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Dutch Bros Inc.（BROS）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是Dutch Bros Inc.的1.7倍（$737.8M vs $443.6M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs 4.8%，领先5.3%），Dutch Bros Inc.同比增速更快（29.4% vs 13.9%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M vs $8.5M），过去两年Dutch Bros Inc.的营收复合增速更高（27.0% vs 18.2%）
Dutch Bros Inc.是美国上市得来速咖啡连锁品牌，1992年由戴恩·博尔斯马与特拉维斯·博尔斯马创立，原总部位于俄勒冈州格兰茨帕斯，2025年迁至亚利桑那州坦佩。品牌拥有直营及加盟门店，主力布局美国西部市场，目前扩张范围最东已覆盖佛罗里达州奥兰多。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
BROS vs RHP — 直观对比
营收规模更大
RHP
是对方的1.7倍
$443.6M
营收增速更快
BROS
高出15.5%
13.9%
净利率更高
RHP
高出5.3%
4.8%
自由现金流更多
RHP
多$50.1M
$8.5M
两年增速更快
BROS
近两年复合增速
18.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $737.8M |
| 净利润 | $21.4M | $74.5M |
| 毛利率 | 24.1% | 41.4% |
| 营业利润率 | 7.7% | 19.4% |
| 净利率 | 4.8% | 10.1% |
| 营收同比 | 29.4% | 13.9% |
| 净利润同比 | 491.6% | 3.0% |
| 每股收益（稀释后） | $0.17 | $1.12 |
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BROSRHP
| Q4 25 | $443.6M | $737.8M | ||
| Q3 25 | $423.6M | $592.5M | ||
| Q2 25 | $415.8M | $659.5M | ||
| Q1 25 | $355.2M | $587.3M | ||
| Q4 24 | $342.8M | $647.6M | ||
| Q3 24 | $338.2M | $550.0M | ||
| Q2 24 | $324.9M | $613.3M | ||
| Q1 24 | $275.1M | $528.3M |
净利润BROSRHP
| Q4 25 | $21.4M | $74.5M | ||
| Q3 25 | $17.5M | $34.9M | ||
| Q2 25 | $25.6M | $71.8M | ||
| Q1 25 | $15.4M | $63.0M | ||
| Q4 24 | $3.6M | $72.3M | ||
| Q3 24 | $12.6M | $59.0M | ||
| Q2 24 | $11.9M | $100.8M | ||
| Q1 24 | $7.1M | $42.8M |
毛利率BROSRHP
| Q4 25 | 24.1% | 41.4% | ||
| Q3 25 | 25.2% | 40.9% | ||
| Q2 25 | 28.9% | 49.7% | ||
| Q1 25 | 25.3% | 44.4% | ||
| Q4 24 | 25.7% | 40.4% | ||
| Q3 24 | 26.6% | 43.1% | ||
| Q2 24 | 27.8% | 48.4% | ||
| Q1 24 | 26.1% | 41.5% |
营业利润率BROSRHP
| Q4 25 | 7.7% | 19.4% | ||
| Q3 25 | 9.8% | 15.0% | ||
| Q2 25 | 13.1% | 21.1% | ||
| Q1 25 | 8.7% | 19.8% | ||
| Q4 24 | 4.6% | 18.6% | ||
| Q3 24 | 9.6% | 19.3% | ||
| Q2 24 | 9.9% | 27.4% | ||
| Q1 24 | 9.3% | 18.2% |
净利率BROSRHP
| Q4 25 | 4.8% | 10.1% | ||
| Q3 25 | 4.1% | 5.9% | ||
| Q2 25 | 6.2% | 10.9% | ||
| Q1 25 | 4.3% | 10.7% | ||
| Q4 24 | 1.1% | 11.2% | ||
| Q3 24 | 3.7% | 10.7% | ||
| Q2 24 | 3.7% | 16.4% | ||
| Q1 24 | 2.6% | 8.1% |
每股收益（稀释后）BROSRHP
| Q4 25 | $0.17 | $1.12 | ||
| Q3 25 | $0.14 | $0.53 | ||
| Q2 25 | $0.20 | $1.12 | ||
| Q1 25 | $0.13 | $1.00 | ||
| Q4 24 | $0.03 | $1.12 | ||
| Q3 24 | $0.11 | $0.94 | ||
| Q2 24 | $0.12 | $1.65 | ||
| Q1 24 | $0.08 | $0.67 |
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 | $269.4M | $471.4M |
| 总债务越低越好 | $202.5M | — |
| 股东权益账面价值 | $680.8M | $750.2M |
| 总资产 | $3.0B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.30× | — |
8季度趋势，按日历期对齐
现金及短期投资BROSRHP
| Q4 25 | $269.4M | $471.4M | ||
| Q3 25 | $267.2M | $483.3M | ||
| Q2 25 | $254.4M | $420.6M | ||
| Q1 25 | $316.4M | $413.9M | ||
| Q4 24 | $293.4M | $477.7M | ||
| Q3 24 | $281.1M | $534.9M | ||
| Q2 24 | $260.9M | $498.4M | ||
| Q1 24 | $262.7M | $465.3M |
总债务BROSRHP
| Q4 25 | $202.5M | — | ||
| Q3 25 | $202.3M | — | ||
| Q2 25 | $203.3M | — | ||
| Q1 25 | $284.2M | — | ||
| Q4 24 | $238.0M | — | ||
| Q3 24 | $241.2M | — | ||
| Q2 24 | $244.3M | — | ||
| Q1 24 | $247.5M | — |
股东权益BROSRHP
| Q4 25 | $680.8M | $750.2M | ||
| Q3 25 | $656.6M | $758.5M | ||
| Q2 25 | $636.2M | $800.4M | ||
| Q1 25 | $599.1M | $531.5M | ||
| Q4 24 | $537.4M | $549.0M | ||
| Q3 24 | $523.1M | $551.9M | ||
| Q2 24 | $509.1M | $562.6M | ||
| Q1 24 | $417.1M | $529.9M |
总资产BROSRHP
| Q4 25 | $3.0B | $6.2B | ||
| Q3 25 | $2.9B | $6.2B | ||
| Q2 25 | $2.8B | $6.1B | ||
| Q1 25 | $2.8B | $5.2B | ||
| Q4 24 | $2.5B | $5.2B | ||
| Q3 24 | $2.4B | $5.2B | ||
| Q2 24 | $2.4B | $5.1B | ||
| Q1 24 | $2.1B | $5.1B |
负债/权益比BROSRHP
| Q4 25 | 0.30× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.46× | — | ||
| Q2 24 | 0.48× | — | ||
| Q1 24 | 0.59× | — |
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 | $79.6M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $58.5M |
| 自由现金流率自由现金流/营收 | 1.9% | 7.9% |
| 资本支出强度资本支出/营收 | 16.0% | 14.4% |
| 现金转化率经营现金流/净利润 | 3.73× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $54.4M | $232.4M |
8季度趋势，按日历期对齐
经营现金流BROSRHP
| Q4 25 | $79.6M | $164.7M | ||
| Q3 25 | $89.1M | $205.2M | ||
| Q2 25 | $89.9M | $122.5M | ||
| Q1 25 | $36.9M | $98.2M | ||
| Q4 24 | $62.2M | $166.6M | ||
| Q3 24 | $83.5M | $218.1M | ||
| Q2 24 | $59.5M | $184.3M | ||
| Q1 24 | $41.2M | $7.5M |
自由现金流BROSRHP
| Q4 25 | $8.5M | $58.5M | ||
| Q3 25 | $18.9M | $135.4M | ||
| Q2 25 | $35.7M | $53.0M | ||
| Q1 25 | $-8.7M | $-14.5M | ||
| Q4 24 | $19.5M | $76.0M | ||
| Q3 24 | $26.4M | $85.7M | ||
| Q2 24 | $-4.9M | $78.8M | ||
| Q1 24 | $-16.3M | $-72.0M |
自由现金流率BROSRHP
| Q4 25 | 1.9% | 7.9% | ||
| Q3 25 | 4.5% | 22.9% | ||
| Q2 25 | 8.6% | 8.0% | ||
| Q1 25 | -2.4% | -2.5% | ||
| Q4 24 | 5.7% | 11.7% | ||
| Q3 24 | 7.8% | 15.6% | ||
| Q2 24 | -1.5% | 12.9% | ||
| Q1 24 | -5.9% | -13.6% |
资本支出强度BROSRHP
| Q4 25 | 16.0% | 14.4% | ||
| Q3 25 | 16.6% | 11.8% | ||
| Q2 25 | 13.0% | 10.5% | ||
| Q1 25 | 12.8% | 19.2% | ||
| Q4 24 | 12.5% | 14.0% | ||
| Q3 24 | 16.9% | 24.1% | ||
| Q2 24 | 19.8% | 17.2% | ||
| Q1 24 | 20.9% | 15.0% |
现金转化率BROSRHP
| Q4 25 | 3.73× | 2.21× | ||
| Q3 25 | 5.09× | 5.88× | ||
| Q2 25 | 3.51× | 1.71× | ||
| Q1 25 | 2.40× | 1.56× | ||
| Q4 24 | 17.23× | 2.30× | ||
| Q3 24 | 6.60× | 3.70× | ||
| Q2 24 | 4.99× | 1.83× | ||
| Q1 24 | 5.83× | 0.17× |
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
BROS
| Company Operated Shops | $409.6M | 92% |
| Franchise Fees | $32.3M | 7% |
| Other | $1.8M | 0% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
