vs
Madison Square Garden Sports Corp.（MSGS）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 Sports Corp.的季度营收约是范尔度假村的1.5倍（$403.4M vs $271.0M）。Madison Square Garden Sports Corp.净利率更高（2.0% vs -68.9%，领先70.9%）。Madison Square Garden Sports Corp.同比增速更快（12.8% vs 4.1%）。范尔度假村自由现金流更多（$244.3M vs $31.6M）。过去两年Madison Square Garden Sports Corp.的营收复合增速更高（-3.1% vs -49.9%）
麦迪逊广场花园体育公司是总部位于美国纽约市的专业体育控股企业，深耕职业体育俱乐部运营、体育IP开发管理等核心业务，在北美体育产业领域拥有深厚的行业积累与较高的市场知名度。
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。
MSGS vs MTN — 直观对比
营收规模更大
MSGS
是对方的1.5倍
$271.0M
营收增速更快
MSGS
高出8.6%
4.1%
净利率更高
MSGS
高出70.9%
-68.9%
自由现金流更多
MTN
多$212.7M
$31.6M
两年增速更快
MSGS
近两年复合增速
-49.9%
损益表 — Q2 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $403.4M | $271.0M |
| 净利润 | $8.2M | $-186.8M |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | -77.4% |
| 净利率 | 2.0% | -68.9% |
| 营收同比 | 12.8% | 4.1% |
| 净利润同比 | 641.9% | -8.1% |
| 每股收益（稀释后） | $0.34 | $-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MSGSMTN
| Q4 25 | $403.4M | $271.0M | ||
| Q3 25 | $39.5M | $271.3M | ||
| Q2 25 | $204.0M | $1.3B | ||
| Q1 25 | $424.2M | $1.1B | ||
| Q4 24 | $357.8M | $260.3M | ||
| Q3 24 | $53.3M | $265.4M | ||
| Q2 24 | $227.3M | $1.3B | ||
| Q1 24 | $430.0M | $1.1B |
净利润MSGSMTN
| Q4 25 | $8.2M | $-186.8M | ||
| Q3 25 | $-8.8M | $-185.5M | ||
| Q2 25 | $-1.8M | $392.8M | ||
| Q1 25 | $-14.2M | $245.5M | ||
| Q4 24 | $1.1M | $-172.8M | ||
| Q3 24 | $-7.5M | $-175.4M | ||
| Q2 24 | $25.5M | $362.0M | ||
| Q1 24 | $37.9M | $219.3M |
营业利润率MSGSMTN
| Q4 25 | 5.5% | -77.4% | ||
| Q3 25 | -69.5% | -75.1% | ||
| Q2 25 | -11.1% | 44.9% | ||
| Q1 25 | 7.6% | 33.8% | ||
| Q4 24 | 3.7% | -77.6% | ||
| Q3 24 | -15.5% | -74.9% | ||
| Q2 24 | 23.0% | 42.6% | ||
| Q1 24 | 18.5% | 32.5% |
净利率MSGSMTN
| Q4 25 | 2.0% | -68.9% | ||
| Q3 25 | -22.3% | -68.4% | ||
| Q2 25 | -0.9% | 30.3% | ||
| Q1 25 | -3.4% | 21.6% | ||
| Q4 24 | 0.3% | -66.4% | ||
| Q3 24 | -14.1% | -66.1% | ||
| Q2 24 | 11.2% | 28.2% | ||
| Q1 24 | 8.8% | 20.3% |
每股收益（稀释后）MSGSMTN
| Q4 25 | $0.34 | $-5.20 | ||
| Q3 25 | $-0.37 | $-4.96 | ||
| Q2 25 | $-0.08 | $10.54 | ||
| Q1 25 | $-0.59 | $6.56 | ||
| Q4 24 | $0.05 | $-4.61 | ||
| Q3 24 | $-0.31 | $-4.63 | ||
| Q2 24 | $1.07 | $9.54 | ||
| Q1 24 | $1.57 | $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 | $81.3M | $581.5M |
| 总债务越低越好 | — | $2.6B |
| 股东权益账面价值 | $-282.1M | $156.5M |
| 总资产 | $1.5B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 16.51× |
8季度趋势，按日历期对齐
现金及短期投资MSGSMTN
| Q4 25 | $81.3M | $581.5M | ||
| Q3 25 | $48.6M | $440.3M | ||
| Q2 25 | $144.6M | $467.0M | ||
| Q1 25 | $96.5M | $488.2M | ||
| Q4 24 | $107.8M | $403.8M | ||
| Q3 24 | $52.3M | $322.8M | ||
| Q2 24 | $89.1M | $705.4M | ||
| Q1 24 | $40.0M | $812.2M |
总债务MSGSMTN
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益MSGSMTN
| Q4 25 | $-282.1M | $156.5M | ||
| Q3 25 | $-294.2M | $424.5M | ||
| Q2 25 | $-281.4M | $895.4M | ||
| Q1 25 | $-283.4M | $530.7M | ||
| Q4 24 | $-273.1M | $444.1M | ||
| Q3 24 | $-277.5M | $723.5M | ||
| Q2 24 | $-266.3M | $1.0B | ||
| Q1 24 | $-294.0M | $829.9M |
总资产MSGSMTN
| Q4 25 | $1.5B | $5.8B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $5.8B | ||
| Q1 25 | $1.5B | $5.5B | ||
| Q4 24 | $1.4B | $5.6B | ||
| Q3 24 | $1.4B | $5.7B | ||
| Q2 24 | $1.3B | $5.8B | ||
| Q1 24 | $1.4B | $5.8B |
负债/权益比MSGSMTN
| Q4 25 | — | 16.51× | ||
| Q3 25 | — | 6.11× | ||
| Q2 25 | — | 2.35× | ||
| Q1 25 | — | 3.99× | ||
| Q4 24 | — | 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 | $32.4M | $315.9M |
| 自由现金流经营现金流 - 资本支出 | $31.6M | $244.3M |
| 自由现金流率自由现金流/营收 | 7.8% | 90.1% |
| 资本支出强度资本支出/营收 | 0.2% | 26.4% |
| 现金转化率经营现金流/净利润 | 3.94× | — |
| 过去12个月自由现金流最近4个季度 | $-480.0K | $352.5M |
8季度趋势，按日历期对齐
经营现金流MSGSMTN
| Q4 25 | $32.4M | $315.9M | ||
| Q3 25 | $-85.0M | $-171.6M | ||
| Q2 25 | $49.7M | $117.7M | ||
| Q1 25 | $6.3M | $326.3M | ||
| Q4 24 | $61.8M | $282.4M | ||
| Q3 24 | $-26.2M | $-94.2M | ||
| Q2 24 | $108.4M | $109.9M | ||
| Q1 24 | $4.0M | $242.7M |
自由现金流MSGSMTN
| Q4 25 | $31.6M | $244.3M | ||
| Q3 25 | $-85.3M | $-227.5M | ||
| Q2 25 | $49.4M | $84.5M | ||
| Q1 25 | $3.9M | $251.2M | ||
| Q4 24 | $61.2M | $211.4M | ||
| Q3 24 | $-26.5M | $-150.3M | ||
| Q2 24 | $108.0M | $85.0M | ||
| Q1 24 | $3.9M | $165.8M |
自由现金流率MSGSMTN
| Q4 25 | 7.8% | 90.1% | ||
| Q3 25 | -216.3% | -83.9% | ||
| Q2 25 | 24.2% | 6.5% | ||
| Q1 25 | 0.9% | 22.1% | ||
| Q4 24 | 17.1% | 81.2% | ||
| Q3 24 | -49.7% | -56.6% | ||
| Q2 24 | 47.5% | 6.6% | ||
| Q1 24 | 0.9% | 15.4% |
资本支出强度MSGSMTN
| Q4 25 | 0.2% | 26.4% | ||
| Q3 25 | 0.9% | 20.6% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.6% | 6.6% | ||
| Q4 24 | 0.1% | 27.3% | ||
| Q3 24 | 0.7% | 21.1% | ||
| Q2 24 | 0.2% | 1.9% | ||
| Q1 24 | 0.0% | 7.1% |
现金转化率MSGSMTN
| Q4 25 | 3.94× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | 0.30× | ||
| Q1 24 | 0.11× | 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
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 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% |
