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嘉德诺（BTSG）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
嘉德诺的季度营收约是Restaurant Brands International Inc.的1.4倍（$3.6B vs $2.5B），Restaurant Brands International Inc.净利率更高（6.3% vs 2.2%，领先4.1%），嘉德诺同比增速更快（16.3% vs 7.4%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $193.9M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 17.4%）
嘉德诺是美国跨国医疗服务企业，位列美国企业营收榜第15位，总部位于俄亥俄州都柏林。公司主营药品与医疗产品分销，服务覆盖超10万个网点，同时生产手套、手术服、流体管理产品等医用外科用品，还运营着规模位居前列的放射性药物网络。
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。
BTSG vs QSR — 直观对比
营收规模更大
BTSG
是对方的1.4倍
$2.5B
营收增速更快
BTSG
高出8.9%
7.4%
净利率更高
QSR
高出4.1%
2.2%
自由现金流更多
QSR
多$259.1M
$193.9M
两年增速更快
QSR
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $2.5B |
| 净利润 | $77.1M | $155.0M |
| 毛利率 | 11.6% | — |
| 营业利润率 | 3.0% | 25.2% |
| 净利率 | 2.2% | 6.3% |
| 营收同比 | 16.3% | 7.4% |
| 净利润同比 | 381.8% | -57.1% |
| 每股收益（稀释后） | $0.34 | $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
营收BTSGQSR
| Q4 25 | $3.6B | $2.5B | ||
| Q3 25 | $3.3B | $2.4B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $2.9B | $2.1B | ||
| Q4 24 | $3.1B | $2.3B | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $2.6B | $1.7B |
净利润BTSGQSR
| Q4 25 | $77.1M | $155.0M | ||
| Q3 25 | $55.8M | $436.0M | ||
| Q2 25 | $28.2M | $263.0M | ||
| Q1 25 | $29.5M | $221.0M | ||
| Q4 24 | $16.0M | $361.0M | ||
| Q3 24 | $-8.2M | $357.0M | ||
| Q2 24 | $19.9M | $399.0M | ||
| Q1 24 | $-45.8M | $328.0M |
毛利率BTSGQSR
| Q4 25 | 11.6% | — | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 13.8% | — | ||
| Q3 24 | 14.0% | — | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | 14.3% | 65.2% |
营业利润率BTSGQSR
| Q4 25 | 3.0% | 25.2% | ||
| Q3 25 | 2.6% | 27.1% | ||
| Q2 25 | 1.5% | 20.0% | ||
| Q1 25 | 1.8% | 20.6% | ||
| Q4 24 | 2.6% | 27.7% | ||
| Q3 24 | 2.0% | 25.2% | ||
| Q2 24 | 2.3% | 31.9% | ||
| Q1 24 | 0.3% | 31.3% |
净利率BTSGQSR
| Q4 25 | 2.2% | 6.3% | ||
| Q3 25 | 1.7% | 17.8% | ||
| Q2 25 | 0.9% | 10.9% | ||
| Q1 25 | 1.0% | 10.5% | ||
| Q4 24 | 0.5% | 15.7% | ||
| Q3 24 | -0.3% | 15.6% | ||
| Q2 24 | 0.7% | 19.2% | ||
| Q1 24 | -1.8% | 18.9% |
每股收益（稀释后）BTSGQSR
| Q4 25 | $0.34 | $0.33 | ||
| Q3 25 | $0.26 | $0.96 | ||
| Q2 25 | $0.13 | $0.57 | ||
| Q1 25 | $0.14 | $0.49 | ||
| Q4 24 | $0.11 | $0.79 | ||
| Q3 24 | $-0.04 | $0.79 | ||
| Q2 24 | $0.10 | $0.88 | ||
| Q1 24 | $-0.26 | $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 | $88.4M | — |
| 总债务越低越好 | $2.5B | $13.3B |
| 股东权益账面价值 | $1.9B | $3.6B |
| 总资产 | $6.4B | $25.6B |
| 负债/权益比越低杠杆越低 | 1.34× | 3.65× |
8季度趋势，按日历期对齐
现金及短期投资BTSGQSR
| Q4 25 | $88.4M | — | ||
| Q3 25 | $140.3M | — | ||
| Q2 25 | $70.1M | — | ||
| Q1 25 | $52.3M | — | ||
| Q4 24 | $61.3M | — | ||
| Q3 24 | $36.0M | — | ||
| Q2 24 | $25.0M | — | ||
| Q1 24 | $58.0M | — |
总债务BTSGQSR
| Q4 25 | $2.5B | $13.3B | ||
| Q3 25 | $2.5B | $13.5B | ||
| Q2 25 | $2.5B | $13.6B | ||
| Q1 25 | $2.5B | $13.6B | ||
| Q4 24 | $2.6B | $13.6B | ||
| Q3 24 | $2.7B | $13.7B | ||
| Q2 24 | $2.6B | $13.7B | ||
| Q1 24 | $2.6B | $12.9B |
股东权益BTSGQSR
| Q4 25 | $1.9B | $3.6B | ||
| Q3 25 | $1.8B | $3.4B | ||
| Q2 25 | $1.7B | $3.3B | ||
| Q1 25 | $1.7B | $3.1B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.2B | ||
| Q2 24 | $1.6B | $3.1B | ||
| Q1 24 | $1.6B | $3.0B |
总资产BTSGQSR
| Q4 25 | $6.4B | $25.6B | ||
| Q3 25 | $6.0B | $25.7B | ||
| Q2 25 | $5.9B | $25.7B | ||
| Q1 25 | $5.8B | $24.9B | ||
| Q4 24 | $5.9B | $24.6B | ||
| Q3 24 | $5.8B | $25.1B | ||
| Q2 24 | $5.6B | $24.8B | ||
| Q1 24 | $5.7B | $23.1B |
负债/权益比BTSGQSR
| Q4 25 | 1.34× | 3.65× | ||
| Q3 25 | 1.38× | 3.99× | ||
| Q2 25 | 1.45× | 4.10× | ||
| Q1 25 | 1.50× | 4.37× | ||
| Q4 24 | 1.58× | 4.39× | ||
| Q3 24 | 1.65× | 4.22× | ||
| Q2 24 | 1.63× | 4.46× | ||
| Q1 24 | 1.64× | 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 | $231.6M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $193.9M | $453.0M |
| 自由现金流率自由现金流/营收 | 5.5% | 18.4% |
| 资本支出强度资本支出/营收 | 1.1% | 4.1% |
| 现金转化率经营现金流/净利润 | 3.00× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $394.7M | $1.4B |
8季度趋势，按日历期对齐
经营现金流BTSGQSR
| Q4 25 | $231.6M | $555.0M | ||
| Q3 25 | $107.9M | $592.0M | ||
| Q2 25 | $49.1M | $449.0M | ||
| Q1 25 | $101.6M | $118.0M | ||
| Q4 24 | $90.6M | $481.0M | ||
| Q3 24 | $27.2M | $540.0M | ||
| Q2 24 | $-15.2M | $334.0M | ||
| Q1 24 | $-78.9M | $148.0M |
自由现金流BTSGQSR
| Q4 25 | $193.9M | $453.0M | ||
| Q3 25 | $92.2M | $531.0M | ||
| Q2 25 | $24.7M | $411.0M | ||
| Q1 25 | $84.0M | $54.0M | ||
| Q4 24 | $75.3M | $404.0M | ||
| Q3 24 | $7.2M | $485.0M | ||
| Q2 24 | $-39.0M | $291.0M | ||
| Q1 24 | $-100.7M | $122.0M |
自由现金流率BTSGQSR
| Q4 25 | 5.5% | 18.4% | ||
| Q3 25 | 2.8% | 21.7% | ||
| Q2 25 | 0.8% | 17.1% | ||
| Q1 25 | 2.9% | 2.6% | ||
| Q4 24 | 2.5% | 17.6% | ||
| Q3 24 | 0.2% | 21.2% | ||
| Q2 24 | -1.4% | 14.0% | ||
| Q1 24 | -3.9% | 7.0% |
资本支出强度BTSGQSR
| Q4 25 | 1.1% | 4.1% | ||
| Q3 25 | 0.5% | 2.5% | ||
| Q2 25 | 0.8% | 1.6% | ||
| Q1 25 | 0.6% | 3.0% | ||
| Q4 24 | 0.5% | 3.4% | ||
| Q3 24 | 0.7% | 2.4% | ||
| Q2 24 | 0.9% | 2.1% | ||
| Q1 24 | 0.8% | 1.5% |
现金转化率BTSGQSR
| Q4 25 | 3.00× | 3.58× | ||
| Q3 25 | 1.93× | 1.36× | ||
| Q2 25 | 1.74× | 1.71× | ||
| Q1 25 | 3.44× | 0.53× | ||
| Q4 24 | 5.66× | 1.33× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | -0.76× | 0.84× | ||
| Q1 24 | — | 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
BTSG
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
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% |
