vs
Reservoir Media, Inc.（RSVR）与Sphere Entertainment Co.（SPHR）财务数据对比。点击上方公司名可切换其他公司
Sphere Entertainment Co.的季度营收约是Reservoir Media, Inc.的8.6倍（$393.8M vs $45.6M）。Sphere Entertainment Co.净利率更高（16.4% vs 4.8%，领先11.6%）。过去两年Sphere Entertainment Co.的营收复合增速更高（12.1% vs 7.9%）
Reservoir Media是全球领先的独立音乐版权管理企业，拥有并管理海量录音、音乐出版及邻接权版权库，合作各流派知名词曲作者、歌手与制作人，为流媒体平台、影视制作、广告、现场演出等场景提供版权授权服务，业务覆盖北美、欧洲、亚太等主要市场。
Sphere Entertainment Co.是总部位于纽约的美国娱乐控股企业，由查尔斯·多兰家族掌控，旗下拥有位于内华达州拉斯维加斯谷帕拉代斯的Sphere演艺场馆，以及总部位于纽约的区域体育网络连锁品牌MSG Networks。
RSVR vs SPHR — 直观对比
营收规模更大
SPHR
是对方的8.6倍
$45.6M
净利率更高
SPHR
高出11.6%
4.8%
两年增速更快
SPHR
近两年复合增速
7.9%
损益表 — Q3 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $45.6M | $393.8M |
| 净利润 | $2.2M | $64.7M |
| 毛利率 | 64.5% | — |
| 营业利润率 | 22.7% | 7.3% |
| 净利率 | 4.8% | 16.4% |
| 营收同比 | 7.7% | — |
| 净利润同比 | -58.1% | — |
| 每股收益（稀释后） | $0.03 | $2.42 |
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RSVRSPHR
| Q4 25 | $45.6M | $393.8M | ||
| Q3 25 | $45.4M | $262.1M | ||
| Q2 25 | $37.2M | $282.2M | ||
| Q1 25 | $41.4M | $280.1M | ||
| Q4 24 | $42.3M | — | ||
| Q3 24 | $40.7M | $227.1M | ||
| Q2 24 | $34.3M | $272.6M | ||
| Q1 24 | $39.1M | $320.6M |
净利润RSVRSPHR
| Q4 25 | $2.2M | $64.7M | ||
| Q3 25 | $2.3M | $-101.2M | ||
| Q2 25 | $-555.7K | $151.8M | ||
| Q1 25 | $2.7M | $-82.0M | ||
| Q4 24 | $5.2M | — | ||
| Q3 24 | $185.0K | $-105.3M | ||
| Q2 24 | $-346.7K | $-46.6M | ||
| Q1 24 | $2.8M | $-47.2M |
毛利率RSVRSPHR
| Q4 25 | 64.5% | — | ||
| Q3 25 | 63.6% | — | ||
| Q2 25 | 64.5% | — | ||
| Q1 25 | 65.6% | — | ||
| Q4 24 | 64.4% | — | ||
| Q3 24 | 63.5% | — | ||
| Q2 24 | 61.3% | — | ||
| Q1 24 | 63.4% | — |
营业利润率RSVRSPHR
| Q4 25 | 22.7% | 7.3% | ||
| Q3 25 | 23.5% | -49.5% | ||
| Q2 25 | 14.7% | -17.8% | ||
| Q1 25 | 25.2% | -28.1% | ||
| Q4 24 | 22.6% | — | ||
| Q3 24 | 24.9% | -51.8% | ||
| Q2 24 | 14.5% | -66.3% | ||
| Q1 24 | 22.4% | -12.6% |
净利率RSVRSPHR
| Q4 25 | 4.8% | 16.4% | ||
| Q3 25 | 5.0% | -38.6% | ||
| Q2 25 | -1.5% | 53.8% | ||
| Q1 25 | 6.4% | -29.3% | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 0.5% | -46.4% | ||
| Q2 24 | -1.0% | -17.1% | ||
| Q1 24 | 7.1% | -14.7% |
每股收益（稀释后）RSVRSPHR
| Q4 25 | $0.03 | $2.42 | ||
| Q3 25 | $0.03 | $-2.80 | ||
| Q2 25 | $-0.01 | $3.39 | ||
| Q1 25 | — | $-2.27 | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | — | $-2.95 | ||
| Q2 24 | $-0.01 | $-1.33 | ||
| Q1 24 | — | $-1.33 |
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 | $20.6M | — |
| 总债务越低越好 | — | $692.7M |
| 股东权益账面价值 | $373.6M | $2.2B |
| 总资产 | $941.9M | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资RSVRSPHR
| Q4 25 | $20.6M | — | ||
| Q3 25 | $27.9M | $384.8M | ||
| Q2 25 | $14.9M | $355.7M | ||
| Q1 25 | $21.4M | $465.0M | ||
| Q4 24 | $17.8M | — | ||
| Q3 24 | $21.1M | — | ||
| Q2 24 | $16.4M | $559.8M | ||
| Q1 24 | $18.1M | — |
总债务RSVRSPHR
| Q4 25 | — | $692.7M | ||
| Q3 25 | — | $733.8M | ||
| Q2 25 | — | $743.8M | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
股东权益RSVRSPHR
| Q4 25 | $373.6M | $2.2B | ||
| Q3 25 | $370.9M | $2.2B | ||
| Q2 25 | $368.9M | $2.3B | ||
| Q1 25 | $364.9M | $2.1B | ||
| Q4 24 | $359.5M | — | ||
| Q3 24 | $357.9M | $2.3B | ||
| Q2 24 | $353.0M | $2.4B | ||
| Q1 24 | $353.0M | $2.4B |
总资产RSVRSPHR
| Q4 25 | $941.9M | $4.2B | ||
| Q3 25 | $903.5M | $4.1B | ||
| Q2 25 | $857.0M | $4.2B | ||
| Q1 25 | $865.1M | $4.4B | ||
| Q4 24 | $832.4M | — | ||
| Q3 24 | $778.2M | $4.6B | ||
| Q2 24 | $768.2M | — | ||
| Q1 24 | $783.5M | $4.9B |
负债/权益比RSVRSPHR
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.57× |
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 | $12.9M | $180.2M |
| 自由现金流经营现金流 - 资本支出 | $12.8M | — |
| 自由现金流率自由现金流/营收 | 28.1% | — |
| 资本支出强度资本支出/营收 | 0.3% | — |
| 现金转化率经营现金流/净利润 | 5.89× | 2.78× |
| 过去12个月自由现金流最近4个季度 | $50.1M | — |
8季度趋势，按日历期对齐
经营现金流RSVRSPHR
| Q4 25 | $12.9M | $180.2M | ||
| Q3 25 | $19.3M | $115.8M | ||
| Q2 25 | $6.0M | $-59.1M | ||
| Q1 25 | $12.2M | $6.3M | ||
| Q4 24 | $11.2M | — | ||
| Q3 24 | $13.3M | $34.1M | ||
| Q2 24 | $8.6M | $-72.4M | ||
| Q1 24 | $13.8M | $101.0M |
自由现金流RSVRSPHR
| Q4 25 | $12.8M | — | ||
| Q3 25 | $19.2M | — | ||
| Q2 25 | $6.0M | — | ||
| Q1 25 | $12.2M | — | ||
| Q4 24 | $11.2M | — | ||
| Q3 24 | $13.3M | — | ||
| Q2 24 | $8.5M | — | ||
| Q1 24 | $13.8M | — |
自由现金流率RSVRSPHR
| Q4 25 | 28.1% | — | ||
| Q3 25 | 42.2% | — | ||
| Q2 25 | 16.1% | — | ||
| Q1 25 | 29.3% | — | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 35.2% | — |
资本支出强度RSVRSPHR
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
现金转化率RSVRSPHR
| Q4 25 | 5.89× | 2.78× | ||
| Q3 25 | 8.54× | — | ||
| Q2 25 | — | -0.39× | ||
| Q1 25 | 4.56× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 71.97× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.93× | — |
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
RSVR
| Other | $18.9M | 42% |
| Recorded Music Segment | $12.9M | 28% |
| Performance | $6.2M | 14% |
| Synchronization | $4.6M | 10% |
| Physical | $1.9M | 4% |
| Neighboring Rights | $1.1M | 3% |
SPHR
| Ticketing And Venue License Fee Revenues | $198.5M | 50% |
| Media Networks Revenue | $120.1M | 30% |
| Sponsorship Signage Exosphere Advertising And Suite Licenses | $32.2M | 8% |
| Food Beverage And Merchandise Revenues | $27.6M | 7% |
| Other | $13.2M | 3% |
| Related Party | $2.3M | 1% |
