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美高梅国际度假村（MGM）与Rocket Companies, Inc.（RKT）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Rocket Companies, Inc.的1.7倍（$4.6B vs $2.7B），美高梅国际度假村净利率更高（6.4% vs 2.5%，领先3.8%），Rocket Companies, Inc.同比增速更快（52.2% vs 6.0%），美高梅国际度假村自由现金流更多（$358.5M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% 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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
MGM vs RKT — 直观对比
营收规模更大
MGM
是对方的1.7倍
$2.7B
营收增速更快
RKT
高出46.2%
6.0%
净利率更高
MGM
高出3.8%
2.5%
自由现金流更多
MGM
多$1.6B
$-1.3B
两年增速更快
RKT
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $2.7B |
| 净利润 | $293.6M | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | 6.3% |
| 净利率 | 6.4% | 2.5% |
| 营收同比 | 6.0% | 52.2% |
| 净利润同比 | 86.5% | 100.8% |
| 每股收益（稀释后） | $1.12 | $0.10 |
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MGMRKT
| Q4 25 | $4.6B | $2.7B | ||
| Q3 25 | $4.3B | $1.6B | ||
| Q2 25 | $4.4B | $1.4B | ||
| Q1 25 | $4.3B | $1.0B | ||
| Q4 24 | $4.3B | $1.8B | ||
| Q3 24 | $4.2B | $646.9M | ||
| Q2 24 | $4.3B | $1.3B | ||
| Q1 24 | $4.4B | $1.4B |
净利润MGMRKT
| Q4 25 | $293.6M | $68.0M | ||
| Q3 25 | $-285.3M | $-123.9M | ||
| Q2 25 | $49.0M | $-1.8M | ||
| Q1 25 | $148.6M | $-10.4M | ||
| Q4 24 | $157.4M | $33.9M | ||
| Q3 24 | $184.6M | $-22.0M | ||
| Q2 24 | $187.1M | $1.3M | ||
| Q1 24 | $217.5M | $16.2M |
毛利率MGMRKT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 58.9% | ||
| Q3 24 | — | -8.4% | ||
| Q2 24 | — | 47.4% | ||
| Q1 24 | — | 51.2% |
营业利润率MGMRKT
| Q4 25 | 7.1% | 6.3% | ||
| Q3 25 | -2.7% | -11.5% | ||
| Q2 25 | 9.2% | 1.8% | ||
| Q1 25 | 9.0% | -21.5% | ||
| Q4 24 | 6.7% | 38.1% | ||
| Q3 24 | 7.5% | -76.9% | ||
| Q2 24 | 9.8% | 14.8% | ||
| Q1 24 | 10.5% | 21.6% |
净利率MGMRKT
| Q4 25 | 6.4% | 2.5% | ||
| Q3 25 | -6.7% | -7.7% | ||
| Q2 25 | 1.1% | -0.1% | ||
| Q1 25 | 3.5% | -1.0% | ||
| Q4 24 | 3.6% | 1.9% | ||
| Q3 24 | 4.4% | -3.4% | ||
| Q2 24 | 4.3% | 0.1% | ||
| Q1 24 | 5.0% | 1.2% |
每股收益（稀释后）MGMRKT
| Q4 25 | $1.12 | $0.10 | ||
| Q3 25 | $-1.05 | $-0.06 | ||
| Q2 25 | $0.18 | $-0.01 | ||
| Q1 25 | $0.51 | $-0.08 | ||
| Q4 24 | $0.52 | $0.28 | ||
| Q3 24 | $0.61 | $-0.19 | ||
| Q2 24 | $0.60 | $0.01 | ||
| Q1 24 | $0.67 | $0.11 |
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 | $2.7B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $2.4B | $22.9B |
| 总资产 | $41.4B | $60.7B |
| 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MGMRKT
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $2.1B | $5.8B | ||
| Q2 25 | $2.0B | $5.1B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.7B | $861.4M |
总债务MGMRKT
| 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MGMRKT
| Q4 25 | $2.4B | $22.9B | ||
| Q3 25 | $2.7B | $8.9B | ||
| Q2 25 | $3.0B | $7.4B | ||
| Q1 25 | $2.9B | $8.6B | ||
| Q4 24 | $3.0B | $9.0B | ||
| Q3 24 | $3.2B | $8.4B | ||
| Q2 24 | $3.2B | $8.8B | ||
| Q1 24 | $3.5B | $8.6B |
总资产MGMRKT
| Q4 25 | $41.4B | $60.7B | ||
| Q3 25 | $41.4B | $33.6B | ||
| Q2 25 | $41.7B | $30.4B | ||
| Q1 25 | $41.9B | $25.3B | ||
| Q4 24 | $42.2B | $24.5B | ||
| Q3 24 | $42.7B | $25.1B | ||
| Q2 24 | $41.8B | $23.6B | ||
| Q1 24 | $42.1B | $22.2B |
负债/权益比MGMRKT
| 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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $-1.3B |
| 自由现金流率自由现金流/营收 | 7.8% | -47.2% |
| 资本支出强度资本支出/营收 | 6.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.23× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $-4.0B |
8季度趋势，按日历期对齐
经营现金流MGMRKT
| Q4 25 | $655.0M | $-1.2B | ||
| Q3 25 | $681.4M | $-50.3M | ||
| Q2 25 | $645.9M | $-1.9B | ||
| Q1 25 | $547.1M | $-797.0M | ||
| Q4 24 | $671.6M | $1.8B | ||
| Q3 24 | $667.4M | $-1.3B | ||
| Q2 24 | $474.2M | $-122.3M | ||
| Q1 24 | $549.3M | $-3.0B |
自由现金流MGMRKT
| Q4 25 | $358.5M | $-1.3B | ||
| Q3 25 | $405.4M | $-71.8M | ||
| Q2 25 | $377.4M | $-1.9B | ||
| Q1 25 | $319.0M | $-811.0M | ||
| Q4 24 | $267.5M | $1.8B | ||
| Q3 24 | $331.2M | $-1.4B | ||
| Q2 24 | $236.0M | $-138.3M | ||
| Q1 24 | $377.2M | $-3.0B |
自由现金流率MGMRKT
| Q4 25 | 7.8% | -47.2% | ||
| Q3 25 | 9.5% | -4.5% | ||
| Q2 25 | 8.6% | -137.2% | ||
| Q1 25 | 7.5% | -78.2% | ||
| Q4 24 | 6.2% | 103.1% | ||
| Q3 24 | 7.9% | -209.6% | ||
| Q2 24 | 5.5% | -10.6% | ||
| Q1 24 | 8.6% | -218.7% |
资本支出强度MGMRKT
| Q4 25 | 6.4% | 1.5% | ||
| Q3 25 | 6.5% | 1.3% | ||
| Q2 25 | 6.1% | 1.1% | ||
| Q1 25 | 5.3% | 1.4% | ||
| Q4 24 | 9.3% | 1.1% | ||
| Q3 24 | 8.0% | 2.9% | ||
| Q2 24 | 5.5% | 1.2% | ||
| Q1 24 | 3.9% | 1.0% |
现金转化率MGMRKT
| Q4 25 | 2.23× | -18.08× | ||
| Q3 25 | — | — | ||
| Q2 25 | 13.19× | — | ||
| Q1 25 | 3.68× | — | ||
| Q4 24 | 4.27× | 54.42× | ||
| Q3 24 | 3.62× | — | ||
| Q2 24 | 2.54× | -94.46× | ||
| Q1 24 | 2.53× | -185.80× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
