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美高梅国际度假村（MGM）与Williams Companies（WMB）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Williams Companies的1.2倍（$4.6B vs $3.8B），Williams Companies净利率更高（19.1% vs 6.4%，领先12.7%），Williams Companies同比增速更快（12.7% vs 6.0%），美高梅国际度假村自由现金流更多（$358.5M vs $-379.0M），过去两年Williams Companies的营收复合增速更高（7.3% 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。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
MGM vs WMB — 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
WMB
高出6.7%
6.0%
净利率更高
WMB
高出12.7%
6.4%
自由现金流更多
MGM
多$737.5M
$-379.0M
两年增速更快
WMB
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.6B | $3.8B |
| 净利润 | $293.6M | $734.0M |
| 毛利率 | — | — |
| 营业利润率 | 7.1% | 27.3% |
| 净利率 | 6.4% | 19.1% |
| 营收同比 | 6.0% | 12.7% |
| 净利润同比 | 86.5% | 51.0% |
| 每股收益（稀释后） | $1.12 | $0.60 |
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MGMWMB
| Q4 25 | $4.6B | $3.8B | ||
| Q3 25 | $4.3B | $3.5B | ||
| Q2 25 | $4.4B | $3.4B | ||
| Q1 25 | $4.3B | $4.2B | ||
| Q4 24 | $4.3B | $3.4B | ||
| Q3 24 | $4.2B | $3.0B | ||
| Q2 24 | $4.3B | $2.8B | ||
| Q1 24 | $4.4B | $3.3B |
净利润MGMWMB
| Q4 25 | $293.6M | $734.0M | ||
| Q3 25 | $-285.3M | $647.0M | ||
| Q2 25 | $49.0M | $546.0M | ||
| Q1 25 | $148.6M | $691.0M | ||
| Q4 24 | $157.4M | $486.0M | ||
| Q3 24 | $184.6M | $706.0M | ||
| Q2 24 | $187.1M | $401.0M | ||
| Q1 24 | $217.5M | $632.0M |
营业利润率MGMWMB
| Q4 25 | 7.1% | 27.3% | ||
| Q3 25 | -2.7% | 31.8% | ||
| Q2 25 | 9.2% | 28.0% | ||
| Q1 25 | 9.0% | 26.1% | ||
| Q4 24 | 6.7% | 23.2% | ||
| Q3 24 | 7.5% | 27.6% | ||
| Q2 24 | 9.8% | 24.4% | ||
| Q1 24 | 10.5% | 30.3% |
净利率MGMWMB
| Q4 25 | 6.4% | 19.1% | ||
| Q3 25 | -6.7% | 18.5% | ||
| Q2 25 | 1.1% | 16.2% | ||
| Q1 25 | 3.5% | 16.5% | ||
| Q4 24 | 3.6% | 14.2% | ||
| Q3 24 | 4.4% | 23.3% | ||
| Q2 24 | 4.3% | 14.1% | ||
| Q1 24 | 5.0% | 18.9% |
每股收益（稀释后）MGMWMB
| Q4 25 | $1.12 | $0.60 | ||
| Q3 25 | $-1.05 | $0.53 | ||
| Q2 25 | $0.18 | $0.45 | ||
| Q1 25 | $0.51 | $0.56 | ||
| Q4 24 | $0.52 | $0.39 | ||
| Q3 24 | $0.61 | $0.58 | ||
| Q2 24 | $0.60 | $0.33 | ||
| Q1 24 | $0.67 | $0.52 |
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 | $27.3B |
| 股东权益账面价值 | $2.4B | $12.8B |
| 总资产 | $41.4B | $58.6B |
| 负债/权益比越低杠杆越低 | 2.56× | 2.13× |
8季度趋势，按日历期对齐
现金及短期投资MGMWMB
| 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MGMWMB
| Q4 25 | $6.2B | $27.3B | ||
| Q3 25 | $6.2B | $25.6B | ||
| Q2 25 | $6.2B | $25.6B | ||
| Q1 25 | $6.4B | $24.1B | ||
| Q4 24 | $6.4B | $24.7B | ||
| Q3 24 | $6.9B | $24.8B | ||
| Q2 24 | $6.3B | $24.1B | ||
| Q1 24 | $6.3B | $24.1B |
股东权益MGMWMB
| Q4 25 | $2.4B | $12.8B | ||
| Q3 25 | $2.7B | $12.5B | ||
| Q2 25 | $3.0B | $12.4B | ||
| Q1 25 | $2.9B | $12.5B | ||
| Q4 24 | $3.0B | $12.4B | ||
| Q3 24 | $3.2B | $12.4B | ||
| Q2 24 | $3.2B | $12.3B | ||
| Q1 24 | $3.5B | $12.4B |
总资产MGMWMB
| Q4 25 | $41.4B | $58.6B | ||
| Q3 25 | $41.4B | $55.7B | ||
| Q2 25 | $41.7B | $56.1B | ||
| Q1 25 | $41.9B | $54.9B | ||
| Q4 24 | $42.2B | $54.5B | ||
| Q3 24 | $42.7B | $53.8B | ||
| Q2 24 | $41.8B | $52.4B | ||
| Q1 24 | $42.1B | $52.7B |
负债/权益比MGMWMB
| Q4 25 | 2.56× | 2.13× | ||
| Q3 25 | 2.30× | 2.04× | ||
| Q2 25 | 2.09× | 2.06× | ||
| Q1 25 | 2.25× | 1.93× | ||
| Q4 24 | 2.10× | 1.99× | ||
| Q3 24 | 2.14× | 2.00× | ||
| Q2 24 | 1.96× | 1.96× | ||
| Q1 24 | 1.81× | 1.94× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $358.5M | $-379.0M |
| 自由现金流率自由现金流/营收 | 7.8% | -9.9% |
| 资本支出强度资本支出/营收 | 6.4% | 50.9% |
| 现金转化率经营现金流/净利润 | 2.23× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $1.0B |
8季度趋势，按日历期对齐
经营现金流MGMWMB
| Q4 25 | $655.0M | $1.6B | ||
| Q3 25 | $681.4M | $1.4B | ||
| Q2 25 | $645.9M | $1.4B | ||
| Q1 25 | $547.1M | $1.4B | ||
| Q4 24 | $671.6M | $1.2B | ||
| Q3 24 | $667.4M | $1.2B | ||
| Q2 24 | $474.2M | $1.3B | ||
| Q1 24 | $549.3M | $1.2B |
自由现金流MGMWMB
| Q4 25 | $358.5M | $-379.0M | ||
| Q3 25 | $405.4M | $485.0M | ||
| Q2 25 | $377.4M | $478.0M | ||
| Q1 25 | $319.0M | $421.0M | ||
| Q4 24 | $267.5M | $450.0M | ||
| Q3 24 | $331.2M | $561.0M | ||
| Q2 24 | $236.0M | $700.0M | ||
| Q1 24 | $377.2M | $690.0M |
自由现金流率MGMWMB
| Q4 25 | 7.8% | -9.9% | ||
| Q3 25 | 9.5% | 13.9% | ||
| Q2 25 | 8.6% | 14.2% | ||
| Q1 25 | 7.5% | 10.1% | ||
| Q4 24 | 6.2% | 13.2% | ||
| Q3 24 | 7.9% | 18.5% | ||
| Q2 24 | 5.5% | 24.6% | ||
| Q1 24 | 8.6% | 20.7% |
资本支出强度MGMWMB
| Q4 25 | 6.4% | 50.9% | ||
| Q3 25 | 6.5% | 27.3% | ||
| Q2 25 | 6.1% | 28.8% | ||
| Q1 25 | 5.3% | 24.2% | ||
| Q4 24 | 9.3% | 22.5% | ||
| Q3 24 | 8.0% | 22.5% | ||
| Q2 24 | 5.5% | 20.3% | ||
| Q1 24 | 3.9% | 16.3% |
现金转化率MGMWMB
| Q4 25 | 2.23× | 2.15× | ||
| Q3 25 | — | 2.22× | ||
| Q2 25 | 13.19× | 2.66× | ||
| Q1 25 | 3.68× | 2.07× | ||
| Q4 24 | 4.27× | 2.51× | ||
| Q3 24 | 3.62× | 1.76× | ||
| Q2 24 | 2.54× | 3.19× | ||
| Q1 24 | 2.53× | 1.95× |
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% |
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
