vs
美高梅国际度假村（MGM）与道富集团（STT）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道富集团的1.3倍（$4.6B vs $3.7B），道富集团净利率更高（20.4% vs 6.4%，领先14.0%），道富集团同比增速更快（7.5% vs 6.0%），道富集团自由现金流更多（$9.8B vs $358.5M），过去两年道富集团的营收复合增速更高（8.1% 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。
道富集团是总部位于美国波士顿的跨国金融服务及银行控股公司，历史可追溯至1792年成立的联合银行，是美国运营历史第二悠久的存续银行。作为全球顶尖的资产管理与托管机构，截至2025年第三季度，其管理资产规模约5.4万亿美元，托管及管理资产总规模达51.7万亿美元。
MGM vs STT — 直观对比
营收规模更大
MGM
是对方的1.3倍
$3.7B
营收增速更快
STT
高出1.5%
6.0%
净利率更高
STT
高出14.0%
6.4%
自由现金流更多
STT
多$9.4B
$358.5M
两年增速更快
STT
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $3.7B |
| 净利润 | $293.6M | $747.0M |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | 25.0% |
| 净利率 | 6.4% | 20.4% |
| 营收同比 | 6.0% | 7.5% |
| 净利润同比 | 86.5% | -4.6% |
| 每股收益（稀释后） | $1.12 | $2.41 |
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MGMSTT
| Q4 25 | $4.6B | $3.7B | ||
| Q3 25 | $4.3B | $3.5B | ||
| Q2 25 | $4.4B | $3.4B | ||
| Q1 25 | $4.3B | $3.3B | ||
| Q4 24 | $4.3B | $3.4B | ||
| Q3 24 | $4.2B | $3.3B | ||
| Q2 24 | $4.3B | $3.2B | ||
| Q1 24 | $4.4B | $3.1B |
净利润MGMSTT
| Q4 25 | $293.6M | $747.0M | ||
| Q3 25 | $-285.3M | $861.0M | ||
| Q2 25 | $49.0M | $693.0M | ||
| Q1 25 | $148.6M | $644.0M | ||
| Q4 24 | $157.4M | $783.0M | ||
| Q3 24 | $184.6M | $730.0M | ||
| Q2 24 | $187.1M | $711.0M | ||
| Q1 24 | $217.5M | $463.0M |
营业利润率MGMSTT
| Q4 25 | 7.1% | 25.0% | ||
| Q3 25 | -2.7% | 31.1% | ||
| Q2 25 | 9.2% | 25.8% | ||
| Q1 25 | 9.0% | 25.0% | ||
| Q4 24 | 6.7% | 28.1% | ||
| Q3 24 | 7.5% | 28.4% | ||
| Q2 24 | 9.8% | 28.6% | ||
| Q1 24 | 10.5% | 19.1% |
净利率MGMSTT
| Q4 25 | 6.4% | 20.4% | ||
| Q3 25 | -6.7% | 24.3% | ||
| Q2 25 | 1.1% | 20.1% | ||
| Q1 25 | 3.5% | 19.6% | ||
| Q4 24 | 3.6% | 22.9% | ||
| Q3 24 | 4.4% | 22.4% | ||
| Q2 24 | 4.3% | 22.3% | ||
| Q1 24 | 5.0% | 14.8% |
每股收益（稀释后）MGMSTT
| Q4 25 | $1.12 | $2.41 | ||
| Q3 25 | $-1.05 | $2.78 | ||
| Q2 25 | $0.18 | $2.17 | ||
| Q1 25 | $0.51 | $2.04 | ||
| Q4 24 | $0.52 | $2.43 | ||
| Q3 24 | $0.61 | $2.26 | ||
| Q2 24 | $0.60 | $2.15 | ||
| Q1 24 | $0.67 | $1.37 |
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 | — |
| 股东权益账面价值 | $2.4B | $27.8B |
| 总资产 | $41.4B | $366.0B |
| 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MGMSTT
| 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MGMSTT
| 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MGMSTT
| Q4 25 | $2.4B | $27.8B | ||
| Q3 25 | $2.7B | $27.6B | ||
| Q2 25 | $3.0B | $27.3B | ||
| Q1 25 | $2.9B | $26.7B | ||
| Q4 24 | $3.0B | $25.3B | ||
| Q3 24 | $3.2B | $25.8B | ||
| Q2 24 | $3.2B | $24.8B | ||
| Q1 24 | $3.5B | $24.4B |
总资产MGMSTT
| Q4 25 | $41.4B | $366.0B | ||
| Q3 25 | $41.4B | $371.1B | ||
| Q2 25 | $41.7B | $376.7B | ||
| Q1 25 | $41.9B | $372.7B | ||
| Q4 24 | $42.2B | $353.2B | ||
| Q3 24 | $42.7B | $338.5B | ||
| Q2 24 | $41.8B | $325.6B | ||
| Q1 24 | $42.1B | $338.0B |
负债/权益比MGMSTT
| 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 | $10.0B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $9.8B |
| 自由现金流率自由现金流/营收 | 7.8% | 266.6% |
| 资本支出强度资本支出/营收 | 6.4% | 7.3% |
| 现金转化率经营现金流/净利润 | 2.23× | 13.44× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $10.8B |
8季度趋势，按日历期对齐
经营现金流MGMSTT
| Q4 25 | $655.0M | $10.0B | ||
| Q3 25 | $681.4M | $7.9B | ||
| Q2 25 | $645.9M | $-8.4B | ||
| Q1 25 | $547.1M | $2.4B | ||
| Q4 24 | $671.6M | $-7.4B | ||
| Q3 24 | $667.4M | $2.7B | ||
| Q2 24 | $474.2M | $-7.6B | ||
| Q1 24 | $549.3M | $-844.0M |
自由现金流MGMSTT
| Q4 25 | $358.5M | $9.8B | ||
| Q3 25 | $405.4M | $7.7B | ||
| Q2 25 | $377.4M | $-8.8B | ||
| Q1 25 | $319.0M | $2.2B | ||
| Q4 24 | $267.5M | $-7.7B | ||
| Q3 24 | $331.2M | $2.5B | ||
| Q2 24 | $236.0M | $-7.9B | ||
| Q1 24 | $377.2M | $-1.1B |
自由现金流率MGMSTT
| Q4 25 | 7.8% | 266.6% | ||
| Q3 25 | 9.5% | 216.0% | ||
| Q2 25 | 8.6% | -254.1% | ||
| Q1 25 | 7.5% | 66.1% | ||
| Q4 24 | 6.2% | -225.1% | ||
| Q3 24 | 7.9% | 75.9% | ||
| Q2 24 | 5.5% | -246.2% | ||
| Q1 24 | 8.6% | -34.2% |
资本支出强度MGMSTT
| Q4 25 | 6.4% | 7.3% | ||
| Q3 25 | 6.5% | 6.9% | ||
| Q2 25 | 6.1% | 9.3% | ||
| Q1 25 | 5.3% | 6.9% | ||
| Q4 24 | 9.3% | 7.3% | ||
| Q3 24 | 8.0% | 7.2% | ||
| Q2 24 | 5.5% | 6.7% | ||
| Q1 24 | 3.9% | 7.3% |
现金转化率MGMSTT
| Q4 25 | 2.23× | 13.44× | ||
| Q3 25 | — | 9.18× | ||
| Q2 25 | 13.19× | -12.18× | ||
| Q1 25 | 3.68× | 3.72× | ||
| Q4 24 | 4.27× | -9.49× | ||
| Q3 24 | 3.62× | 3.71× | ||
| Q2 24 | 2.54× | -10.75× | ||
| Q1 24 | 2.53× | -1.82× |
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% |
STT
| Other | $2.2B | 59% |
| Investment Management | $729.0M | 20% |
| Management Services | $662.0M | 18% |
| Other Fee Revenue | $56.0M | 2% |
| Securities Financing Services | $54.0M | 1% |
