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康宁（GLW）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是康宁的1.1倍（$4.6B vs $4.2B），康宁净利率更高（12.8% vs 6.4%，领先6.4%），康宁同比增速更快（20.4% vs 6.0%），康宁自由现金流更多（$620.0M vs $358.5M），过去两年康宁的营收复合增速更高（19.0% vs 2.5%）
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
GLW vs MGM — 直观对比
营收规模更大
MGM
是对方的1.1倍
$4.2B
营收增速更快
GLW
高出14.4%
6.0%
净利率更高
GLW
高出6.4%
6.4%
自由现金流更多
GLW
多$261.5M
$358.5M
两年增速更快
GLW
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.6B |
| 净利润 | $540.0M | $293.6M |
| 毛利率 | 35.5% | — |
| 营业利润率 | 15.9% | 7.1% |
| 净利率 | 12.8% | 6.4% |
| 营收同比 | 20.4% | 6.0% |
| 净利润同比 | 74.2% | 86.5% |
| 每股收益（稀释后） | $0.61 | $1.12 |
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GLWMGM
| Q4 25 | $4.2B | $4.6B | ||
| Q3 25 | $4.1B | $4.3B | ||
| Q2 25 | $3.9B | $4.4B | ||
| Q1 25 | $3.5B | $4.3B | ||
| Q4 24 | $3.5B | $4.3B | ||
| Q3 24 | $3.4B | $4.2B | ||
| Q2 24 | $3.3B | $4.3B | ||
| Q1 24 | $3.0B | $4.4B |
净利润GLWMGM
| Q4 25 | $540.0M | $293.6M | ||
| Q3 25 | $430.0M | $-285.3M | ||
| Q2 25 | $469.0M | $49.0M | ||
| Q1 25 | $157.0M | $148.6M | ||
| Q4 24 | $310.0M | $157.4M | ||
| Q3 24 | $-117.0M | $184.6M | ||
| Q2 24 | $104.0M | $187.1M | ||
| Q1 24 | $209.0M | $217.5M |
毛利率GLWMGM
| Q4 25 | 35.5% | — | ||
| Q3 25 | 37.1% | — | ||
| Q2 25 | 36.0% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 34.2% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 33.4% | — |
营业利润率GLWMGM
| Q4 25 | 15.9% | 7.1% | ||
| Q3 25 | 14.4% | -2.7% | ||
| Q2 25 | 14.8% | 9.2% | ||
| Q1 25 | 12.9% | 9.0% | ||
| Q4 24 | 11.2% | 6.7% | ||
| Q3 24 | 8.9% | 7.5% | ||
| Q2 24 | 5.7% | 9.8% | ||
| Q1 24 | 8.5% | 10.5% |
净利率GLWMGM
| Q4 25 | 12.8% | 6.4% | ||
| Q3 25 | 10.5% | -6.7% | ||
| Q2 25 | 12.1% | 1.1% | ||
| Q1 25 | 4.5% | 3.5% | ||
| Q4 24 | 8.9% | 3.6% | ||
| Q3 24 | -3.5% | 4.4% | ||
| Q2 24 | 3.2% | 4.3% | ||
| Q1 24 | 7.0% | 5.0% |
每股收益（稀释后）GLWMGM
| Q4 25 | $0.61 | $1.12 | ||
| Q3 25 | $0.50 | $-1.05 | ||
| Q2 25 | $0.54 | $0.18 | ||
| Q1 25 | $0.18 | $0.51 | ||
| Q4 24 | $0.36 | $0.52 | ||
| Q3 24 | $-0.14 | $0.61 | ||
| Q2 24 | $0.12 | $0.60 | ||
| Q1 24 | $0.24 | $0.67 |
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 | $1.5B | $2.1B |
| 总债务越低越好 | $7.6B | $6.2B |
| 股东权益账面价值 | $11.8B | $2.4B |
| 总资产 | $31.0B | $41.4B |
| 负债/权益比越低杠杆越低 | 0.65× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资GLWMGM
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.7B |
总债务GLWMGM
| Q4 25 | $7.6B | $6.2B | ||
| Q3 25 | $7.4B | $6.2B | ||
| Q2 25 | $6.7B | $6.2B | ||
| Q1 25 | $7.0B | $6.4B | ||
| Q4 24 | $6.9B | $6.4B | ||
| Q3 24 | $7.1B | $6.9B | ||
| Q2 24 | $6.9B | $6.3B | ||
| Q1 24 | $7.0B | $6.3B |
股东权益GLWMGM
| Q4 25 | $11.8B | $2.4B | ||
| Q3 25 | $11.5B | $2.7B | ||
| Q2 25 | $11.1B | $3.0B | ||
| Q1 25 | $10.7B | $2.9B | ||
| Q4 24 | $10.7B | $3.0B | ||
| Q3 24 | $11.1B | $3.2B | ||
| Q2 24 | $10.6B | $3.2B | ||
| Q1 24 | $11.2B | $3.5B |
总资产GLWMGM
| Q4 25 | $31.0B | $41.4B | ||
| Q3 25 | $29.9B | $41.4B | ||
| Q2 25 | $28.7B | $41.7B | ||
| Q1 25 | $27.4B | $41.9B | ||
| Q4 24 | $27.7B | $42.2B | ||
| Q3 24 | $28.3B | $42.7B | ||
| Q2 24 | $27.2B | $41.8B | ||
| Q1 24 | $27.6B | $42.1B |
负债/权益比GLWMGM
| Q4 25 | 0.65× | 2.56× | ||
| Q3 25 | 0.64× | 2.30× | ||
| Q2 25 | 0.60× | 2.09× | ||
| Q1 25 | 0.65× | 2.25× | ||
| Q4 24 | 0.64× | 2.10× | ||
| Q3 24 | 0.64× | 2.14× | ||
| Q2 24 | 0.65× | 1.96× | ||
| Q1 24 | 0.63× | 1.81× |
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 | $1.1B | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $620.0M | $358.5M |
| 自由现金流率自由现金流/营收 | 14.7% | 7.8% |
| 资本支出强度资本支出/营收 | 10.2% | 6.4% |
| 现金转化率经营现金流/净利润 | 1.95× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.5B |
8季度趋势，按日历期对齐
经营现金流GLWMGM
| Q4 25 | $1.1B | $655.0M | ||
| Q3 25 | $784.0M | $681.4M | ||
| Q2 25 | $708.0M | $645.9M | ||
| Q1 25 | $151.0M | $547.1M | ||
| Q4 24 | $623.0M | $671.6M | ||
| Q3 24 | $699.0M | $667.4M | ||
| Q2 24 | $521.0M | $474.2M | ||
| Q1 24 | $96.0M | $549.3M |
自由现金流GLWMGM
| Q4 25 | $620.0M | $358.5M | ||
| Q3 25 | $450.0M | $405.4M | ||
| Q2 25 | $400.0M | $377.4M | ||
| Q1 25 | $-57.0M | $319.0M | ||
| Q4 24 | $369.0M | $267.5M | ||
| Q3 24 | $482.0M | $331.2M | ||
| Q2 24 | $279.0M | $236.0M | ||
| Q1 24 | $-156.0M | $377.2M |
自由现金流率GLWMGM
| Q4 25 | 14.7% | 7.8% | ||
| Q3 25 | 11.0% | 9.5% | ||
| Q2 25 | 10.4% | 8.6% | ||
| Q1 25 | -1.7% | 7.5% | ||
| Q4 24 | 10.5% | 6.2% | ||
| Q3 24 | 14.2% | 7.9% | ||
| Q2 24 | 8.6% | 5.5% | ||
| Q1 24 | -5.2% | 8.6% |
资本支出强度GLWMGM
| Q4 25 | 10.2% | 6.4% | ||
| Q3 25 | 8.1% | 6.5% | ||
| Q2 25 | 8.0% | 6.1% | ||
| Q1 25 | 6.0% | 5.3% | ||
| Q4 24 | 7.3% | 9.3% | ||
| Q3 24 | 6.4% | 8.0% | ||
| Q2 24 | 7.4% | 5.5% | ||
| Q1 24 | 8.5% | 3.9% |
现金转化率GLWMGM
| Q4 25 | 1.95× | 2.23× | ||
| Q3 25 | 1.82× | — | ||
| Q2 25 | 1.51× | 13.19× | ||
| Q1 25 | 0.96× | 3.68× | ||
| Q4 24 | 2.01× | 4.27× | ||
| Q3 24 | — | 3.62× | ||
| Q2 24 | 5.01× | 2.54× | ||
| Q1 24 | 0.46× | 2.53× |
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
GLW
暂无分部数据
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
