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Live Nation Entertainment（LYV）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是Live Nation Entertainment的1.9倍（$12.3B vs $6.3B），高通净利率更高（24.5% vs -3.2%，领先27.7%），Live Nation Entertainment同比增速更快（11.1% vs 5.0%），高通自由现金流更多（$4.4B vs $-405.6M），过去两年Live Nation Entertainment的营收复合增速更高（28.9% vs 14.2%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
LYV vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.9倍
$6.3B
营收增速更快
LYV
高出6.1%
5.0%
净利率更高
QCOM
高出27.7%
-3.2%
自由现金流更多
QCOM
多$4.8B
$-405.6M
两年增速更快
LYV
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $12.3B |
| 净利润 | $-202.1M | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | -2.3% | 27.5% |
| 净利率 | -3.2% | 24.5% |
| 营收同比 | 11.1% | 5.0% |
| 净利润同比 | -204.6% | -5.5% |
| 每股收益（稀释后） | $-1.06 | $2.78 |
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LYVQCOM
| Q4 25 | $6.3B | $12.3B | ||
| Q3 25 | $8.5B | $11.3B | ||
| Q2 25 | $7.0B | $10.4B | ||
| Q1 25 | $3.4B | $11.0B | ||
| Q4 24 | $5.7B | $11.7B | ||
| Q3 24 | $7.7B | $10.2B | ||
| Q2 24 | $6.0B | $9.4B | ||
| Q1 24 | $3.8B | $9.4B |
净利润LYVQCOM
| Q4 25 | $-202.1M | $3.0B | ||
| Q3 25 | $431.5M | $-3.1B | ||
| Q2 25 | $243.4M | $2.7B | ||
| Q1 25 | $23.2M | $2.8B | ||
| Q4 24 | $193.2M | $3.2B | ||
| Q3 24 | $451.8M | $2.9B | ||
| Q2 24 | $298.0M | $2.1B | ||
| Q1 24 | $-46.7M | $2.3B |
毛利率LYVQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率LYVQCOM
| Q4 25 | -2.3% | 27.5% | ||
| Q3 25 | 9.3% | 25.9% | ||
| Q2 25 | 6.9% | 26.6% | ||
| Q1 25 | 3.4% | 28.4% | ||
| Q4 24 | -4.3% | 30.5% | ||
| Q3 24 | 8.4% | 25.2% | ||
| Q2 24 | 7.7% | 23.6% | ||
| Q1 24 | -1.0% | 24.9% |
净利率LYVQCOM
| Q4 25 | -3.2% | 24.5% | ||
| Q3 25 | 5.1% | -27.7% | ||
| Q2 25 | 3.5% | 25.7% | ||
| Q1 25 | 0.7% | 25.6% | ||
| Q4 24 | 3.4% | 27.3% | ||
| Q3 24 | 5.9% | 28.5% | ||
| Q2 24 | 4.9% | 22.7% | ||
| Q1 24 | -1.2% | 24.8% |
每股收益（稀释后）LYVQCOM
| Q4 25 | $-1.06 | $2.78 | ||
| Q3 25 | $0.73 | $-2.77 | ||
| Q2 25 | $0.41 | $2.43 | ||
| Q1 25 | $-0.32 | $2.52 | ||
| Q4 24 | $0.58 | $2.83 | ||
| Q3 24 | $1.66 | $2.57 | ||
| Q2 24 | $1.03 | $1.88 | ||
| Q1 24 | $-0.53 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $7.6B | $14.8B |
| 股东权益账面价值 | $271.0M | $23.1B |
| 总资产 | $22.9B | $53.0B |
| 负债/权益比越低杠杆越低 | 28.09× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资LYVQCOM
| Q4 25 | $7.1B | $11.8B | ||
| Q3 25 | $6.8B | $10.2B | ||
| Q2 25 | $7.1B | $10.0B | ||
| Q1 25 | $7.2B | $13.8B | ||
| Q4 24 | $6.1B | $14.3B | ||
| Q3 24 | $5.5B | $13.3B | ||
| Q2 24 | $6.4B | $13.0B | ||
| Q1 24 | $6.5B | $13.9B |
总债务LYVQCOM
| Q4 25 | $7.6B | $14.8B | ||
| Q3 25 | $6.1B | $14.8B | ||
| Q2 25 | $5.0B | $14.8B | ||
| Q1 25 | $5.9B | $13.3B | ||
| Q4 24 | $6.2B | $13.2B | ||
| Q3 24 | $5.7B | $13.3B | ||
| Q2 24 | $5.1B | $13.2B | ||
| Q1 24 | $5.1B | $14.5B |
股东权益LYVQCOM
| Q4 25 | $271.0M | $23.1B | ||
| Q3 25 | $521.3M | $21.2B | ||
| Q2 25 | $360.1M | $27.2B | ||
| Q1 25 | $106.0M | $27.7B | ||
| Q4 24 | $173.3M | $26.9B | ||
| Q3 24 | $288.0M | $26.3B | ||
| Q2 24 | $-43.3M | $24.7B | ||
| Q1 24 | $-114.8M | $24.5B |
总资产LYVQCOM
| Q4 25 | $22.9B | $53.0B | ||
| Q3 25 | $22.9B | $50.1B | ||
| Q2 25 | $23.2B | $54.9B | ||
| Q1 25 | $21.8B | $55.4B | ||
| Q4 24 | $19.6B | $55.6B | ||
| Q3 24 | $19.7B | $55.2B | ||
| Q2 24 | $20.5B | $52.7B | ||
| Q1 24 | $20.0B | $53.2B |
负债/权益比LYVQCOM
| Q4 25 | 28.09× | 0.64× | ||
| Q3 25 | 11.71× | 0.70× | ||
| Q2 25 | 13.86× | 0.54× | ||
| Q1 25 | 55.93× | 0.48× | ||
| Q4 24 | 35.65× | 0.49× | ||
| Q3 24 | 19.70× | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $-405.6M | $4.4B |
| 自由现金流率自由现金流/营收 | -6.4% | 36.0% |
| 资本支出强度资本支出/营收 | 5.6% | 4.5% |
| 现金转化率经营现金流/净利润 | — | 1.65× |
| 过去12个月自由现金流最近4个季度 | $333.6M | $12.9B |
8季度趋势，按日历期对齐
经营现金流LYVQCOM
| Q4 25 | $-53.7M | $5.0B | ||
| Q3 25 | $-95.7M | $4.0B | ||
| Q2 25 | $223.5M | $2.9B | ||
| Q1 25 | $1.3B | $2.6B | ||
| Q4 24 | $1.0B | $4.6B | ||
| Q3 24 | $-720.9M | $2.6B | ||
| Q2 24 | $412.1M | $3.1B | ||
| Q1 24 | $988.9M | $3.6B |
自由现金流LYVQCOM
| Q4 25 | $-405.6M | $4.4B | ||
| Q3 25 | $-371.3M | $3.6B | ||
| Q2 25 | $-39.9M | $2.6B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $890.2M | $4.3B | ||
| Q3 24 | $-879.0M | $2.4B | ||
| Q2 24 | $212.4M | $2.7B | ||
| Q1 24 | $854.8M | $3.4B |
自由现金流率LYVQCOM
| Q4 25 | -6.4% | 36.0% | ||
| Q3 25 | -4.4% | 31.8% | ||
| Q2 25 | -0.6% | 24.9% | ||
| Q1 25 | 34.0% | 21.3% | ||
| Q4 24 | 15.7% | 36.9% | ||
| Q3 24 | -11.5% | 23.3% | ||
| Q2 24 | 3.5% | 28.4% | ||
| Q1 24 | 22.5% | 35.9% |
资本支出强度LYVQCOM
| Q4 25 | 5.6% | 4.5% | ||
| Q3 25 | 3.2% | 3.6% | ||
| Q2 25 | 3.8% | 2.8% | ||
| Q1 25 | 5.0% | 1.9% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 2.1% | 2.5% | ||
| Q2 24 | 3.3% | 4.1% | ||
| Q1 24 | 3.5% | 2.0% |
现金转化率LYVQCOM
| Q4 25 | — | 1.65× | ||
| Q3 25 | -0.22× | — | ||
| Q2 25 | 0.92× | 1.08× | ||
| Q1 25 | 56.94× | 0.91× | ||
| Q4 24 | 5.41× | 1.44× | ||
| Q3 24 | -1.60× | 0.91× | ||
| Q2 24 | 1.38× | 1.43× | ||
| Q1 24 | — | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
