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Live Nation Entertainment（LYV）与Murphy USA Inc.（MUSA）财务数据对比。点击上方公司名可切换其他公司
Live Nation Entertainment的季度营收约是Murphy USA Inc.的1.3倍（$6.3B vs $4.7B），Murphy USA Inc.净利率更高（3.0% vs -3.2%，领先6.2%），Live Nation Entertainment同比增速更快（11.1% vs 0.7%），Murphy USA Inc.自由现金流更多（$128.8M vs $-405.6M），过去两年Live Nation Entertainment的营收复合增速更高（28.9% vs -1.0%）
Live Nation Entertainment是美国跨国娱乐企业，2010年由Live Nation与Ticketmaster合并成立，旗下保留运营两大原有品牌。公司业务覆盖全球，主营现场娱乐活动宣发、票务销售，同时持有并运营多家娱乐场馆，还为音乐人提供艺人经纪管理服务。
墨菲美国是总部位于美国阿肯色州埃尔多拉多的企业，2013年由墨菲石油分拆后独立运营，主营连锁零售加油站业务，旗下站点大多毗邻沃尔玛门店开设，为消费者提供燃油及配套零售服务。
LYV vs MUSA — 直观对比
营收规模更大
LYV
是对方的1.3倍
$4.7B
营收增速更快
LYV
高出10.4%
0.7%
净利率更高
MUSA
高出6.2%
-3.2%
自由现金流更多
MUSA
多$534.4M
$-405.6M
两年增速更快
LYV
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $4.7B |
| 净利润 | $-202.1M | $141.9M |
| 毛利率 | — | — |
| 营业利润率 | -2.3% | 4.4% |
| 净利率 | -3.2% | 3.0% |
| 营收同比 | 11.1% | 0.7% |
| 净利润同比 | -204.6% | -0.4% |
| 每股收益（稀释后） | $-1.06 | $7.35 |
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LYVMUSA
| Q4 25 | $6.3B | $4.7B | ||
| Q3 25 | $8.5B | $5.1B | ||
| Q2 25 | $7.0B | $5.0B | ||
| Q1 25 | $3.4B | $4.5B | ||
| Q4 24 | $5.7B | $4.7B | ||
| Q3 24 | $7.7B | $5.2B | ||
| Q2 24 | $6.0B | $5.5B | ||
| Q1 24 | $3.8B | $4.8B |
净利润LYVMUSA
| Q4 25 | $-202.1M | $141.9M | ||
| Q3 25 | $431.5M | $129.9M | ||
| Q2 25 | $243.4M | $145.6M | ||
| Q1 25 | $23.2M | $53.2M | ||
| Q4 24 | $193.2M | $142.5M | ||
| Q3 24 | $451.8M | $149.2M | ||
| Q2 24 | $298.0M | $144.8M | ||
| Q1 24 | $-46.7M | $66.0M |
营业利润率LYVMUSA
| Q4 25 | -2.3% | 4.4% | ||
| Q3 25 | 9.3% | 3.9% | ||
| Q2 25 | 6.9% | 4.4% | ||
| Q1 25 | 3.4% | 1.9% | ||
| Q4 24 | -4.3% | 4.2% | ||
| Q3 24 | 8.4% | 4.2% | ||
| Q2 24 | 7.7% | 4.0% | ||
| Q1 24 | -1.0% | 2.2% |
净利率LYVMUSA
| Q4 25 | -3.2% | 3.0% | ||
| Q3 25 | 5.1% | 2.5% | ||
| Q2 25 | 3.5% | 2.9% | ||
| Q1 25 | 0.7% | 1.2% | ||
| Q4 24 | 3.4% | 3.0% | ||
| Q3 24 | 5.9% | 2.8% | ||
| Q2 24 | 4.9% | 2.7% | ||
| Q1 24 | -1.2% | 1.4% |
每股收益（稀释后）LYVMUSA
| Q4 25 | $-1.06 | $7.35 | ||
| Q3 25 | $0.73 | $6.76 | ||
| Q2 25 | $0.41 | $7.36 | ||
| Q1 25 | $-0.32 | $2.63 | ||
| Q4 24 | $0.58 | $6.87 | ||
| Q3 24 | $1.66 | $7.20 | ||
| Q2 24 | $1.03 | $6.92 | ||
| Q1 24 | $-0.53 | $3.12 |
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 | $7.1B | $28.9M |
| 总债务越低越好 | $7.6B | $2.2B |
| 股东权益账面价值 | $271.0M | $623.5M |
| 总资产 | $22.9B | $4.7B |
| 负债/权益比越低杠杆越低 | 28.09× | 3.47× |
8季度趋势，按日历期对齐
现金及短期投资LYVMUSA
| Q4 25 | $7.1B | $28.9M | ||
| Q3 25 | $6.8B | $42.8M | ||
| Q2 25 | $7.1B | $54.1M | ||
| Q1 25 | $7.2B | $49.4M | ||
| Q4 24 | $6.1B | $47.0M | ||
| Q3 24 | $5.5B | $52.5M | ||
| Q2 24 | $6.4B | $79.8M | ||
| Q1 24 | $6.5B | $56.7M |
总债务LYVMUSA
| Q4 25 | $7.6B | $2.2B | ||
| Q3 25 | $6.1B | $2.2B | ||
| Q2 25 | $5.0B | $2.1B | ||
| Q1 25 | $5.9B | $2.0B | ||
| Q4 24 | $6.2B | $1.8B | ||
| Q3 24 | $5.7B | $1.8B | ||
| Q2 24 | $5.1B | $1.8B | ||
| Q1 24 | $5.1B | $1.8B |
股东权益LYVMUSA
| Q4 25 | $271.0M | $623.5M | ||
| Q3 25 | $521.3M | $546.0M | ||
| Q2 25 | $360.1M | $646.1M | ||
| Q1 25 | $106.0M | $719.6M | ||
| Q4 24 | $173.3M | $840.1M | ||
| Q3 24 | $288.0M | $830.1M | ||
| Q2 24 | $-43.3M | $811.3M | ||
| Q1 24 | $-114.8M | $781.6M |
总资产LYVMUSA
| Q4 25 | $22.9B | $4.7B | ||
| Q3 25 | $22.9B | $4.7B | ||
| Q2 25 | $23.2B | $4.6B | ||
| Q1 25 | $21.8B | $4.5B | ||
| Q4 24 | $19.6B | $4.5B | ||
| Q3 24 | $19.7B | $4.4B | ||
| Q2 24 | $20.5B | $4.4B | ||
| Q1 24 | $20.0B | $4.3B |
负债/权益比LYVMUSA
| Q4 25 | 28.09× | 3.47× | ||
| Q3 25 | 11.71× | 4.07× | ||
| Q2 25 | 13.86× | 3.20× | ||
| Q1 25 | 55.93× | 2.74× | ||
| Q4 24 | 35.65× | 2.18× | ||
| Q3 24 | 19.70× | 2.19× | ||
| Q2 24 | — | 2.20× | ||
| Q1 24 | — | 2.28× |
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 | $-53.7M | $245.5M |
| 自由现金流经营现金流 - 资本支出 | $-405.6M | $128.8M |
| 自由现金流率自由现金流/营收 | -6.4% | 2.7% |
| 资本支出强度资本支出/营收 | 5.6% | 2.5% |
| 现金转化率经营现金流/净利润 | — | 1.73× |
| 过去12个月自由现金流最近4个季度 | $333.6M | $374.3M |
8季度趋势，按日历期对齐
经营现金流LYVMUSA
| Q4 25 | $-53.7M | $245.5M | ||
| Q3 25 | $-95.7M | $184.8M | ||
| Q2 25 | $223.5M | $255.1M | ||
| Q1 25 | $1.3B | $128.5M | ||
| Q4 24 | $1.0B | $248.7M | ||
| Q3 24 | $-720.9M | $202.1M | ||
| Q2 24 | $412.1M | $260.8M | ||
| Q1 24 | $988.9M | $136.0M |
自由现金流LYVMUSA
| Q4 25 | $-405.6M | $128.8M | ||
| Q3 25 | $-371.3M | $67.7M | ||
| Q2 25 | $-39.9M | $137.1M | ||
| Q1 25 | $1.2B | $40.7M | ||
| Q4 24 | $890.2M | $121.7M | ||
| Q3 24 | $-879.0M | $65.2M | ||
| Q2 24 | $212.4M | $142.8M | ||
| Q1 24 | $854.8M | $59.8M |
自由现金流率LYVMUSA
| Q4 25 | -6.4% | 2.7% | ||
| Q3 25 | -4.4% | 1.3% | ||
| Q2 25 | -0.6% | 2.7% | ||
| Q1 25 | 34.0% | 0.9% | ||
| Q4 24 | 15.7% | 2.6% | ||
| Q3 24 | -11.5% | 1.2% | ||
| Q2 24 | 3.5% | 2.6% | ||
| Q1 24 | 22.5% | 1.2% |
资本支出强度LYVMUSA
| Q4 25 | 5.6% | 2.5% | ||
| Q3 25 | 3.2% | 2.3% | ||
| Q2 25 | 3.8% | 2.4% | ||
| Q1 25 | 5.0% | 1.9% | ||
| Q4 24 | 2.7% | 2.7% | ||
| Q3 24 | 2.1% | 2.6% | ||
| Q2 24 | 3.3% | 2.2% | ||
| Q1 24 | 3.5% | 1.6% |
现金转化率LYVMUSA
| Q4 25 | — | 1.73× | ||
| Q3 25 | -0.22× | 1.42× | ||
| Q2 25 | 0.92× | 1.75× | ||
| Q1 25 | 56.94× | 2.42× | ||
| Q4 24 | 5.41× | 1.75× | ||
| Q3 24 | -1.60× | 1.35× | ||
| Q2 24 | 1.38× | 1.80× | ||
| Q1 24 | — | 2.06× |
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
LYV
| Concerts | $5.1B | 82% |
| Ticketing | $846.2M | 13% |
| Sponsorship And Advertising | $329.9M | 5% |
MUSA
| Product Sales Petroleum Retail | $3.3B | 69% |
| Merchandise | $1.1B | 23% |
| Product Sales Petroleum Wholesale | $327.9M | 7% |
| Other | $57.0M | 1% |
| Renewable Identification Numbers | $55.3M | 1% |
| Revenue Other | $1.3M | 0% |
