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美泰（MAT）与Vici Properties（VICI）财务数据对比。点击上方公司名可切换其他公司
美泰的季度营收约是Vici Properties的1.7倍（$1.8B vs $1.0B），Vici Properties净利率更高（59.7% vs 6.0%，领先53.7%），美泰同比增速更快（7.3% vs 3.8%），过去两年美泰的营收复合增速更高（47.7% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
MAT vs VICI — 直观对比
营收规模更大
MAT
是对方的1.7倍
$1.0B
营收增速更快
MAT
高出3.5%
3.8%
净利率更高
VICI
高出53.7%
6.0%
两年增速更快
MAT
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.0B |
| 净利润 | $106.2M | $604.8M |
| 毛利率 | 45.9% | 99.3% |
| 营业利润率 | 8.0% | 60.2% |
| 净利率 | 6.0% | 59.7% |
| 营收同比 | 7.3% | 3.8% |
| 净利润同比 | -24.6% | -1.6% |
| 每股收益（稀释后） | $0.32 | $0.57 |
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MATVICI
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $826.6M | $984.2M | ||
| Q4 24 | $1.6B | $976.1M | ||
| Q3 24 | $1.8B | $964.7M | ||
| Q2 24 | $1.1B | $957.0M | ||
| Q1 24 | $809.5M | $951.5M |
净利润MATVICI
| Q4 25 | $106.2M | $604.8M | ||
| Q3 25 | $278.4M | $762.0M | ||
| Q2 25 | $53.4M | $865.1M | ||
| Q1 25 | $-40.3M | $543.6M | ||
| Q4 24 | $140.9M | $614.6M | ||
| Q3 24 | $372.4M | $732.9M | ||
| Q2 24 | $56.9M | $741.3M | ||
| Q1 24 | $-28.3M | $590.0M |
毛利率MATVICI
| Q4 25 | 45.9% | 99.3% | ||
| Q3 25 | 50.0% | 99.3% | ||
| Q2 25 | 50.9% | 99.3% | ||
| Q1 25 | 49.4% | 99.4% | ||
| Q4 24 | 50.7% | 99.3% | ||
| Q3 24 | 53.1% | 99.3% | ||
| Q2 24 | 49.2% | 99.3% | ||
| Q1 24 | 48.0% | 99.3% |
营业利润率MATVICI
| Q4 25 | 8.0% | 60.2% | ||
| Q3 25 | 21.9% | 77.2% | ||
| Q2 25 | 7.7% | 88.3% | ||
| Q1 25 | -6.4% | 55.9% | ||
| Q4 24 | 9.6% | 64.2% | ||
| Q3 24 | 26.5% | 77.4% | ||
| Q2 24 | 7.7% | 79.0% | ||
| Q1 24 | -4.4% | 63.2% |
净利率MATVICI
| Q4 25 | 6.0% | 59.7% | ||
| Q3 25 | 16.0% | 75.6% | ||
| Q2 25 | 5.2% | 86.4% | ||
| Q1 25 | -4.9% | 55.2% | ||
| Q4 24 | 8.6% | 63.0% | ||
| Q3 24 | 20.2% | 76.0% | ||
| Q2 24 | 5.3% | 77.5% | ||
| Q1 24 | -3.5% | 62.0% |
每股收益（稀释后）MATVICI
| Q4 25 | $0.32 | $0.57 | ||
| Q3 25 | $0.88 | $0.71 | ||
| Q2 25 | $0.16 | $0.82 | ||
| Q1 25 | $-0.12 | $0.51 | ||
| Q4 24 | $0.40 | $0.58 | ||
| Q3 24 | $1.09 | $0.70 | ||
| Q2 24 | $0.17 | $0.71 | ||
| Q1 24 | $-0.08 | $0.57 |
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 | $1.2B | $608.0M |
| 总债务越低越好 | $2.3B | $16.8B |
| 股东权益账面价值 | $2.2B | $27.8B |
| 总资产 | $6.6B | $46.7B |
| 负债/权益比越低杠杆越低 | 1.04× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资MATVICI
| Q4 25 | $1.2B | $608.0M | ||
| Q3 25 | $691.9M | $507.5M | ||
| Q2 25 | $870.5M | $233.0M | ||
| Q1 25 | $1.2B | $334.3M | ||
| Q4 24 | $1.4B | $524.6M | ||
| Q3 24 | $723.5M | $355.7M | ||
| Q2 24 | $722.4M | $347.2M | ||
| Q1 24 | $1.1B | $514.9M |
总债务MATVICI
| Q4 25 | $2.3B | $16.8B | ||
| Q3 25 | $2.3B | $16.8B | ||
| Q2 25 | $2.3B | $16.9B | ||
| Q1 25 | $2.3B | $16.8B | ||
| Q4 24 | $2.3B | $16.7B | ||
| Q3 24 | $2.3B | $16.7B | ||
| Q2 24 | $2.3B | $16.7B | ||
| Q1 24 | $2.3B | $16.7B |
股东权益MATVICI
| Q4 25 | $2.2B | $27.8B | ||
| Q3 25 | $2.3B | $27.7B | ||
| Q2 25 | $2.2B | $27.0B | ||
| Q1 25 | $2.1B | $26.6B | ||
| Q4 24 | $2.3B | $26.5B | ||
| Q3 24 | $2.3B | $26.1B | ||
| Q2 24 | $2.0B | $25.7B | ||
| Q1 24 | $2.0B | $25.4B |
总资产MATVICI
| Q4 25 | $6.6B | $46.7B | ||
| Q3 25 | $6.6B | $46.5B | ||
| Q2 25 | $6.2B | $46.1B | ||
| Q1 25 | $6.2B | $45.5B | ||
| Q4 24 | $6.5B | $45.4B | ||
| Q3 24 | $6.5B | $44.9B | ||
| Q2 24 | $5.9B | $44.5B | ||
| Q1 24 | $6.1B | $44.2B |
负债/权益比MATVICI
| Q4 25 | 1.04× | 0.60× | ||
| Q3 25 | 1.03× | 0.61× | ||
| Q2 25 | 1.08× | 0.63× | ||
| Q1 25 | 1.10× | 0.63× | ||
| Q4 24 | 1.03× | 0.63× | ||
| Q3 24 | 1.01× | 0.64× | ||
| Q2 24 | 1.18× | 0.65× | ||
| Q1 24 | 1.15× | 0.66× |
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 | $691.9M |
| 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 | — | — |
| 现金转化率经营现金流/净利润 | 7.50× | 1.14× |
| 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MATVICI
| Q4 25 | $796.6M | $691.9M | ||
| Q3 25 | $72.0M | $586.3M | ||
| Q2 25 | $-300.1M | $639.9M | ||
| Q1 25 | $24.8M | $591.9M | ||
| Q4 24 | $862.1M | $644.1M | ||
| Q3 24 | $155.8M | $579.1M | ||
| Q2 24 | $-252.9M | $614.6M | ||
| Q1 24 | $35.5M | $543.7M |
现金转化率MATVICI
| Q4 25 | 7.50× | 1.14× | ||
| Q3 25 | 0.26× | 0.77× | ||
| Q2 25 | -5.62× | 0.74× | ||
| Q1 25 | — | 1.09× | ||
| Q4 24 | 6.12× | 1.05× | ||
| Q3 24 | 0.42× | 0.79× | ||
| Q2 24 | -4.45× | 0.83× | ||
| Q1 24 | — | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
