vs
孩之宝（HAS）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
永利度假村的季度营收约是孩之宝的1.3倍（$1.9B vs $1.4B），孩之宝净利率更高（13.9% vs 5.4%，领先8.6%），孩之宝同比增速更快（31.3% vs 1.5%），孩之宝自由现金流更多（$389.5M vs $306.8M），过去两年孩之宝的营收复合增速更高（38.2% vs 0.1%）
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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
HAS vs WYNN — 直观对比
营收规模更大
WYNN
是对方的1.3倍
$1.4B
营收增速更快
HAS
高出29.8%
1.5%
净利率更高
HAS
高出8.6%
5.4%
自由现金流更多
HAS
多$82.7M
$306.8M
两年增速更快
HAS
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.9B |
| 净利润 | $201.6M | $100.0M |
| 毛利率 | 68.7% | — |
| 营业利润率 | 20.6% | 14.7% |
| 净利率 | 13.9% | 5.4% |
| 营收同比 | 31.3% | 1.5% |
| 净利润同比 | 687.8% | -63.9% |
| 每股收益（稀释后） | $1.46 | $0.96 |
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HASWYNN
| Q4 25 | $1.4B | $1.9B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $980.8M | $1.7B | ||
| Q1 25 | $887.1M | $1.7B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $995.3M | $1.7B | ||
| Q1 24 | $757.3M | $1.9B |
净利润HASWYNN
| Q4 25 | $201.6M | $100.0M | ||
| Q3 25 | $233.2M | $88.3M | ||
| Q2 25 | $-855.8M | $66.2M | ||
| Q1 25 | $98.6M | $72.7M | ||
| Q4 24 | $-34.3M | $277.0M | ||
| Q3 24 | $223.2M | $-32.1M | ||
| Q2 24 | $138.5M | $111.9M | ||
| Q1 24 | $58.2M | $144.2M |
毛利率HASWYNN
| Q4 25 | 68.7% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | 76.9% | — | ||
| Q4 24 | 67.4% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 76.1% | — | ||
| Q1 24 | 73.0% | — |
营业利润率HASWYNN
| Q4 25 | 20.6% | 14.7% | ||
| Q3 25 | 24.6% | 16.9% | ||
| Q2 25 | -81.4% | 15.2% | ||
| Q1 25 | 19.2% | 15.8% | ||
| Q4 24 | 5.4% | 20.0% | ||
| Q3 24 | 23.6% | 7.9% | ||
| Q2 24 | 21.3% | 15.6% | ||
| Q1 24 | 15.3% | 19.5% |
净利率HASWYNN
| Q4 25 | 13.9% | 5.4% | ||
| Q3 25 | 16.8% | 4.8% | ||
| Q2 25 | -87.3% | 3.8% | ||
| Q1 25 | 11.1% | 4.3% | ||
| Q4 24 | -3.1% | 15.1% | ||
| Q3 24 | 17.4% | -1.9% | ||
| Q2 24 | 13.9% | 6.5% | ||
| Q1 24 | 7.7% | 7.7% |
每股收益（稀释后）HASWYNN
| Q4 25 | $1.46 | $0.96 | ||
| Q3 25 | $1.64 | $0.85 | ||
| Q2 25 | $-6.10 | $0.64 | ||
| Q1 25 | $0.70 | $0.69 | ||
| Q4 24 | $-0.25 | $2.43 | ||
| Q3 24 | $1.59 | $-0.29 | ||
| Q2 24 | $0.99 | $0.91 | ||
| Q1 24 | $0.42 | $1.30 |
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 |
| 总债务越低越好 | — | $10.5B |
| 股东权益账面价值 | $565.5M | $-275.5M |
| 总资产 | $5.6B | $13.1B |
| 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HASWYNN
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总债务HASWYNN
| Q4 25 | — | $10.5B | ||
| Q3 25 | — | $10.6B | ||
| Q2 25 | — | $10.5B | ||
| Q1 25 | — | $10.6B | ||
| Q4 24 | — | $10.5B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.0B | ||
| Q1 24 | — | $11.2B |
股东权益HASWYNN
| Q4 25 | $565.5M | $-275.5M | ||
| Q3 25 | $433.8M | $-370.0M | ||
| Q2 25 | $269.7M | $-441.5M | ||
| Q1 25 | $1.2B | $-360.7M | ||
| Q4 24 | $1.2B | $-224.2M | ||
| Q3 24 | $1.3B | $-281.4M | ||
| Q2 24 | $1.2B | $-109.8M | ||
| Q1 24 | $1.0B | $-137.0M |
总资产HASWYNN
| Q4 25 | $5.6B | $13.1B | ||
| Q3 25 | $5.5B | $12.8B | ||
| Q2 25 | $5.2B | $12.7B | ||
| Q1 25 | $6.0B | $12.7B | ||
| Q4 24 | $6.3B | $13.0B | ||
| Q3 24 | $7.2B | $14.1B | ||
| Q2 24 | $6.9B | $13.3B | ||
| Q1 24 | $6.2B | $13.5B |
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 | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $306.8M |
| 自由现金流率自由现金流/营收 | 26.9% | 16.4% |
| 资本支出强度资本支出/营收 | 0.9% | 9.2% |
| 现金转化率经营现金流/净利润 | 2.00× | 4.78× |
| 过去12个月自由现金流最近4个季度 | $829.9M | $692.2M |
8季度趋势，按日历期对齐
经营现金流HASWYNN
| Q4 25 | $403.2M | $478.0M | ||
| Q3 25 | $280.6M | $335.8M | ||
| Q2 25 | $71.3M | $405.1M | ||
| Q1 25 | $138.1M | $133.8M | ||
| Q4 24 | $259.8M | $479.0M | ||
| Q3 24 | $222.5M | $279.3M | ||
| Q2 24 | $187.3M | $352.8M | ||
| Q1 24 | $177.8M | $315.1M |
自由现金流HASWYNN
| Q4 25 | $389.5M | $306.8M | ||
| Q3 25 | $260.9M | $171.8M | ||
| Q2 25 | $55.2M | $239.8M | ||
| Q1 25 | $124.3M | $-26.2M | ||
| Q4 24 | $200.8M | $351.8M | ||
| Q3 24 | $174.0M | $178.0M | ||
| Q2 24 | $135.4M | $259.1M | ||
| Q1 24 | $132.0M | $217.4M |
自由现金流率HASWYNN
| Q4 25 | 26.9% | 16.4% | ||
| Q3 25 | 18.8% | 9.4% | ||
| Q2 25 | 5.6% | 13.8% | ||
| Q1 25 | 14.0% | -1.5% | ||
| Q4 24 | 18.2% | 19.1% | ||
| Q3 24 | 13.6% | 10.5% | ||
| Q2 24 | 13.6% | 15.0% | ||
| Q1 24 | 17.4% | 11.7% |
资本支出强度HASWYNN
| Q4 25 | 0.9% | 9.2% | ||
| Q3 25 | 1.4% | 8.9% | ||
| Q2 25 | 1.6% | 9.5% | ||
| Q1 25 | 1.6% | 9.4% | ||
| Q4 24 | 5.4% | 6.9% | ||
| Q3 24 | 3.8% | 6.0% | ||
| Q2 24 | 5.2% | 5.4% | ||
| Q1 24 | 6.0% | 5.2% |
现金转化率HASWYNN
| Q4 25 | 2.00× | 4.78× | ||
| Q3 25 | 1.20× | 3.80× | ||
| Q2 25 | — | 6.12× | ||
| Q1 25 | 1.40× | 1.84× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 1.35× | 3.15× | ||
| Q1 24 | 3.05× | 2.18× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
