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美高梅国际度假村（MGM）与J.M. Smucker Company (The)（SJM）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J.M. Smucker Company (The)的2.0倍（$4.6B vs $2.3B），J.M. Smucker Company (The)净利率更高（10.4% vs 6.4%，领先4.0%），美高梅国际度假村同比增速更快（6.0% vs 2.6%），美高梅国际度假村自由现金流更多（$358.5M vs $280.2M），过去两年美高梅国际度假村的营收复合增速更高（2.5% vs 2.2%）
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。
J.M.斯马克公司是美国食品饮料生产企业，总部位于俄亥俄州奥维尔，1897年成立之初主营苹果酱生产，目前旗下设消费食品、宠物食品、咖啡三大业务板块，核心品牌Smucker's主打果酱、花生酱、糖浆、无皮冷冻三明治、冰淇淋顶料等产品。
MGM vs SJM — 直观对比
营收规模更大
MGM
是对方的2.0倍
$2.3B
营收增速更快
MGM
高出3.4%
2.6%
净利率更高
SJM
高出4.0%
6.4%
自由现金流更多
MGM
多$78.3M
$280.2M
两年增速更快
MGM
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $2.3B |
| 净利润 | $293.6M | $241.3M |
| 毛利率 | — | 37.3% |
| 营业利润率 | 7.1% | 18.0% |
| 净利率 | 6.4% | 10.4% |
| 营收同比 | 6.0% | 2.6% |
| 净利润同比 | 86.5% | 1084.9% |
| 每股收益（稀释后） | $1.12 | $2.26 |
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MGMSJM
| Q4 25 | $4.6B | $2.3B | ||
| Q3 25 | $4.3B | $2.1B | ||
| Q2 25 | $4.4B | $2.1B | ||
| Q1 25 | $4.3B | $2.2B | ||
| Q4 24 | $4.3B | $2.3B | ||
| Q3 24 | $4.2B | $2.1B | ||
| Q2 24 | $4.3B | $2.2B | ||
| Q1 24 | $4.4B | $2.2B |
净利润MGMSJM
| Q4 25 | $293.6M | $241.3M | ||
| Q3 25 | $-285.3M | $-43.9M | ||
| Q2 25 | $49.0M | $-729.0M | ||
| Q1 25 | $148.6M | $-662.3M | ||
| Q4 24 | $157.4M | $-24.5M | ||
| Q3 24 | $184.6M | $185.0M | ||
| Q2 24 | $187.1M | $245.1M | ||
| Q1 24 | $217.5M | $120.4M |
毛利率MGMSJM
| Q4 25 | — | 37.3% | ||
| Q3 25 | — | 22.5% | ||
| Q2 25 | — | 38.4% | ||
| Q1 25 | — | 40.2% | ||
| Q4 24 | — | 39.0% | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 41.4% | ||
| Q1 24 | — | 36.9% |
营业利润率MGMSJM
| Q4 25 | 7.1% | 18.0% | ||
| Q3 25 | -2.7% | 2.2% | ||
| Q2 25 | 9.2% | -27.9% | ||
| Q1 25 | 9.0% | -27.2% | ||
| Q4 24 | 6.7% | 7.5% | ||
| Q3 24 | 7.5% | 16.4% | ||
| Q2 24 | 9.8% | 18.4% | ||
| Q1 24 | 10.5% | 13.3% |
净利率MGMSJM
| Q4 25 | 6.4% | 10.4% | ||
| Q3 25 | -6.7% | -2.1% | ||
| Q2 25 | 1.1% | -34.0% | ||
| Q1 25 | 3.5% | -30.3% | ||
| Q4 24 | 3.6% | -1.1% | ||
| Q3 24 | 4.4% | 8.7% | ||
| Q2 24 | 4.3% | 11.1% | ||
| Q1 24 | 5.0% | 5.4% |
每股收益（稀释后）MGMSJM
| Q4 25 | $1.12 | $2.26 | ||
| Q3 25 | $-1.05 | $-0.41 | ||
| Q2 25 | $0.18 | $-6.86 | ||
| Q1 25 | $0.51 | $-6.22 | ||
| Q4 24 | $0.52 | $-0.23 | ||
| Q3 24 | $0.61 | $1.74 | ||
| Q2 24 | $0.60 | $2.31 | ||
| Q1 24 | $0.67 | $1.13 |
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 | — |
| 总债务越低越好 | $6.2B | $7.0B |
| 股东权益账面价值 | $2.4B | $6.1B |
| 总资产 | $41.4B | $17.6B |
| 负债/权益比越低杠杆越低 | 2.56× | 1.16× |
8季度趋势，按日历期对齐
现金及短期投资MGMSJM
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.7B | — |
总债务MGMSJM
| Q4 25 | $6.2B | $7.0B | ||
| Q3 25 | $6.2B | $7.0B | ||
| Q2 25 | $6.2B | $7.0B | ||
| Q1 25 | $6.4B | $7.4B | ||
| Q4 24 | $6.4B | $7.8B | ||
| Q3 24 | $6.9B | $7.8B | ||
| Q2 24 | $6.3B | $7.8B | ||
| Q1 24 | $6.3B | $8.1B |
股东权益MGMSJM
| Q4 25 | $2.4B | $6.1B | ||
| Q3 25 | $2.7B | $5.9B | ||
| Q2 25 | $3.0B | $6.1B | ||
| Q1 25 | $2.9B | $6.9B | ||
| Q4 24 | $3.0B | $7.6B | ||
| Q3 24 | $3.2B | $7.8B | ||
| Q2 24 | $3.2B | $7.7B | ||
| Q1 24 | $3.5B | $7.6B |
总资产MGMSJM
| Q4 25 | $41.4B | $17.6B | ||
| Q3 25 | $41.4B | $17.7B | ||
| Q2 25 | $41.7B | $17.6B | ||
| Q1 25 | $41.9B | $18.4B | ||
| Q4 24 | $42.2B | $20.0B | ||
| Q3 24 | $42.7B | $20.3B | ||
| Q2 24 | $41.8B | $20.3B | ||
| Q1 24 | $42.1B | $20.2B |
负债/权益比MGMSJM
| Q4 25 | 2.56× | 1.16× | ||
| Q3 25 | 2.30× | 1.19× | ||
| Q2 25 | 2.09× | 1.16× | ||
| Q1 25 | 2.25× | 1.07× | ||
| Q4 24 | 2.10× | 1.02× | ||
| Q3 24 | 2.14× | 1.00× | ||
| Q2 24 | 1.96× | 1.01× | ||
| Q1 24 | 1.81× | 1.07× |
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 | $346.5M |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $280.2M |
| 自由现金流率自由现金流/营收 | 7.8% | 12.0% |
| 资本支出强度资本支出/营收 | 6.4% | 2.8% |
| 现金转化率经营现金流/净利润 | 2.23× | 1.44× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $635.5M |
8季度趋势，按日历期对齐
经营现金流MGMSJM
| Q4 25 | $655.0M | $346.5M | ||
| Q3 25 | $681.4M | $-10.6M | ||
| Q2 25 | $645.9M | $393.9M | ||
| Q1 25 | $547.1M | $239.4M | ||
| Q4 24 | $671.6M | $404.2M | ||
| Q3 24 | $667.4M | $172.9M | ||
| Q2 24 | $474.2M | $428.1M | ||
| Q1 24 | $549.3M | $406.5M |
自由现金流MGMSJM
| Q4 25 | $358.5M | $280.2M | ||
| Q3 25 | $405.4M | $-94.9M | ||
| Q2 25 | $377.4M | $298.9M | ||
| Q1 25 | $319.0M | $151.3M | ||
| Q4 24 | $267.5M | $317.2M | ||
| Q3 24 | $331.2M | $49.2M | ||
| Q2 24 | $236.0M | $297.5M | ||
| Q1 24 | $377.2M | $249.6M |
自由现金流率MGMSJM
| Q4 25 | 7.8% | 12.0% | ||
| Q3 25 | 9.5% | -4.5% | ||
| Q2 25 | 8.6% | 13.9% | ||
| Q1 25 | 7.5% | 6.9% | ||
| Q4 24 | 6.2% | 14.0% | ||
| Q3 24 | 7.9% | 2.3% | ||
| Q2 24 | 5.5% | 13.5% | ||
| Q1 24 | 8.6% | 11.2% |
资本支出强度MGMSJM
| Q4 25 | 6.4% | 2.8% | ||
| Q3 25 | 6.5% | 4.0% | ||
| Q2 25 | 6.1% | 4.4% | ||
| Q1 25 | 5.3% | 4.0% | ||
| Q4 24 | 9.3% | 3.8% | ||
| Q3 24 | 8.0% | 5.8% | ||
| Q2 24 | 5.5% | 5.9% | ||
| Q1 24 | 3.9% | 7.0% |
现金转化率MGMSJM
| Q4 25 | 2.23× | 1.44× | ||
| Q3 25 | — | — | ||
| Q2 25 | 13.19× | — | ||
| Q1 25 | 3.68× | — | ||
| Q4 24 | 4.27× | — | ||
| Q3 24 | 3.62× | 0.93× | ||
| Q2 24 | 2.54× | 1.75× | ||
| Q1 24 | 2.53× | 3.38× |
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% |
SJM
| U.S.Retail Frozen Handheld And Spreads | $461.1M | 20% |
| U.S.Retail Pet Foods | $413.2M | 18% |
| Handheld Frozen Sandwiches | $262.9M | 11% |
| Sweet Baked Snacks | $256.1M | 11% |
| Pet Snacks | $232.0M | 10% |
| Cat Food | $197.2M | 8% |
| Peanut Butter | $187.1M | 8% |
| CA | $94.5M | 4% |
| Fruit Spreads | $92.2M | 4% |
| Other | $50.5M | 2% |
| Portion Control | $50.1M | 2% |
| All Other International | $33.2M | 1% |
