vs
Madison Square Garden Entertainment Corp.（MSGE）与猫途鹰（TRIP）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.的季度营收约是猫途鹰的1.0倍（$424.8M vs $411.0M），Madison Square Garden Entertainment Corp.净利率更高（21.8% vs -9.2%，领先31.1%），Madison Square Garden Entertainment Corp.同比增速更快（12.5% vs 0.0%），过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% vs 2.0%）
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。
TripAdvisor是美国知名在线旅游服务企业，旗下运营在线旅行社平台、旅游产品比价网站及移动应用，平台拥有大量用户生成的真实旅行内容，为全球消费者提供出行规划、预订等多元服务。
MSGE vs TRIP — 直观对比
营收规模更大
MSGE
是对方的1.0倍
$411.0M
营收增速更快
MSGE
高出12.5%
0.0%
净利率更高
MSGE
高出31.1%
-9.2%
两年增速更快
MSGE
近两年复合增速
2.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $424.8M | $411.0M |
| 净利润 | $92.7M | $-38.0M |
| 毛利率 | — | 91.5% |
| 营业利润率 | 38.6% | -8.3% |
| 净利率 | 21.8% | -9.2% |
| 营收同比 | 12.5% | 0.0% |
| 净利润同比 | 22.2% | -3900.0% |
| 每股收益（稀释后） | $1.94 | $-0.32 |
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MSGETRIP
| Q4 25 | $424.8M | $411.0M | ||
| Q3 25 | $154.1M | $553.0M | ||
| Q2 25 | $145.1M | $529.0M | ||
| Q1 25 | $206.0M | $398.0M | ||
| Q4 24 | $377.6M | $411.0M | ||
| Q3 24 | $134.1M | $532.0M | ||
| Q2 24 | $177.6M | $497.0M | ||
| Q1 24 | $191.6M | $395.0M |
净利润MSGETRIP
| Q4 25 | $92.7M | $-38.0M | ||
| Q3 25 | $-21.7M | $53.0M | ||
| Q2 25 | $-27.2M | $36.0M | ||
| Q1 25 | $8.0M | $-11.0M | ||
| Q4 24 | $75.9M | $1.0M | ||
| Q3 24 | $-19.3M | $39.0M | ||
| Q2 24 | $66.9M | $24.0M | ||
| Q1 24 | $2.8M | $-59.0M |
毛利率MSGETRIP
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
营业利润率MSGETRIP
| Q4 25 | 38.6% | -8.3% | ||
| Q3 25 | -19.3% | 12.7% | ||
| Q2 25 | -17.7% | 11.2% | ||
| Q1 25 | 13.3% | -3.8% | ||
| Q4 24 | 36.8% | 0.2% | ||
| Q3 24 | -13.8% | 13.2% | ||
| Q2 24 | -5.0% | 7.2% | ||
| Q1 24 | 8.8% | -3.8% |
净利率MSGETRIP
| Q4 25 | 21.8% | -9.2% | ||
| Q3 25 | -14.0% | 9.6% | ||
| Q2 25 | -18.7% | 6.8% | ||
| Q1 25 | 3.9% | -2.8% | ||
| Q4 24 | 20.1% | 0.2% | ||
| Q3 24 | -14.4% | 7.3% | ||
| Q2 24 | 37.7% | 4.8% | ||
| Q1 24 | 1.5% | -14.9% |
每股收益（稀释后）MSGETRIP
| Q4 25 | $1.94 | $-0.32 | ||
| Q3 25 | $-0.46 | $0.43 | ||
| Q2 25 | $-0.56 | $0.28 | ||
| Q1 25 | $0.17 | $-0.08 | ||
| Q4 24 | $1.56 | $0.03 | ||
| Q3 24 | $-0.40 | $0.27 | ||
| Q2 24 | $1.32 | $0.17 | ||
| Q1 24 | $0.06 | $-0.43 |
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 | $1.0B |
| 总债务越低越好 | $554.6M | $819.0M |
| 股东权益账面价值 | $36.0M | $645.0M |
| 总资产 | $1.8B | $2.6B |
| 负债/权益比越低杠杆越低 | 15.40× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资MSGETRIP
| Q4 25 | $157.1M | $1.0B | ||
| Q3 25 | $29.9M | $1.2B | ||
| Q2 25 | $43.0M | $1.2B | ||
| Q1 25 | $89.0M | $1.2B | ||
| Q4 24 | $54.9M | $1.1B | ||
| Q3 24 | $37.3M | $1.1B | ||
| Q2 24 | $33.3M | $1.2B | ||
| Q1 24 | $28.0M | $1.2B |
总债务MSGETRIP
| Q4 25 | $554.6M | $819.0M | ||
| Q3 25 | $581.7M | $821.0M | ||
| Q2 25 | $568.8M | $822.0M | ||
| Q1 25 | $577.4M | $1.2B | ||
| Q4 24 | $584.7M | $831.0M | ||
| Q3 24 | $647.0M | $832.0M | ||
| Q2 24 | $599.2M | — | ||
| Q1 24 | $602.5M | — |
股东权益MSGETRIP
| Q4 25 | $36.0M | $645.0M | ||
| Q3 25 | $-65.8M | $707.0M | ||
| Q2 25 | $-13.3M | $627.0M | ||
| Q1 25 | $9.5M | $643.0M | ||
| Q4 24 | $10.3M | $943.0M | ||
| Q3 24 | $-48.7M | $944.0M | ||
| Q2 24 | $-23.2M | $857.0M | ||
| Q1 24 | $-94.6M | $825.0M |
总资产MSGETRIP
| Q4 25 | $1.8B | $2.6B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.7B | $2.8B | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.6B | $2.7B | ||
| Q2 24 | $1.6B | $2.8B | ||
| Q1 24 | $1.5B | $2.7B |
负债/权益比MSGETRIP
| Q4 25 | 15.40× | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | 60.61× | 1.81× | ||
| Q4 24 | 56.61× | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| 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 | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-122.0M |
| 自由现金流率自由现金流/营收 | — | -29.7% |
| 资本支出强度资本支出/营收 | — | 4.6% |
| 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 | — | $163.0M |
8季度趋势，按日历期对齐
经营现金流MSGETRIP
| Q4 25 | $164.4M | $-103.0M | ||
| Q3 25 | $19.8M | $44.0M | ||
| Q2 25 | $-27.0M | $202.0M | ||
| Q1 25 | $56.8M | $102.0M | ||
| Q4 24 | $112.9M | $-3.0M | ||
| Q3 24 | $-27.4M | $-43.0M | ||
| Q2 24 | $212.0K | $51.0M | ||
| Q1 24 | $5.8M | $139.0M |
自由现金流MSGETRIP
| Q4 25 | — | $-122.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | — | $-26.0M | ||
| Q3 24 | — | $-63.0M | ||
| Q2 24 | — | $36.0M | ||
| Q1 24 | — | $123.0M |
自由现金流率MSGETRIP
| Q4 25 | — | -29.7% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 33.5% | ||
| Q1 25 | — | 20.9% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | -11.8% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 31.1% |
资本支出强度MSGETRIP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 4.1% |
现金转化率MSGETRIP
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | 0.00× | 2.13× | ||
| Q1 24 | 2.08× | — |
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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
