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雷诺士国际（LII）与PENN Entertainment, Inc.（PENN）财务数据对比。点击上方公司名可切换其他公司
PENN Entertainment, Inc.的季度营收约是雷诺士国际的1.5倍（$1.8B vs $1.2B），雷诺士国际净利率更高（13.6% vs -0.2%，领先13.7%），PENN Entertainment, Inc.同比增速更快（6.4% vs -11.2%），过去两年雷诺士国际的营收复合增速更高（6.8% vs 3.4%）
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
LII vs PENN — 直观对比
营收规模更大
PENN
是对方的1.5倍
$1.2B
营收增速更快
PENN
高出17.5%
-11.2%
净利率更高
LII
高出13.7%
-0.2%
两年增速更快
LII
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $162.1M | $-2.8M |
| 毛利率 | 34.7% | — |
| 营业利润率 | 18.6% | 5.5% |
| 净利率 | 13.6% | -0.2% |
| 营收同比 | -11.2% | 6.4% |
| 净利润同比 | -18.0% | 66.7% |
| 每股收益（稀释后） | $4.62 | $-0.02 |
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LIIPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.5B | $1.7B |
净利润LIIPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $162.1M | $-72.9M | ||
| Q3 25 | $245.8M | $-864.6M | ||
| Q2 25 | $277.6M | $-17.4M | ||
| Q1 25 | $120.3M | $111.8M | ||
| Q4 24 | $197.7M | $-133.3M | ||
| Q3 24 | $239.0M | $-36.7M | ||
| Q2 24 | $245.9M | $-26.8M |
毛利率LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | 34.7% | — | ||
| Q3 25 | 32.8% | — | ||
| Q2 25 | 34.8% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | 33.9% | — | ||
| Q3 24 | 32.6% | — | ||
| Q2 24 | 33.6% | — |
营业利润率LIIPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 18.6% | -1.0% | ||
| Q3 25 | 21.7% | -45.2% | ||
| Q2 25 | 23.6% | 4.4% | ||
| Q1 25 | 14.5% | 2.6% | ||
| Q4 24 | 18.2% | -2.9% | ||
| Q3 24 | 20.2% | 4.1% | ||
| Q2 24 | 22.1% | 4.5% |
净利率LIIPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | 13.6% | -4.0% | ||
| Q3 25 | 17.2% | -50.3% | ||
| Q2 25 | 18.5% | -1.0% | ||
| Q1 25 | 11.2% | 6.7% | ||
| Q4 24 | 14.7% | -8.0% | ||
| Q3 24 | 16.0% | -2.2% | ||
| Q2 24 | 16.9% | -1.6% |
每股收益（稀释后）LIIPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $4.62 | $-0.36 | ||
| Q3 25 | $6.98 | $-6.03 | ||
| Q2 25 | $7.82 | $-0.12 | ||
| Q1 25 | $3.37 | $0.68 | ||
| Q4 24 | $5.52 | $-0.87 | ||
| Q3 24 | $6.68 | $-0.24 | ||
| Q2 24 | $6.87 | $-0.18 |
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 | $34.7M | $708.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $1.2B | — |
| 总资产 | $4.1B | — |
| 负债/权益比越低杠杆越低 | 0.98× | — |
8季度趋势，按日历期对齐
现金及短期投资LIIPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $34.7M | $686.6M | ||
| Q3 25 | $59.2M | $660.1M | ||
| Q2 25 | $55.1M | $671.6M | ||
| Q1 25 | $222.9M | $591.6M | ||
| Q4 24 | $422.3M | $706.6M | ||
| Q3 24 | $255.7M | $834.0M | ||
| Q2 24 | $57.8M | $877.6M |
总债务LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $838.2M | $2.9B | ||
| Q2 25 | $835.7M | $2.8B | ||
| Q1 25 | $834.2M | $2.6B | ||
| Q4 24 | $833.1M | $2.8B | ||
| Q3 24 | $827.6M | $2.8B | ||
| Q2 24 | $1.1B | $2.8B |
股东权益LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $900.5M | $3.0B | ||
| Q1 25 | $852.5M | $3.0B | ||
| Q4 24 | $850.2M | $2.9B | ||
| Q3 24 | $754.0M | $3.1B | ||
| Q2 24 | $577.4M | $3.1B |
总资产LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | $4.1B | $14.3B | ||
| Q3 25 | $3.5B | $14.3B | ||
| Q2 25 | $3.7B | $15.2B | ||
| Q1 25 | $3.5B | $15.1B | ||
| Q4 24 | $3.5B | $15.3B | ||
| Q3 24 | $3.3B | $15.5B | ||
| Q2 24 | $3.2B | $15.5B |
负债/权益比LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | 0.98× | 1.58× | ||
| Q3 25 | 0.78× | 1.46× | ||
| Q2 25 | 0.93× | 0.94× | ||
| Q1 25 | 0.98× | 0.89× | ||
| Q4 24 | 0.98× | 0.98× | ||
| Q3 24 | 1.10× | 0.91× | ||
| Q2 24 | 1.95× | 0.91× |
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 | $405.9M | — |
| 自由现金流经营现金流 - 资本支出 | $376.7M | — |
| 自由现金流率自由现金流/营收 | 31.5% | — |
| 资本支出强度资本支出/营收 | 2.4% | 5.3% |
| 现金转化率经营现金流/净利润 | 2.50× | — |
| 过去12个月自由现金流最近4个季度 | $638.8M | — |
8季度趋势，按日历期对齐
经营现金流LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | $405.9M | $107.2M | ||
| Q3 25 | $300.7M | $180.9M | ||
| Q2 25 | $86.8M | $178.2M | ||
| Q1 25 | $-35.8M | $41.9M | ||
| Q4 24 | $332.4M | $102.9M | ||
| Q3 24 | $452.1M | $174.7M | ||
| Q2 24 | $184.0M | $150.4M |
自由现金流LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | $376.7M | $-83.2M | ||
| Q3 25 | $265.1M | $8.2M | ||
| Q2 25 | $58.3M | $18.8M | ||
| Q1 25 | $-61.3M | $-83.3M | ||
| Q4 24 | $272.2M | $-118.1M | ||
| Q3 24 | $410.9M | $42.6M | ||
| Q2 24 | $151.3M | $62.2M |
自由现金流率LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | 31.5% | -4.6% | ||
| Q3 25 | 18.6% | 0.5% | ||
| Q2 25 | 3.9% | 1.1% | ||
| Q1 25 | -5.7% | -5.0% | ||
| Q4 24 | 20.2% | -7.1% | ||
| Q3 24 | 27.4% | 2.6% | ||
| Q2 24 | 10.4% | 3.7% |
资本支出强度LIIPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | 2.4% | 10.5% | ||
| Q3 25 | 2.5% | 10.1% | ||
| Q2 25 | 1.9% | 9.0% | ||
| Q1 25 | 2.4% | 7.5% | ||
| Q4 24 | 4.5% | 13.2% | ||
| Q3 24 | 2.8% | 8.1% | ||
| Q2 24 | 2.3% | 5.3% |
现金转化率LIIPENN
| Q1 26 | — | — | ||
| Q4 25 | 2.50× | — | ||
| Q3 25 | 1.22× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | -0.30× | 0.37× | ||
| Q4 24 | 1.68× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 0.75× | — |
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
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
