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美高梅国际度假村（MGM）与Stryker Corporation（SYK）财务数据对比。点击上方公司名可切换其他公司
Stryker Corporation的季度营收约是美高梅国际度假村的1.6倍（$7.2B vs $4.6B），Stryker Corporation净利率更高（11.8% vs 6.4%，领先5.5%），Stryker Corporation同比增速更快（11.4% vs 6.0%），Stryker Corporation自由现金流更多（$1.9B vs $358.5M），过去两年Stryker Corporation的营收复合增速更高（16.9% 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。
斯特赖克是一款八轮装甲战车，衍生自加拿大LAV III步兵战车，而后者源自瑞士莫瓦格食人鱼系列装甲车。该型战车由加拿大通用动力陆地系统公司为美国陆军生产，制造工厂位于安大略省伦敦市。它默认采用8×4四轮驱动，可切换为8×8全轮驱动模式。
MGM vs SYK — 直观对比
营收规模更大
SYK
是对方的1.6倍
$4.6B
营收增速更快
SYK
高出5.5%
6.0%
净利率更高
SYK
高出5.5%
6.4%
自由现金流更多
SYK
多$1.5B
$358.5M
两年增速更快
SYK
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $7.2B |
| 净利润 | $293.6M | $849.0M |
| 毛利率 | — | 64.5% |
| 营业利润率 | 7.1% | 25.2% |
| 净利率 | 6.4% | 11.8% |
| 营收同比 | 6.0% | 11.4% |
| 净利润同比 | 86.5% | 55.5% |
| 每股收益（稀释后） | $1.12 | $2.20 |
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MGMSYK
| Q4 25 | $4.6B | $7.2B | ||
| Q3 25 | $4.3B | $6.1B | ||
| Q2 25 | $4.4B | $6.0B | ||
| Q1 25 | $4.3B | $5.9B | ||
| Q4 24 | $4.3B | $6.4B | ||
| Q3 24 | $4.2B | $5.5B | ||
| Q2 24 | $4.3B | $5.4B | ||
| Q1 24 | $4.4B | $5.2B |
净利润MGMSYK
| Q4 25 | $293.6M | $849.0M | ||
| Q3 25 | $-285.3M | $859.0M | ||
| Q2 25 | $49.0M | $884.0M | ||
| Q1 25 | $148.6M | $654.0M | ||
| Q4 24 | $157.4M | $546.0M | ||
| Q3 24 | $184.6M | $834.0M | ||
| Q2 24 | $187.1M | $825.0M | ||
| Q1 24 | $217.5M | $788.0M |
毛利率MGMSYK
| Q4 25 | — | 64.5% | ||
| Q3 25 | — | 63.6% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 63.8% | ||
| Q4 24 | — | 64.9% | ||
| Q3 24 | — | 64.0% | ||
| Q2 24 | — | 63.0% | ||
| Q1 24 | — | 63.6% |
营业利润率MGMSYK
| Q4 25 | 7.1% | 25.2% | ||
| Q3 25 | -2.7% | 18.7% | ||
| Q2 25 | 9.2% | 18.5% | ||
| Q1 25 | 9.0% | 14.3% | ||
| Q4 24 | 6.7% | 9.0% | ||
| Q3 24 | 7.5% | 19.7% | ||
| Q2 24 | 9.8% | 19.4% | ||
| Q1 24 | 10.5% | 18.5% |
净利率MGMSYK
| Q4 25 | 6.4% | 11.8% | ||
| Q3 25 | -6.7% | 14.2% | ||
| Q2 25 | 1.1% | 14.7% | ||
| Q1 25 | 3.5% | 11.1% | ||
| Q4 24 | 3.6% | 8.5% | ||
| Q3 24 | 4.4% | 15.2% | ||
| Q2 24 | 4.3% | 15.2% | ||
| Q1 24 | 5.0% | 15.0% |
每股收益（稀释后）MGMSYK
| Q4 25 | $1.12 | $2.20 | ||
| Q3 25 | $-1.05 | $2.22 | ||
| Q2 25 | $0.18 | $2.29 | ||
| Q1 25 | $0.51 | $1.69 | ||
| Q4 24 | $0.52 | $1.41 | ||
| Q3 24 | $0.61 | $2.16 | ||
| Q2 24 | $0.60 | $2.14 | ||
| Q1 24 | $0.67 | $2.05 |
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 | $4.0B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $2.4B | $22.4B |
| 总资产 | $41.4B | $47.8B |
| 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MGMSYK
| Q4 25 | $2.1B | $4.0B | ||
| Q3 25 | $2.1B | $3.3B | ||
| Q2 25 | $2.0B | $2.4B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.4B | $3.7B | ||
| Q3 24 | $3.0B | $3.9B | ||
| Q2 24 | $2.4B | $1.9B | ||
| Q1 24 | $2.7B | $2.3B |
总债务MGMSYK
| 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MGMSYK
| Q4 25 | $2.4B | $22.4B | ||
| Q3 25 | $2.7B | $21.8B | ||
| Q2 25 | $3.0B | $21.2B | ||
| Q1 25 | $2.9B | $20.9B | ||
| Q4 24 | $3.0B | $20.6B | ||
| Q3 24 | $3.2B | $20.1B | ||
| Q2 24 | $3.2B | $19.8B | ||
| Q1 24 | $3.5B | $19.2B |
总资产MGMSYK
| Q4 25 | $41.4B | $47.8B | ||
| Q3 25 | $41.4B | $47.1B | ||
| Q2 25 | $41.7B | $46.3B | ||
| Q1 25 | $41.9B | $46.0B | ||
| Q4 24 | $42.2B | $43.0B | ||
| Q3 24 | $42.7B | $43.8B | ||
| Q2 24 | $41.8B | $39.1B | ||
| Q1 24 | $42.1B | $39.4B |
负债/权益比MGMSYK
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $1.9B |
| 自由现金流率自由现金流/营收 | 7.8% | 26.1% |
| 资本支出强度资本支出/营收 | 6.4% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.23× | 2.52× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $4.3B |
8季度趋势，按日历期对齐
经营现金流MGMSYK
| Q4 25 | $655.0M | $2.1B | ||
| Q3 25 | $681.4M | $1.5B | ||
| Q2 25 | $645.9M | $1.1B | ||
| Q1 25 | $547.1M | $250.0M | ||
| Q4 24 | $671.6M | $1.9B | ||
| Q3 24 | $667.4M | $1.5B | ||
| Q2 24 | $474.2M | $633.0M | ||
| Q1 24 | $549.3M | $204.0M |
自由现金流MGMSYK
| Q4 25 | $358.5M | $1.9B | ||
| Q3 25 | $405.4M | $1.4B | ||
| Q2 25 | $377.4M | $928.0M | ||
| Q1 25 | $319.0M | $127.0M | ||
| Q4 24 | $267.5M | $1.7B | ||
| Q3 24 | $331.2M | $1.3B | ||
| Q2 24 | $236.0M | $481.0M | ||
| Q1 24 | $377.2M | $37.0M |
自由现金流率MGMSYK
| Q4 25 | 7.8% | 26.1% | ||
| Q3 25 | 9.5% | 22.3% | ||
| Q2 25 | 8.6% | 15.4% | ||
| Q1 25 | 7.5% | 2.2% | ||
| Q4 24 | 6.2% | 25.9% | ||
| Q3 24 | 7.9% | 23.7% | ||
| Q2 24 | 5.5% | 8.9% | ||
| Q1 24 | 8.6% | 0.7% |
资本支出强度MGMSYK
| Q4 25 | 6.4% | 3.7% | ||
| Q3 25 | 6.5% | 3.1% | ||
| Q2 25 | 6.1% | 3.0% | ||
| Q1 25 | 5.3% | 2.1% | ||
| Q4 24 | 9.3% | 4.1% | ||
| Q3 24 | 8.0% | 3.1% | ||
| Q2 24 | 5.5% | 2.8% | ||
| Q1 24 | 3.9% | 3.2% |
现金转化率MGMSYK
| Q4 25 | 2.23× | 2.52× | ||
| Q3 25 | — | 1.79× | ||
| Q2 25 | 13.19× | 1.26× | ||
| Q1 25 | 3.68× | 0.38× | ||
| Q4 24 | 4.27× | 3.54× | ||
| Q3 24 | 3.62× | 1.77× | ||
| Q2 24 | 2.54× | 0.77× | ||
| Q1 24 | 2.53× | 0.26× |
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% |
SYK
| Medical | $1.3B | 18% |
| Endoscopy | $1.1B | 16% |
| Traumaand Extremities | $1.1B | 15% |
| Instruments | $925.0M | 13% |
| Knees | $749.0M | 10% |
| Neuro Cranial | $669.0M | 9% |
| Neurovascular | $539.0M | 8% |
| Hips | $499.0M | 7% |
| Other Orthopaedics | $267.0M | 4% |
| Spine | $8.0M | 0% |
