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华纳音乐集团（WMG）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
永利度假村的季度营收约是华纳音乐集团的1.0倍（$1.9B vs $1.8B），华纳音乐集团净利率更高（9.6% vs 5.4%，领先4.2%），华纳音乐集团同比增速更快（10.4% vs 1.5%），华纳音乐集团自由现金流更多（$420.0M vs $306.8M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 0.1%）
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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
WMG vs WYNN — 直观对比
营收规模更大
WYNN
是对方的1.0倍
$1.8B
营收增速更快
WMG
高出9.0%
1.5%
净利率更高
WMG
高出4.2%
5.4%
自由现金流更多
WMG
多$113.2M
$306.8M
两年增速更快
WMG
近两年复合增速
0.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.9B |
| 净利润 | $176.0M | $100.0M |
| 毛利率 | 46.4% | — |
| 营业利润率 | 15.7% | 14.7% |
| 净利率 | 9.6% | 5.4% |
| 营收同比 | 10.4% | 1.5% |
| 净利润同比 | -25.4% | -63.9% |
| 每股收益（稀释后） | — | $0.96 |
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WMGWYNN
| Q4 25 | $1.8B | $1.9B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.5B | $1.7B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.6B | $1.7B | ||
| Q1 24 | $1.5B | $1.9B |
净利润WMGWYNN
| Q4 25 | $176.0M | $100.0M | ||
| Q3 25 | $109.0M | $88.3M | ||
| Q2 25 | $-16.0M | $66.2M | ||
| Q1 25 | $36.0M | $72.7M | ||
| Q4 24 | $236.0M | $277.0M | ||
| Q3 24 | $41.0M | $-32.1M | ||
| Q2 24 | $139.0M | $111.9M | ||
| Q1 24 | $96.0M | $144.2M |
毛利率WMGWYNN
| 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WMGWYNN
| Q4 25 | 15.7% | 14.7% | ||
| Q3 25 | 7.7% | 16.9% | ||
| Q2 25 | 10.0% | 15.2% | ||
| Q1 25 | 11.3% | 15.8% | ||
| Q4 24 | 12.8% | 20.0% | ||
| Q3 24 | 8.8% | 7.9% | ||
| Q2 24 | 13.3% | 15.6% | ||
| Q1 24 | 8.0% | 19.5% |
净利率WMGWYNN
| Q4 25 | 9.6% | 5.4% | ||
| Q3 25 | 5.8% | 4.8% | ||
| Q2 25 | -0.9% | 3.8% | ||
| Q1 25 | 2.4% | 4.3% | ||
| Q4 24 | 14.2% | 15.1% | ||
| Q3 24 | 2.5% | -1.9% | ||
| Q2 24 | 8.9% | 6.5% | ||
| Q1 24 | 6.4% | 7.7% |
每股收益（稀释后）WMGWYNN
| Q4 25 | — | $0.96 | ||
| Q3 25 | — | $0.85 | ||
| Q2 25 | — | $0.64 | ||
| Q1 25 | — | $0.69 | ||
| Q4 24 | — | $2.43 | ||
| Q3 24 | — | $-0.29 | ||
| Q2 24 | — | $0.91 | ||
| Q1 24 | — | $1.30 |
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 | $1.5B |
| 总债务越低越好 | $4.4B | $10.5B |
| 股东权益账面价值 | $720.0M | $-275.5M |
| 总资产 | $10.0B | $13.1B |
| 负债/权益比越低杠杆越低 | 6.07× | — |
8季度趋势，按日历期对齐
现金及短期投资WMGWYNN
| Q4 25 | $751.0M | $1.5B | ||
| Q3 25 | $532.0M | $1.5B | ||
| Q2 25 | $527.0M | $2.0B | ||
| Q1 25 | $637.0M | $2.1B | ||
| Q4 24 | $802.0M | $2.4B | ||
| Q3 24 | $694.0M | $2.4B | ||
| Q2 24 | $607.0M | $2.4B | ||
| Q1 24 | $587.0M | $2.4B |
总债务WMGWYNN
| Q4 25 | $4.4B | $10.5B | ||
| Q3 25 | $4.4B | $10.6B | ||
| Q2 25 | $4.4B | $10.5B | ||
| Q1 25 | $4.3B | $10.6B | ||
| Q4 24 | $4.0B | $10.5B | ||
| Q3 24 | $4.0B | $11.8B | ||
| Q2 24 | $4.0B | $11.0B | ||
| Q1 24 | $4.0B | $11.2B |
股东权益WMGWYNN
| Q4 25 | $720.0M | $-275.5M | ||
| Q3 25 | $647.0M | $-370.0M | ||
| Q2 25 | $589.0M | $-441.5M | ||
| Q1 25 | $567.0M | $-360.7M | ||
| Q4 24 | $545.0M | $-224.2M | ||
| Q3 24 | $518.0M | $-281.4M | ||
| Q2 24 | $483.0M | $-109.8M | ||
| Q1 24 | $433.0M | $-137.0M |
总资产WMGWYNN
| Q4 25 | $10.0B | $13.1B | ||
| Q3 25 | $9.8B | $12.8B | ||
| Q2 25 | $9.8B | $12.7B | ||
| Q1 25 | $9.6B | $12.7B | ||
| Q4 24 | $9.1B | $13.0B | ||
| Q3 24 | $9.2B | $14.1B | ||
| Q2 24 | $8.8B | $13.3B | ||
| Q1 24 | $8.7B | $13.5B |
负债/权益比WMGWYNN
| Q4 25 | 6.07× | — | ||
| Q3 25 | 6.75× | — | ||
| Q2 25 | 7.41× | — | ||
| Q1 25 | 7.57× | — | ||
| Q4 24 | 7.26× | — | ||
| Q3 24 | 7.75× | — | ||
| Q2 24 | 8.24× | — | ||
| Q1 24 | 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 | $440.0M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $420.0M | $306.8M |
| 自由现金流率自由现金流/营收 | 22.8% | 16.4% |
| 资本支出强度资本支出/营收 | 1.1% | 9.2% |
| 现金转化率经营现金流/净利润 | 2.50× | 4.78× |
| 过去12个月自由现金流最近4个季度 | $663.0M | $692.2M |
8季度趋势，按日历期对齐
经营现金流WMGWYNN
| Q4 25 | $440.0M | $478.0M | ||
| Q3 25 | $231.0M | $335.8M | ||
| Q2 25 | $46.0M | $405.1M | ||
| Q1 25 | $69.0M | $133.8M | ||
| Q4 24 | $332.0M | $479.0M | ||
| Q3 24 | $304.0M | $279.3M | ||
| Q2 24 | $188.0M | $352.8M | ||
| Q1 24 | $-31.0M | $315.1M |
自由现金流WMGWYNN
| Q4 25 | $420.0M | $306.8M | ||
| Q3 25 | $203.0M | $171.8M | ||
| Q2 25 | $7.0M | $239.8M | ||
| Q1 25 | $33.0M | $-26.2M | ||
| Q4 24 | $296.0M | $351.8M | ||
| Q3 24 | $271.0M | $178.0M | ||
| Q2 24 | $160.0M | $259.1M | ||
| Q1 24 | $-57.0M | $217.4M |
自由现金流率WMGWYNN
| Q4 25 | 22.8% | 16.4% | ||
| Q3 25 | 10.9% | 9.4% | ||
| Q2 25 | 0.4% | 13.8% | ||
| Q1 25 | 2.2% | -1.5% | ||
| Q4 24 | 17.8% | 19.1% | ||
| Q3 24 | 16.6% | 10.5% | ||
| Q2 24 | 10.3% | 15.0% | ||
| Q1 24 | -3.8% | 11.7% |
资本支出强度WMGWYNN
| Q4 25 | 1.1% | 9.2% | ||
| Q3 25 | 1.5% | 8.9% | ||
| Q2 25 | 2.3% | 9.5% | ||
| Q1 25 | 2.4% | 9.4% | ||
| Q4 24 | 2.2% | 6.9% | ||
| Q3 24 | 2.0% | 6.0% | ||
| Q2 24 | 1.8% | 5.4% | ||
| Q1 24 | 1.7% | 5.2% |
现金转化率WMGWYNN
| Q4 25 | 2.50× | 4.78× | ||
| Q3 25 | 2.12× | 3.80× | ||
| Q2 25 | — | 6.12× | ||
| Q1 25 | 1.92× | 1.84× | ||
| Q4 24 | 1.41× | 1.73× | ||
| Q3 24 | 7.41× | — | ||
| Q2 24 | 1.35× | 3.15× | ||
| Q1 24 | -0.32× | 2.18× |
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
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
