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六旗（FUN）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是六旗的2.8倍（$1.8B vs $650.1M）。华纳音乐集团净利率更高（9.6% vs -14.2%，领先23.8%）。华纳音乐集团自由现金流更多（$420.0M vs $-109.3M）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
FUN vs WMG — 直观对比
营收规模更大
WMG
是对方的2.8倍
$650.1M
净利率更高
WMG
高出23.8%
-14.2%
自由现金流更多
WMG
多$529.3M
$-109.3M
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $1.8B |
| 净利润 | $-92.4M | $176.0M |
| 毛利率 | 91.4% | 46.4% |
| 营业利润率 | -3.8% | 15.7% |
| 净利率 | -14.2% | 9.6% |
| 营收同比 | — | 10.4% |
| 净利润同比 | — | -25.4% |
| 每股收益（稀释后） | $-0.93 | — |
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FUNWMG
| Q4 25 | $650.1M | $1.8B | ||
| Q3 25 | $1.3B | $1.9B | ||
| Q2 25 | $930.4M | $1.7B | ||
| Q1 25 | $202.1M | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $571.6M | $1.6B | ||
| Q1 24 | — | $1.5B |
净利润FUNWMG
| Q4 25 | $-92.4M | $176.0M | ||
| Q3 25 | $-1.2B | $109.0M | ||
| Q2 25 | $-99.6M | $-16.0M | ||
| Q1 25 | $-219.7M | $36.0M | ||
| Q4 24 | — | $236.0M | ||
| Q3 24 | $111.0M | $41.0M | ||
| Q2 24 | $55.6M | $139.0M | ||
| Q1 24 | — | $96.0M |
毛利率FUNWMG
| Q4 25 | 91.4% | 46.4% | ||
| Q3 25 | 91.6% | 44.6% | ||
| Q2 25 | 91.3% | 45.9% | ||
| Q1 25 | 89.3% | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | 91.9% | 47.6% | ||
| Q2 24 | 90.7% | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率FUNWMG
| Q4 25 | -3.8% | 15.7% | ||
| Q3 25 | -83.7% | 7.7% | ||
| Q2 25 | 8.0% | 10.0% | ||
| Q1 25 | -158.9% | 11.3% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | 19.5% | 8.8% | ||
| Q2 24 | 21.6% | 13.3% | ||
| Q1 24 | — | 8.0% |
净利率FUNWMG
| Q4 25 | -14.2% | 9.6% | ||
| Q3 25 | -90.1% | 5.8% | ||
| Q2 25 | -10.7% | -0.9% | ||
| Q1 25 | -108.7% | 2.4% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | 8.2% | 2.5% | ||
| Q2 24 | 9.7% | 8.9% | ||
| Q1 24 | — | 6.4% |
每股收益（稀释后）FUNWMG
| Q4 25 | $-0.93 | — | ||
| Q3 25 | $-11.77 | — | ||
| Q2 25 | $-0.99 | — | ||
| Q1 25 | $-2.20 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.10 | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $91.1M | $751.0M |
| 总债务越低越好 | $5.2B | $4.4B |
| 股东权益账面价值 | $549.8M | $720.0M |
| 总资产 | $7.8B | $10.0B |
| 负债/权益比越低杠杆越低 | 9.40× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资FUNWMG
| Q4 25 | $91.1M | $751.0M | ||
| Q3 25 | $70.7M | $532.0M | ||
| Q2 25 | $107.4M | $527.0M | ||
| Q1 25 | $61.5M | $637.0M | ||
| Q4 24 | — | $802.0M | ||
| Q3 24 | $89.7M | $694.0M | ||
| Q2 24 | $52.9M | $607.0M | ||
| Q1 24 | — | $587.0M |
总债务FUNWMG
| Q4 25 | $5.2B | $4.4B | ||
| Q3 25 | $5.0B | $4.4B | ||
| Q2 25 | $5.3B | $4.4B | ||
| Q1 25 | $5.0B | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $4.6B | $4.0B | ||
| Q2 24 | $2.3B | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益FUNWMG
| Q4 25 | $549.8M | $720.0M | ||
| Q3 25 | $614.3M | $647.0M | ||
| Q2 25 | $1.8B | $589.0M | ||
| Q1 25 | $1.8B | $567.0M | ||
| Q4 24 | — | $545.0M | ||
| Q3 24 | $2.3B | $518.0M | ||
| Q2 24 | — | $483.0M | ||
| Q1 24 | — | $433.0M |
总资产FUNWMG
| Q4 25 | $7.8B | $10.0B | ||
| Q3 25 | $7.9B | $9.8B | ||
| Q2 25 | $9.5B | $9.8B | ||
| Q1 25 | $9.2B | $9.6B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | $9.4B | $9.2B | ||
| Q2 24 | $2.3B | $8.8B | ||
| Q1 24 | — | $8.7B |
负债/权益比FUNWMG
| Q4 25 | 9.40× | 6.07× | ||
| Q3 25 | 8.16× | 6.75× | ||
| Q2 25 | 2.97× | 7.41× | ||
| Q1 25 | 2.75× | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | 1.95× | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $-37.7M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $420.0M |
| 自由现金流率自由现金流/营收 | -16.8% | 22.8% |
| 资本支出强度资本支出/营收 | 11.0% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $663.0M |
8季度趋势，按日历期对齐
经营现金流FUNWMG
| Q4 25 | $-37.7M | $440.0M | ||
| Q3 25 | $356.2M | $231.0M | ||
| Q2 25 | $187.0M | $46.0M | ||
| Q1 25 | $-178.0M | $69.0M | ||
| Q4 24 | — | $332.0M | ||
| Q3 24 | $337.4M | $304.0M | ||
| Q2 24 | — | $188.0M | ||
| Q1 24 | — | $-31.0M |
自由现金流FUNWMG
| Q4 25 | $-109.3M | $420.0M | ||
| Q3 25 | $256.2M | $203.0M | ||
| Q2 25 | $18.8M | $7.0M | ||
| Q1 25 | $-318.0M | $33.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | $227.7M | $271.0M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $-57.0M |
自由现金流率FUNWMG
| Q4 25 | -16.8% | 22.8% | ||
| Q3 25 | 19.4% | 10.9% | ||
| Q2 25 | 2.0% | 0.4% | ||
| Q1 25 | -157.4% | 2.2% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | 16.9% | 16.6% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | -3.8% |
资本支出强度FUNWMG
| Q4 25 | 11.0% | 1.1% | ||
| Q3 25 | 7.6% | 1.5% | ||
| Q2 25 | 18.1% | 2.3% | ||
| Q1 25 | 69.3% | 2.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 8.1% | 2.0% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.7% |
现金转化率FUNWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.04× | 7.41× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | -0.32× |
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
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
