vs
MACERICH CO（MAC）与Madison Square Garden Sports Corp.（MSGS）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Sports Corp.的季度营收约是MACERICH CO的1.5倍（$403.4M vs $261.7M），Madison Square Garden Sports Corp.净利率更高（2.0% vs -7.2%，领先9.2%），Madison Square Garden Sports Corp.同比增速更快（12.8% vs -4.4%），过去两年MACERICH CO的营收复合增速更高（12.0% vs -3.1%）
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
麦迪逊广场花园体育公司是总部位于美国纽约市的专业体育控股企业，深耕职业体育俱乐部运营、体育IP开发管理等核心业务，在北美体育产业领域拥有深厚的行业积累与较高的市场知名度。
MAC vs MSGS — 直观对比
营收规模更大
MSGS
是对方的1.5倍
$261.7M
营收增速更快
MSGS
高出17.1%
-4.4%
净利率更高
MSGS
高出9.2%
-7.2%
两年增速更快
MAC
近两年复合增速
-3.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $261.7M | $403.4M |
| 净利润 | $-18.8M | $8.2M |
| 毛利率 | — | — |
| 营业利润率 | — | 5.5% |
| 净利率 | -7.2% | 2.0% |
| 营收同比 | -4.4% | 12.8% |
| 净利润同比 | 91.1% | 641.9% |
| 每股收益（稀释后） | $-0.08 | $0.34 |
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MACMSGS
| Q4 25 | $261.7M | $403.4M | ||
| Q3 25 | $253.3M | $39.5M | ||
| Q2 25 | $249.8M | $204.0M | ||
| Q1 25 | $249.2M | $424.2M | ||
| Q4 24 | $273.7M | $357.8M | ||
| Q3 24 | $220.2M | $53.3M | ||
| Q2 24 | $215.5M | $227.3M | ||
| Q1 24 | $208.8M | $430.0M |
净利润MACMSGS
| Q4 25 | $-18.8M | $8.2M | ||
| Q3 25 | $-87.4M | $-8.8M | ||
| Q2 25 | $-40.9M | $-1.8M | ||
| Q1 25 | $-50.1M | $-14.2M | ||
| Q4 24 | $-211.2M | $1.1M | ||
| Q3 24 | $-108.2M | $-7.5M | ||
| Q2 24 | $252.0M | $25.5M | ||
| Q1 24 | $-126.7M | $37.9M |
营业利润率MACMSGS
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | -69.5% | ||
| Q2 25 | — | -11.1% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | -15.5% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 18.5% |
净利率MACMSGS
| Q4 25 | -7.2% | 2.0% | ||
| Q3 25 | -34.5% | -22.3% | ||
| Q2 25 | -16.4% | -0.9% | ||
| Q1 25 | -20.1% | -3.4% | ||
| Q4 24 | -77.2% | 0.3% | ||
| Q3 24 | -49.1% | -14.1% | ||
| Q2 24 | 116.9% | 11.2% | ||
| Q1 24 | -60.7% | 8.8% |
每股收益（稀释后）MACMSGS
| Q4 25 | $-0.08 | $0.34 | ||
| Q3 25 | $-0.34 | $-0.37 | ||
| Q2 25 | $-0.16 | $-0.08 | ||
| Q1 25 | $-0.20 | $-0.59 | ||
| Q4 24 | $-0.95 | $0.05 | ||
| Q3 24 | $-0.50 | $-0.31 | ||
| Q2 24 | $1.16 | $1.07 | ||
| Q1 24 | $-0.59 | $1.57 |
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 | $280.2M | $81.3M |
| 总债务越低越好 | $5.1B | — |
| 股东权益账面价值 | $2.4B | $-282.1M |
| 总资产 | $8.4B | $1.5B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MACMSGS
| Q4 25 | $280.2M | $81.3M | ||
| Q3 25 | $290.2M | $48.6M | ||
| Q2 25 | $131.1M | $144.6M | ||
| Q1 25 | $253.2M | $96.5M | ||
| Q4 24 | $89.9M | $107.8M | ||
| Q3 24 | $116.5M | $52.3M | ||
| Q2 24 | $70.7M | $89.1M | ||
| Q1 24 | $120.1M | $40.0M |
总债务MACMSGS
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.1B | — |
股东权益MACMSGS
| Q4 25 | $2.4B | $-282.1M | ||
| Q3 25 | $2.5B | $-294.2M | ||
| Q2 25 | $2.6B | $-281.4M | ||
| Q1 25 | $2.7B | $-283.4M | ||
| Q4 24 | $2.8B | $-273.1M | ||
| Q3 24 | $2.5B | $-277.5M | ||
| Q2 24 | $2.5B | $-266.3M | ||
| Q1 24 | $2.3B | $-294.0M |
总资产MACMSGS
| Q4 25 | $8.4B | $1.5B | ||
| Q3 25 | $8.4B | $1.5B | ||
| Q2 25 | $8.7B | $1.5B | ||
| Q1 25 | $8.7B | $1.5B | ||
| Q4 24 | $8.6B | $1.4B | ||
| Q3 24 | $7.6B | $1.4B | ||
| Q2 24 | $7.8B | $1.3B | ||
| Q1 24 | $7.4B | $1.4B |
负债/权益比MACMSGS
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.02× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.79× | — |
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 | $50.2M | $32.4M |
| 自由现金流经营现金流 - 资本支出 | — | $31.6M |
| 自由现金流率自由现金流/营收 | — | 7.8% |
| 资本支出强度资本支出/营收 | — | 0.2% |
| 现金转化率经营现金流/净利润 | — | 3.94× |
| 过去12个月自由现金流最近4个季度 | — | $-480.0K |
8季度趋势，按日历期对齐
经营现金流MACMSGS
| Q4 25 | $50.2M | $32.4M | ||
| Q3 25 | $112.4M | $-85.0M | ||
| Q2 25 | $70.5M | $49.7M | ||
| Q1 25 | $88.5M | $6.3M | ||
| Q4 24 | $54.9M | $61.8M | ||
| Q3 24 | $100.0M | $-26.2M | ||
| Q2 24 | $67.4M | $108.4M | ||
| Q1 24 | $61.1M | $4.0M |
自由现金流MACMSGS
| Q4 25 | — | $31.6M | ||
| Q3 25 | — | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $61.2M | ||
| Q3 24 | — | $-26.5M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $3.9M |
自由现金流率MACMSGS
| Q4 25 | — | 7.8% | ||
| Q3 25 | — | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | -49.7% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 0.9% |
资本支出强度MACMSGS
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
现金转化率MACMSGS
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.27× | 4.25× | ||
| Q1 24 | — | 0.11× |
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
MAC
暂无分部数据
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
