vs
美泰（MAT）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.的季度营收约是美泰的1.0倍（$1.8B vs $1.8B），美泰净利率更高（6.0% vs -0.2%，领先6.2%），美泰同比增速更快（7.3% vs 6.4%），过去两年美泰的营收复合增速更高（47.7% vs 3.4%）
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
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。
MAT vs PENN — 直观对比
营收规模更大
PENN
是对方的1.0倍
$1.8B
营收增速更快
MAT
高出0.9%
6.4%
净利率更高
MAT
高出6.2%
-0.2%
两年增速更快
MAT
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.8B |
| 净利润 | $106.2M | $-2.8M |
| 毛利率 | 45.9% | — |
| 营业利润率 | 8.0% | 5.5% |
| 净利率 | 6.0% | -0.2% |
| 营收同比 | 7.3% | 6.4% |
| 净利润同比 | -24.6% | 66.7% |
| 每股收益（稀释后） | $0.32 | $-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MATPENN
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $826.6M | $1.7B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.8B | $1.6B | ||
| Q2 24 | $1.1B | $1.7B |
净利润MATPENN
| Q1 26 | — | $-2.8M | ||
| Q4 25 | $106.2M | $-72.9M | ||
| Q3 25 | $278.4M | $-864.6M | ||
| Q2 25 | $53.4M | $-17.4M | ||
| Q1 25 | $-40.3M | $111.8M | ||
| Q4 24 | $140.9M | $-133.3M | ||
| Q3 24 | $372.4M | $-36.7M | ||
| Q2 24 | $56.9M | $-26.8M |
毛利率MATPENN
| Q1 26 | — | — | ||
| Q4 25 | 45.9% | — | ||
| Q3 25 | 50.0% | — | ||
| Q2 25 | 50.9% | — | ||
| Q1 25 | 49.4% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 53.1% | — | ||
| Q2 24 | 49.2% | — |
营业利润率MATPENN
| Q1 26 | — | 5.5% | ||
| Q4 25 | 8.0% | -1.0% | ||
| Q3 25 | 21.9% | -45.2% | ||
| Q2 25 | 7.7% | 4.4% | ||
| Q1 25 | -6.4% | 2.6% | ||
| Q4 24 | 9.6% | -2.9% | ||
| Q3 24 | 26.5% | 4.1% | ||
| Q2 24 | 7.7% | 4.5% |
净利率MATPENN
| Q1 26 | — | -0.2% | ||
| Q4 25 | 6.0% | -4.0% | ||
| Q3 25 | 16.0% | -50.3% | ||
| Q2 25 | 5.2% | -1.0% | ||
| Q1 25 | -4.9% | 6.7% | ||
| Q4 24 | 8.6% | -8.0% | ||
| Q3 24 | 20.2% | -2.2% | ||
| Q2 24 | 5.3% | -1.6% |
每股收益（稀释后）MATPENN
| Q1 26 | — | $-0.02 | ||
| Q4 25 | $0.32 | $-0.36 | ||
| Q3 25 | $0.88 | $-6.03 | ||
| Q2 25 | $0.16 | $-0.12 | ||
| Q1 25 | $-0.12 | $0.68 | ||
| Q4 24 | $0.40 | $-0.87 | ||
| Q3 24 | $1.09 | $-0.24 | ||
| Q2 24 | $0.17 | $-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 | $1.2B | $708.0M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $2.2B | — |
| 总资产 | $6.6B | — |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MATPENN
| Q1 26 | — | $708.0M | ||
| Q4 25 | $1.2B | $686.6M | ||
| Q3 25 | $691.9M | $660.1M | ||
| Q2 25 | $870.5M | $671.6M | ||
| Q1 25 | $1.2B | $591.6M | ||
| Q4 24 | $1.4B | $706.6M | ||
| Q3 24 | $723.5M | $834.0M | ||
| Q2 24 | $722.4M | $877.6M |
总债务MATPENN
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.9B | ||
| Q3 25 | $2.3B | $2.9B | ||
| Q2 25 | $2.3B | $2.8B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.3B | $2.8B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.3B | $2.8B |
股东权益MATPENN
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.3B | $2.0B | ||
| Q2 25 | $2.2B | $3.0B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.3B | $2.9B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.0B | $3.1B |
总资产MATPENN
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $14.3B | ||
| Q3 25 | $6.6B | $14.3B | ||
| Q2 25 | $6.2B | $15.2B | ||
| Q1 25 | $6.2B | $15.1B | ||
| Q4 24 | $6.5B | $15.3B | ||
| Q3 24 | $6.5B | $15.5B | ||
| Q2 24 | $5.9B | $15.5B |
负债/权益比MATPENN
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | 1.58× | ||
| Q3 25 | 1.03× | 1.46× | ||
| Q2 25 | 1.08× | 0.94× | ||
| Q1 25 | 1.10× | 0.89× | ||
| Q4 24 | 1.03× | 0.98× | ||
| Q3 24 | 1.01× | 0.91× | ||
| Q2 24 | 1.18× | 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 | $796.6M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 5.3% |
| 现金转化率经营现金流/净利润 | 7.50× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MATPENN
| Q1 26 | — | — | ||
| Q4 25 | $796.6M | $107.2M | ||
| Q3 25 | $72.0M | $180.9M | ||
| Q2 25 | $-300.1M | $178.2M | ||
| Q1 25 | $24.8M | $41.9M | ||
| Q4 24 | $862.1M | $102.9M | ||
| Q3 24 | $155.8M | $174.7M | ||
| Q2 24 | $-252.9M | $150.4M |
自由现金流MATPENN
| Q1 26 | — | — | ||
| Q4 25 | — | $-83.2M | ||
| Q3 25 | — | $8.2M | ||
| Q2 25 | — | $18.8M | ||
| Q1 25 | — | $-83.3M | ||
| Q4 24 | — | $-118.1M | ||
| Q3 24 | — | $42.6M | ||
| Q2 24 | — | $62.2M |
自由现金流率MATPENN
| Q1 26 | — | — | ||
| Q4 25 | — | -4.6% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -7.1% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 3.7% |
资本支出强度MATPENN
| Q1 26 | — | 5.3% | ||
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 10.1% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 5.3% |
现金转化率MATPENN
| Q1 26 | — | — | ||
| Q4 25 | 7.50× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | -5.62× | — | ||
| Q1 25 | — | 0.37× | ||
| Q4 24 | 6.12× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | -4.45× | — |
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
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
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% |
