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IMAX（IMAX）与Safehold Inc.（SAFE）财务数据对比。点击上方公司名可切换其他公司
IMAX的季度营收约是Safehold Inc.的1.3倍（$125.2M vs $97.9M），Safehold Inc.净利率更高（28.5% vs 0.5%，领先28.0%），IMAX同比增速更快（35.1% vs 6.5%），过去两年IMAX的营收复合增速更高（25.8% vs 2.5%）
IMAX公司是加拿大的影视放映技术企业，1967年创立于蒙特利尔，总部位于多伦多地区，在纽约、洛杉矶均设有业务点。核心业务包括IMAX摄影机与放映系统的设计制造，同时面向全球合作影院提供影片开发、制作、后期及发行服务，是沉浸式观影技术领域的领先企业。
SAFE投资有限公司是一家位于中国香港的中国主权财富基金，主要承担主权财富相关的投资运营职能，依托香港的国际金融中心优势开展相关投资业务。
IMAX vs SAFE — 直观对比
营收规模更大
IMAX
是对方的1.3倍
$97.9M
营收增速更快
IMAX
高出28.6%
6.5%
净利率更高
SAFE
高出28.0%
0.5%
两年增速更快
IMAX
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $125.2M | $97.9M |
| 净利润 | $637.0K | $27.9M |
| 毛利率 | 57.6% | 98.6% |
| 营业利润率 | 19.3% | 27.4% |
| 净利率 | 0.5% | 28.5% |
| 营收同比 | 35.1% | 6.5% |
| 净利润同比 | -88.0% | 7.1% |
| 每股收益（稀释后） | $0.02 | $0.38 |
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IMAXSAFE
| Q4 25 | $125.2M | $97.9M | ||
| Q3 25 | $106.7M | $96.2M | ||
| Q2 25 | $91.7M | $93.8M | ||
| Q1 25 | $86.7M | $97.7M | ||
| Q4 24 | $92.7M | $91.9M | ||
| Q3 24 | $91.5M | $90.7M | ||
| Q2 24 | $89.0M | $89.9M | ||
| Q1 24 | $79.1M | $93.2M |
净利润IMAXSAFE
| Q4 25 | $637.0K | $27.9M | ||
| Q3 25 | $20.7M | $29.3M | ||
| Q2 25 | $11.3M | $27.9M | ||
| Q1 25 | $2.3M | $29.4M | ||
| Q4 24 | $5.3M | $26.0M | ||
| Q3 24 | $13.9M | $19.3M | ||
| Q2 24 | $3.6M | $29.7M | ||
| Q1 24 | $3.3M | $30.7M |
毛利率IMAXSAFE
| Q4 25 | 57.6% | 98.6% | ||
| Q3 25 | 63.1% | 98.5% | ||
| Q2 25 | 58.5% | 99.1% | ||
| Q1 25 | 61.4% | 98.8% | ||
| Q4 24 | 52.2% | 98.8% | ||
| Q3 24 | 55.8% | 98.8% | ||
| Q2 24 | 49.4% | 98.8% | ||
| Q1 24 | 59.3% | 98.8% |
营业利润率IMAXSAFE
| Q4 25 | 19.3% | 27.4% | ||
| Q3 25 | 27.2% | 25.9% | ||
| Q2 25 | 15.6% | 25.5% | ||
| Q1 25 | 19.3% | 25.9% | ||
| Q4 24 | 10.3% | 24.6% | ||
| Q3 24 | 21.2% | 17.5% | ||
| Q2 24 | 3.2% | 26.7% | ||
| Q1 24 | 15.3% | 26.4% |
净利率IMAXSAFE
| Q4 25 | 0.5% | 28.5% | ||
| Q3 25 | 19.4% | 30.5% | ||
| Q2 25 | 12.3% | 29.8% | ||
| Q1 25 | 2.7% | 30.1% | ||
| Q4 24 | 5.7% | 28.3% | ||
| Q3 24 | 15.2% | 21.3% | ||
| Q2 24 | 4.0% | 33.0% | ||
| Q1 24 | 4.1% | 33.0% |
每股收益（稀释后）IMAXSAFE
| Q4 25 | $0.02 | $0.38 | ||
| Q3 25 | $0.37 | $0.41 | ||
| Q2 25 | $0.20 | $0.39 | ||
| Q1 25 | $0.04 | $0.41 | ||
| Q4 24 | $0.09 | $0.36 | ||
| Q3 24 | $0.26 | $0.27 | ||
| Q2 24 | $0.07 | $0.42 | ||
| Q1 24 | $0.06 | $0.43 |
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 | $151.2M | $21.7M |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $337.9M | $2.4B |
| 总资产 | $894.0M | $7.2B |
| 负债/权益比越低杠杆越低 | — | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资IMAXSAFE
| Q4 25 | $151.2M | $21.7M | ||
| Q3 25 | $143.1M | $12.1M | ||
| Q2 25 | $109.3M | $13.9M | ||
| Q1 25 | $97.1M | $17.3M | ||
| Q4 24 | $100.6M | $8.3M | ||
| Q3 24 | $104.5M | $15.6M | ||
| Q2 24 | $91.6M | $13.4M | ||
| Q1 24 | $81.0M | $11.3M |
总债务IMAXSAFE
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
股东权益IMAXSAFE
| Q4 25 | $337.9M | $2.4B | ||
| Q3 25 | $349.5M | $2.4B | ||
| Q2 25 | $320.4M | $2.4B | ||
| Q1 25 | $299.5M | $2.4B | ||
| Q4 24 | $299.5M | $2.3B | ||
| Q3 24 | $289.4M | $2.3B | ||
| Q2 24 | $267.2M | $2.3B | ||
| Q1 24 | $258.8M | $2.3B |
总资产IMAXSAFE
| Q4 25 | $894.0M | $7.2B | ||
| Q3 25 | $889.6M | $7.1B | ||
| Q2 25 | $868.6M | $7.1B | ||
| Q1 25 | $848.3M | $6.9B | ||
| Q4 24 | $830.4M | $6.9B | ||
| Q3 24 | $847.6M | $6.8B | ||
| Q2 24 | $827.4M | $6.8B | ||
| Q1 24 | $824.1M | $6.7B |
负债/权益比IMAXSAFE
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 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 | $29.4M | $47.8M |
| 自由现金流经营现金流 - 资本支出 | $28.0M | — |
| 自由现金流率自由现金流/营收 | 22.3% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 46.11× | 1.72× |
| 过去12个月自由现金流最近4个季度 | $118.9M | — |
8季度趋势，按日历期对齐
经营现金流IMAXSAFE
| Q4 25 | $29.4M | $47.8M | ||
| Q3 25 | $67.5M | $-1.4M | ||
| Q2 25 | $23.2M | $28.0M | ||
| Q1 25 | $7.0M | $8.9M | ||
| Q4 24 | $11.5M | $37.9M | ||
| Q3 24 | $35.3M | $8.3M | ||
| Q2 24 | $35.0M | $24.8M | ||
| Q1 24 | $-11.0M | $-3.1M |
自由现金流IMAXSAFE
| Q4 25 | $28.0M | — | ||
| Q3 25 | $64.8M | — | ||
| Q2 25 | $20.9M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $6.9M | — | ||
| Q3 24 | $34.2M | — | ||
| Q2 24 | $33.5M | — | ||
| Q1 24 | $-12.1M | — |
自由现金流率IMAXSAFE
| Q4 25 | 22.3% | — | ||
| Q3 25 | 60.7% | — | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.6% | — | ||
| Q1 24 | -15.3% | — |
资本支出强度IMAXSAFE
| Q4 25 | 1.1% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 1.4% | — |
现金转化率IMAXSAFE
| Q4 25 | 46.11× | 1.72× | ||
| Q3 25 | 3.27× | -0.05× | ||
| Q2 25 | 2.06× | 1.00× | ||
| Q1 25 | 2.99× | 0.30× | ||
| Q4 24 | 2.16× | 1.45× | ||
| Q3 24 | 2.54× | 0.43× | ||
| Q2 24 | 9.78× | 0.83× | ||
| Q1 24 | -3.35× | -0.10× |
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
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
