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美国铁塔（AMT）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
美国铁塔的季度营收约是Restaurant Brands International Inc.的1.1倍（$2.7B vs $2.5B），美国铁塔净利率更高（110.1% vs 6.3%，领先103.8%），Restaurant Brands International Inc.同比增速更快（7.4% vs 6.8%），美国铁塔自由现金流更多（$941.0M vs $453.0M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 3.7%）
美国铁塔是全球规模最大的房地产投资信托基金（REIT）之一，作为领先的独立多租户通信地产持有、运营及开发商，目前在全球范围内拥有约21.9万个通信站点，为全球通信产业提供可靠的基础设施支持。
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。
AMT vs QSR — 直观对比
营收规模更大
AMT
是对方的1.1倍
$2.5B
营收增速更快
QSR
高出0.6%
6.8%
净利率更高
AMT
高出103.8%
6.3%
自由现金流更多
AMT
多$488.0M
$453.0M
两年增速更快
QSR
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.5B |
| 净利润 | $3.0B | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.0% | 25.2% |
| 净利率 | 110.1% | 6.3% |
| 营收同比 | 6.8% | 7.4% |
| 净利润同比 | -2.6% | -57.1% |
| 每股收益（稀释后） | — | $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
营收AMTQSR
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.6B | $2.4B | ||
| Q1 25 | $2.6B | $2.1B | ||
| Q4 24 | $2.5B | $2.3B | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $2.5B | $2.1B |
净利润AMTQSR
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $155.0M | ||
| Q3 25 | $912.6M | $436.0M | ||
| Q2 25 | $380.5M | $263.0M | ||
| Q1 25 | $498.6M | $221.0M | ||
| Q4 24 | $1.2B | $361.0M | ||
| Q3 24 | $-780.4M | $357.0M | ||
| Q2 24 | $908.4M | $399.0M |
营业利润率AMTQSR
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | 25.2% | ||
| Q3 25 | 45.4% | 27.1% | ||
| Q2 25 | 45.6% | 20.0% | ||
| Q1 25 | 48.9% | 20.6% | ||
| Q4 24 | 42.4% | 27.7% | ||
| Q3 24 | 45.2% | 25.2% | ||
| Q2 24 | 45.4% | 31.9% |
净利率AMTQSR
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | 6.3% | ||
| Q3 25 | 33.6% | 17.8% | ||
| Q2 25 | 14.5% | 10.9% | ||
| Q1 25 | 19.5% | 10.5% | ||
| Q4 24 | 48.3% | 15.7% | ||
| Q3 24 | -30.9% | 15.6% | ||
| Q2 24 | 35.7% | 19.2% |
每股收益（稀释后）AMTQSR
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | $0.33 | ||
| Q3 25 | $1.82 | $0.96 | ||
| Q2 25 | $0.78 | $0.57 | ||
| Q1 25 | $1.04 | $0.49 | ||
| Q4 24 | $2.63 | $0.79 | ||
| Q3 24 | $-1.69 | $0.79 | ||
| Q2 24 | $1.92 | $0.88 |
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 | $10.2B | $3.6B |
| 总资产 | — | $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
现金及短期投资AMTQSR
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $2.2B | — |
总债务AMTQSR
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $13.3B | ||
| Q3 25 | $34.9B | $13.5B | ||
| Q2 25 | $35.2B | $13.6B | ||
| Q1 25 | $34.0B | $13.6B | ||
| Q4 24 | $32.8B | $13.6B | ||
| Q3 24 | $33.4B | $13.7B | ||
| Q2 24 | $35.6B | $13.7B |
股东权益AMTQSR
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $3.6B | ||
| Q3 25 | $4.0B | $3.4B | ||
| Q2 25 | $3.7B | $3.3B | ||
| Q1 25 | $3.5B | $3.1B | ||
| Q4 24 | $3.4B | $3.1B | ||
| Q3 24 | $3.6B | $3.2B | ||
| Q2 24 | $3.9B | $3.1B |
总资产AMTQSR
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $25.6B | ||
| Q3 25 | $63.9B | $25.7B | ||
| Q2 25 | $63.8B | $25.7B | ||
| Q1 25 | $62.1B | $24.9B | ||
| Q4 24 | $61.1B | $24.6B | ||
| Q3 24 | $62.8B | $25.1B | ||
| Q2 24 | $65.8B | $24.8B |
负债/权益比AMTQSR
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 3.65× | ||
| Q3 25 | 8.82× | 3.99× | ||
| Q2 25 | 9.48× | 4.10× | ||
| Q1 25 | 9.63× | 4.37× | ||
| Q4 24 | 9.70× | 4.39× | ||
| Q3 24 | 9.16× | 4.22× | ||
| Q2 24 | 9.24× | 4.46× |
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 | — | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $453.0M |
| 自由现金流率自由现金流/营收 | 34.4% | 18.4% |
| 资本支出强度资本支出/营收 | 16.8% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 3.58× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $1.4B |
8季度趋势，按日历期对齐
经营现金流AMTQSR
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $555.0M | ||
| Q3 25 | $1.5B | $592.0M | ||
| Q2 25 | $1.3B | $449.0M | ||
| Q1 25 | $1.3B | $118.0M | ||
| Q4 24 | $5.3B | $481.0M | ||
| Q3 24 | $1.5B | $540.0M | ||
| Q2 24 | $1.3B | $334.0M |
自由现金流AMTQSR
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $453.0M | ||
| Q3 25 | $994.5M | $531.0M | ||
| Q2 25 | $976.9M | $411.0M | ||
| Q1 25 | $963.9M | $54.0M | ||
| Q4 24 | $3.7B | $404.0M | ||
| Q3 24 | $1.0B | $485.0M | ||
| Q2 24 | $1.0B | $291.0M |
自由现金流率AMTQSR
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 18.4% | ||
| Q3 25 | 36.6% | 21.7% | ||
| Q2 25 | 37.2% | 17.1% | ||
| Q1 25 | 37.6% | 2.6% | ||
| Q4 24 | 145.3% | 17.6% | ||
| Q3 24 | 41.4% | 21.2% | ||
| Q2 24 | 39.8% | 14.0% |
资本支出强度AMTQSR
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 4.1% | ||
| Q3 25 | 17.1% | 2.5% | ||
| Q2 25 | 11.6% | 1.6% | ||
| Q1 25 | 12.9% | 3.0% | ||
| Q4 24 | 62.4% | 3.4% | ||
| Q3 24 | 16.8% | 2.4% | ||
| Q2 24 | 12.8% | 2.1% |
现金转化率AMTQSR
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | 3.58× | ||
| Q3 25 | 1.60× | 1.36× | ||
| Q2 25 | 3.37× | 1.71× | ||
| Q1 25 | 2.60× | 0.53× | ||
| Q4 24 | 4.30× | 1.33× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | 1.47× | 0.84× |
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
AMT
暂无分部数据
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% |
