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美高梅国际度假村（MGM）与NextEra Energy（NEE）财务数据对比。点击上方公司名可切换其他公司
NextEra Energy的季度营收约是美高梅国际度假村的1.3倍（$6.0B vs $4.6B），NextEra Energy净利率更高（25.6% vs 6.4%，领先19.2%），NextEra Energy同比增速更快（11.1% vs 6.0%），过去两年NextEra Energy的营收复合增速更高（5.4% vs 2.5%）
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
NextEra Energy是美国能源企业，也是全球市值最高的电力公用事业控股公司，截至2024年10月市值超1700亿美元。2024年营收达248亿美元，在美加两国共有1.67万名员工，当前发电装机容量为73吉瓦，旗下拥有佛罗里达电力照明等多家子公司。
MGM vs NEE — 直观对比
营收规模更大
NEE
是对方的1.3倍
$4.6B
营收增速更快
NEE
高出5.2%
6.0%
净利率更高
NEE
高出19.2%
6.4%
两年增速更快
NEE
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $6.0B |
| 净利润 | $293.6M | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | 26.4% |
| 净利率 | 6.4% | 25.6% |
| 营收同比 | 6.0% | 11.1% |
| 净利润同比 | 86.5% | 27.6% |
| 每股收益（稀释后） | $1.12 | $0.74 |
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MGMNEE
| Q4 25 | $4.6B | $6.0B | ||
| Q3 25 | $4.3B | $7.4B | ||
| Q2 25 | $4.4B | $6.4B | ||
| Q1 25 | $4.3B | $6.0B | ||
| Q4 24 | $4.3B | $5.4B | ||
| Q3 24 | $4.2B | $6.7B | ||
| Q2 24 | $4.3B | $6.0B | ||
| Q1 24 | $4.4B | $5.4B |
净利润MGMNEE
| Q4 25 | $293.6M | $1.5B | ||
| Q3 25 | $-285.3M | $2.4B | ||
| Q2 25 | $49.0M | $2.0B | ||
| Q1 25 | $148.6M | $833.0M | ||
| Q4 24 | $157.4M | $1.2B | ||
| Q3 24 | $184.6M | $1.9B | ||
| Q2 24 | $187.1M | $1.6B | ||
| Q1 24 | $217.5M | $2.3B |
营业利润率MGMNEE
| Q4 25 | 7.1% | 26.4% | ||
| Q3 25 | -2.7% | 34.1% | ||
| Q2 25 | 9.2% | 29.9% | ||
| Q1 25 | 9.0% | 37.6% | ||
| Q4 24 | 6.7% | 17.4% | ||
| Q3 24 | 7.5% | 42.6% | ||
| Q2 24 | 9.8% | 27.8% | ||
| Q1 24 | 10.5% | 37.3% |
净利率MGMNEE
| Q4 25 | 6.4% | 25.6% | ||
| Q3 25 | -6.7% | 32.9% | ||
| Q2 25 | 1.1% | 31.7% | ||
| Q1 25 | 3.5% | 13.9% | ||
| Q4 24 | 3.6% | 22.3% | ||
| Q3 24 | 4.4% | 27.6% | ||
| Q2 24 | 4.3% | 27.0% | ||
| Q1 24 | 5.0% | 42.0% |
每股收益（稀释后）MGMNEE
| Q4 25 | $1.12 | $0.74 | ||
| Q3 25 | $-1.05 | $1.18 | ||
| Q2 25 | $0.18 | $0.98 | ||
| Q1 25 | $0.51 | $0.40 | ||
| Q4 24 | $0.52 | $0.58 | ||
| Q3 24 | $0.61 | $0.90 | ||
| Q2 24 | $0.60 | $0.79 | ||
| Q1 24 | $0.67 | $1.10 |
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 | $2.1B | $2.8B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $2.4B | $54.6B |
| 总资产 | $41.4B | $212.7B |
| 负债/权益比越低杠杆越低 | 2.56× | — |
8季度趋势，按日历期对齐
现金及短期投资MGMNEE
| Q4 25 | $2.1B | $2.8B | ||
| Q3 25 | $2.1B | $2.4B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $2.3B | $2.4B | ||
| Q4 24 | $2.4B | $1.5B | ||
| Q3 24 | $3.0B | $2.3B | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.7B | $1.6B |
总债务MGMNEE
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.4B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.9B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | — |
股东权益MGMNEE
| Q4 25 | $2.4B | $54.6B | ||
| Q3 25 | $2.7B | $54.2B | ||
| Q2 25 | $3.0B | $50.8B | ||
| Q1 25 | $2.9B | $49.8B | ||
| Q4 24 | $3.0B | $50.1B | ||
| Q3 24 | $3.2B | $50.1B | ||
| Q2 24 | $3.2B | $49.1B | ||
| Q1 24 | $3.5B | $48.6B |
总资产MGMNEE
| Q4 25 | $41.4B | $212.7B | ||
| Q3 25 | $41.4B | $204.4B | ||
| Q2 25 | $41.7B | $198.8B | ||
| Q1 25 | $41.9B | $194.3B | ||
| Q4 24 | $42.2B | $190.1B | ||
| Q3 24 | $42.7B | $186.0B | ||
| Q2 24 | $41.8B | $184.7B | ||
| Q1 24 | $42.1B | $179.9B |
负债/权益比MGMNEE
| Q4 25 | 2.56× | — | ||
| Q3 25 | 2.30× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 2.25× | — | ||
| Q4 24 | 2.10× | — | ||
| Q3 24 | 2.14× | — | ||
| Q2 24 | 1.96× | — | ||
| Q1 24 | 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 | $655.0M | $2.5B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | — |
| 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 | 6.4% | — |
| 现金转化率经营现金流/净利润 | 2.23× | 1.63× |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流MGMNEE
| Q4 25 | $655.0M | $2.5B | ||
| Q3 25 | $681.4M | $4.0B | ||
| Q2 25 | $645.9M | $3.2B | ||
| Q1 25 | $547.1M | $2.8B | ||
| Q4 24 | $671.6M | $2.0B | ||
| Q3 24 | $667.4M | $4.3B | ||
| Q2 24 | $474.2M | $3.9B | ||
| Q1 24 | $549.3M | $3.1B |
自由现金流MGMNEE
| Q4 25 | $358.5M | — | ||
| Q3 25 | $405.4M | — | ||
| Q2 25 | $377.4M | — | ||
| Q1 25 | $319.0M | — | ||
| Q4 24 | $267.5M | — | ||
| Q3 24 | $331.2M | — | ||
| Q2 24 | $236.0M | — | ||
| Q1 24 | $377.2M | — |
自由现金流率MGMNEE
| Q4 25 | 7.8% | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 7.9% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | 8.6% | — |
资本支出强度MGMNEE
| Q4 25 | 6.4% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 5.3% | — | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 8.0% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | 3.9% | — |
现金转化率MGMNEE
| Q4 25 | 2.23× | 1.63× | ||
| Q3 25 | — | 1.65× | ||
| Q2 25 | 13.19× | 1.57× | ||
| Q1 25 | 3.68× | 3.32× | ||
| Q4 24 | 4.27× | 1.65× | ||
| Q3 24 | 3.62× | 2.31× | ||
| Q2 24 | 2.54× | 2.42× | ||
| Q1 24 | 2.53× | 1.36× |
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
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
NEE
| Florida Power Light Company | $4.3B | 71% |
| Other | $1.7B | 29% |
