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美高梅国际度假村（MGM）与Raymond James Financial（RJF）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Raymond James Financial的1.2倍（$4.6B vs $3.9B），Raymond James Financial净利率更高（14.1% vs 6.4%，领先7.7%），Raymond James Financial同比增速更快（13.0% vs 6.0%），过去两年美高梅国际度假村的营收复合增速更高（2.5% vs 1.3%）
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。
雷蒙德詹姆斯金融是美国跨国独立投资银行及金融服务机构，通过旗下子公司为个人、企业及市政主体提供多元金融服务，核心业务覆盖投资与财务规划、投资银行、资产管理等领域，总部位于美国佛罗里达州圣彼得堡。
MGM vs RJF — 直观对比
营收规模更大
MGM
是对方的1.2倍
$3.9B
营收增速更快
RJF
高出7.0%
6.0%
净利率更高
RJF
高出7.7%
6.4%
两年增速更快
MGM
近两年复合增速
1.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $3.9B |
| 净利润 | $293.6M | $544.0M |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | — |
| 净利率 | 6.4% | 14.1% |
| 营收同比 | 6.0% | 13.0% |
| 净利润同比 | 86.5% | 10.0% |
| 每股收益（稀释后） | $1.12 | $2.83 |
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MGMRJF
| Q1 26 | — | $3.9B | ||
| Q4 25 | $4.6B | $4.2B | ||
| Q3 25 | $4.3B | $4.2B | ||
| Q2 25 | $4.4B | $3.8B | ||
| Q1 25 | $4.3B | $3.8B | ||
| Q4 24 | $4.3B | $4.0B | ||
| Q3 24 | $4.2B | $4.0B | ||
| Q2 24 | $4.3B | $3.8B |
净利润MGMRJF
| Q1 26 | — | $544.0M | ||
| Q4 25 | $293.6M | $563.0M | ||
| Q3 25 | $-285.3M | $604.0M | ||
| Q2 25 | $49.0M | $436.0M | ||
| Q1 25 | $148.6M | $495.0M | ||
| Q4 24 | $157.4M | $600.0M | ||
| Q3 24 | $184.6M | $602.0M | ||
| Q2 24 | $187.1M | $492.0M |
营业利润率MGMRJF
| Q1 26 | — | — | ||
| Q4 25 | 7.1% | — | ||
| Q3 25 | -2.7% | — | ||
| Q2 25 | 9.2% | 14.7% | ||
| Q1 25 | 9.0% | 17.5% | ||
| Q4 24 | 6.7% | 18.6% | ||
| Q3 24 | 7.5% | — | ||
| Q2 24 | 9.8% | 17.1% |
净利率MGMRJF
| Q1 26 | — | 14.1% | ||
| Q4 25 | 6.4% | 13.5% | ||
| Q3 25 | -6.7% | 14.4% | ||
| Q2 25 | 1.1% | 11.3% | ||
| Q1 25 | 3.5% | 12.9% | ||
| Q4 24 | 3.6% | 14.9% | ||
| Q3 24 | 4.4% | 15.0% | ||
| Q2 24 | 4.3% | 13.1% |
每股收益（稀释后）MGMRJF
| Q1 26 | — | $2.83 | ||
| Q4 25 | $1.12 | $2.79 | ||
| Q3 25 | $-1.05 | $2.96 | ||
| Q2 25 | $0.18 | $2.12 | ||
| Q1 25 | $0.51 | $2.36 | ||
| Q4 24 | $0.52 | $2.86 | ||
| Q3 24 | $0.61 | $2.85 | ||
| Q2 24 | $0.60 | $2.31 |
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 | $5.4B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $2.4B | $52.0M |
| 总资产 | $41.4B | $91.9B |
| 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MGMRJF
| Q1 26 | — | $5.4B | ||
| Q4 25 | $2.1B | $9.9B | ||
| Q3 25 | $2.1B | $11.4B | ||
| Q2 25 | $2.0B | $9.2B | ||
| Q1 25 | $2.3B | $9.7B | ||
| Q4 24 | $2.4B | $10.0B | ||
| Q3 24 | $3.0B | $11.0B | ||
| Q2 24 | $2.4B | $9.1B |
总债务MGMRJF
| Q1 26 | — | — | ||
| 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 | — |
股东权益MGMRJF
| Q1 26 | — | $52.0M | ||
| Q4 25 | $2.4B | $12.6B | ||
| Q3 25 | $2.7B | $12.5B | ||
| Q2 25 | $3.0B | $12.3B | ||
| Q1 25 | $2.9B | $12.2B | ||
| Q4 24 | $3.0B | $11.9B | ||
| Q3 24 | $3.2B | $11.7B | ||
| Q2 24 | $3.2B | $11.2B |
总资产MGMRJF
| Q1 26 | — | $91.9B | ||
| Q4 25 | $41.4B | $88.8B | ||
| Q3 25 | $41.4B | $88.2B | ||
| Q2 25 | $41.7B | $84.8B | ||
| Q1 25 | $41.9B | $83.1B | ||
| Q4 24 | $42.2B | $82.3B | ||
| Q3 24 | $42.7B | $83.0B | ||
| Q2 24 | $41.8B | $80.6B |
负债/权益比MGMRJF
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 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× | — |
| 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MGMRJF
| Q1 26 | — | — | ||
| Q4 25 | $655.0M | $-10.0M | ||
| Q3 25 | $681.4M | $796.0M | ||
| Q2 25 | $645.9M | $691.0M | ||
| Q1 25 | $547.1M | $117.0M | ||
| Q4 24 | $671.6M | $830.0M | ||
| Q3 24 | $667.4M | $510.0M | ||
| Q2 24 | $474.2M | $711.0M |
自由现金流MGMRJF
| Q1 26 | — | — | ||
| Q4 25 | $358.5M | $-56.0M | ||
| Q3 25 | $405.4M | $752.0M | ||
| Q2 25 | $377.4M | $634.0M | ||
| Q1 25 | $319.0M | $71.0M | ||
| Q4 24 | $267.5M | $789.0M | ||
| Q3 24 | $331.2M | $460.0M | ||
| Q2 24 | $236.0M | $655.0M |
自由现金流率MGMRJF
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | -1.3% | ||
| Q3 25 | 9.5% | 17.9% | ||
| Q2 25 | 8.6% | 16.5% | ||
| Q1 25 | 7.5% | 1.8% | ||
| Q4 24 | 6.2% | 19.6% | ||
| Q3 24 | 7.9% | 11.5% | ||
| Q2 24 | 5.5% | 17.4% |
资本支出强度MGMRJF
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | 1.1% | ||
| Q3 25 | 6.5% | 1.1% | ||
| Q2 25 | 6.1% | 1.5% | ||
| Q1 25 | 5.3% | 1.2% | ||
| Q4 24 | 9.3% | 1.0% | ||
| Q3 24 | 8.0% | 1.2% | ||
| Q2 24 | 5.5% | 1.5% |
现金转化率MGMRJF
| Q1 26 | — | — | ||
| Q4 25 | 2.23× | -0.02× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | 13.19× | 1.58× | ||
| Q1 25 | 3.68× | 0.24× | ||
| Q4 24 | 4.27× | 1.38× | ||
| Q3 24 | 3.62× | 0.85× | ||
| Q2 24 | 2.54× | 1.45× |
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% |
RJF
| Private Client Group | $2.8B | 73% |
| Bank | $486.0M | 13% |
| Capital Markets | $464.0M | 12% |
| Other | $99.0M | 3% |
