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MARCUS CORP（MCS）与Safehold Inc.（SAFE）财务数据对比。点击上方公司名可切换其他公司
MARCUS CORP的季度营收约是Safehold Inc.的2.0倍（$193.5M vs $97.9M），Safehold Inc.同比增速更快（6.5% vs 2.8%），过去两年MARCUS CORP的营收复合增速更高（18.2% vs 2.5%）
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
SAFE投资有限公司是一家位于中国香港的中国主权财富基金，主要承担主权财富相关的投资运营职能，依托香港的国际金融中心优势开展相关投资业务。
MCS vs SAFE — 直观对比
营收规模更大
MCS
是对方的2.0倍
$97.9M
营收增速更快
SAFE
高出3.8%
2.8%
两年增速更快
MCS
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $193.5M | $97.9M |
| 净利润 | — | $27.9M |
| 毛利率 | — | 98.6% |
| 营业利润率 | 0.9% | 27.4% |
| 净利率 | — | 28.5% |
| 营收同比 | 2.8% | 6.5% |
| 净利润同比 | — | 7.1% |
| 每股收益（稀释后） | — | $0.38 |
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MCSSAFE
| Q4 25 | $193.5M | $97.9M | ||
| Q3 25 | $210.2M | $96.2M | ||
| Q2 25 | $206.0M | $93.8M | ||
| Q1 25 | $148.8M | $97.7M | ||
| Q4 24 | $188.3M | $91.9M | ||
| Q3 24 | $232.7M | $90.7M | ||
| Q2 24 | $176.0M | $89.9M | ||
| Q1 24 | $138.5M | $93.2M |
净利润MCSSAFE
| Q4 25 | — | $27.9M | ||
| Q3 25 | $16.2M | $29.3M | ||
| Q2 25 | $7.3M | $27.9M | ||
| Q1 25 | $-16.8M | $29.4M | ||
| Q4 24 | $986.0K | $26.0M | ||
| Q3 24 | $23.3M | $19.3M | ||
| Q2 24 | $-20.2M | $29.7M | ||
| Q1 24 | $-11.9M | $30.7M |
毛利率MCSSAFE
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
营业利润率MCSSAFE
| Q4 25 | 0.9% | 27.4% | ||
| Q3 25 | 10.8% | 25.9% | ||
| Q2 25 | 6.3% | 25.5% | ||
| Q1 25 | -13.7% | 25.9% | ||
| Q4 24 | -1.2% | 24.6% | ||
| Q3 24 | 14.1% | 17.5% | ||
| Q2 24 | 1.3% | 26.7% | ||
| Q1 24 | -12.0% | 26.4% |
净利率MCSSAFE
| Q4 25 | — | 28.5% | ||
| Q3 25 | 7.7% | 30.5% | ||
| Q2 25 | 3.6% | 29.8% | ||
| Q1 25 | -11.3% | 30.1% | ||
| Q4 24 | 0.5% | 28.3% | ||
| Q3 24 | 10.0% | 21.3% | ||
| Q2 24 | -11.5% | 33.0% | ||
| Q1 24 | -8.6% | 33.0% |
每股收益（稀释后）MCSSAFE
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.41 | ||
| Q2 25 | — | $0.39 | ||
| Q1 25 | — | $0.41 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.43 |
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 | $23.4M | $21.7M |
| 总债务越低越好 | $159.0M | $4.6B |
| 股东权益账面价值 | $457.4M | $2.4B |
| 总资产 | $1.0B | $7.2B |
| 负债/权益比越低杠杆越低 | 0.35× | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资MCSSAFE
| Q4 25 | $23.4M | $21.7M | ||
| Q3 25 | $7.4M | $12.1M | ||
| Q2 25 | $14.9M | $13.9M | ||
| Q1 25 | $11.9M | $17.3M | ||
| Q4 24 | $40.8M | $8.3M | ||
| Q3 24 | $28.4M | $15.6M | ||
| Q2 24 | $32.8M | $13.4M | ||
| Q1 24 | $17.3M | $11.3M |
总债务MCSSAFE
| Q4 25 | $159.0M | $4.6B | ||
| Q3 25 | $162.0M | $4.5B | ||
| Q2 25 | $179.9M | $4.4B | ||
| Q1 25 | $198.9M | $4.3B | ||
| Q4 24 | $159.1M | $4.3B | ||
| Q3 24 | $173.1M | $4.3B | ||
| Q2 24 | $175.7M | $4.2B | ||
| Q1 24 | $169.8M | $4.1B |
股东权益MCSSAFE
| Q4 25 | $457.4M | $2.4B | ||
| Q3 25 | $454.3M | $2.4B | ||
| Q2 25 | $448.4M | $2.4B | ||
| Q1 25 | $441.8M | $2.4B | ||
| Q4 24 | $464.9M | $2.3B | ||
| Q3 24 | $462.3M | $2.3B | ||
| Q2 24 | $449.4M | $2.3B | ||
| Q1 24 | $459.3M | $2.3B |
总资产MCSSAFE
| Q4 25 | $1.0B | $7.2B | ||
| Q3 25 | $1.0B | $7.1B | ||
| Q2 25 | $1.0B | $7.1B | ||
| Q1 25 | $1.0B | $6.9B | ||
| Q4 24 | $1.0B | $6.9B | ||
| Q3 24 | $1.0B | $6.8B | ||
| Q2 24 | $1.1B | $6.8B | ||
| Q1 24 | $1.0B | $6.7B |
负债/权益比MCSSAFE
| Q4 25 | 0.35× | 1.90× | ||
| Q3 25 | 0.36× | 1.89× | ||
| Q2 25 | 0.40× | 1.87× | ||
| Q1 25 | 0.45× | 1.85× | ||
| Q4 24 | 0.34× | 1.84× | ||
| Q3 24 | 0.37× | 1.88× | ||
| Q2 24 | 0.39× | 1.81× | ||
| Q1 24 | 0.37× | 1.81× |
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 | $48.8M | $47.8M |
| 自由现金流经营现金流 - 资本支出 | $26.4M | — |
| 自由现金流率自由现金流/营收 | 13.6% | — |
| 资本支出强度资本支出/营收 | 11.6% | — |
| 现金转化率经营现金流/净利润 | — | 1.72× |
| 过去12个月自由现金流最近4个季度 | $989.0K | — |
8季度趋势，按日历期对齐
经营现金流MCSSAFE
| Q4 25 | $48.8M | $47.8M | ||
| Q3 25 | $39.1M | $-1.4M | ||
| Q2 25 | $31.6M | $28.0M | ||
| Q1 25 | $-35.3M | $8.9M | ||
| Q4 24 | $52.6M | $37.9M | ||
| Q3 24 | $30.5M | $8.3M | ||
| Q2 24 | $36.0M | $24.8M | ||
| Q1 24 | $-15.1M | $-3.1M |
自由现金流MCSSAFE
| Q4 25 | $26.4M | — | ||
| Q3 25 | $18.2M | — | ||
| Q2 25 | $14.7M | — | ||
| Q1 25 | $-58.3M | — | ||
| Q4 24 | $27.1M | — | ||
| Q3 24 | $12.0M | — | ||
| Q2 24 | $16.1M | — | ||
| Q1 24 | $-30.5M | — |
自由现金流率MCSSAFE
| Q4 25 | 13.6% | — | ||
| Q3 25 | 8.7% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | -39.2% | — | ||
| Q4 24 | 14.4% | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 9.2% | — | ||
| Q1 24 | -22.0% | — |
资本支出强度MCSSAFE
| Q4 25 | 11.6% | — | ||
| Q3 25 | 9.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 15.5% | — | ||
| Q4 24 | 13.5% | — | ||
| Q3 24 | 7.9% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.1% | — |
现金转化率MCSSAFE
| Q4 25 | — | 1.72× | ||
| Q3 25 | 2.41× | -0.05× | ||
| Q2 25 | 4.32× | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 53.31× | 1.45× | ||
| Q3 24 | 1.31× | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
