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American Water Works（AWK）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
American Water Works的季度营收约是达美乐的1.1倍（$1.3B vs $1.2B），American Water Works净利率更高（18.7% vs 12.2%，领先6.6%），American Water Works同比增速更快（5.8% vs 3.5%），达美乐自由现金流更多（$147.0M vs $-385.0M），过去两年American Water Works的营收复合增速更高（12.6% vs 3.0%）
American Water Works通过旗下子公司在美国境内提供专业供水与污水处理服务，业务覆盖14个州的约1700个社区，服务约340万活跃用户，客户群体涵盖住宅用户、食品饮料供应商、商业地产开发商与运营商、能源供应商等商业客户、消防服务及工业类客户等。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
AWK vs DPZ — 直观对比
营收规模更大
AWK
是对方的1.1倍
$1.2B
营收增速更快
AWK
高出2.4%
3.5%
净利率更高
AWK
高出6.6%
12.2%
自由现金流更多
DPZ
多$532.0M
$-385.0M
两年增速更快
AWK
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $238.0M | $139.8M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 31.9% | 20.0% |
| 净利率 | 18.7% | 12.2% |
| 营收同比 | 5.8% | 3.5% |
| 净利润同比 | -0.4% | -6.6% |
| 每股收益（稀释后） | $1.22 | $4.13 |
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AWKDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B |
净利润AWKDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $238.0M | — | ||
| Q3 25 | $379.0M | $139.3M | ||
| Q2 25 | $289.0M | $131.1M | ||
| Q1 25 | $205.0M | $149.7M | ||
| Q4 24 | $239.0M | $169.4M | ||
| Q3 24 | $350.0M | $146.9M | ||
| Q2 24 | $277.0M | $142.0M |
毛利率AWKDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 40.1% | ||
| Q2 25 | — | 40.3% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 39.2% | ||
| Q2 24 | — | 39.8% |
营业利润率AWKDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | 31.9% | — | ||
| Q3 25 | 42.2% | 19.5% | ||
| Q2 25 | 38.4% | 19.7% | ||
| Q1 25 | 32.7% | 18.9% | ||
| Q4 24 | 33.3% | 19.0% | ||
| Q3 24 | 40.9% | 18.4% | ||
| Q2 24 | 39.4% | 17.9% |
净利率AWKDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 18.7% | — | ||
| Q3 25 | 26.1% | 12.1% | ||
| Q2 25 | 22.7% | 11.4% | ||
| Q1 25 | 18.1% | 13.5% | ||
| Q4 24 | 19.9% | 11.7% | ||
| Q3 24 | 26.4% | 13.6% | ||
| Q2 24 | 24.3% | 12.9% |
每股收益（稀释后）AWKDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $1.22 | — | ||
| Q3 25 | $1.94 | $4.08 | ||
| Q2 25 | $1.48 | $3.81 | ||
| Q1 25 | $1.05 | $4.33 | ||
| Q4 24 | $1.22 | $4.89 | ||
| Q3 24 | $1.80 | $4.19 | ||
| Q2 24 | $1.42 | $4.03 |
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 | $98.0M | $232.9M |
| 总债务越低越好 | $12.8B | $4.9B |
| 股东权益账面价值 | $10.8B | — |
| 总资产 | $35.4B | $1.8B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资AWKDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $98.0M | — | ||
| Q3 25 | $166.0M | $139.7M | ||
| Q2 25 | $94.0M | $272.9M | ||
| Q1 25 | $114.0M | $304.3M | ||
| Q4 24 | $96.0M | $186.1M | ||
| Q3 24 | $127.0M | $189.1M | ||
| Q2 24 | $48.0M | $283.7M |
总债务AWKDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | $12.8B | — | ||
| Q3 25 | $13.0B | $4.8B | ||
| Q2 25 | $12.3B | $3.8B | ||
| Q1 25 | $13.3B | $3.8B | ||
| Q4 24 | $12.5B | $3.8B | ||
| Q3 24 | $12.6B | $5.0B | ||
| Q2 24 | $12.6B | $5.0B |
股东权益AWKDPZ
| Q1 26 | — | — | ||
| Q4 25 | $10.8B | — | ||
| Q3 25 | $10.9B | $-4.0B | ||
| Q2 25 | $10.7B | $-4.0B | ||
| Q1 25 | $10.5B | $-3.9B | ||
| Q4 24 | $10.3B | $-4.0B | ||
| Q3 24 | $10.4B | $-4.0B | ||
| Q2 24 | $10.2B | $-3.9B |
总资产AWKDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $35.4B | — | ||
| Q3 25 | $34.7B | $1.7B | ||
| Q2 25 | $33.9B | $1.8B | ||
| Q1 25 | $33.2B | $1.9B | ||
| Q4 24 | $32.8B | $1.7B | ||
| Q3 24 | $31.8B | $1.8B | ||
| Q2 24 | $31.2B | $1.9B |
负债/权益比AWKDPZ
| Q1 26 | — | — | ||
| Q4 25 | 1.18× | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.24× | — |
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 | $663.0M | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | $147.0M |
| 自由现金流率自由现金流/营收 | -30.3% | 12.8% |
| 资本支出强度资本支出/营收 | 82.5% | 1.3% |
| 现金转化率经营现金流/净利润 | 2.79× | 1.16× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $642.6M |
8季度趋势，按日历期对齐
经营现金流AWKDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $663.0M | — | ||
| Q3 25 | $764.0M | $185.4M | ||
| Q2 25 | $301.0M | $187.8M | ||
| Q1 25 | $331.0M | $179.1M | ||
| Q4 24 | $639.0M | $178.0M | ||
| Q3 24 | $679.0M | $172.7M | ||
| Q2 24 | $345.0M | $150.7M |
自由现金流AWKDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $-385.0M | — | ||
| Q3 25 | $-33.0M | $164.0M | ||
| Q2 25 | $-432.0M | $167.3M | ||
| Q1 25 | $-217.0M | $164.3M | ||
| Q4 24 | $-255.0M | $135.9M | ||
| Q3 24 | $-4.0M | $145.6M | ||
| Q2 24 | $-325.0M | $127.2M |
自由现金流率AWKDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | -30.3% | — | ||
| Q3 25 | -2.3% | 14.3% | ||
| Q2 25 | -34.0% | 14.6% | ||
| Q1 25 | -19.1% | 14.8% | ||
| Q4 24 | -21.2% | 9.4% | ||
| Q3 24 | -0.3% | 13.5% | ||
| Q2 24 | -28.5% | 11.6% |
资本支出强度AWKDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 82.5% | — | ||
| Q3 25 | 54.8% | 1.9% | ||
| Q2 25 | 57.6% | 1.8% | ||
| Q1 25 | 48.3% | 1.3% | ||
| Q4 24 | 74.4% | 2.9% | ||
| Q3 24 | 51.4% | 2.5% | ||
| Q2 24 | 58.8% | 2.1% |
现金转化率AWKDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 2.79× | — | ||
| Q3 25 | 2.02× | 1.33× | ||
| Q2 25 | 1.04× | 1.43× | ||
| Q1 25 | 1.61× | 1.20× | ||
| Q4 24 | 2.67× | 1.05× | ||
| Q3 24 | 1.94× | 1.18× | ||
| Q2 24 | 1.25× | 1.06× |
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
AWK
| Water Services | $1.0B | 81% |
| Other | $127.0M | 10% |
| Wastewater Services | $101.0M | 8% |
| Miscellaneous Utility Charge | $11.0M | 1% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
