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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）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 AXLE & MANUFACTURING HOLDINGS INC的季度营收约是达美乐的1.2倍（$1.4B vs $1.2B），达美乐净利率更高（12.2% vs -5.4%，领先17.6%），达美乐同比增速更快（3.5% vs 0.2%），达美乐自由现金流更多（$147.0M vs $54.7M），过去两年达美乐的营收复合增速更高（2.4% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs DPZ — 直观对比
营收规模更大
AXL
是对方的1.2倍
$1.2B
营收增速更快
DPZ
高出3.2%
0.2%
净利率更高
DPZ
高出17.6%
-5.4%
自由现金流更多
DPZ
多$92.3M
$54.7M
两年增速更快
DPZ
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $-75.3M | $139.8M |
| 毛利率 | 10.2% | 40.4% |
| 营业利润率 | -2.4% | 20.0% |
| 净利率 | -5.4% | 12.2% |
| 营收同比 | 0.2% | 3.5% |
| 净利润同比 | -449.6% | -6.6% |
| 每股收益（稀释后） | $-0.62 | $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AXLDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.6B | $1.1B |
净利润AXLDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $-75.3M | — | ||
| Q3 25 | $9.2M | $139.3M | ||
| Q2 25 | $39.3M | $131.1M | ||
| Q1 25 | $7.1M | $149.7M | ||
| Q4 24 | $-13.7M | $169.4M | ||
| Q3 24 | $10.0M | $146.9M | ||
| Q2 24 | $18.2M | $142.0M |
毛利率AXLDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | 40.1% | ||
| Q2 25 | 13.1% | 40.3% | ||
| Q1 25 | 12.3% | 39.8% | ||
| Q4 24 | 11.2% | 39.2% | ||
| Q3 24 | 11.4% | 39.2% | ||
| Q2 24 | 13.3% | 39.8% |
营业利润率AXLDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | -2.4% | — | ||
| Q3 25 | 3.2% | 19.5% | ||
| Q2 25 | 3.6% | 19.7% | ||
| Q1 25 | 3.0% | 18.9% | ||
| Q4 24 | 2.6% | 19.0% | ||
| Q3 24 | 2.8% | 18.4% | ||
| Q2 24 | 5.3% | 17.9% |
净利率AXLDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | -5.4% | — | ||
| Q3 25 | 0.6% | 12.1% | ||
| Q2 25 | 2.6% | 11.4% | ||
| Q1 25 | 0.5% | 13.5% | ||
| Q4 24 | -1.0% | 11.7% | ||
| Q3 24 | 0.7% | 13.6% | ||
| Q2 24 | 1.1% | 12.9% |
每股收益（稀释后）AXLDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $-0.62 | — | ||
| Q3 25 | $0.07 | $4.08 | ||
| Q2 25 | $0.32 | $3.81 | ||
| Q1 25 | $0.06 | $4.33 | ||
| Q4 24 | $-0.11 | $4.89 | ||
| Q3 24 | $0.08 | $4.19 | ||
| Q2 24 | $0.15 | $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 | $708.9M | $232.9M |
| 总债务越低越好 | $4.0B | $4.9B |
| 股东权益账面价值 | $640.0M | — |
| 总资产 | $6.7B | $1.8B |
| 负债/权益比越低杠杆越低 | 6.31× | — |
8季度趋势，按日历期对齐
现金及短期投资AXLDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $708.9M | — | ||
| Q3 25 | $714.1M | $139.7M | ||
| Q2 25 | $586.5M | $272.9M | ||
| Q1 25 | $549.2M | $304.3M | ||
| Q4 24 | $552.9M | $186.1M | ||
| Q3 24 | $542.5M | $189.1M | ||
| Q2 24 | $519.9M | $283.7M |
总债务AXLDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | $4.0B | — | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $2.6B | $3.8B | ||
| Q1 25 | $2.6B | $3.8B | ||
| Q4 24 | $2.6B | $3.8B | ||
| Q3 24 | $2.6B | $5.0B | ||
| Q2 24 | $2.7B | $5.0B |
股东权益AXLDPZ
| Q1 26 | — | — | ||
| Q4 25 | $640.0M | — | ||
| Q3 25 | $718.4M | $-4.0B | ||
| Q2 25 | $673.0M | $-4.0B | ||
| Q1 25 | $596.3M | $-3.9B | ||
| Q4 24 | $562.8M | $-4.0B | ||
| Q3 24 | $616.3M | $-4.0B | ||
| Q2 24 | $609.6M | $-3.9B |
总资产AXLDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $6.7B | — | ||
| Q3 25 | $5.3B | $1.7B | ||
| Q2 25 | $5.3B | $1.8B | ||
| Q1 25 | $5.1B | $1.9B | ||
| Q4 24 | $5.1B | $1.7B | ||
| Q3 24 | $5.3B | $1.8B | ||
| Q2 24 | $5.3B | $1.9B |
负债/权益比AXLDPZ
| Q1 26 | — | — | ||
| Q4 25 | 6.31× | — | ||
| Q3 25 | 3.61× | — | ||
| Q2 25 | 3.86× | — | ||
| Q1 25 | 4.38× | — | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 4.42× | — |
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 | $120.5M | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $147.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 12.8% |
| 资本支出强度资本支出/营收 | 4.8% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.16× |
| 过去12个月自由现金流最近4个季度 | $155.1M | $625.3M |
8季度趋势，按日历期对齐
经营现金流AXLDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $120.5M | — | ||
| Q3 25 | $143.3M | $185.4M | ||
| Q2 25 | $91.9M | $187.8M | ||
| Q1 25 | $55.9M | $179.1M | ||
| Q4 24 | $151.2M | $178.0M | ||
| Q3 24 | $143.6M | $172.7M | ||
| Q2 24 | $142.8M | $150.7M |
自由现金流AXLDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $54.7M | — | ||
| Q3 25 | $79.2M | $164.0M | ||
| Q2 25 | $34.6M | $167.3M | ||
| Q1 25 | $-13.4M | $164.3M | ||
| Q4 24 | $73.2M | $135.9M | ||
| Q3 24 | $70.4M | $145.6M | ||
| Q2 24 | $94.0M | $127.2M |
自由现金流率AXLDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.3% | 14.3% | ||
| Q2 25 | 2.3% | 14.6% | ||
| Q1 25 | -0.9% | 14.8% | ||
| Q4 24 | 5.3% | 9.4% | ||
| Q3 24 | 4.7% | 13.5% | ||
| Q2 24 | 5.8% | 11.6% |
资本支出强度AXLDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.3% | 1.9% | ||
| Q2 25 | 3.7% | 1.8% | ||
| Q1 25 | 4.9% | 1.3% | ||
| Q4 24 | 5.6% | 2.9% | ||
| Q3 24 | 4.9% | 2.5% | ||
| Q2 24 | 3.0% | 2.1% |
现金转化率AXLDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | — | — | ||
| Q3 25 | 15.58× | 1.33× | ||
| Q2 25 | 2.34× | 1.43× | ||
| Q1 25 | 7.87× | 1.20× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 14.36× | 1.18× | ||
| Q2 24 | 7.85× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
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% |
