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美高梅国际度假村（MGM）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是美高梅国际度假村的1.9倍（$8.7B vs $4.6B），贝宝净利率更高（16.6% vs 6.4%，领先10.2%），美高梅国际度假村同比增速更快（6.0% vs 3.7%），贝宝自由现金流更多（$2.2B vs $358.5M），过去两年贝宝的营收复合增速更高（6.2% 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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
MGM vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.9倍
$4.6B
营收增速更快
MGM
高出2.2%
3.7%
净利率更高
PYPL
高出10.2%
6.4%
自由现金流更多
PYPL
多$1.8B
$358.5M
两年增速更快
PYPL
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $8.7B |
| 净利润 | $293.6M | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | 17.4% |
| 净利率 | 6.4% | 16.6% |
| 营收同比 | 6.0% | 3.7% |
| 净利润同比 | 86.5% | 28.2% |
| 每股收益（稀释后） | $1.12 | $1.53 |
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MGMPYPL
| Q4 25 | $4.6B | $8.7B | ||
| Q3 25 | $4.3B | $8.4B | ||
| Q2 25 | $4.4B | $8.3B | ||
| Q1 25 | $4.3B | $7.8B | ||
| Q4 24 | $4.3B | $8.4B | ||
| Q3 24 | $4.2B | $7.8B | ||
| Q2 24 | $4.3B | $7.9B | ||
| Q1 24 | $4.4B | $7.7B |
净利润MGMPYPL
| Q4 25 | $293.6M | $1.4B | ||
| Q3 25 | $-285.3M | $1.2B | ||
| Q2 25 | $49.0M | $1.3B | ||
| Q1 25 | $148.6M | $1.3B | ||
| Q4 24 | $157.4M | $1.1B | ||
| Q3 24 | $184.6M | $1.0B | ||
| Q2 24 | $187.1M | $1.1B | ||
| Q1 24 | $217.5M | $888.0M |
营业利润率MGMPYPL
| Q4 25 | 7.1% | 17.4% | ||
| Q3 25 | -2.7% | 18.1% | ||
| Q2 25 | 9.2% | 18.1% | ||
| Q1 25 | 9.0% | 19.6% | ||
| Q4 24 | 6.7% | 17.2% | ||
| Q3 24 | 7.5% | 17.7% | ||
| Q2 24 | 9.8% | 16.8% | ||
| Q1 24 | 10.5% | 15.2% |
净利率MGMPYPL
| Q4 25 | 6.4% | 16.6% | ||
| Q3 25 | -6.7% | 14.8% | ||
| Q2 25 | 1.1% | 15.2% | ||
| Q1 25 | 3.5% | 16.5% | ||
| Q4 24 | 3.6% | 13.4% | ||
| Q3 24 | 4.4% | 12.9% | ||
| Q2 24 | 4.3% | 14.3% | ||
| Q1 24 | 5.0% | 11.5% |
每股收益（稀释后）MGMPYPL
| Q4 25 | $1.12 | $1.53 | ||
| Q3 25 | $-1.05 | $1.30 | ||
| Q2 25 | $0.18 | $1.29 | ||
| Q1 25 | $0.51 | $1.29 | ||
| Q4 24 | $0.52 | $1.09 | ||
| Q3 24 | $0.61 | $0.99 | ||
| Q2 24 | $0.60 | $1.08 | ||
| Q1 24 | $0.67 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $2.4B | $20.3B |
| 总资产 | $41.4B | $80.2B |
| 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MGMPYPL
| Q4 25 | $2.1B | $10.4B | ||
| Q3 25 | $2.1B | $10.8B | ||
| Q2 25 | $2.0B | $10.0B | ||
| Q1 25 | $2.3B | $11.2B | ||
| Q4 24 | $2.4B | $10.8B | ||
| Q3 24 | $3.0B | $11.9B | ||
| Q2 24 | $2.4B | $13.6B | ||
| Q1 24 | $2.7B | $14.3B |
总债务MGMPYPL
| 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MGMPYPL
| Q4 25 | $2.4B | $20.3B | ||
| Q3 25 | $2.7B | $20.2B | ||
| Q2 25 | $3.0B | $20.2B | ||
| Q1 25 | $2.9B | $20.3B | ||
| Q4 24 | $3.0B | $20.4B | ||
| Q3 24 | $3.2B | $20.2B | ||
| Q2 24 | $3.2B | $20.6B | ||
| Q1 24 | $3.5B | $20.7B |
总资产MGMPYPL
| Q4 25 | $41.4B | $80.2B | ||
| Q3 25 | $41.4B | $79.8B | ||
| Q2 25 | $41.7B | $79.8B | ||
| Q1 25 | $41.9B | $81.3B | ||
| Q4 24 | $42.2B | $81.6B | ||
| Q3 24 | $42.7B | $83.5B | ||
| Q2 24 | $41.8B | $84.0B | ||
| Q1 24 | $42.1B | $83.3B |
负债/权益比MGMPYPL
| 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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $2.2B |
| 自由现金流率自由现金流/营收 | 7.8% | 25.2% |
| 资本支出强度资本支出/营收 | 6.4% | 2.2% |
| 现金转化率经营现金流/净利润 | 2.23× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $5.6B |
8季度趋势，按日历期对齐
经营现金流MGMPYPL
| Q4 25 | $655.0M | $2.4B | ||
| Q3 25 | $681.4M | $2.0B | ||
| Q2 25 | $645.9M | $898.0M | ||
| Q1 25 | $547.1M | $1.2B | ||
| Q4 24 | $671.6M | $2.4B | ||
| Q3 24 | $667.4M | $1.6B | ||
| Q2 24 | $474.2M | $1.5B | ||
| Q1 24 | $549.3M | $1.9B |
自由现金流MGMPYPL
| Q4 25 | $358.5M | $2.2B | ||
| Q3 25 | $405.4M | $1.7B | ||
| Q2 25 | $377.4M | $692.0M | ||
| Q1 25 | $319.0M | $964.0M | ||
| Q4 24 | $267.5M | $2.2B | ||
| Q3 24 | $331.2M | $1.4B | ||
| Q2 24 | $236.0M | $1.4B | ||
| Q1 24 | $377.2M | $1.8B |
自由现金流率MGMPYPL
| Q4 25 | 7.8% | 25.2% | ||
| Q3 25 | 9.5% | 20.4% | ||
| Q2 25 | 8.6% | 8.3% | ||
| Q1 25 | 7.5% | 12.4% | ||
| Q4 24 | 6.2% | 26.2% | ||
| Q3 24 | 7.9% | 18.4% | ||
| Q2 24 | 5.5% | 17.3% | ||
| Q1 24 | 8.6% | 22.9% |
资本支出强度MGMPYPL
| Q4 25 | 6.4% | 2.2% | ||
| Q3 25 | 6.5% | 3.0% | ||
| Q2 25 | 6.1% | 2.5% | ||
| Q1 25 | 5.3% | 2.5% | ||
| Q4 24 | 9.3% | 2.4% | ||
| Q3 24 | 8.0% | 2.2% | ||
| Q2 24 | 5.5% | 2.0% | ||
| Q1 24 | 3.9% | 2.0% |
现金转化率MGMPYPL
| Q4 25 | 2.23× | 1.66× | ||
| Q3 25 | — | 1.58× | ||
| Q2 25 | 13.19× | 0.71× | ||
| Q1 25 | 3.68× | 0.90× | ||
| Q4 24 | 4.27× | 2.14× | ||
| Q3 24 | 3.62× | 1.60× | ||
| Q2 24 | 2.54× | 1.35× | ||
| Q1 24 | 2.53× | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
