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布鲁克菲尔德资产管理（BAM）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
达美乐的季度营收约是布鲁克菲尔德资产管理的1.1倍（$1.2B vs $1.1B），布鲁克菲尔德资产管理净利率更高（56.7% vs 12.2%，领先44.5%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
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。
BAM vs DPZ — 直观对比
营收规模更大
DPZ
是对方的1.1倍
$1.1B
净利率更高
BAM
高出44.5%
12.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $615.0M | $139.8M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 84.2% | 20.0% |
| 净利率 | 56.7% | 12.2% |
| 营收同比 | — | 3.5% |
| 净利润同比 | — | -6.6% |
| 每股收益（稀释后） | — | $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BAMDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $974.0M | $1.1B | ||
| Q2 25 | $931.0M | $1.1B | ||
| Q1 25 | $954.0M | $1.1B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $873.0M | $1.1B | ||
| Q2 24 | $821.0M | $1.1B |
净利润BAMDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $615.0M | — | ||
| Q3 25 | $692.0M | $139.3M | ||
| Q2 25 | $584.0M | $131.1M | ||
| Q1 25 | $507.0M | $149.7M | ||
| Q4 24 | — | $169.4M | ||
| Q3 24 | $537.0M | $146.9M | ||
| Q2 24 | $124.0M | $142.0M |
毛利率BAMDPZ
| 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BAMDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | 84.2% | — | ||
| Q3 25 | 79.1% | 19.5% | ||
| Q2 25 | 70.8% | 19.7% | ||
| Q1 25 | 61.0% | 18.9% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | 72.5% | 18.4% | ||
| Q2 24 | 80.4% | 17.9% |
净利率BAMDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 56.7% | — | ||
| Q3 25 | 71.0% | 12.1% | ||
| Q2 25 | 62.7% | 11.4% | ||
| Q1 25 | 53.1% | 13.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 61.5% | 13.6% | ||
| Q2 24 | 15.1% | 12.9% |
每股收益（稀释后）BAMDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.08 | ||
| Q2 25 | — | $3.81 | ||
| Q1 25 | — | $4.33 | ||
| Q4 24 | — | $4.89 | ||
| Q3 24 | — | $4.19 | ||
| Q2 24 | — | $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 | $1.6B | $232.9M |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $8.9B | — |
| 总资产 | $17.0B | $1.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BAMDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.1B | $139.7M | ||
| Q2 25 | $480.0M | $272.9M | ||
| Q1 25 | $332.0M | $304.3M | ||
| Q4 24 | — | $186.1M | ||
| Q3 24 | — | $189.1M | ||
| Q2 24 | $10.0M | $283.7M |
总债务BAMDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B |
股东权益BAMDPZ
| Q1 26 | — | — | ||
| Q4 25 | $8.9B | — | ||
| Q3 25 | $8.5B | $-4.0B | ||
| Q2 25 | $8.5B | $-4.0B | ||
| Q1 25 | $8.5B | $-3.9B | ||
| Q4 24 | — | $-4.0B | ||
| Q3 24 | $9.0B | $-4.0B | ||
| Q2 24 | $3.2B | $-3.9B |
总资产BAMDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $17.0B | — | ||
| Q3 25 | $16.5B | $1.7B | ||
| Q2 25 | $16.1B | $1.8B | ||
| Q1 25 | $15.0B | $1.9B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | $4.2B | $1.9B |
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 | $562.0M | $162.0M |
| 自由现金流经营现金流 - 资本支出 | — | $147.0M |
| 自由现金流率自由现金流/营收 | — | 12.8% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 0.91× | 1.16× |
| 过去12个月自由现金流最近4个季度 | — | $642.6M |
8季度趋势，按日历期对齐
经营现金流BAMDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $562.0M | — | ||
| Q3 25 | $745.0M | $185.4M | ||
| Q2 25 | $529.0M | $187.8M | ||
| Q1 25 | $265.0M | $179.1M | ||
| Q4 24 | — | $178.0M | ||
| Q3 24 | $567.0M | $172.7M | ||
| Q2 24 | $159.0M | $150.7M |
自由现金流BAMDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $164.0M | ||
| Q2 25 | — | $167.3M | ||
| Q1 25 | — | $164.3M | ||
| Q4 24 | — | $135.9M | ||
| Q3 24 | — | $145.6M | ||
| Q2 24 | — | $127.2M |
自由现金流率BAMDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | — | 14.8% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | — | 13.5% | ||
| Q2 24 | — | 11.6% |
资本支出强度BAMDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 2.1% |
现金转化率BAMDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | 1.33× | ||
| Q2 25 | 0.91× | 1.43× | ||
| Q1 25 | 0.52× | 1.20× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 1.06× | 1.18× | ||
| Q2 24 | 1.28× | 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
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 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% |
