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美高梅国际度假村（MGM）与史丹利百得（SWK）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史丹利百得的1.2倍（$4.6B vs $3.8B），美高梅国际度假村净利率更高（6.4% vs 1.4%，领先5.0%），美高梅国际度假村同比增速更快（6.0% vs 0.1%），美高梅国际度假村自由现金流更多（$358.5M vs $155.3M），过去两年美高梅国际度假村的营收复合增速更高（2.5% vs 0.3%）
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。
史丹利百得是美国知名的工业工具、家用五金产品制造商，同时提供安防类产品，前身为史丹利工具有限公司，由史丹利与百得于2010年3月12日合并而来，总部位于康涅狄格州大哈特福德地区的新不列颠市。
MGM vs SWK — 直观对比
营收规模更大
MGM
是对方的1.2倍
$3.8B
营收增速更快
MGM
高出5.8%
0.1%
净利率更高
MGM
高出5.0%
1.4%
自由现金流更多
MGM
多$203.2M
$155.3M
两年增速更快
MGM
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $3.8B |
| 净利润 | $293.6M | $51.4M |
| 毛利率 | — | 31.4% |
| 营业利润率 | 7.1% | — |
| 净利率 | 6.4% | 1.4% |
| 营收同比 | 6.0% | 0.1% |
| 净利润同比 | 86.5% | -43.6% |
| 每股收益（稀释后） | $1.12 | $0.34 |
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MGMSWK
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.3B | $3.8B | ||
| Q2 25 | $4.4B | $3.9B | ||
| Q1 25 | $4.3B | $3.7B | ||
| Q4 24 | $4.3B | $3.7B | ||
| Q3 24 | $4.2B | $3.8B | ||
| Q2 24 | $4.3B | $4.0B | ||
| Q1 24 | $4.4B | $3.9B |
净利润MGMSWK
| Q4 25 | $293.6M | — | ||
| Q3 25 | $-285.3M | $51.4M | ||
| Q2 25 | $49.0M | $101.9M | ||
| Q1 25 | $148.6M | $90.4M | ||
| Q4 24 | $157.4M | $194.9M | ||
| Q3 24 | $184.6M | $91.1M | ||
| Q2 24 | $187.1M | $-11.2M | ||
| Q1 24 | $217.5M | $19.5M |
毛利率MGMSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 31.4% | ||
| Q2 25 | — | 27.0% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | — | 30.8% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | — | 28.6% |
营业利润率MGMSWK
| Q4 25 | 7.1% | — | ||
| Q3 25 | -2.7% | — | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 9.0% | — | ||
| Q4 24 | 6.7% | 3.4% | ||
| Q3 24 | 7.5% | 10.6% | ||
| Q2 24 | 9.8% | 9.5% | ||
| Q1 24 | 10.5% | 8.3% |
净利率MGMSWK
| Q4 25 | 6.4% | — | ||
| Q3 25 | -6.7% | 1.4% | ||
| Q2 25 | 1.1% | 2.6% | ||
| Q1 25 | 3.5% | 2.4% | ||
| Q4 24 | 3.6% | 5.2% | ||
| Q3 24 | 4.4% | 2.4% | ||
| Q2 24 | 4.3% | -0.3% | ||
| Q1 24 | 5.0% | 0.5% |
每股收益（稀释后）MGMSWK
| Q4 25 | $1.12 | — | ||
| Q3 25 | $-1.05 | $0.34 | ||
| Q2 25 | $0.18 | $0.67 | ||
| Q1 25 | $0.51 | $0.60 | ||
| Q4 24 | $0.52 | $1.29 | ||
| Q3 24 | $0.61 | $0.60 | ||
| Q2 24 | $0.60 | $-0.07 | ||
| Q1 24 | $0.67 | $0.13 |
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 | $268.3M |
| 总债务越低越好 | $6.2B | $5.3B |
| 股东权益账面价值 | $2.4B | $9.0B |
| 总资产 | $41.4B | $21.8B |
| 负债/权益比越低杠杆越低 | 2.56× | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资MGMSWK
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $268.3M | ||
| Q2 25 | $2.0B | $311.8M | ||
| Q1 25 | $2.3B | $344.8M | ||
| Q4 24 | $2.4B | $290.5M | ||
| Q3 24 | $3.0B | $298.7M | ||
| Q2 24 | $2.4B | $318.5M | ||
| Q1 24 | $2.7B | $476.6M |
总债务MGMSWK
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | $5.3B | ||
| Q2 25 | $6.2B | $5.6B | ||
| Q1 25 | $6.4B | $5.6B | ||
| Q4 24 | $6.4B | $6.1B | ||
| Q3 24 | $6.9B | $6.1B | ||
| Q2 24 | $6.3B | $6.1B | ||
| Q1 24 | $6.3B | $6.1B |
股东权益MGMSWK
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.7B | $9.0B | ||
| Q2 25 | $3.0B | $9.1B | ||
| Q1 25 | $2.9B | $8.8B | ||
| Q4 24 | $3.0B | $8.7B | ||
| Q3 24 | $3.2B | $8.9B | ||
| Q2 24 | $3.2B | $8.7B | ||
| Q1 24 | $3.5B | $8.9B |
总资产MGMSWK
| Q4 25 | $41.4B | — | ||
| Q3 25 | $41.4B | $21.8B | ||
| Q2 25 | $41.7B | $22.5B | ||
| Q1 25 | $41.9B | $22.5B | ||
| Q4 24 | $42.2B | $21.8B | ||
| Q3 24 | $42.7B | $22.5B | ||
| Q2 24 | $41.8B | $22.5B | ||
| Q1 24 | $42.1B | $23.9B |
负债/权益比MGMSWK
| Q4 25 | 2.56× | — | ||
| Q3 25 | 2.30× | 0.59× | ||
| Q2 25 | 2.09× | 0.62× | ||
| Q1 25 | 2.25× | 0.63× | ||
| Q4 24 | 2.10× | 0.70× | ||
| Q3 24 | 2.14× | 0.69× | ||
| Q2 24 | 1.96× | 0.70× | ||
| Q1 24 | 1.81× | 0.69× |
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 | $221.2M |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $155.3M |
| 自由现金流率自由现金流/营收 | 7.8% | 4.1% |
| 资本支出强度资本支出/营收 | 6.4% | 1.8% |
| 现金转化率经营现金流/净利润 | 2.23× | 4.30× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $369.6M |
8季度趋势，按日历期对齐
经营现金流MGMSWK
| Q4 25 | $655.0M | — | ||
| Q3 25 | $681.4M | $221.2M | ||
| Q2 25 | $645.9M | $214.3M | ||
| Q1 25 | $547.1M | $-420.0M | ||
| Q4 24 | $671.6M | $679.1M | ||
| Q3 24 | $667.4M | $285.8M | ||
| Q2 24 | $474.2M | $573.0M | ||
| Q1 24 | $549.3M | $-431.0M |
自由现金流MGMSWK
| Q4 25 | $358.5M | — | ||
| Q3 25 | $405.4M | $155.3M | ||
| Q2 25 | $377.4M | $134.7M | ||
| Q1 25 | $319.0M | $-485.0M | ||
| Q4 24 | $267.5M | $564.6M | ||
| Q3 24 | $331.2M | $199.3M | ||
| Q2 24 | $236.0M | $485.8M | ||
| Q1 24 | $377.2M | $-496.7M |
自由现金流率MGMSWK
| Q4 25 | 7.8% | — | ||
| Q3 25 | 9.5% | 4.1% | ||
| Q2 25 | 8.6% | 3.4% | ||
| Q1 25 | 7.5% | -13.0% | ||
| Q4 24 | 6.2% | 15.2% | ||
| Q3 24 | 7.9% | 5.3% | ||
| Q2 24 | 5.5% | 12.1% | ||
| Q1 24 | 8.6% | -12.8% |
资本支出强度MGMSWK
| Q4 25 | 6.4% | — | ||
| Q3 25 | 6.5% | 1.8% | ||
| Q2 25 | 6.1% | 2.0% | ||
| Q1 25 | 5.3% | 1.7% | ||
| Q4 24 | 9.3% | 3.1% | ||
| Q3 24 | 8.0% | 2.3% | ||
| Q2 24 | 5.5% | 2.2% | ||
| Q1 24 | 3.9% | 1.7% |
现金转化率MGMSWK
| Q4 25 | 2.23× | — | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | 13.19× | 2.10× | ||
| Q1 25 | 3.68× | -4.65× | ||
| Q4 24 | 4.27× | 3.48× | ||
| Q3 24 | 3.62× | 3.14× | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | 2.53× | -22.10× |
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% |
SWK
| Tools And Outdoor Segment | $3.3B | 87% |
| Engineered Fastening Segment | $500.5M | 13% |
