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Madison Square Garden Entertainment Corp.（MSGE）与范尔度假村（MTN）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Entertainment Corp.的季度营收约是范尔度假村的1.6倍（$424.8M vs $271.0M）。Madison Square Garden Entertainment Corp.净利率更高（21.8% vs -68.9%，领先90.7%）。Madison Square Garden Entertainment Corp.同比增速更快（12.5% vs 4.1%）。过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% vs -49.9%）
麦迪逊广场花园娱乐公司是总部位于美国纽约的体育控股企业，依托麦迪逊广场花园的核心资源，在体育赛事运营、体育IP管理及相关商业化领域拥有深厚行业积累与广泛影响力。
范尔度假村是美国知名山地度假集团，总部位于科罗拉多州布鲁姆菲尔德。集团旗下在全球4个国家运营42家山地度假村，同时持有并运营酒店、民宿、公寓及高尔夫球场等各类度假不动产，为全球游客提供高品质的山地休闲与旅居服务。
MSGE vs MTN — 直观对比
营收规模更大
MSGE
是对方的1.6倍
$271.0M
营收增速更快
MSGE
高出8.4%
4.1%
净利率更高
MSGE
高出90.7%
-68.9%
两年增速更快
MSGE
近两年复合增速
-49.9%
损益表 — Q2 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $424.8M | $271.0M |
| 净利润 | $92.7M | $-186.8M |
| 毛利率 | — | — |
| 营业利润率 | 38.6% | -77.4% |
| 净利率 | 21.8% | -68.9% |
| 营收同比 | 12.5% | 4.1% |
| 净利润同比 | 22.2% | -8.1% |
| 每股收益（稀释后） | $1.94 | $-5.20 |
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MSGEMTN
| Q4 25 | $424.8M | $271.0M | ||
| Q3 25 | $154.1M | $271.3M | ||
| Q2 25 | $145.1M | $1.3B | ||
| Q1 25 | $206.0M | $1.1B | ||
| Q4 24 | $377.6M | $260.3M | ||
| Q3 24 | $134.1M | $265.4M | ||
| Q2 24 | $177.6M | $1.3B | ||
| Q1 24 | $191.6M | $1.1B |
净利润MSGEMTN
| Q4 25 | $92.7M | $-186.8M | ||
| Q3 25 | $-21.7M | $-185.5M | ||
| Q2 25 | $-27.2M | $392.8M | ||
| Q1 25 | $8.0M | $245.5M | ||
| Q4 24 | $75.9M | $-172.8M | ||
| Q3 24 | $-19.3M | $-175.4M | ||
| Q2 24 | $66.9M | $362.0M | ||
| Q1 24 | $2.8M | $219.3M |
营业利润率MSGEMTN
| Q4 25 | 38.6% | -77.4% | ||
| Q3 25 | -19.3% | -75.1% | ||
| Q2 25 | -17.7% | 44.9% | ||
| Q1 25 | 13.3% | 33.8% | ||
| Q4 24 | 36.8% | -77.6% | ||
| Q3 24 | -13.8% | -74.9% | ||
| Q2 24 | -5.0% | 42.6% | ||
| Q1 24 | 8.8% | 32.5% |
净利率MSGEMTN
| Q4 25 | 21.8% | -68.9% | ||
| Q3 25 | -14.0% | -68.4% | ||
| Q2 25 | -18.7% | 30.3% | ||
| Q1 25 | 3.9% | 21.6% | ||
| Q4 24 | 20.1% | -66.4% | ||
| Q3 24 | -14.4% | -66.1% | ||
| Q2 24 | 37.7% | 28.2% | ||
| Q1 24 | 1.5% | 20.3% |
每股收益（稀释后）MSGEMTN
| Q4 25 | $1.94 | $-5.20 | ||
| Q3 25 | $-0.46 | $-4.96 | ||
| Q2 25 | $-0.56 | $10.54 | ||
| Q1 25 | $0.17 | $6.56 | ||
| Q4 24 | $1.56 | $-4.61 | ||
| Q3 24 | $-0.40 | $-4.63 | ||
| Q2 24 | $1.32 | $9.54 | ||
| Q1 24 | $0.06 | $5.76 |
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 | $157.1M | $581.5M |
| 总债务越低越好 | $554.6M | $2.6B |
| 股东权益账面价值 | $36.0M | $156.5M |
| 总资产 | $1.8B | $5.8B |
| 负债/权益比越低杠杆越低 | 15.40× | 16.51× |
8季度趋势，按日历期对齐
现金及短期投资MSGEMTN
| Q4 25 | $157.1M | $581.5M | ||
| Q3 25 | $29.9M | $440.3M | ||
| Q2 25 | $43.0M | $467.0M | ||
| Q1 25 | $89.0M | $488.2M | ||
| Q4 24 | $54.9M | $403.8M | ||
| Q3 24 | $37.3M | $322.8M | ||
| Q2 24 | $33.3M | $705.4M | ||
| Q1 24 | $28.0M | $812.2M |
总债务MSGEMTN
| Q4 25 | $554.6M | $2.6B | ||
| Q3 25 | $581.7M | $2.6B | ||
| Q2 25 | $568.8M | $2.1B | ||
| Q1 25 | $577.4M | $2.1B | ||
| Q4 24 | $584.7M | $2.7B | ||
| Q3 24 | $647.0M | $2.7B | ||
| Q2 24 | $599.2M | $2.7B | ||
| Q1 24 | $602.5M | $2.7B |
股东权益MSGEMTN
| Q4 25 | $36.0M | $156.5M | ||
| Q3 25 | $-65.8M | $424.5M | ||
| Q2 25 | $-13.3M | $895.4M | ||
| Q1 25 | $9.5M | $530.7M | ||
| Q4 24 | $10.3M | $444.1M | ||
| Q3 24 | $-48.7M | $723.5M | ||
| Q2 24 | $-23.2M | $1.0B | ||
| Q1 24 | $-94.6M | $829.9M |
总资产MSGEMTN
| Q4 25 | $1.8B | $5.8B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.8B | ||
| Q1 25 | $1.7B | $5.5B | ||
| Q4 24 | $1.6B | $5.6B | ||
| Q3 24 | $1.6B | $5.7B | ||
| Q2 24 | $1.6B | $5.8B | ||
| Q1 24 | $1.5B | $5.8B |
负债/权益比MSGEMTN
| Q4 25 | 15.40× | 16.51× | ||
| Q3 25 | — | 6.11× | ||
| Q2 25 | — | 2.35× | ||
| Q1 25 | 60.61× | 3.99× | ||
| Q4 24 | 56.61× | 6.10× | ||
| Q3 24 | — | 3.76× | ||
| Q2 24 | — | 2.69× | ||
| Q1 24 | — | 3.28× |
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 | $164.4M | $315.9M |
| 自由现金流经营现金流 - 资本支出 | — | $244.3M |
| 自由现金流率自由现金流/营收 | — | 90.1% |
| 资本支出强度资本支出/营收 | — | 26.4% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | — | $352.5M |
8季度趋势，按日历期对齐
经营现金流MSGEMTN
| Q4 25 | $164.4M | $315.9M | ||
| Q3 25 | $19.8M | $-171.6M | ||
| Q2 25 | $-27.0M | $117.7M | ||
| Q1 25 | $56.8M | $326.3M | ||
| Q4 24 | $112.9M | $282.4M | ||
| Q3 24 | $-27.4M | $-94.2M | ||
| Q2 24 | $212.0K | $109.9M | ||
| Q1 24 | $5.8M | $242.7M |
自由现金流MSGEMTN
| Q4 25 | — | $244.3M | ||
| Q3 25 | — | $-227.5M | ||
| Q2 25 | — | $84.5M | ||
| Q1 25 | — | $251.2M | ||
| Q4 24 | — | $211.4M | ||
| Q3 24 | — | $-150.3M | ||
| Q2 24 | — | $85.0M | ||
| Q1 24 | — | $165.8M |
自由现金流率MSGEMTN
| Q4 25 | — | 90.1% | ||
| Q3 25 | — | -83.9% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | — | 22.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | -56.6% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 15.4% |
资本支出强度MSGEMTN
| Q4 25 | — | 26.4% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 7.1% |
现金转化率MSGEMTN
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | 7.07× | 1.33× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | 0.30× | ||
| Q1 24 | 2.08× | 1.11× |
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
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
MTN
| Dining | $84.6M | 31% |
| Lodgingrevenueexcludingpayrollcostreimbursements | $67.2M | 25% |
| Other Mountain Revenue | $55.1M | 20% |
| Managedcondominiumrooms | $26.1M | 10% |
| Owned Hotel Revenue | $12.7M | 5% |
| Other Lodging Revenue | $10.2M | 4% |
| Other | $5.9M | 2% |
| Transportation | $4.8M | 2% |
| Payrollcostreimbursements | $4.4M | 2% |
