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Madison Square Garden Entertainment Corp.（MSGE）与永利度假村有限公司（RRR）财务数据对比。点击上方公司名可切换其他公司
永利度假村有限公司的季度营收约是Madison Square Garden Entertainment Corp.的1.2倍（$511.8M vs $424.8M），Madison Square Garden Entertainment Corp.净利率更高（21.8% vs 8.7%，领先13.1%），Madison Square Garden Entertainment Corp.同比增速更快（12.5% vs 3.2%），过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% vs 2.3%）
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。
永利度假村有限公司是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店与赌场的开发及运营。公司由前梦幻度假村集团董事长兼首席执行官史蒂夫·永利于2002年创立，现任首席执行官为克雷格·比林斯，截至2020年共开发了6处物业。
MSGE vs RRR — 直观对比
营收规模更大
RRR
是对方的1.2倍
$424.8M
营收增速更快
MSGE
高出9.3%
3.2%
净利率更高
MSGE
高出13.1%
8.7%
两年增速更快
MSGE
近两年复合增速
2.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $424.8M | $511.8M |
| 净利润 | $92.7M | $44.7M |
| 毛利率 | — | — |
| 营业利润率 | 38.6% | 28.1% |
| 净利率 | 21.8% | 8.7% |
| 营收同比 | 12.5% | 3.2% |
| 净利润同比 | 22.2% | -4.1% |
| 每股收益（稀释后） | $1.94 | $0.74 |
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MSGERRR
| Q4 25 | $424.8M | $511.8M | ||
| Q3 25 | $154.1M | $475.6M | ||
| Q2 25 | $145.1M | $526.3M | ||
| Q1 25 | $206.0M | $497.9M | ||
| Q4 24 | $377.6M | $495.7M | ||
| Q3 24 | $134.1M | $468.0M | ||
| Q2 24 | $177.6M | $486.4M | ||
| Q1 24 | $191.6M | $488.9M |
净利润MSGERRR
| Q4 25 | $92.7M | $44.7M | ||
| Q3 25 | $-21.7M | $42.3M | ||
| Q2 25 | $-27.2M | $56.4M | ||
| Q1 25 | $8.0M | $44.7M | ||
| Q4 24 | $75.9M | $46.6M | ||
| Q3 24 | $-19.3M | $29.0M | ||
| Q2 24 | $66.9M | $35.7M | ||
| Q1 24 | $2.8M | $42.8M |
营业利润率MSGERRR
| Q4 25 | 38.6% | 28.1% | ||
| Q3 25 | -19.3% | 27.6% | ||
| Q2 25 | -17.7% | 31.9% | ||
| Q1 25 | 13.3% | 31.0% | ||
| Q4 24 | 36.8% | 28.7% | ||
| Q3 24 | -13.8% | 27.9% | ||
| Q2 24 | -5.0% | 28.8% | ||
| Q1 24 | 8.8% | 31.8% |
净利率MSGERRR
| Q4 25 | 21.8% | 8.7% | ||
| Q3 25 | -14.0% | 8.9% | ||
| Q2 25 | -18.7% | 10.7% | ||
| Q1 25 | 3.9% | 9.0% | ||
| Q4 24 | 20.1% | 9.4% | ||
| Q3 24 | -14.4% | 6.2% | ||
| Q2 24 | 37.7% | 7.3% | ||
| Q1 24 | 1.5% | 8.8% |
每股收益（稀释后）MSGERRR
| Q4 25 | $1.94 | $0.74 | ||
| Q3 25 | $-0.46 | $0.68 | ||
| Q2 25 | $-0.56 | $0.95 | ||
| Q1 25 | $0.17 | $0.75 | ||
| Q4 24 | $1.56 | $0.78 | ||
| Q3 24 | $-0.40 | $0.48 | ||
| Q2 24 | $1.32 | $0.59 | ||
| Q1 24 | $0.06 | $0.68 |
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 | $142.5M |
| 总债务越低越好 | $554.6M | $3.4B |
| 股东权益账面价值 | $36.0M | $208.3M |
| 总资产 | $1.8B | $4.2B |
| 负债/权益比越低杠杆越低 | 15.40× | 16.30× |
8季度趋势，按日历期对齐
现金及短期投资MSGERRR
| Q4 25 | $157.1M | $142.5M | ||
| Q3 25 | $29.9M | $129.8M | ||
| Q2 25 | $43.0M | $145.2M | ||
| Q1 25 | $89.0M | $150.6M | ||
| Q4 24 | $54.9M | $164.4M | ||
| Q3 24 | $37.3M | $117.5M | ||
| Q2 24 | $33.3M | $136.4M | ||
| Q1 24 | $28.0M | $129.7M |
总债务MSGERRR
| Q4 25 | $554.6M | $3.4B | ||
| Q3 25 | $581.7M | — | ||
| Q2 25 | $568.8M | — | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | $3.4B | ||
| Q3 24 | $647.0M | — | ||
| Q2 24 | $599.2M | — | ||
| Q1 24 | $602.5M | — |
股东权益MSGERRR
| Q4 25 | $36.0M | $208.3M | ||
| Q3 25 | $-65.8M | $219.6M | ||
| Q2 25 | $-13.3M | $203.4M | ||
| Q1 25 | $9.5M | $247.1M | ||
| Q4 24 | $10.3M | $215.1M | ||
| Q3 24 | $-48.7M | $175.5M | ||
| Q2 24 | $-23.2M | $159.0M | ||
| Q1 24 | $-94.6M | $135.2M |
总资产MSGERRR
| Q4 25 | $1.8B | $4.2B | ||
| Q3 25 | $1.7B | $4.1B | ||
| Q2 25 | $1.7B | $4.0B | ||
| Q1 25 | $1.7B | $4.1B | ||
| Q4 24 | $1.6B | $4.0B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.6B | $4.0B | ||
| Q1 24 | $1.5B | $4.0B |
负债/权益比MSGERRR
| Q4 25 | 15.40× | 16.30× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | 15.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $156.6M |
| 自由现金流经营现金流 - 资本支出 | — | $77.7M |
| 自由现金流率自由现金流/营收 | — | 15.2% |
| 资本支出强度资本支出/营收 | — | 15.4% |
| 现金转化率经营现金流/净利润 | 1.77× | 3.51× |
| 过去12个月自由现金流最近4个季度 | — | $290.5M |
8季度趋势，按日历期对齐
经营现金流MSGERRR
| Q4 25 | $164.4M | $156.6M | ||
| Q3 25 | $19.8M | $168.3M | ||
| Q2 25 | $-27.0M | $158.4M | ||
| Q1 25 | $56.8M | $126.2M | ||
| Q4 24 | $112.9M | $148.2M | ||
| Q3 24 | $-27.4M | $131.0M | ||
| Q2 24 | $212.0K | $142.5M | ||
| Q1 24 | $5.8M | $126.5M |
自由现金流MSGERRR
| Q4 25 | — | $77.7M | ||
| Q3 25 | — | $74.6M | ||
| Q2 25 | — | $80.3M | ||
| Q1 25 | — | $58.0M | ||
| Q4 24 | — | $121.4M | ||
| Q3 24 | — | $50.7M | ||
| Q2 24 | — | $64.0M | ||
| Q1 24 | — | $28.4M |
自由现金流率MSGERRR
| Q4 25 | — | 15.2% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 11.6% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | 5.8% |
资本支出强度MSGERRR
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 19.7% | ||
| Q2 25 | — | 14.9% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 17.2% | ||
| Q2 24 | — | 16.2% | ||
| Q1 24 | — | 20.1% |
现金转化率MSGERRR
| Q4 25 | 1.77× | 3.51× | ||
| Q3 25 | — | 3.98× | ||
| Q2 25 | — | 2.81× | ||
| Q1 25 | 7.07× | 2.82× | ||
| Q4 24 | 1.49× | 3.18× | ||
| Q3 24 | — | 4.53× | ||
| Q2 24 | 0.00× | 4.00× | ||
| Q1 24 | 2.08× | 2.95× |
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
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% |
RRR
| Casino | $343.0M | 67% |
| Food And Beverage | $93.3M | 18% |
| Occupancy | $47.2M | 9% |
| Hotel Other | $24.6M | 5% |
