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GOLDEN ENTERTAINMENT, INC.（GDEN）与Madison Square Garden Entertainment Corp.（MSGE）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Entertainment Corp.的季度营收约是GOLDEN ENTERTAINMENT, INC.的2.7倍（$424.8M vs $155.6M）。Madison Square Garden Entertainment Corp.净利率更高（21.8% vs -5.5%，领先27.3%）。Madison Square Garden Entertainment Corp.同比增速更快（12.5% vs -5.2%）。过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% vs -5.4%）
黄金娱乐公司是一家总部位于内华达州恩特普赖斯的美国博彩企业，成立于2015年，由黄金博彩与莱克斯娱乐合并而来。该公司目前在内华达南部运营8家度假赌场，同时也是内华达州规模最大的酒馆运营商，2017年10月曾以8.5亿美元完成对美国赌场娱乐地产公司的收购。
麦迪逊广场花园娱乐公司是总部位于美国纽约的体育控股企业，依托麦迪逊广场花园的核心资源，在体育赛事运营、体育IP管理及相关商业化领域拥有深厚行业积累与广泛影响力。
GDEN vs MSGE — 直观对比
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $155.6M | $424.8M |
| 净利润 | $-8.5M | $92.7M |
| 毛利率 | 92.5% | — |
| 营业利润率 | -1.5% | 38.6% |
| 净利率 | -5.5% | 21.8% |
| 营收同比 | -5.2% | 12.5% |
| 净利润同比 | -386.0% | 22.2% |
| 每股收益（稀释后） | $-0.31 | $1.94 |
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
| Q4 25 | $155.6M | $424.8M | ||
| Q3 25 | $154.8M | $154.1M | ||
| Q2 25 | $163.6M | $145.1M | ||
| Q1 25 | $160.8M | $206.0M | ||
| Q4 24 | $164.2M | $377.6M | ||
| Q3 24 | $161.2M | $134.1M | ||
| Q2 24 | $167.3M | $177.6M | ||
| Q1 24 | $174.0M | $191.6M |
| Q4 25 | $-8.5M | $92.7M | ||
| Q3 25 | $-4.7M | $-21.7M | ||
| Q2 25 | $4.6M | $-27.2M | ||
| Q1 25 | $2.5M | $8.0M | ||
| Q4 24 | $3.0M | $75.9M | ||
| Q3 24 | $5.2M | $-19.3M | ||
| Q2 24 | $623.0K | $66.9M | ||
| Q1 24 | $42.0M | $2.8M |
| Q4 25 | 92.5% | — | ||
| Q3 25 | 92.8% | — | ||
| Q2 25 | 93.1% | — | ||
| Q1 25 | 92.7% | — | ||
| Q4 24 | 96.3% | — | ||
| Q3 24 | 93.0% | — | ||
| Q2 24 | 93.2% | — | ||
| Q1 24 | 89.9% | — |
| Q4 25 | -1.5% | 38.6% | ||
| Q3 25 | 0.6% | -19.3% | ||
| Q2 25 | 7.3% | -17.7% | ||
| Q1 25 | 6.9% | 13.3% | ||
| Q4 24 | 7.1% | 36.8% | ||
| Q3 24 | 4.2% | -13.8% | ||
| Q2 24 | 8.1% | -5.0% | ||
| Q1 24 | 46.0% | 8.8% |
| Q4 25 | -5.5% | 21.8% | ||
| Q3 25 | -3.0% | -14.0% | ||
| Q2 25 | 2.8% | -18.7% | ||
| Q1 25 | 1.6% | 3.9% | ||
| Q4 24 | 1.8% | 20.1% | ||
| Q3 24 | 3.2% | -14.4% | ||
| Q2 24 | 0.4% | 37.7% | ||
| Q1 24 | 24.1% | 1.5% |
| Q4 25 | $-0.31 | $1.94 | ||
| Q3 25 | $-0.18 | $-0.46 | ||
| Q2 25 | $0.17 | $-0.56 | ||
| Q1 25 | $0.09 | $0.17 | ||
| Q4 24 | $0.14 | $1.56 | ||
| Q3 24 | $0.18 | $-0.40 | ||
| Q2 24 | $0.02 | $1.32 | ||
| Q1 24 | $1.37 | $0.06 |
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 | $55.3M | $157.1M |
| 总债务越低越好 | $426.6M | $554.6M |
| 股东权益账面价值 | $420.9M | $36.0M |
| 总资产 | $1.0B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.01× | 15.40× |
8季度趋势，按日历期对齐
| Q4 25 | $55.3M | $157.1M | ||
| Q3 25 | $58.3M | $29.9M | ||
| Q2 25 | $52.3M | $43.0M | ||
| Q1 25 | $50.5M | $89.0M | ||
| Q4 24 | $57.7M | $54.9M | ||
| Q3 24 | $68.6M | $37.3M | ||
| Q2 24 | $88.6M | $33.3M | ||
| Q1 24 | $404.3M | $28.0M |
| Q4 25 | $426.6M | $554.6M | ||
| Q3 25 | $417.3M | $581.7M | ||
| Q2 25 | $423.3M | $568.8M | ||
| Q1 25 | $399.3M | $577.4M | ||
| Q4 24 | $405.3M | $584.7M | ||
| Q3 24 | $386.3M | $647.0M | ||
| Q2 24 | $388.2M | $599.2M | ||
| Q1 24 | $660.9M | $602.5M |
| Q4 25 | $420.9M | $36.0M | ||
| Q3 25 | $434.2M | $-65.8M | ||
| Q2 25 | $443.3M | $-13.3M | ||
| Q1 25 | $462.0M | $9.5M | ||
| Q4 24 | $474.2M | $10.3M | ||
| Q3 24 | $513.1M | $-48.7M | ||
| Q2 24 | $539.0M | $-23.2M | ||
| Q1 24 | $569.6M | $-94.6M |
| Q4 25 | $1.0B | $1.8B | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.5B | $1.5B |
| Q4 25 | 1.01× | 15.40× | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | 0.95× | — | ||
| Q1 25 | 0.86× | 60.61× | ||
| Q4 24 | 0.85× | 56.61× | ||
| Q3 24 | 0.75× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 1.16× | — |
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 | $10.2M | $164.4M |
| 自由现金流经营现金流 - 资本支出 | $-4.4M | — |
| 自由现金流率自由现金流/营收 | -2.8% | — |
| 资本支出强度资本支出/营收 | 9.4% | — |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $35.6M | — |
8季度趋势，按日历期对齐
| Q4 25 | $10.2M | $164.4M | ||
| Q3 25 | $26.9M | $19.8M | ||
| Q2 25 | $17.4M | $-27.0M | ||
| Q1 25 | $28.6M | $56.8M | ||
| Q4 24 | $22.5M | $112.9M | ||
| Q3 24 | $22.5M | $-27.4M | ||
| Q2 24 | $21.5M | $212.0K | ||
| Q1 24 | $25.8M | $5.8M |
| Q4 25 | $-4.4M | — | ||
| Q3 25 | $19.3M | — | ||
| Q2 25 | $4.0M | — | ||
| Q1 25 | $16.6M | — | ||
| Q4 24 | $14.3M | — | ||
| Q3 24 | $14.7M | — | ||
| Q2 24 | $3.9M | — | ||
| Q1 24 | $9.5M | — |
| Q4 25 | -2.8% | — | ||
| Q3 25 | 12.5% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 9.1% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | 5.5% | — |
| Q4 25 | 9.4% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 7.4% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 4.9% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 9.3% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.76× | — | ||
| Q1 25 | 11.43× | 7.07× | ||
| Q4 24 | 7.57× | 1.49× | ||
| Q3 24 | 4.36× | — | ||
| Q2 24 | 34.51× | 0.00× | ||
| Q1 24 | 0.61× | 2.08× |
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
GDEN
| Nevada Casino Resorts | $90.2M | 58% |
| Nevada Locals Casinos | $37.4M | 24% |
| Nevada Taverns | $27.7M | 18% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
