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孩之宝（HAS）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是Ryman Hospitality Properties, Inc.的2.0倍（$1.4B vs $737.8M），孩之宝净利率更高（13.9% vs 10.1%，领先3.9%），孩之宝同比增速更快（31.3% vs 13.9%），孩之宝自由现金流更多（$389.5M vs $58.5M），过去两年孩之宝的营收复合增速更高（38.2% vs 18.2%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
HAS vs RHP — 直观对比
营收规模更大
HAS
是对方的2.0倍
$737.8M
营收增速更快
HAS
高出17.3%
13.9%
净利率更高
HAS
高出3.9%
10.1%
自由现金流更多
HAS
多$331.0M
$58.5M
两年增速更快
HAS
近两年复合增速
18.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $737.8M |
| 净利润 | $201.6M | $74.5M |
| 毛利率 | 68.7% | 41.4% |
| 营业利润率 | 20.6% | 19.4% |
| 净利率 | 13.9% | 10.1% |
| 营收同比 | 31.3% | 13.9% |
| 净利润同比 | 687.8% | 3.0% |
| 每股收益（稀释后） | $1.46 | $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HASRHP
| Q4 25 | $1.4B | $737.8M | ||
| Q3 25 | $1.4B | $592.5M | ||
| Q2 25 | $980.8M | $659.5M | ||
| Q1 25 | $887.1M | $587.3M | ||
| Q4 24 | $1.1B | $647.6M | ||
| Q3 24 | $1.3B | $550.0M | ||
| Q2 24 | $995.3M | $613.3M | ||
| Q1 24 | $757.3M | $528.3M |
净利润HASRHP
| Q4 25 | $201.6M | $74.5M | ||
| Q3 25 | $233.2M | $34.9M | ||
| Q2 25 | $-855.8M | $71.8M | ||
| Q1 25 | $98.6M | $63.0M | ||
| Q4 24 | $-34.3M | $72.3M | ||
| Q3 24 | $223.2M | $59.0M | ||
| Q2 24 | $138.5M | $100.8M | ||
| Q1 24 | $58.2M | $42.8M |
毛利率HASRHP
| Q4 25 | 68.7% | 41.4% | ||
| Q3 25 | 70.1% | 40.9% | ||
| Q2 25 | 77.0% | 49.7% | ||
| Q1 25 | 76.9% | 44.4% | ||
| Q4 24 | 67.4% | 40.4% | ||
| Q3 24 | 70.4% | 43.1% | ||
| Q2 24 | 76.1% | 48.4% | ||
| Q1 24 | 73.0% | 41.5% |
营业利润率HASRHP
| Q4 25 | 20.6% | 19.4% | ||
| Q3 25 | 24.6% | 15.0% | ||
| Q2 25 | -81.4% | 21.1% | ||
| Q1 25 | 19.2% | 19.8% | ||
| Q4 24 | 5.4% | 18.6% | ||
| Q3 24 | 23.6% | 19.3% | ||
| Q2 24 | 21.3% | 27.4% | ||
| Q1 24 | 15.3% | 18.2% |
净利率HASRHP
| Q4 25 | 13.9% | 10.1% | ||
| Q3 25 | 16.8% | 5.9% | ||
| Q2 25 | -87.3% | 10.9% | ||
| Q1 25 | 11.1% | 10.7% | ||
| Q4 24 | -3.1% | 11.2% | ||
| Q3 24 | 17.4% | 10.7% | ||
| Q2 24 | 13.9% | 16.4% | ||
| Q1 24 | 7.7% | 8.1% |
每股收益（稀释后）HASRHP
| Q4 25 | $1.46 | $1.12 | ||
| Q3 25 | $1.64 | $0.53 | ||
| Q2 25 | $-6.10 | $1.12 | ||
| Q1 25 | $0.70 | $1.00 | ||
| Q4 24 | $-0.25 | $1.12 | ||
| Q3 24 | $1.59 | $0.94 | ||
| Q2 24 | $0.99 | $1.65 | ||
| Q1 24 | $0.42 | $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 | — | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $565.5M | $750.2M |
| 总资产 | $5.6B | $6.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资HASRHP
| Q4 25 | — | $471.4M | ||
| Q3 25 | — | $483.3M | ||
| Q2 25 | — | $420.6M | ||
| Q1 25 | — | $413.9M | ||
| Q4 24 | — | $477.7M | ||
| Q3 24 | — | $534.9M | ||
| Q2 24 | — | $498.4M | ||
| Q1 24 | — | $465.3M |
股东权益HASRHP
| Q4 25 | $565.5M | $750.2M | ||
| Q3 25 | $433.8M | $758.5M | ||
| Q2 25 | $269.7M | $800.4M | ||
| Q1 25 | $1.2B | $531.5M | ||
| Q4 24 | $1.2B | $549.0M | ||
| Q3 24 | $1.3B | $551.9M | ||
| Q2 24 | $1.2B | $562.6M | ||
| Q1 24 | $1.0B | $529.9M |
总资产HASRHP
| Q4 25 | $5.6B | $6.2B | ||
| Q3 25 | $5.5B | $6.2B | ||
| Q2 25 | $5.2B | $6.1B | ||
| Q1 25 | $6.0B | $5.2B | ||
| Q4 24 | $6.3B | $5.2B | ||
| Q3 24 | $7.2B | $5.2B | ||
| Q2 24 | $6.9B | $5.1B | ||
| Q1 24 | $6.2B | $5.1B |
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 | $403.2M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $58.5M |
| 自由现金流率自由现金流/营收 | 26.9% | 7.9% |
| 资本支出强度资本支出/营收 | 0.9% | 14.4% |
| 现金转化率经营现金流/净利润 | 2.00× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $232.4M |
8季度趋势，按日历期对齐
经营现金流HASRHP
| Q4 25 | $403.2M | $164.7M | ||
| Q3 25 | $280.6M | $205.2M | ||
| Q2 25 | $71.3M | $122.5M | ||
| Q1 25 | $138.1M | $98.2M | ||
| Q4 24 | $259.8M | $166.6M | ||
| Q3 24 | $222.5M | $218.1M | ||
| Q2 24 | $187.3M | $184.3M | ||
| Q1 24 | $177.8M | $7.5M |
自由现金流HASRHP
| Q4 25 | $389.5M | $58.5M | ||
| Q3 25 | $260.9M | $135.4M | ||
| Q2 25 | $55.2M | $53.0M | ||
| Q1 25 | $124.3M | $-14.5M | ||
| Q4 24 | $200.8M | $76.0M | ||
| Q3 24 | $174.0M | $85.7M | ||
| Q2 24 | $135.4M | $78.8M | ||
| Q1 24 | $132.0M | $-72.0M |
自由现金流率HASRHP
| Q4 25 | 26.9% | 7.9% | ||
| Q3 25 | 18.8% | 22.9% | ||
| Q2 25 | 5.6% | 8.0% | ||
| Q1 25 | 14.0% | -2.5% | ||
| Q4 24 | 18.2% | 11.7% | ||
| Q3 24 | 13.6% | 15.6% | ||
| Q2 24 | 13.6% | 12.9% | ||
| Q1 24 | 17.4% | -13.6% |
资本支出强度HASRHP
| Q4 25 | 0.9% | 14.4% | ||
| Q3 25 | 1.4% | 11.8% | ||
| Q2 25 | 1.6% | 10.5% | ||
| Q1 25 | 1.6% | 19.2% | ||
| Q4 24 | 5.4% | 14.0% | ||
| Q3 24 | 3.8% | 24.1% | ||
| Q2 24 | 5.2% | 17.2% | ||
| Q1 24 | 6.0% | 15.0% |
现金转化率HASRHP
| Q4 25 | 2.00× | 2.21× | ||
| Q3 25 | 1.20× | 5.88× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | 1.40× | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | 1.00× | 3.70× | ||
| Q2 24 | 1.35× | 1.83× | ||
| Q1 24 | 3.05× | 0.17× |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
