vs
Madison Square Garden Entertainment Corp.（MSGE）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.1倍（$424.8M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 21.8%，领先3.1%），ROYAL GOLD INC同比增速更快（85.3% vs 12.5%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 48.9%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MSGE vs RGLD — 直观对比
营收规模更大
MSGE
是对方的1.1倍
$375.3M
营收增速更快
RGLD
高出72.8%
12.5%
净利率更高
RGLD
高出3.1%
21.8%
两年增速更快
RGLD
近两年复合增速
48.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $424.8M | $375.3M |
| 净利润 | $92.7M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 38.6% | 56.2% |
| 净利率 | 21.8% | 24.9% |
| 营收同比 | 12.5% | 85.3% |
| 净利润同比 | 22.2% | -12.8% |
| 每股收益（稀释后） | $1.94 | $1.04 |
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MSGERGLD
| Q4 25 | $424.8M | $375.3M | ||
| Q3 25 | $154.1M | $252.1M | ||
| Q2 25 | $145.1M | $209.6M | ||
| Q1 25 | $206.0M | $193.4M | ||
| Q4 24 | $377.6M | $202.6M | ||
| Q3 24 | $134.1M | $193.8M | ||
| Q2 24 | $177.6M | $174.1M | ||
| Q1 24 | $191.6M | $148.9M |
净利润MSGERGLD
| Q4 25 | $92.7M | $93.6M | ||
| Q3 25 | $-21.7M | $126.8M | ||
| Q2 25 | $-27.2M | $132.3M | ||
| Q1 25 | $8.0M | $113.5M | ||
| Q4 24 | $75.9M | $107.4M | ||
| Q3 24 | $-19.3M | $96.2M | ||
| Q2 24 | $66.9M | $81.2M | ||
| Q1 24 | $2.8M | $47.2M |
毛利率MSGERGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率MSGERGLD
| Q4 25 | 38.6% | 56.2% | ||
| Q3 25 | -19.3% | 64.4% | ||
| Q2 25 | -17.7% | 67.7% | ||
| Q1 25 | 13.3% | 63.6% | ||
| Q4 24 | 36.8% | 65.9% | ||
| Q3 24 | -13.8% | 61.3% | ||
| Q2 24 | -5.0% | 58.6% | ||
| Q1 24 | 8.8% | 50.7% |
净利率MSGERGLD
| Q4 25 | 21.8% | 24.9% | ||
| Q3 25 | -14.0% | 50.3% | ||
| Q2 25 | -18.7% | 63.1% | ||
| Q1 25 | 3.9% | 58.7% | ||
| Q4 24 | 20.1% | 53.0% | ||
| Q3 24 | -14.4% | 49.7% | ||
| Q2 24 | 37.7% | 46.6% | ||
| Q1 24 | 1.5% | 31.7% |
每股收益（稀释后）MSGERGLD
| Q4 25 | $1.94 | $1.04 | ||
| Q3 25 | $-0.46 | $1.92 | ||
| Q2 25 | $-0.56 | $2.01 | ||
| Q1 25 | $0.17 | $1.72 | ||
| Q4 24 | $1.56 | $1.63 | ||
| Q3 24 | $-0.40 | $1.46 | ||
| Q2 24 | $1.32 | $1.23 | ||
| Q1 24 | $0.06 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $554.6M | — |
| 股东权益账面价值 | $36.0M | $7.2B |
| 总资产 | $1.8B | $9.5B |
| 负债/权益比越低杠杆越低 | 15.40× | — |
8季度趋势，按日历期对齐
现金及短期投资MSGERGLD
| Q4 25 | $157.1M | $233.7M | ||
| Q3 25 | $29.9M | $172.8M | ||
| Q2 25 | $43.0M | $248.2M | ||
| Q1 25 | $89.0M | $240.8M | ||
| Q4 24 | $54.9M | $195.5M | ||
| Q3 24 | $37.3M | $127.9M | ||
| Q2 24 | $33.3M | $74.2M | ||
| Q1 24 | $28.0M | $137.9M |
总债务MSGERGLD
| Q4 25 | $554.6M | — | ||
| Q3 25 | $581.7M | — | ||
| Q2 25 | $568.8M | — | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | — | ||
| Q3 24 | $647.0M | $0 | ||
| Q2 24 | $599.2M | $50.0M | ||
| Q1 24 | $602.5M | — |
股东权益MSGERGLD
| Q4 25 | $36.0M | $7.2B | ||
| Q3 25 | $-65.8M | $3.4B | ||
| Q2 25 | $-13.3M | $3.3B | ||
| Q1 25 | $9.5M | $3.2B | ||
| Q4 24 | $10.3M | $3.1B | ||
| Q3 24 | $-48.7M | $3.0B | ||
| Q2 24 | $-23.2M | $3.0B | ||
| Q1 24 | $-94.6M | $2.9B |
总资产MSGERGLD
| Q4 25 | $1.8B | $9.5B | ||
| Q3 25 | $1.7B | $4.5B | ||
| Q2 25 | $1.7B | $3.6B | ||
| Q1 25 | $1.7B | $3.5B | ||
| Q4 24 | $1.6B | $3.4B | ||
| Q3 24 | $1.6B | $3.3B | ||
| Q2 24 | $1.6B | $3.3B | ||
| Q1 24 | $1.5B | $3.3B |
负债/权益比MSGERGLD
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 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 | $164.4M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.77× | 2.58× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MSGERGLD
| Q4 25 | $164.4M | $241.7M | ||
| Q3 25 | $19.8M | $174.0M | ||
| Q2 25 | $-27.0M | $152.8M | ||
| Q1 25 | $56.8M | $136.4M | ||
| Q4 24 | $112.9M | $141.1M | ||
| Q3 24 | $-27.4M | $136.7M | ||
| Q2 24 | $212.0K | $113.5M | ||
| Q1 24 | $5.8M | $138.3M |
现金转化率MSGERGLD
| Q4 25 | 1.77× | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | 7.07× | 1.20× | ||
| Q4 24 | 1.49× | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 0.00× | 1.40× | ||
| Q1 24 | 2.08× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
