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六旗（FUN）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是六旗的5.5倍（$1.2B vs $225.6M），MARRIOTT VACATIONS WORLDWIDE Corp净利率更高（-35.0% vs -119.0%，领先84.0%），六旗同比增速更快（11.7% vs -0.7%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
FUN vs VAC — 直观对比
营收规模更大
VAC
是对方的5.5倍
$225.6M
营收增速更快
FUN
高出12.4%
-0.7%
净利率更高
VAC
高出84.0%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $1.2B |
| 净利润 | $-268.6M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | -119.0% | -35.0% |
| 营收同比 | 11.7% | -0.7% |
| 净利润同比 | -22.2% | -962.0% |
| 每股收益（稀释后） | — | $-12.00 |
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FUNVAC
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $930.4M | $1.2B | ||
| Q1 25 | $202.1M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $571.6M | $1.1B |
净利润FUNVAC
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-431.0M | ||
| Q3 25 | $-1.2B | $-2.0M | ||
| Q2 25 | $-99.6M | $69.0M | ||
| Q1 25 | $-219.7M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $111.0M | $84.0M | ||
| Q2 24 | $55.6M | $37.0M |
毛利率FUNVAC
| 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FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | — | ||
| Q3 25 | -83.7% | — | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | -158.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 19.5% | — | ||
| Q2 24 | 21.6% | — |
净利率FUNVAC
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -35.0% | ||
| Q3 25 | -90.1% | -0.2% | ||
| Q2 25 | -10.7% | 6.0% | ||
| Q1 25 | -108.7% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 8.2% | 6.9% | ||
| Q2 24 | 9.7% | 3.5% |
每股收益（稀释后）FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-12.00 | ||
| Q3 25 | $-11.77 | $-0.07 | ||
| Q2 25 | $-0.99 | $1.77 | ||
| Q1 25 | $-2.20 | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | $1.10 | $2.12 | ||
| Q2 24 | — | $0.98 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $279.2M | $2.0B |
| 总资产 | $7.7B | $9.8B |
| 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FUNVAC
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $406.0M | ||
| Q3 25 | $70.7M | $474.0M | ||
| Q2 25 | $107.4M | $205.0M | ||
| Q1 25 | $61.5M | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | $89.7M | $197.0M | ||
| Q2 24 | $52.9M | $206.0M |
总债务FUNVAC
| 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FUNVAC
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $2.0B | ||
| Q3 25 | $614.3M | $2.5B | ||
| Q2 25 | $1.8B | $2.5B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $2.3B | $2.4B | ||
| Q2 24 | — | $2.4B |
总资产FUNVAC
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $9.8B | ||
| Q3 25 | $7.9B | $10.1B | ||
| Q2 25 | $9.5B | $9.9B | ||
| Q1 25 | $9.2B | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | $9.4B | $9.7B | ||
| Q2 24 | $2.3B | $9.6B |
负债/权益比FUNVAC
| 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 | — | $6.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 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 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $6.0M | ||
| Q3 25 | $356.2M | $62.0M | ||
| Q2 25 | $187.0M | $-48.0M | ||
| Q1 25 | $-178.0M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $337.4M | $72.0M | ||
| Q2 24 | — | $30.0M |
自由现金流FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $-6.0M | ||
| Q3 25 | $256.2M | $51.0M | ||
| Q2 25 | $18.8M | $-68.0M | ||
| Q1 25 | $-318.0M | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | $227.7M | $58.0M | ||
| Q2 24 | — | $17.0M |
自由现金流率FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | -0.5% | ||
| Q3 25 | 19.4% | 4.3% | ||
| Q2 25 | 2.0% | -5.9% | ||
| Q1 25 | -157.4% | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | 16.9% | 4.8% | ||
| Q2 24 | — | 1.6% |
资本支出强度FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 1.0% | ||
| Q3 25 | 7.6% | 0.9% | ||
| Q2 25 | 18.1% | 1.7% | ||
| Q1 25 | 69.3% | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 8.1% | 1.1% | ||
| Q2 24 | — | 1.2% |
现金转化率FUNVAC
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 3.04× | 0.86× | ||
| Q2 24 | — | 0.81× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
