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PENN Entertainment, Inc.（PENN）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
PENN Entertainment, Inc.的季度营收约是利氏兄弟拍卖行的1.5倍（$1.8B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs -0.2%，领先9.3%），PENN Entertainment, Inc.同比增速更快（6.4% vs 5.4%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs 3.4%）
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
PENN vs RBA — 直观对比
营收规模更大
PENN
是对方的1.5倍
$1.2B
营收增速更快
PENN
高出1.0%
5.4%
净利率更高
RBA
高出9.3%
-0.2%
两年增速更快
RBA
近两年复合增速
3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-2.8M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | 14.7% |
| 净利率 | -0.2% | 9.1% |
| 营收同比 | 6.4% | 5.4% |
| 净利润同比 | — | -7.4% |
| 每股收益（稀释后） | $-0.02 | $0.53 |
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PENNRBA
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $1.6B | $981.8M | ||
| Q2 24 | $1.7B | $1.1B |
净利润PENNRBA
| Q1 26 | $-2.8M | — | ||
| Q4 25 | $-72.9M | $109.7M | ||
| Q3 25 | $-864.6M | $95.5M | ||
| Q2 25 | $-17.4M | $109.8M | ||
| Q1 25 | $111.8M | $113.4M | ||
| Q4 24 | $-133.3M | $118.5M | ||
| Q3 24 | $-36.7M | $76.1M | ||
| Q2 24 | $-26.8M | $111.1M |
营业利润率PENNRBA
| Q1 26 | 5.5% | — | ||
| Q4 25 | -1.0% | 14.7% | ||
| Q3 25 | -45.2% | 14.5% | ||
| Q2 25 | 4.4% | 15.9% | ||
| Q1 25 | 2.6% | 17.1% | ||
| Q4 24 | -2.9% | 18.1% | ||
| Q3 24 | 4.1% | 15.6% | ||
| Q2 24 | 4.5% | 18.4% |
净利率PENNRBA
| Q1 26 | -0.2% | — | ||
| Q4 25 | -4.0% | 9.1% | ||
| Q3 25 | -50.3% | 8.7% | ||
| Q2 25 | -1.0% | 9.3% | ||
| Q1 25 | 6.7% | 10.2% | ||
| Q4 24 | -8.0% | 10.4% | ||
| Q3 24 | -2.2% | 7.8% | ||
| Q2 24 | -1.6% | 10.1% |
每股收益（稀释后）PENNRBA
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $-0.36 | $0.53 | ||
| Q3 25 | $-6.03 | $0.43 | ||
| Q2 25 | $-0.12 | $0.53 | ||
| Q1 25 | $0.68 | $0.55 | ||
| Q4 24 | $-0.87 | $0.58 | ||
| Q3 24 | $-0.24 | $0.36 | ||
| Q2 24 | $-0.18 | $0.54 |
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 | $708.0M | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | — | $5.6B |
| 总资产 | — | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资PENNRBA
| Q1 26 | $708.0M | — | ||
| Q4 25 | $686.6M | $531.5M | ||
| Q3 25 | $660.1M | $674.7M | ||
| Q2 25 | $671.6M | $710.2M | ||
| Q1 25 | $591.6M | $578.1M | ||
| Q4 24 | $706.6M | $533.9M | ||
| Q3 24 | $834.0M | $650.7M | ||
| Q2 24 | $877.6M | $599.5M |
总债务PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $2.3B | ||
| Q3 25 | $2.9B | $2.6B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.6B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.8B | $2.7B | ||
| Q2 24 | $2.8B | $2.8B |
股东权益PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $5.6B | ||
| Q3 25 | $2.0B | $5.5B | ||
| Q2 25 | $3.0B | $5.5B | ||
| Q1 25 | $3.0B | $5.3B | ||
| Q4 24 | $2.9B | $5.2B | ||
| Q3 24 | $3.1B | $5.2B | ||
| Q2 24 | $3.1B | $5.2B |
总资产PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | $14.3B | $12.1B | ||
| Q3 25 | $14.3B | $12.2B | ||
| Q2 25 | $15.2B | $12.2B | ||
| Q1 25 | $15.1B | $11.9B | ||
| Q4 24 | $15.3B | $11.8B | ||
| Q3 24 | $15.5B | $11.9B | ||
| Q2 24 | $15.5B | $12.1B |
负债/权益比PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | 0.42× | ||
| Q3 25 | 1.46× | 0.47× | ||
| Q2 25 | 0.94× | 0.47× | ||
| Q1 25 | 0.89× | 0.50× | ||
| Q4 24 | 0.98× | 0.50× | ||
| Q3 24 | 0.91× | 0.52× | ||
| Q2 24 | 0.91× | 0.55× |
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 | — | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | 5.3% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | $107.2M | $255.2M | ||
| Q3 25 | $180.9M | $239.7M | ||
| Q2 25 | $178.2M | $326.5M | ||
| Q1 25 | $41.9M | $156.8M | ||
| Q4 24 | $102.9M | $184.5M | ||
| Q3 24 | $174.7M | $285.4M | ||
| Q2 24 | $150.4M | $337.3M |
自由现金流PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | $-83.2M | $186.5M | ||
| Q3 25 | $8.2M | $188.5M | ||
| Q2 25 | $18.8M | $241.7M | ||
| Q1 25 | $-83.3M | $102.5M | ||
| Q4 24 | $-118.1M | $127.9M | ||
| Q3 24 | $42.6M | $248.5M | ||
| Q2 24 | $62.2M | $308.6M |
自由现金流率PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | -4.6% | 15.5% | ||
| Q3 25 | 0.5% | 17.3% | ||
| Q2 25 | 1.1% | 20.4% | ||
| Q1 25 | -5.0% | 9.2% | ||
| Q4 24 | -7.1% | 11.2% | ||
| Q3 24 | 2.6% | 25.3% | ||
| Q2 24 | 3.7% | 28.2% |
资本支出强度PENNRBA
| Q1 26 | 5.3% | — | ||
| Q4 25 | 10.5% | 5.7% | ||
| Q3 25 | 10.1% | 4.7% | ||
| Q2 25 | 9.0% | 7.2% | ||
| Q1 25 | 7.5% | 4.9% | ||
| Q4 24 | 13.2% | 5.0% | ||
| Q3 24 | 8.1% | 3.8% | ||
| Q2 24 | 5.3% | 2.6% |
现金转化率PENNRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | 0.37× | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 3.75× | ||
| Q2 24 | — | 3.04× |
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
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $358.3M | 20% |
| Midwest segment (4) | $305.9M | 17% |
| South segment (2) | $281.3M | 16% |
| West segment (3) | $145.8M | 8% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
