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麦格劳希尔（MH）与WEBTOON Entertainment Inc.（WBTN）财务数据对比。点击上方公司名可切换其他公司
麦格劳希尔的季度营收约是WEBTOON Entertainment Inc.的1.3倍（$434.2M vs $330.7M）。麦格劳希尔净利率更高（-4.7% vs -93.0%，领先88.4%）。麦格劳希尔自由现金流更多（$285.4M vs $7.0M）
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
WEBTOON Entertainment Inc.运营的WEBTOON是由NAVER公司2004年推出的韩美共享网络漫画平台，提供网络漫画及短篇数字漫画内容刊载服务。平台由NAVER及NAVER与软银集团合资的LY集团共同控股，总部位于美国洛杉矶，用户可通过Webtoons.com官网及安卓、iOS端移动应用免费访问使用。
MH vs WBTN — 直观对比
营收规模更大
MH
是对方的1.3倍
$330.7M
净利率更高
MH
高出88.4%
-93.0%
自由现金流更多
MH
多$278.4M
$7.0M
损益表 — Q3 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $434.2M | $330.7M |
| 净利润 | $-20.2M | $-307.6M |
| 毛利率 | 85.3% | 24.3% |
| 营业利润率 | 7.0% | -4.0% |
| 净利率 | -4.7% | -93.0% |
| 营收同比 | -35.1% | — |
| 净利润同比 | -119.2% | — |
| 每股收益（稀释后） | $-0.11 | $-2.37 |
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MHWBTN
| Q4 25 | $434.2M | $330.7M | ||
| Q3 25 | $669.2M | $378.0M | ||
| Q2 25 | $535.7M | $348.3M | ||
| Q1 25 | — | $325.7M | ||
| Q3 24 | — | $347.9M | ||
| Q2 24 | — | $321.0M |
净利润MHWBTN
| Q4 25 | $-20.2M | $-307.6M | ||
| Q3 25 | $105.3M | $-11.6M | ||
| Q2 25 | $502.0K | $-4.3M | ||
| Q1 25 | — | $-22.4M | ||
| Q3 24 | — | $19.8M | ||
| Q2 24 | — | $-76.9M |
毛利率MHWBTN
| Q4 25 | 85.3% | 24.3% | ||
| Q3 25 | 79.2% | 21.9% | ||
| Q2 25 | 77.0% | 25.1% | ||
| Q1 25 | — | 22.0% | ||
| Q3 24 | — | 26.3% | ||
| Q2 24 | — | 25.9% |
营业利润率MHWBTN
| Q4 25 | 7.0% | -4.0% | ||
| Q3 25 | 23.4% | -3.9% | ||
| Q2 25 | 18.0% | -2.5% | ||
| Q1 25 | — | -8.2% | ||
| Q3 24 | — | -2.3% | ||
| Q2 24 | — | -24.6% |
净利率MHWBTN
| Q4 25 | -4.7% | -93.0% | ||
| Q3 25 | 15.7% | -3.1% | ||
| Q2 25 | 0.1% | -1.2% | ||
| Q1 25 | — | -6.9% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | -24.0% |
每股收益（稀释后）MHWBTN
| Q4 25 | $-0.11 | $-2.37 | ||
| Q3 25 | $0.57 | $-0.09 | ||
| Q2 25 | $0.00 | $-0.03 | ||
| Q1 25 | — | $-0.17 | ||
| Q3 24 | — | $0.15 | ||
| Q2 24 | — | $-0.70 |
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 | $514.4M | $581.8M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $775.3M | $1.2B |
| 总资产 | $5.6B | $1.6B |
| 负债/权益比越低杠杆越低 | 3.36× | — |
8季度趋势，按日历期对齐
现金及短期投资MHWBTN
| Q4 25 | $514.4M | $581.8M | ||
| Q3 25 | $463.2M | $584.6M | ||
| Q2 25 | $247.3M | $581.5M | ||
| Q1 25 | — | $550.1M | ||
| Q3 24 | — | $585.5M | ||
| Q2 24 | — | $572.3M |
总债务MHWBTN
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MHWBTN
| Q4 25 | $775.3M | $1.2B | ||
| Q3 25 | $794.6M | $1.5B | ||
| Q2 25 | $283.3M | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B |
总资产MHWBTN
| Q4 25 | $5.6B | $1.6B | ||
| Q3 25 | $6.0B | $2.0B | ||
| Q2 25 | $5.7B | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.0B |
负债/权益比MHWBTN
| Q4 25 | 3.36× | — | ||
| Q3 25 | 3.52× | — | ||
| Q2 25 | 11.17× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $309.0M | $7.6M |
| 自由现金流经营现金流 - 资本支出 | $285.4M | $7.0M |
| 自由现金流率自由现金流/营收 | 65.7% | 2.1% |
| 资本支出强度资本支出/营收 | 5.4% | 0.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $3.6M |
8季度趋势，按日历期对齐
经营现金流MHWBTN
| Q4 25 | $309.0M | $7.6M | ||
| Q3 25 | $265.0M | $16.5M | ||
| Q2 25 | $-96.7M | $5.7M | ||
| Q1 25 | — | $-18.7M | ||
| Q3 24 | — | $4.1M | ||
| Q2 24 | — | — |
自由现金流MHWBTN
| Q4 25 | $285.4M | $7.0M | ||
| Q3 25 | $243.8M | $11.8M | ||
| Q2 25 | $-112.9M | $3.9M | ||
| Q1 25 | — | $-19.2M | ||
| Q3 24 | — | $3.5M | ||
| Q2 24 | — | — |
自由现金流率MHWBTN
| Q4 25 | 65.7% | 2.1% | ||
| Q3 25 | 36.4% | 3.1% | ||
| Q2 25 | -21.1% | 1.1% | ||
| Q1 25 | — | -5.9% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | — |
资本支出强度MHWBTN
| Q4 25 | 5.4% | 0.2% | ||
| Q3 25 | 3.2% | 1.2% | ||
| Q2 25 | 3.0% | 0.5% | ||
| Q1 25 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | — |
现金转化率MHWBTN
| Q4 25 | — | — | ||
| Q3 25 | 2.52× | — | ||
| Q2 25 | -192.53× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | — |
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
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
WBTN
| Other | $158.3M | 48% |
| KR | $125.7M | 38% |
| IP Adaptations | $25.4M | 8% |
| Related Party | $21.3M | 6% |
