.9M | ||
| Q3 25 | $356.2M | $19.9M | ||
| Q2 25 | $187.0M | $34.9M | ||
| Q1 25 | $-178.0M | $-4.7M | ||
| Q4 24 | — | $19.4M | ||
| Q3 24 | $337.4M | $22.1M | ||
| Q2 24 | — | $29.0M |
自由现金流FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $21.0M | ||
| Q3 25 | $256.2M | $15.6M | ||
| Q2 25 | $18.8M | $31.6M | ||
| Q1 25 | $-318.0M | $-7.3M | ||
| Q4 24 | — | $16.9M | ||
| Q3 24 | $227.7M | $19.6M | ||
| Q2 24 | — | $26.7M |
自由现金流率FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 10.4% | ||
| Q3 25 | 19.4% | 7.9% | ||
| Q2 25 | 2.0% | 16.0% | ||
| Q1 25 | -157.4% | -3.9% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | 16.9% | 11.7% | ||
| Q2 24 | — | 15.9% |
资本支出强度FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 1.9% | ||
| Q3 25 | 7.6% | 2.2% | ||
| Q2 25 | 18.1% | 1.6% | ||
| Q1 25 | 69.3% | 1.4% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 8.1% | 1.5% | ||
| Q2 24 | — | 1.4% |
现金转化率FUNUSPH
| Q1 26 | — | — | ||
| Q4 25 | — | 6.00× | ||
| Q3 25 | — | 1.52× | ||
| Q2 25 | — | 2.81× | ||
| Q1 25 | — | -0.47× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | 3.04× | 3.34× | ||
| Q2 24 | — | 3.86× |
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% |
USPH
| Net Patient Revenues | $169.7M | 84% |
| Industrial Injury Prevention Services Revenues | $28.9M | 14% |
| Management Contract Revenues | $2.3M | 1% |
