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AES Corporation（AES）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
AES Corporation的季度营收约是Restaurant Brands International Inc.的1.3倍（$3.1B vs $2.5B），AES Corporation净利率更高（10.3% vs 6.3%，领先4.0%），Restaurant Brands International Inc.同比增速更快（7.4% vs 4.7%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $-47.0M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 0.3%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
AES vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $2.5B |
| 净利润 | $320.0M | $155.0M |
| 毛利率 | 18.8% | — |
| 营业利润率 | -8.7% | 25.2% |
| 净利率 | 10.3% | 6.3% |
| 营收同比 | 4.7% | 7.4% |
| 净利润同比 | -42.9% | -57.1% |
| 每股收益（稀释后） | $0.45 | $0.33 |
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
| Q4 25 | $3.1B | $2.5B | ||
| Q3 25 | $3.4B | $2.4B | ||
| Q2 25 | $2.9B | $2.4B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $3.3B | $2.3B | ||
| Q2 24 | $2.9B | $2.1B | ||
| Q1 24 | $3.1B | $1.7B |
| Q4 25 | $320.0M | $155.0M | ||
| Q3 25 | $639.0M | $436.0M | ||
| Q2 25 | $-95.0M | $263.0M | ||
| Q1 25 | $46.0M | $221.0M | ||
| Q4 24 | $560.0M | $361.0M | ||
| Q3 24 | $502.0M | $357.0M | ||
| Q2 24 | $185.0M | $399.0M | ||
| Q1 24 | $432.0M | $328.0M |
| Q4 25 | 18.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 18.8% | — | ||
| Q1 24 | 20.1% | 65.2% |
| Q4 25 | -8.7% | 25.2% | ||
| Q3 25 | 9.8% | 27.1% | ||
| Q2 25 | 1.4% | 20.0% | ||
| Q1 25 | -0.8% | 20.6% | ||
| Q4 24 | 12.3% | 27.7% | ||
| Q3 24 | 10.0% | 25.2% | ||
| Q2 24 | -2.6% | 31.9% | ||
| Q1 24 | 9.0% | 31.3% |
| Q4 25 | 10.3% | 6.3% | ||
| Q3 25 | 19.1% | 17.8% | ||
| Q2 25 | -3.3% | 10.9% | ||
| Q1 25 | 1.6% | 10.5% | ||
| Q4 24 | 18.9% | 15.7% | ||
| Q3 24 | 15.3% | 15.6% | ||
| Q2 24 | 6.3% | 19.2% | ||
| Q1 24 | 14.0% | 18.9% |
| Q4 25 | $0.45 | $0.33 | ||
| Q3 25 | $0.89 | $0.96 | ||
| Q2 25 | $-0.15 | $0.57 | ||
| Q1 25 | $0.07 | $0.49 | ||
| Q4 24 | $0.78 | $0.79 | ||
| Q3 24 | $0.71 | $0.79 | ||
| Q2 24 | $0.27 | $0.88 | ||
| Q1 24 | $0.60 | $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 | $1.6B | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $4.1B | $3.6B |
| 总资产 | $51.8B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $2.4B | — |
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B | ||
| Q1 24 | — | $12.9B |
| Q4 25 | $4.1B | $3.6B | ||
| Q3 25 | $3.9B | $3.4B | ||
| Q2 25 | $3.4B | $3.3B | ||
| Q1 25 | $3.5B | $3.1B | ||
| Q4 24 | $3.6B | $3.1B | ||
| Q3 24 | $3.3B | $3.2B | ||
| Q2 24 | $3.1B | $3.1B | ||
| Q1 24 | $2.9B | $3.0B |
| Q4 25 | $51.8B | $25.6B | ||
| Q3 25 | $50.8B | $25.7B | ||
| Q2 25 | $48.5B | $25.7B | ||
| Q1 25 | $48.6B | $24.9B | ||
| Q4 24 | $47.4B | $24.6B | ||
| Q3 24 | $50.1B | $25.1B | ||
| Q2 24 | $47.7B | $24.8B | ||
| Q1 24 | $47.0B | $23.1B |
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | — | 4.35× |
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 | $1.5B | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $453.0M |
| 自由现金流率自由现金流/营收 | -1.5% | 18.4% |
| 资本支出强度资本支出/营收 | 49.5% | 4.1% |
| 现金转化率经营现金流/净利润 | 4.65× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $1.5B | $555.0M | ||
| Q3 25 | $1.3B | $592.0M | ||
| Q2 25 | $976.0M | $449.0M | ||
| Q1 25 | $545.0M | $118.0M | ||
| Q4 24 | $1.1B | $481.0M | ||
| Q3 24 | $985.0M | $540.0M | ||
| Q2 24 | $392.0M | $334.0M | ||
| Q1 24 | $287.0M | $148.0M |
| Q4 25 | $-47.0M | $453.0M | ||
| Q3 25 | $-511.0M | $531.0M | ||
| Q2 25 | $-356.0M | $411.0M | ||
| Q1 25 | $-709.0M | $54.0M | ||
| Q4 24 | $-639.0M | $404.0M | ||
| Q3 24 | $-847.0M | $485.0M | ||
| Q2 24 | $-1.3B | $291.0M | ||
| Q1 24 | $-1.9B | $122.0M |
| Q4 25 | -1.5% | 18.4% | ||
| Q3 25 | -15.2% | 21.7% | ||
| Q2 25 | -12.5% | 17.1% | ||
| Q1 25 | -24.2% | 2.6% | ||
| Q4 24 | -21.6% | 17.6% | ||
| Q3 24 | -25.8% | 21.2% | ||
| Q2 24 | -43.9% | 14.0% | ||
| Q1 24 | -60.3% | 7.0% |
| Q4 25 | 49.5% | 4.1% | ||
| Q3 25 | 54.0% | 2.5% | ||
| Q2 25 | 46.7% | 1.6% | ||
| Q1 25 | 42.9% | 3.0% | ||
| Q4 24 | 58.3% | 3.4% | ||
| Q3 24 | 55.7% | 2.4% | ||
| Q2 24 | 57.3% | 2.1% | ||
| Q1 24 | 69.6% | 1.5% |
| Q4 25 | 4.65× | 3.58× | ||
| Q3 25 | 2.03× | 1.36× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | 11.85× | 0.53× | ||
| Q4 24 | 1.94× | 1.33× | ||
| Q3 24 | 1.96× | 1.51× | ||
| Q2 24 | 2.12× | 0.84× | ||
| Q1 24 | 0.66× | 0.45× |
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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
