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范尔度假村（MTN）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
ROYAL GOLD INC的季度营收约是范尔度假村的1.4倍（$375.3M vs $271.0M），ROYAL GOLD INC净利率更高（24.9% vs -68.9%，领先93.8%），ROYAL GOLD INC同比增速更快（85.3% vs 4.1%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs -49.9%）
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。
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。
MTN vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.4倍
$271.0M
营收增速更快
RGLD
高出81.2%
4.1%
净利率更高
RGLD
高出93.8%
-68.9%
两年增速更快
RGLD
近两年复合增速
-49.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $271.0M | $375.3M |
| 净利润 | $-186.8M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | -77.4% | 56.2% |
| 净利率 | -68.9% | 24.9% |
| 营收同比 | 4.1% | 85.3% |
| 净利润同比 | -8.1% | -12.8% |
| 每股收益（稀释后） | $-5.20 | $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MTNRGLD
| Q4 25 | $271.0M | $375.3M | ||
| Q3 25 | $271.3M | $252.1M | ||
| Q2 25 | $1.3B | $209.6M | ||
| Q1 25 | $1.1B | $193.4M | ||
| Q4 24 | $260.3M | $202.6M | ||
| Q3 24 | $265.4M | $193.8M | ||
| Q2 24 | $1.3B | $174.1M | ||
| Q1 24 | $1.1B | $148.9M |
净利润MTNRGLD
| Q4 25 | $-186.8M | $93.6M | ||
| Q3 25 | $-185.5M | $126.8M | ||
| Q2 25 | $392.8M | $132.3M | ||
| Q1 25 | $245.5M | $113.5M | ||
| Q4 24 | $-172.8M | $107.4M | ||
| Q3 24 | $-175.4M | $96.2M | ||
| Q2 24 | $362.0M | $81.2M | ||
| Q1 24 | $219.3M | $47.2M |
毛利率MTNRGLD
| 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MTNRGLD
| Q4 25 | -77.4% | 56.2% | ||
| Q3 25 | -75.1% | 64.4% | ||
| Q2 25 | 44.9% | 67.7% | ||
| Q1 25 | 33.8% | 63.6% | ||
| Q4 24 | -77.6% | 65.9% | ||
| Q3 24 | -74.9% | 61.3% | ||
| Q2 24 | 42.6% | 58.6% | ||
| Q1 24 | 32.5% | 50.7% |
净利率MTNRGLD
| Q4 25 | -68.9% | 24.9% | ||
| Q3 25 | -68.4% | 50.3% | ||
| Q2 25 | 30.3% | 63.1% | ||
| Q1 25 | 21.6% | 58.7% | ||
| Q4 24 | -66.4% | 53.0% | ||
| Q3 24 | -66.1% | 49.7% | ||
| Q2 24 | 28.2% | 46.6% | ||
| Q1 24 | 20.3% | 31.7% |
每股收益（稀释后）MTNRGLD
| Q4 25 | $-5.20 | $1.04 | ||
| Q3 25 | $-4.96 | $1.92 | ||
| Q2 25 | $10.54 | $2.01 | ||
| Q1 25 | $6.56 | $1.72 | ||
| Q4 24 | $-4.61 | $1.63 | ||
| Q3 24 | $-4.63 | $1.46 | ||
| Q2 24 | $9.54 | $1.23 | ||
| Q1 24 | $5.76 | $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 | $581.5M | $233.7M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $156.5M | $7.2B |
| 总资产 | $5.8B | $9.5B |
| 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MTNRGLD
| Q4 25 | $581.5M | $233.7M | ||
| Q3 25 | $440.3M | $172.8M | ||
| Q2 25 | $467.0M | $248.2M | ||
| Q1 25 | $488.2M | $240.8M | ||
| Q4 24 | $403.8M | $195.5M | ||
| Q3 24 | $322.8M | $127.9M | ||
| Q2 24 | $705.4M | $74.2M | ||
| Q1 24 | $812.2M | $137.9M |
总债务MTNRGLD
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | $0 | ||
| Q2 24 | $2.7B | $50.0M | ||
| Q1 24 | $2.7B | — |
股东权益MTNRGLD
| Q4 25 | $156.5M | $7.2B | ||
| Q3 25 | $424.5M | $3.4B | ||
| Q2 25 | $895.4M | $3.3B | ||
| Q1 25 | $530.7M | $3.2B | ||
| Q4 24 | $444.1M | $3.1B | ||
| Q3 24 | $723.5M | $3.0B | ||
| Q2 24 | $1.0B | $3.0B | ||
| Q1 24 | $829.9M | $2.9B |
总资产MTNRGLD
| Q4 25 | $5.8B | $9.5B | ||
| Q3 25 | $5.8B | $4.5B | ||
| Q2 25 | $5.8B | $3.6B | ||
| Q1 25 | $5.5B | $3.5B | ||
| Q4 24 | $5.6B | $3.4B | ||
| Q3 24 | $5.7B | $3.3B | ||
| Q2 24 | $5.8B | $3.3B | ||
| Q1 24 | $5.8B | $3.3B |
负债/权益比MTNRGLD
| Q4 25 | 16.51× | — | ||
| Q3 25 | 6.11× | — | ||
| Q2 25 | 2.35× | — | ||
| Q1 25 | 3.99× | — | ||
| Q4 24 | 6.10× | — | ||
| Q3 24 | 3.76× | 0.00× | ||
| Q2 24 | 2.69× | 0.02× | ||
| 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 | $315.9M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $244.3M | — |
| 自由现金流率自由现金流/营收 | 90.1% | — |
| 资本支出强度资本支出/营收 | 26.4% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $352.5M | — |
8季度趋势，按日历期对齐
经营现金流MTNRGLD
| Q4 25 | $315.9M | $241.7M | ||
| Q3 25 | $-171.6M | $174.0M | ||
| Q2 25 | $117.7M | $152.8M | ||
| Q1 25 | $326.3M | $136.4M | ||
| Q4 24 | $282.4M | $141.1M | ||
| Q3 24 | $-94.2M | $136.7M | ||
| Q2 24 | $109.9M | $113.5M | ||
| Q1 24 | $242.7M | $138.3M |
自由现金流MTNRGLD
| Q4 25 | $244.3M | — | ||
| Q3 25 | $-227.5M | — | ||
| Q2 25 | $84.5M | — | ||
| Q1 25 | $251.2M | — | ||
| Q4 24 | $211.4M | — | ||
| Q3 24 | $-150.3M | — | ||
| Q2 24 | $85.0M | — | ||
| Q1 24 | $165.8M | — |
自由现金流率MTNRGLD
| Q4 25 | 90.1% | — | ||
| Q3 25 | -83.9% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 22.1% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | -56.6% | — | ||
| Q2 24 | 6.6% | — | ||
| Q1 24 | 15.4% | — |
资本支出强度MTNRGLD
| Q4 25 | 26.4% | — | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 27.3% | — | ||
| Q3 24 | 21.1% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 7.1% | — |
现金转化率MTNRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | 0.30× | 1.15× | ||
| Q1 25 | 1.33× | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 0.30× | 1.40× | ||
| Q1 24 | 1.11× | 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
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% |
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% |
