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Madison Square Garden Sports Corp.（MSGS）与BLUE OWL CAPITAL INC.（OWL）财务数据对比。点击上方公司名可切换其他公司
BLUE OWL CAPITAL INC.的季度营收约是Madison Square Garden Sports Corp.的1.9倍（$755.6M vs $403.4M），BLUE OWL CAPITAL INC.净利率更高（6.3% vs 2.0%，领先4.3%），BLUE OWL CAPITAL INC.同比增速更快（19.7% vs 12.8%），BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $31.6M），过去两年BLUE OWL CAPITAL INC.的营收复合增速更高（21.3% vs -3.1%）
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。
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
MSGS vs OWL — 直观对比
营收规模更大
OWL
是对方的1.9倍
$403.4M
营收增速更快
OWL
高出6.9%
12.8%
净利率更高
OWL
高出4.3%
2.0%
自由现金流更多
OWL
多$327.5M
$31.6M
两年增速更快
OWL
近两年复合增速
-3.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $403.4M | $755.6M |
| 净利润 | $8.2M | $47.7M |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | 22.2% |
| 净利率 | 2.0% | 6.3% |
| 营收同比 | 12.8% | 19.7% |
| 净利润同比 | 641.9% | 129.8% |
| 每股收益（稀释后） | $0.34 | $0.07 |
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MSGSOWL
| Q4 25 | $403.4M | $755.6M | ||
| Q3 25 | $39.5M | $728.0M | ||
| Q2 25 | $204.0M | $703.1M | ||
| Q1 25 | $424.2M | $683.5M | ||
| Q4 24 | $357.8M | $631.4M | ||
| Q3 24 | $53.3M | $600.9M | ||
| Q2 24 | $227.3M | $549.8M | ||
| Q1 24 | $430.0M | $513.3M |
净利润MSGSOWL
| Q4 25 | $8.2M | $47.7M | ||
| Q3 25 | $-8.8M | $6.3M | ||
| Q2 25 | $-1.8M | $17.4M | ||
| Q1 25 | $-14.2M | $7.4M | ||
| Q4 24 | $1.1M | $20.7M | ||
| Q3 24 | $-7.5M | $29.8M | ||
| Q2 24 | $25.5M | $33.9M | ||
| Q1 24 | $37.9M | $25.1M |
营业利润率MSGSOWL
| Q4 25 | 5.5% | 22.2% | ||
| Q3 25 | -69.5% | 7.6% | ||
| Q2 25 | -11.1% | 12.0% | ||
| Q1 25 | 7.6% | 5.9% | ||
| Q4 24 | 3.7% | 11.7% | ||
| Q3 24 | -15.5% | 18.7% | ||
| Q2 24 | 23.0% | 28.4% | ||
| Q1 24 | 18.5% | 24.7% |
净利率MSGSOWL
| Q4 25 | 2.0% | 6.3% | ||
| Q3 25 | -22.3% | 0.9% | ||
| Q2 25 | -0.9% | 2.5% | ||
| Q1 25 | -3.4% | 1.1% | ||
| Q4 24 | 0.3% | 3.3% | ||
| Q3 24 | -14.1% | 5.0% | ||
| Q2 24 | 11.2% | 6.2% | ||
| Q1 24 | 8.8% | 4.9% |
每股收益（稀释后）MSGSOWL
| Q4 25 | $0.34 | $0.07 | ||
| Q3 25 | $-0.37 | $0.01 | ||
| Q2 25 | $-0.08 | $0.02 | ||
| Q1 25 | $-0.59 | $0.00 | ||
| Q4 24 | $0.05 | $0.06 | ||
| Q3 24 | $-0.31 | $0.04 | ||
| Q2 24 | $1.07 | $0.06 | ||
| Q1 24 | $1.57 | $0.04 |
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 | $194.5M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $-282.1M | $2.2B |
| 总资产 | $1.5B | $12.5B |
| 负债/权益比越低杠杆越低 | — | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资MSGSOWL
| Q4 25 | $81.3M | $194.5M | ||
| Q3 25 | $48.6M | $137.3M | ||
| Q2 25 | $144.6M | $117.6M | ||
| Q1 25 | $96.5M | $97.6M | ||
| Q4 24 | $107.8M | $152.1M | ||
| Q3 24 | $52.3M | $115.9M | ||
| Q2 24 | $89.1M | $436.8M | ||
| Q1 24 | $40.0M | $155.8M |
总债务MSGSOWL
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.1B |
股东权益MSGSOWL
| Q4 25 | $-282.1M | $2.2B | ||
| Q3 25 | $-294.2M | $2.3B | ||
| Q2 25 | $-281.4M | $2.4B | ||
| Q1 25 | $-283.4M | $2.3B | ||
| Q4 24 | $-273.1M | $2.1B | ||
| Q3 24 | $-277.5M | $2.0B | ||
| Q2 24 | $-266.3M | $1.7B | ||
| Q1 24 | $-294.0M | $1.6B |
总资产MSGSOWL
| Q4 25 | $1.5B | $12.5B | ||
| Q3 25 | $1.5B | $12.5B | ||
| Q2 25 | $1.5B | $12.3B | ||
| Q1 25 | $1.5B | $12.3B | ||
| Q4 24 | $1.4B | $11.0B | ||
| Q3 24 | $1.4B | $10.8B | ||
| Q2 24 | $1.3B | $9.7B | ||
| Q1 24 | $1.4B | $9.0B |
负债/权益比MSGSOWL
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | 1.26× |
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 | $382.9M |
| 自由现金流经营现金流 - 资本支出 | $31.6M | $359.1M |
| 自由现金流率自由现金流/营收 | 7.8% | 47.5% |
| 资本支出强度资本支出/营收 | 0.2% | 3.1% |
| 现金转化率经营现金流/净利润 | 3.94× | 8.03× |
| 过去12个月自由现金流最近4个季度 | $-480.0K | $1.2B |
8季度趋势，按日历期对齐
经营现金流MSGSOWL
| Q4 25 | $32.4M | $382.9M | ||
| Q3 25 | $-85.0M | $433.1M | ||
| Q2 25 | $49.7M | $422.5M | ||
| Q1 25 | $6.3M | $17.6M | ||
| Q4 24 | $61.8M | $324.0M | ||
| Q3 24 | $-26.2M | $326.0M | ||
| Q2 24 | $108.4M | $302.3M | ||
| Q1 24 | $4.0M | $47.2M |
自由现金流MSGSOWL
| Q4 25 | $31.6M | $359.1M | ||
| Q3 25 | $-85.3M | $422.5M | ||
| Q2 25 | $49.4M | $412.5M | ||
| Q1 25 | $3.9M | $4.2M | ||
| Q4 24 | $61.2M | $310.1M | ||
| Q3 24 | $-26.5M | $314.8M | ||
| Q2 24 | $108.0M | $269.4M | ||
| Q1 24 | $3.9M | $41.1M |
自由现金流率MSGSOWL
| Q4 25 | 7.8% | 47.5% | ||
| Q3 25 | -216.3% | 58.0% | ||
| Q2 25 | 24.2% | 58.7% | ||
| Q1 25 | 0.9% | 0.6% | ||
| Q4 24 | 17.1% | 49.1% | ||
| Q3 24 | -49.7% | 52.4% | ||
| Q2 24 | 47.5% | 49.0% | ||
| Q1 24 | 0.9% | 8.0% |
资本支出强度MSGSOWL
| Q4 25 | 0.2% | 3.1% | ||
| Q3 25 | 0.9% | 1.5% | ||
| Q2 25 | 0.2% | 1.4% | ||
| Q1 25 | 0.6% | 2.0% | ||
| Q4 24 | 0.1% | 2.2% | ||
| Q3 24 | 0.7% | 1.9% | ||
| Q2 24 | 0.2% | 6.0% | ||
| Q1 24 | 0.0% | 1.2% |
现金转化率MSGSOWL
| Q4 25 | 3.94× | 8.03× | ||
| Q3 25 | — | 68.64× | ||
| Q2 25 | — | 24.25× | ||
| Q1 25 | — | 2.37× | ||
| Q4 24 | 55.61× | 15.62× | ||
| Q3 24 | — | 10.94× | ||
| Q2 24 | 4.25× | 8.91× | ||
| Q1 24 | 0.11× | 1.88× |
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% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
