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Liberty Live Holdings, Inc.（LLYVA）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是Liberty Live Holdings, Inc.的29.8倍（$1.8B vs $61.7M）。华纳音乐集团净利率更高（9.6% vs -90.3%，领先99.9%）。华纳音乐集团同比增速更快（10.4% vs -3.8%）
自由媒体集团是1991年由约翰·C·马龙创立的美国大型传媒企业，旗下设两大业务板块，各对应独立追踪股票，分别持有一级方程式集团和Live Nation娱乐的股权，截至2025年还拥有F1、MotoGP、世界超级摩托车锦标赛三项全球顶级赛车运动业务所有权。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
LLYVA vs WMG — 直观对比
营收规模更大
WMG
是对方的29.8倍
$61.7M
营收增速更快
WMG
高出14.2%
-3.8%
净利率更高
WMG
高出99.9%
-90.3%
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $61.7M | $1.8B |
| 净利润 | $-55.7M | $176.0M |
| 毛利率 | 20.6% | 46.4% |
| 营业利润率 | -27.2% | 15.7% |
| 净利率 | -90.3% | 9.6% |
| 营收同比 | -3.8% | 10.4% |
| 净利润同比 | -464.7% | -25.4% |
| 每股收益（稀释后） | — | — |
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LLYVAWMG
| Q4 25 | — | $1.8B | ||
| Q3 25 | $61.7M | $1.9B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $64.2M | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.5B |
净利润LLYVAWMG
| Q4 25 | — | $176.0M | ||
| Q3 25 | $-55.7M | $109.0M | ||
| Q2 25 | — | $-16.0M | ||
| Q1 25 | — | $36.0M | ||
| Q4 24 | — | $236.0M | ||
| Q3 24 | $15.3M | $41.0M | ||
| Q2 24 | — | $139.0M | ||
| Q1 24 | — | $96.0M |
毛利率LLYVAWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | 20.6% | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | 13.2% | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率LLYVAWMG
| Q4 25 | — | 15.7% | ||
| Q3 25 | -27.2% | 7.7% | ||
| Q2 25 | — | 10.0% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | -22.6% | 8.8% | ||
| Q2 24 | — | 13.3% | ||
| Q1 24 | — | 8.0% |
净利率LLYVAWMG
| Q4 25 | — | 9.6% | ||
| Q3 25 | -90.3% | 5.8% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | 23.8% | 2.5% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | 6.4% |
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 | $375.8M | $751.0M |
| 总债务越低越好 | $1.9B | $4.4B |
| 股东权益账面价值 | $-409.2M | $720.0M |
| 总资产 | $1.9B | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资LLYVAWMG
| Q4 25 | — | $751.0M | ||
| Q3 25 | $375.8M | $532.0M | ||
| Q2 25 | — | $527.0M | ||
| Q1 25 | — | $637.0M | ||
| Q4 24 | — | $802.0M | ||
| Q3 24 | — | $694.0M | ||
| Q2 24 | — | $607.0M | ||
| Q1 24 | — | $587.0M |
总债务LLYVAWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | $1.9B | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益LLYVAWMG
| Q4 25 | — | $720.0M | ||
| Q3 25 | $-409.2M | $647.0M | ||
| Q2 25 | — | $589.0M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | $545.0M | ||
| Q3 24 | $44.6M | $518.0M | ||
| Q2 24 | — | $483.0M | ||
| Q1 24 | — | $433.0M |
总资产LLYVAWMG
| Q4 25 | — | $10.0B | ||
| Q3 25 | $1.9B | $9.8B | ||
| Q2 25 | — | $9.8B | ||
| Q1 25 | — | $9.6B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | — | $9.2B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | — | $8.7B |
负债/权益比LLYVAWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $-28.9M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 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 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流LLYVAWMG
| Q4 25 | — | $440.0M | ||
| Q3 25 | $-28.9M | $231.0M | ||
| Q2 25 | — | $46.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $332.0M | ||
| Q3 24 | — | $304.0M | ||
| Q2 24 | — | $188.0M | ||
| Q1 24 | — | $-31.0M |
自由现金流LLYVAWMG
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $271.0M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $-57.0M |
自由现金流率LLYVAWMG
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | -3.8% |
资本支出强度LLYVAWMG
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.7% |
现金转化率LLYVAWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 7.41× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | -0.32× |
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
LLYVA
暂无分部数据
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
