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AXIS CAPITAL HOLDINGS LTD（AXS）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
Restaurant Brands International Inc.的季度营收约是AXIS CAPITAL HOLDINGS LTD的1.4倍（$2.5B vs $1.7B），AXIS CAPITAL HOLDINGS LTD净利率更高（16.7% vs 6.3%，领先10.4%），AXIS CAPITAL HOLDINGS LTD同比增速更快（17.8% vs 7.4%），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 10.3%）
AXIS资本控股有限公司是AXIS集团的控股主体，通过百慕大、美国、加拿大、欧洲及新加坡的子公司与分支机构网络，提供各类风险转移产品及服务。保险业务覆盖财产、职业责任、恐怖主义、航运、能源、环境等领域，再保险业务包含财产、职业责任、信用债券等品类。
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。
AXS vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.5B |
| 净利润 | $289.6M | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | 19.0% | 25.2% |
| 净利率 | 16.7% | 6.3% |
| 营收同比 | 17.8% | 7.4% |
| 净利润同比 | -1.4% | -57.1% |
| 每股收益（稀释后） | $3.63 | $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 | $1.7B | $2.5B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.6B | $2.4B | ||
| Q1 25 | $1.5B | $2.1B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $1.4B | $1.7B |
| Q4 25 | $289.6M | $155.0M | ||
| Q3 25 | $301.9M | $436.0M | ||
| Q2 25 | $223.4M | $263.0M | ||
| Q1 25 | $194.1M | $221.0M | ||
| Q4 24 | $293.6M | $361.0M | ||
| Q3 24 | $180.7M | $357.0M | ||
| Q2 24 | $212.0M | $399.0M | ||
| Q1 24 | $395.5M | $328.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 65.2% |
| Q4 25 | 19.0% | 25.2% | ||
| Q3 25 | 22.1% | 27.1% | ||
| Q2 25 | 17.2% | 20.0% | ||
| Q1 25 | 15.5% | 20.6% | ||
| Q4 24 | 18.6% | 27.7% | ||
| Q3 24 | 14.2% | 25.2% | ||
| Q2 24 | 17.4% | 31.9% | ||
| Q1 24 | 19.0% | 31.3% |
| Q4 25 | 16.7% | 6.3% | ||
| Q3 25 | 18.0% | 17.8% | ||
| Q2 25 | 13.7% | 10.9% | ||
| Q1 25 | 12.8% | 10.5% | ||
| Q4 24 | 20.0% | 15.7% | ||
| Q3 24 | 11.2% | 15.6% | ||
| Q2 24 | 14.6% | 19.2% | ||
| Q1 24 | 27.8% | 18.9% |
| Q4 25 | $3.63 | $0.33 | ||
| Q3 25 | $3.74 | $0.96 | ||
| Q2 25 | $2.72 | $0.57 | ||
| Q1 25 | $2.26 | $0.49 | ||
| Q4 24 | $3.38 | $0.79 | ||
| Q3 24 | $2.04 | $0.79 | ||
| Q2 24 | $2.40 | $0.88 | ||
| Q1 24 | $4.53 | $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 | $820.3M | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $6.4B | $3.6B |
| 总资产 | $34.5B | $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 | $820.3M | — | ||
| Q3 25 | $825.9M | — | ||
| Q2 25 | $852.1M | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $981.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| 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 | $6.4B | $3.6B | ||
| Q3 25 | $6.4B | $3.4B | ||
| Q2 25 | $6.2B | $3.3B | ||
| Q1 25 | $5.9B | $3.1B | ||
| Q4 24 | $6.1B | $3.1B | ||
| Q3 24 | $6.1B | $3.2B | ||
| Q2 24 | $5.7B | $3.1B | ||
| Q1 24 | $5.5B | $3.0B |
| Q4 25 | $34.5B | $25.6B | ||
| Q3 25 | $34.3B | $25.7B | ||
| Q2 25 | $34.2B | $25.7B | ||
| Q1 25 | $33.2B | $24.9B | ||
| Q4 24 | $32.5B | $24.6B | ||
| Q3 24 | $32.7B | $25.1B | ||
| Q2 24 | $32.1B | $24.8B | ||
| Q1 24 | $31.8B | $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 | $630.4M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | — | $453.0M |
| 自由现金流率自由现金流/营收 | — | 18.4% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | 2.18× | 3.58× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $630.4M | $555.0M | ||
| Q3 25 | $673.8M | $592.0M | ||
| Q2 25 | $-1.7B | $449.0M | ||
| Q1 25 | $309.1M | $118.0M | ||
| Q4 24 | $355.5M | $481.0M | ||
| Q3 24 | $587.0M | $540.0M | ||
| Q2 24 | $518.1M | $334.0M | ||
| Q1 24 | $384.1M | $148.0M |
| Q4 25 | — | $453.0M | ||
| Q3 25 | — | $531.0M | ||
| Q2 25 | — | $411.0M | ||
| Q1 25 | — | $54.0M | ||
| Q4 24 | — | $404.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $291.0M | ||
| Q1 24 | — | $122.0M |
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 14.0% | ||
| Q1 24 | — | 7.0% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 2.18× | 3.58× | ||
| Q3 25 | 2.23× | 1.36× | ||
| Q2 25 | -7.41× | 1.71× | ||
| Q1 25 | 1.59× | 0.53× | ||
| Q4 24 | 1.21× | 1.33× | ||
| Q3 24 | 3.25× | 1.51× | ||
| Q2 24 | 2.44× | 0.84× | ||
| Q1 24 | 0.97× | 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
AXS
| Reinsurance | $1.4B | 82% |
| Other | $311.3M | 18% |
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% |
