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六旗（FUN）与沃夫斯沛（WOLF）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沃夫斯沛的1.3倍（$225.6M vs $168.5M），沃夫斯沛净利率更高（-89.4% vs -119.0%，领先29.7%），六旗同比增速更快（11.7% vs -6.6%）
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。
Wolfspeed, Inc.（原Cree, Inc.）是一家美国宽禁带半导体研发制造商，核心业务聚焦碳化硅材料与功率器件，产品主要应用于交通、电源、功率逆变器以及无线系统等领域，是碳化硅功率半导体领域的领先企业。
FUN vs WOLF — 直观对比
营收规模更大
FUN
是对方的1.3倍
$168.5M
营收增速更快
FUN
高出18.3%
-6.6%
净利率更高
WOLF
高出29.7%
-119.0%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.6M | $168.5M |
| 净利润 | $-268.6M | $-150.6M |
| 毛利率 | — | -46.5% |
| 营业利润率 | — | -94.0% |
| 净利率 | -119.0% | -89.4% |
| 营收同比 | 11.7% | -6.6% |
| 净利润同比 | -22.2% | 59.5% |
| 每股收益（稀释后） | — | $-5.78 |
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FUNWOLF
| Q1 26 | $225.6M | — | ||
| Q4 25 | $650.1M | $168.5M | ||
| Q3 25 | $1.3B | $196.8M | ||
| Q2 25 | $930.4M | $197.0M | ||
| Q1 25 | $202.1M | $185.4M | ||
| Q4 24 | — | $180.5M | ||
| Q3 24 | $1.3B | $194.7M | ||
| Q2 24 | $571.6M | $200.7M |
净利润FUNWOLF
| Q1 26 | $-268.6M | — | ||
| Q4 25 | $-92.4M | $-150.6M | ||
| Q3 25 | $-1.2B | $-643.6M | ||
| Q2 25 | $-99.6M | $-669.3M | ||
| Q1 25 | $-219.7M | $-285.5M | ||
| Q4 24 | — | $-372.2M | ||
| Q3 24 | $111.0M | $-282.2M | ||
| Q2 24 | $55.6M | $-174.9M |
毛利率FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | 91.4% | -46.5% | ||
| Q3 25 | 91.6% | -39.2% | ||
| Q2 25 | 91.3% | -13.0% | ||
| Q1 25 | 89.3% | -12.1% | ||
| Q4 24 | — | -20.6% | ||
| Q3 24 | 91.9% | -18.6% | ||
| Q2 24 | 90.7% | 1.2% |
营业利润率FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | -3.8% | -94.0% | ||
| Q3 25 | -83.7% | -82.0% | ||
| Q2 25 | 8.0% | -295.2% | ||
| Q1 25 | -158.9% | -104.9% | ||
| Q4 24 | — | -178.9% | ||
| Q3 24 | 19.5% | -118.2% | ||
| Q2 24 | 21.6% | -72.7% |
净利率FUNWOLF
| Q1 26 | -119.0% | — | ||
| Q4 25 | -14.2% | -89.4% | ||
| Q3 25 | -90.1% | -327.0% | ||
| Q2 25 | -10.7% | -339.7% | ||
| Q1 25 | -108.7% | -154.0% | ||
| Q4 24 | — | -206.2% | ||
| Q3 24 | 8.2% | -144.9% | ||
| Q2 24 | 9.7% | -87.1% |
每股收益（稀释后）FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $-5.78 | ||
| Q3 25 | $-11.77 | $-4.12 | ||
| Q2 25 | $-0.99 | $-4.42 | ||
| Q1 25 | $-2.20 | $-1.86 | ||
| Q4 24 | — | $-2.88 | ||
| Q3 24 | $1.10 | $-2.23 | ||
| Q2 24 | — | $-1.39 |
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 | $1.3B |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $279.2M | $627.4M |
| 总资产 | $7.7B | $3.4B |
| 负债/权益比越低杠杆越低 | — | 3.13× |
8季度趋势，按日历期对齐
现金及短期投资FUNWOLF
| Q1 26 | $116.5M | — | ||
| Q4 25 | $91.1M | $1.3B | ||
| Q3 25 | $70.7M | $926.0M | ||
| Q2 25 | $107.4M | $955.4M | ||
| Q1 25 | $61.5M | $1.3B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $89.7M | $1.7B | ||
| Q2 24 | $52.9M | $2.2B |
总债务FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $2.0B | ||
| Q3 25 | $5.0B | $0 | ||
| Q2 25 | $5.3B | $6.5B | ||
| Q1 25 | $5.0B | $6.5B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $4.6B | $6.2B | ||
| Q2 24 | $2.3B | $6.2B |
股东权益FUNWOLF
| Q1 26 | $279.2M | — | ||
| Q4 25 | $549.8M | $627.4M | ||
| Q3 25 | $614.3M | $-1.1B | ||
| Q2 25 | $1.8B | $-447.1M | ||
| Q1 25 | $1.8B | $212.7M | ||
| Q4 24 | — | $372.6M | ||
| Q3 24 | $2.3B | $628.9M | ||
| Q2 24 | — | $882.1M |
总资产FUNWOLF
| Q1 26 | $7.7B | — | ||
| Q4 25 | $7.8B | $3.4B | ||
| Q3 25 | $7.9B | $6.6B | ||
| Q2 25 | $9.5B | $6.9B | ||
| Q1 25 | $9.2B | $7.6B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | $9.4B | $7.9B | ||
| Q2 24 | $2.3B | $8.0B |
负债/权益比FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | 9.40× | 3.13× | ||
| Q3 25 | 8.16× | — | ||
| Q2 25 | 2.97× | — | ||
| Q1 25 | 2.75× | 30.61× | ||
| Q4 24 | — | 17.24× | ||
| Q3 24 | 1.95× | 9.81× | ||
| Q2 24 | — | 6.98× |
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 | — | $-42.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-72.6M |
| 自由现金流率自由现金流/营收 | — | -43.1% |
| 资本支出强度资本支出/营收 | — | 17.8% |
| 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 | — | $-988.1M |
8季度趋势，按日历期对齐
经营现金流FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | $-37.7M | $-42.6M | ||
| Q3 25 | $356.2M | $5.7M | ||
| Q2 25 | $187.0M | $-242.5M | ||
| Q1 25 | $-178.0M | $-142.1M | ||
| Q4 24 | — | $-195.1M | ||
| Q3 24 | $337.4M | $-132.0M | ||
| Q2 24 | — | $-239.5M |
自由现金流FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | $-109.3M | $-72.6M | ||
| Q3 25 | $256.2M | $-98.3M | ||
| Q2 25 | $18.8M | $-454.4M | ||
| Q1 25 | $-318.0M | $-362.8M | ||
| Q4 24 | — | $-596.9M | ||
| Q3 24 | $227.7M | $-569.0M | ||
| Q2 24 | — | $-883.8M |
自由现金流率FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | -43.1% | ||
| Q3 25 | 19.4% | -49.9% | ||
| Q2 25 | 2.0% | -230.7% | ||
| Q1 25 | -157.4% | -195.7% | ||
| Q4 24 | — | -330.7% | ||
| Q3 24 | 16.9% | -292.2% | ||
| Q2 24 | — | -440.4% |
资本支出强度FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | 11.0% | 17.8% | ||
| Q3 25 | 7.6% | 52.8% | ||
| Q2 25 | 18.1% | 107.6% | ||
| Q1 25 | 69.3% | 119.0% | ||
| Q4 24 | — | 222.6% | ||
| Q3 24 | 8.1% | 224.4% | ||
| Q2 24 | — | 321.0% |
现金转化率FUNWOLF
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | — |
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% |
WOLF
| Power Products | $118.3M | 70% |
| Materials Products | $50.2M | 30% |
