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六旗（FUN）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是六旗的1.7倍（$382.7M vs $225.6M），INNOVATE Corp.净利率更高（-1.9% vs -119.0%，领先117.1%），INNOVATE Corp.同比增速更快（61.7% 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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
FUN vs VATE — 直观对比
营收规模更大
VATE
是对方的1.7倍
$225.6M
营收增速更快
VATE
高出50.1%
11.7%
净利率更高
VATE
高出117.1%
-119.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $382.7M |
| 净利润 | $-268.6M | $-7.4M |
| 毛利率 | — | 15.4% |
| 营业利润率 | — | 3.7% |
| 净利率 | -119.0% | -1.9% |
| 营收同比 | 11.7% | 61.7% |
| 净利润同比 | -22.2% | 55.4% |
| 每股收益（稀释后） | — | $-0.57 |
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FUNVATE
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $382.7M | ||
| Q3 25 | $1.3B | $347.1M | ||
| Q2 25 | $930.4M | $242.0M | ||
| Q1 25 | $202.1M | $274.2M | ||
| Q4 24 | — | $236.6M | ||
| Q3 24 | $1.3B | $242.2M | ||
| Q2 24 | $571.6M | $313.1M |
净利润FUNVATE
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-7.4M | ||
| Q3 25 | $-1.2B | $-8.9M | ||
| Q2 25 | $-99.6M | $-19.8M | ||
| Q1 25 | $-219.7M | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $111.0M | $-15.0M | ||
| Q2 24 | $55.6M | $14.4M |
毛利率FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | 15.4% | ||
| Q3 25 | 91.6% | 14.3% | ||
| Q2 25 | 91.3% | 18.8% | ||
| Q1 25 | 89.3% | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | 91.9% | 19.9% | ||
| Q2 24 | 90.7% | 21.0% |
营业利润率FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | 3.7% | ||
| Q3 25 | -83.7% | 1.8% | ||
| Q2 25 | 8.0% | 2.0% | ||
| Q1 25 | -158.9% | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 19.5% | 2.4% | ||
| Q2 24 | 21.6% | 9.2% |
净利率FUNVATE
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -1.9% | ||
| Q3 25 | -90.1% | -2.6% | ||
| Q2 25 | -10.7% | -8.2% | ||
| Q1 25 | -108.7% | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 8.2% | -6.2% | ||
| Q2 24 | 9.7% | 4.6% |
每股收益（稀释后）FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-0.57 | ||
| Q3 25 | $-11.77 | $-0.71 | ||
| Q2 25 | $-0.99 | $-1.67 | ||
| Q1 25 | $-2.20 | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $1.10 | $-1.18 | ||
| Q2 24 | — | $1.03 |
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 | $112.1M |
| 总债务越低越好 | — | $80.3M |
| 股东权益账面价值 | $279.2M | $-240.1M |
| 总资产 | $7.7B | $950.1M |
| 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FUNVATE
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $112.1M | ||
| Q3 25 | $70.7M | $35.5M | ||
| Q2 25 | $107.4M | $33.4M | ||
| Q1 25 | $61.5M | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | $89.7M | $51.0M | ||
| Q2 24 | $52.9M | $80.2M |
总债务FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $80.3M | ||
| Q3 25 | $5.0B | $97.3M | ||
| Q2 25 | $5.3B | $160.1M | ||
| Q1 25 | $5.0B | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | $4.6B | $502.4M | ||
| Q2 24 | $2.3B | $638.3M |
股东权益FUNVATE
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $-240.1M | ||
| Q3 25 | $614.3M | $-233.3M | ||
| Q2 25 | $1.8B | $-224.8M | ||
| Q1 25 | $1.8B | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | $2.3B | $-163.1M | ||
| Q2 24 | — | $-149.0M |
总资产FUNVATE
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $950.1M | ||
| Q3 25 | $7.9B | $913.2M | ||
| Q2 25 | $9.5B | $890.9M | ||
| Q1 25 | $9.2B | $868.0M | ||
| Q4 24 | — | $891.1M | ||
| Q3 24 | $9.4B | $897.2M | ||
| Q2 24 | $2.3B | $898.9M |
负债/权益比FUNVATE
| 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 | — | $101.1M |
| 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 | — | — |
| 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FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $101.1M | ||
| Q3 25 | $356.2M | $19.2M | ||
| Q2 25 | $187.0M | $40.4M | ||
| Q1 25 | $-178.0M | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | $337.4M | $-28.4M | ||
| Q2 24 | — | $21.5M |
自由现金流FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | $19.0M | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $227.7M | $-31.5M | ||
| Q2 24 | — | $18.4M |
自由现金流率FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | 5.5% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 16.9% | -13.0% | ||
| Q2 24 | — | 5.9% |
资本支出强度FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | 0.1% | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | 8.1% | 1.3% | ||
| Q2 24 | — | 1.0% |
现金转化率FUNVATE
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | 1.49× |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
