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Sphere Entertainment Co.（SPHR）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是Sphere Entertainment Co.的4.7倍（$1.8B vs $393.8M）。Sphere Entertainment Co.净利率更高（16.4% vs 9.6%，领先6.9%）。过去两年Sphere Entertainment Co.的营收复合增速更高（12.1% vs 11.0%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
SPHR vs WMG — 直观对比
营收规模更大
WMG
是对方的4.7倍
$393.8M
净利率更高
SPHR
高出6.9%
9.6%
两年增速更快
SPHR
近两年复合增速
11.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $393.8M | $1.8B |
| 净利润 | $64.7M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 7.3% | 15.7% |
| 净利率 | 16.4% | 9.6% |
| 营收同比 | — | 10.4% |
| 净利润同比 | — | -25.4% |
| 每股收益（稀释后） | $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SPHRWMG
| Q4 25 | $393.8M | $1.8B | ||
| Q3 25 | $262.1M | $1.9B | ||
| Q2 25 | $282.2M | $1.7B | ||
| Q1 25 | $280.1M | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $227.1M | $1.6B | ||
| Q2 24 | $272.6M | $1.6B | ||
| Q1 24 | $320.6M | $1.5B |
净利润SPHRWMG
| Q4 25 | $64.7M | $176.0M | ||
| Q3 25 | $-101.2M | $109.0M | ||
| Q2 25 | $151.8M | $-16.0M | ||
| Q1 25 | $-82.0M | $36.0M | ||
| Q4 24 | — | $236.0M | ||
| Q3 24 | $-105.3M | $41.0M | ||
| Q2 24 | $-46.6M | $139.0M | ||
| Q1 24 | $-47.2M | $96.0M |
毛利率SPHRWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率SPHRWMG
| Q4 25 | 7.3% | 15.7% | ||
| Q3 25 | -49.5% | 7.7% | ||
| Q2 25 | -17.8% | 10.0% | ||
| Q1 25 | -28.1% | 11.3% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | -51.8% | 8.8% | ||
| Q2 24 | -66.3% | 13.3% | ||
| Q1 24 | -12.6% | 8.0% |
净利率SPHRWMG
| Q4 25 | 16.4% | 9.6% | ||
| Q3 25 | -38.6% | 5.8% | ||
| Q2 25 | 53.8% | -0.9% | ||
| Q1 25 | -29.3% | 2.4% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | -46.4% | 2.5% | ||
| Q2 24 | -17.1% | 8.9% | ||
| Q1 24 | -14.7% | 6.4% |
每股收益（稀释后）SPHRWMG
| Q4 25 | $2.42 | — | ||
| Q3 25 | $-2.80 | — | ||
| Q2 25 | $3.39 | — | ||
| Q1 25 | $-2.27 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-2.95 | — | ||
| Q2 24 | $-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 | — | $751.0M |
| 总债务越低越好 | $692.7M | $4.4B |
| 股东权益账面价值 | $2.2B | $720.0M |
| 总资产 | $4.2B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.31× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资SPHRWMG
| Q4 25 | — | $751.0M | ||
| Q3 25 | $384.8M | $532.0M | ||
| Q2 25 | $355.7M | $527.0M | ||
| Q1 25 | $465.0M | $637.0M | ||
| Q4 24 | — | $802.0M | ||
| Q3 24 | — | $694.0M | ||
| Q2 24 | $559.8M | $607.0M | ||
| Q1 24 | — | $587.0M |
总债务SPHRWMG
| Q4 25 | $692.7M | $4.4B | ||
| Q3 25 | $733.8M | $4.4B | ||
| Q2 25 | $743.8M | $4.4B | ||
| Q1 25 | $1.3B | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $1.4B | $4.0B | ||
| Q2 24 | $1.4B | $4.0B | ||
| Q1 24 | $1.4B | $4.0B |
股东权益SPHRWMG
| Q4 25 | $2.2B | $720.0M | ||
| Q3 25 | $2.2B | $647.0M | ||
| Q2 25 | $2.3B | $589.0M | ||
| Q1 25 | $2.1B | $567.0M | ||
| Q4 24 | — | $545.0M | ||
| Q3 24 | $2.3B | $518.0M | ||
| Q2 24 | $2.4B | $483.0M | ||
| Q1 24 | $2.4B | $433.0M |
总资产SPHRWMG
| Q4 25 | $4.2B | $10.0B | ||
| Q3 25 | $4.1B | $9.8B | ||
| Q2 25 | $4.2B | $9.8B | ||
| Q1 25 | $4.4B | $9.6B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | $4.6B | $9.2B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | $4.9B | $8.7B |
负债/权益比SPHRWMG
| Q4 25 | 0.31× | 6.07× | ||
| Q3 25 | 0.34× | 6.75× | ||
| Q2 25 | 0.32× | 7.41× | ||
| Q1 25 | 0.62× | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | 0.59× | 7.75× | ||
| Q2 24 | 0.57× | 8.24× | ||
| Q1 24 | 0.57× | 9.20× |
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 | $180.2M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | 2.78× | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流SPHRWMG
| Q4 25 | $180.2M | $440.0M | ||
| Q3 25 | $115.8M | $231.0M | ||
| Q2 25 | $-59.1M | $46.0M | ||
| Q1 25 | $6.3M | $69.0M | ||
| Q4 24 | — | $332.0M | ||
| Q3 24 | $34.1M | $304.0M | ||
| Q2 24 | $-72.4M | $188.0M | ||
| Q1 24 | $101.0M | $-31.0M |
自由现金流SPHRWMG
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | — | $7.0M | ||
| Q1 25 | — | $33.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $271.0M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $-57.0M |
自由现金流率SPHRWMG
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | — | 10.3% | ||
| Q1 24 | — | -3.8% |
资本支出强度SPHRWMG
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.7% |
现金转化率SPHRWMG
| Q4 25 | 2.78× | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | -0.39× | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 7.41× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | -0.32× |
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
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
