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GOLDEN ENTERTAINMENT, INC.（GDEN）与范尔度假村（MTN）财务数据对比。点击上方公司名可切换其他公司
范尔度假村的季度营收约是GOLDEN ENTERTAINMENT, INC.的1.7倍（$271.0M vs $155.6M）。GOLDEN ENTERTAINMENT, INC.净利率更高（-5.5% vs -68.9%，领先63.4%）。范尔度假村同比增速更快（4.1% vs -5.2%）。范尔度假村自由现金流更多（$244.3M vs $-4.4M）。过去两年GOLDEN ENTERTAINMENT, INC.的营收复合增速更高（-5.4% vs -49.9%）
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。
范尔度假村是美国知名山地度假集团，总部位于科罗拉多州布鲁姆菲尔德。集团旗下在全球4个国家运营42家山地度假村，同时持有并运营酒店、民宿、公寓及高尔夫球场等各类度假不动产，为全球游客提供高品质的山地休闲与旅居服务。
GDEN vs MTN — 直观对比
营收规模更大
MTN
是对方的1.7倍
$155.6M
营收增速更快
MTN
高出9.4%
-5.2%
净利率更高
GDEN
高出63.4%
-68.9%
自由现金流更多
MTN
多$248.6M
$-4.4M
两年增速更快
GDEN
近两年复合增速
-49.9%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $155.6M | $271.0M |
| 净利润 | $-8.5M | $-186.8M |
| 毛利率 | 92.5% | — |
| 营业利润率 | -1.5% | -77.4% |
| 净利率 | -5.5% | -68.9% |
| 营收同比 | -5.2% | 4.1% |
| 净利润同比 | -386.0% | -8.1% |
| 每股收益（稀释后） | $-0.31 | $-5.20 |
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GDENMTN
| Q4 25 | $155.6M | $271.0M | ||
| Q3 25 | $154.8M | $271.3M | ||
| Q2 25 | $163.6M | $1.3B | ||
| Q1 25 | $160.8M | $1.1B | ||
| Q4 24 | $164.2M | $260.3M | ||
| Q3 24 | $161.2M | $265.4M | ||
| Q2 24 | $167.3M | $1.3B | ||
| Q1 24 | $174.0M | $1.1B |
净利润GDENMTN
| Q4 25 | $-8.5M | $-186.8M | ||
| Q3 25 | $-4.7M | $-185.5M | ||
| Q2 25 | $4.6M | $392.8M | ||
| Q1 25 | $2.5M | $245.5M | ||
| Q4 24 | $3.0M | $-172.8M | ||
| Q3 24 | $5.2M | $-175.4M | ||
| Q2 24 | $623.0K | $362.0M | ||
| Q1 24 | $42.0M | $219.3M |
毛利率GDENMTN
| 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% | — |
营业利润率GDENMTN
| Q4 25 | -1.5% | -77.4% | ||
| Q3 25 | 0.6% | -75.1% | ||
| Q2 25 | 7.3% | 44.9% | ||
| Q1 25 | 6.9% | 33.8% | ||
| Q4 24 | 7.1% | -77.6% | ||
| Q3 24 | 4.2% | -74.9% | ||
| Q2 24 | 8.1% | 42.6% | ||
| Q1 24 | 46.0% | 32.5% |
净利率GDENMTN
| Q4 25 | -5.5% | -68.9% | ||
| Q3 25 | -3.0% | -68.4% | ||
| Q2 25 | 2.8% | 30.3% | ||
| Q1 25 | 1.6% | 21.6% | ||
| Q4 24 | 1.8% | -66.4% | ||
| Q3 24 | 3.2% | -66.1% | ||
| Q2 24 | 0.4% | 28.2% | ||
| Q1 24 | 24.1% | 20.3% |
每股收益（稀释后）GDENMTN
| Q4 25 | $-0.31 | $-5.20 | ||
| Q3 25 | $-0.18 | $-4.96 | ||
| Q2 25 | $0.17 | $10.54 | ||
| Q1 25 | $0.09 | $6.56 | ||
| Q4 24 | $0.14 | $-4.61 | ||
| Q3 24 | $0.18 | $-4.63 | ||
| Q2 24 | $0.02 | $9.54 | ||
| Q1 24 | $1.37 | $5.76 |
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 | $581.5M |
| 总债务越低越好 | $426.6M | $2.6B |
| 股东权益账面价值 | $420.9M | $156.5M |
| 总资产 | $1.0B | $5.8B |
| 负债/权益比越低杠杆越低 | 1.01× | 16.51× |
8季度趋势，按日历期对齐
现金及短期投资GDENMTN
| Q4 25 | $55.3M | $581.5M | ||
| Q3 25 | $58.3M | $440.3M | ||
| Q2 25 | $52.3M | $467.0M | ||
| Q1 25 | $50.5M | $488.2M | ||
| Q4 24 | $57.7M | $403.8M | ||
| Q3 24 | $68.6M | $322.8M | ||
| Q2 24 | $88.6M | $705.4M | ||
| Q1 24 | $404.3M | $812.2M |
总债务GDENMTN
| Q4 25 | $426.6M | $2.6B | ||
| Q3 25 | $417.3M | $2.6B | ||
| Q2 25 | $423.3M | $2.1B | ||
| Q1 25 | $399.3M | $2.1B | ||
| Q4 24 | $405.3M | $2.7B | ||
| Q3 24 | $386.3M | $2.7B | ||
| Q2 24 | $388.2M | $2.7B | ||
| Q1 24 | $660.9M | $2.7B |
股东权益GDENMTN
| Q4 25 | $420.9M | $156.5M | ||
| Q3 25 | $434.2M | $424.5M | ||
| Q2 25 | $443.3M | $895.4M | ||
| Q1 25 | $462.0M | $530.7M | ||
| Q4 24 | $474.2M | $444.1M | ||
| Q3 24 | $513.1M | $723.5M | ||
| Q2 24 | $539.0M | $1.0B | ||
| Q1 24 | $569.6M | $829.9M |
总资产GDENMTN
| Q4 25 | $1.0B | $5.8B | ||
| Q3 25 | $1.0B | $5.8B | ||
| Q2 25 | $1.0B | $5.8B | ||
| Q1 25 | $1.1B | $5.5B | ||
| Q4 24 | $1.1B | $5.6B | ||
| Q3 24 | $1.1B | $5.7B | ||
| Q2 24 | $1.2B | $5.8B | ||
| Q1 24 | $1.5B | $5.8B |
负债/权益比GDENMTN
| Q4 25 | 1.01× | 16.51× | ||
| Q3 25 | 0.96× | 6.11× | ||
| Q2 25 | 0.95× | 2.35× | ||
| Q1 25 | 0.86× | 3.99× | ||
| Q4 24 | 0.85× | 6.10× | ||
| Q3 24 | 0.75× | 3.76× | ||
| Q2 24 | 0.72× | 2.69× | ||
| Q1 24 | 1.16× | 3.28× |
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 | $315.9M |
| 自由现金流经营现金流 - 资本支出 | $-4.4M | $244.3M |
| 自由现金流率自由现金流/营收 | -2.8% | 90.1% |
| 资本支出强度资本支出/营收 | 9.4% | 26.4% |
| 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 | $35.6M | $352.5M |
8季度趋势，按日历期对齐
经营现金流GDENMTN
| Q4 25 | $10.2M | $315.9M | ||
| Q3 25 | $26.9M | $-171.6M | ||
| Q2 25 | $17.4M | $117.7M | ||
| Q1 25 | $28.6M | $326.3M | ||
| Q4 24 | $22.5M | $282.4M | ||
| Q3 24 | $22.5M | $-94.2M | ||
| Q2 24 | $21.5M | $109.9M | ||
| Q1 24 | $25.8M | $242.7M |
自由现金流GDENMTN
| Q4 25 | $-4.4M | $244.3M | ||
| Q3 25 | $19.3M | $-227.5M | ||
| Q2 25 | $4.0M | $84.5M | ||
| Q1 25 | $16.6M | $251.2M | ||
| Q4 24 | $14.3M | $211.4M | ||
| Q3 24 | $14.7M | $-150.3M | ||
| Q2 24 | $3.9M | $85.0M | ||
| Q1 24 | $9.5M | $165.8M |
自由现金流率GDENMTN
| Q4 25 | -2.8% | 90.1% | ||
| Q3 25 | 12.5% | -83.9% | ||
| Q2 25 | 2.4% | 6.5% | ||
| Q1 25 | 10.4% | 22.1% | ||
| Q4 24 | 8.7% | 81.2% | ||
| Q3 24 | 9.1% | -56.6% | ||
| Q2 24 | 2.3% | 6.6% | ||
| Q1 24 | 5.5% | 15.4% |
资本支出强度GDENMTN
| Q4 25 | 9.4% | 26.4% | ||
| Q3 25 | 4.9% | 20.6% | ||
| Q2 25 | 8.2% | 2.6% | ||
| Q1 25 | 7.4% | 6.6% | ||
| Q4 24 | 5.0% | 27.3% | ||
| Q3 24 | 4.9% | 21.1% | ||
| Q2 24 | 10.5% | 1.9% | ||
| Q1 24 | 9.3% | 7.1% |
现金转化率GDENMTN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.76× | 0.30× | ||
| Q1 25 | 11.43× | 1.33× | ||
| Q4 24 | 7.57× | — | ||
| Q3 24 | 4.36× | — | ||
| Q2 24 | 34.51× | 0.30× | ||
| Q1 24 | 0.61× | 1.11× |
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% |
MTN
| Dining | $84.6M | 31% |
| Lodgingrevenueexcludingpayrollcostreimbursements | $67.2M | 25% |
| Other Mountain Revenue | $55.1M | 20% |
| Managedcondominiumrooms | $26.1M | 10% |
| Owned Hotel Revenue | $12.7M | 5% |
| Other Lodging Revenue | $10.2M | 4% |
| Other | $5.9M | 2% |
| Transportation | $4.8M | 2% |
| Payrollcostreimbursements | $4.4M | 2% |
