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美高梅国际度假村（MGM）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是皇家加勒比集团的1.1倍（$4.6B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 6.4%，领先11.3%），皇家加勒比集团同比增速更快（13.3% vs 6.0%），美高梅国际度假村自由现金流更多（$358.5M vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% 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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
MGM vs RCL — 直观对比
营收规模更大
MGM
是对方的1.1倍
$4.3B
营收增速更快
RCL
高出7.3%
6.0%
净利率更高
RCL
高出11.3%
6.4%
自由现金流更多
MGM
多$242.5M
$116.0M
两年增速更快
RCL
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $4.3B |
| 净利润 | $293.6M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 7.1% | 21.9% |
| 净利率 | 6.4% | 17.7% |
| 营收同比 | 6.0% | 13.3% |
| 净利润同比 | 86.5% | 36.4% |
| 每股收益（稀释后） | $1.12 | $2.76 |
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MGMRCL
| Q4 25 | $4.6B | $4.3B | ||
| Q3 25 | $4.3B | $5.1B | ||
| Q2 25 | $4.4B | $4.5B | ||
| Q1 25 | $4.3B | $4.0B | ||
| Q4 24 | $4.3B | $3.8B | ||
| Q3 24 | $4.2B | $4.9B | ||
| Q2 24 | $4.3B | $4.1B | ||
| Q1 24 | $4.4B | $3.7B |
净利润MGMRCL
| Q4 25 | $293.6M | $753.0M | ||
| Q3 25 | $-285.3M | $1.6B | ||
| Q2 25 | $49.0M | $1.2B | ||
| Q1 25 | $148.6M | $730.0M | ||
| Q4 24 | $157.4M | $552.0M | ||
| Q3 24 | $184.6M | $1.1B | ||
| Q2 24 | $187.1M | $854.0M | ||
| Q1 24 | $217.5M | $360.0M |
毛利率MGMRCL
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% | ||
| Q1 24 | — | 44.8% |
营业利润率MGMRCL
| Q4 25 | 7.1% | 21.9% | ||
| Q3 25 | -2.7% | 33.1% | ||
| Q2 25 | 9.2% | 29.3% | ||
| Q1 25 | 9.0% | 23.6% | ||
| Q4 24 | 6.7% | 16.6% | ||
| Q3 24 | 7.5% | 33.4% | ||
| Q2 24 | 9.8% | 26.7% | ||
| Q1 24 | 10.5% | 20.1% |
净利率MGMRCL
| Q4 25 | 6.4% | 17.7% | ||
| Q3 25 | -6.7% | 30.6% | ||
| Q2 25 | 1.1% | 26.7% | ||
| Q1 25 | 3.5% | 18.3% | ||
| Q4 24 | 3.6% | 14.7% | ||
| Q3 24 | 4.4% | 22.7% | ||
| Q2 24 | 4.3% | 20.8% | ||
| Q1 24 | 5.0% | 9.7% |
每股收益（稀释后）MGMRCL
| Q4 25 | $1.12 | $2.76 | ||
| Q3 25 | $-1.05 | $5.74 | ||
| Q2 25 | $0.18 | $4.41 | ||
| Q1 25 | $0.51 | $2.70 | ||
| Q4 24 | $0.52 | $2.27 | ||
| Q3 24 | $0.61 | $4.21 | ||
| Q2 24 | $0.60 | $3.11 | ||
| Q1 24 | $0.67 | $1.35 |
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 | $825.0M |
| 总债务越低越好 | $6.2B | $18.2B |
| 股东权益账面价值 | $2.4B | $10.0B |
| 总资产 | $41.4B | $41.6B |
| 负债/权益比越低杠杆越低 | 2.56× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资MGMRCL
| Q4 25 | $2.1B | $825.0M | ||
| Q3 25 | $2.1B | $432.0M | ||
| Q2 25 | $2.0B | $735.0M | ||
| Q1 25 | $2.3B | $386.0M | ||
| Q4 24 | $2.4B | $388.0M | ||
| Q3 24 | $3.0B | $418.0M | ||
| Q2 24 | $2.4B | $391.0M | ||
| Q1 24 | $2.7B | $437.0M |
总债务MGMRCL
| Q4 25 | $6.2B | $18.2B | ||
| Q3 25 | $6.2B | $17.2B | ||
| Q2 25 | $6.2B | $17.6B | ||
| Q1 25 | $6.4B | $18.0B | ||
| Q4 24 | $6.4B | $18.5B | ||
| Q3 24 | $6.9B | $19.0B | ||
| Q2 24 | $6.3B | $19.8B | ||
| Q1 24 | $6.3B | $18.9B |
股东权益MGMRCL
| Q4 25 | $2.4B | $10.0B | ||
| Q3 25 | $2.7B | $10.1B | ||
| Q2 25 | $3.0B | $9.2B | ||
| Q1 25 | $2.9B | $8.0B | ||
| Q4 24 | $3.0B | $7.6B | ||
| Q3 24 | $3.2B | $7.0B | ||
| Q2 24 | $3.2B | $6.0B | ||
| Q1 24 | $3.5B | $5.2B |
总资产MGMRCL
| Q4 25 | $41.4B | $41.6B | ||
| Q3 25 | $41.4B | $40.1B | ||
| Q2 25 | $41.7B | $38.5B | ||
| Q1 25 | $41.9B | $37.5B | ||
| Q4 24 | $42.2B | $37.1B | ||
| Q3 24 | $42.7B | $37.1B | ||
| Q2 24 | $41.8B | $37.0B | ||
| Q1 24 | $42.1B | $35.2B |
负债/权益比MGMRCL
| Q4 25 | 2.56× | 1.81× | ||
| Q3 25 | 2.30× | 1.70× | ||
| Q2 25 | 2.09× | 1.92× | ||
| Q1 25 | 2.25× | 2.26× | ||
| Q4 24 | 2.10× | 2.44× | ||
| Q3 24 | 2.14× | 2.69× | ||
| Q2 24 | 1.96× | 3.29× | ||
| Q1 24 | 1.81× | 3.66× |
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 | $655.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $116.0M |
| 自由现金流率自由现金流/营收 | 7.8% | 2.7% |
| 资本支出强度资本支出/营收 | 6.4% | 35.4% |
| 现金转化率经营现金流/净利润 | 2.23× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MGMRCL
| Q4 25 | $655.0M | $1.6B | ||
| Q3 25 | $681.4M | $1.5B | ||
| Q2 25 | $645.9M | $1.7B | ||
| Q1 25 | $547.1M | $1.6B | ||
| Q4 24 | $671.6M | $1.5B | ||
| Q3 24 | $667.4M | $897.0M | ||
| Q2 24 | $474.2M | $1.6B | ||
| Q1 24 | $549.3M | $1.3B |
自由现金流MGMRCL
| Q4 25 | $358.5M | $116.0M | ||
| Q3 25 | $405.4M | $-989.0M | ||
| Q2 25 | $377.4M | $910.0M | ||
| Q1 25 | $319.0M | $1.2B | ||
| Q4 24 | $267.5M | $915.0M | ||
| Q3 24 | $331.2M | $563.0M | ||
| Q2 24 | $236.0M | $-567.0M | ||
| Q1 24 | $377.2M | $1.1B |
自由现金流率MGMRCL
| Q4 25 | 7.8% | 2.7% | ||
| Q3 25 | 9.5% | -19.2% | ||
| Q2 25 | 8.6% | 20.1% | ||
| Q1 25 | 7.5% | 30.0% | ||
| Q4 24 | 6.2% | 24.3% | ||
| Q3 24 | 7.9% | 11.5% | ||
| Q2 24 | 5.5% | -13.8% | ||
| Q1 24 | 8.6% | 29.1% |
资本支出强度MGMRCL
| Q4 25 | 6.4% | 35.4% | ||
| Q3 25 | 6.5% | 47.8% | ||
| Q2 25 | 6.1% | 18.4% | ||
| Q1 25 | 5.3% | 10.7% | ||
| Q4 24 | 9.3% | 14.7% | ||
| Q3 24 | 8.0% | 6.8% | ||
| Q2 24 | 5.5% | 52.1% | ||
| Q1 24 | 3.9% | 6.5% |
现金转化率MGMRCL
| Q4 25 | 2.23× | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | 13.19× | 1.44× | ||
| Q1 25 | 3.68× | 2.23× | ||
| Q4 24 | 4.27× | 2.66× | ||
| Q3 24 | 3.62× | 0.81× | ||
| Q2 24 | 2.54× | 1.84× | ||
| Q1 24 | 2.53× | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
