vs
塞拉尼斯（CE）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.的季度营收约是塞拉尼斯的1.1倍（$2.5B vs $2.2B），Restaurant Brands International Inc.净利率更高（6.3% vs 0.6%，领先5.7%），Restaurant Brands International Inc.同比增速更快（7.4% vs -7.0%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $168.0M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $14.0M | $155.0M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 25.2% |
| 净利率 | 0.6% | 6.3% |
| 营收同比 | -7.0% | 7.4% |
| 净利润同比 | 100.7% | -57.1% |
| 每股收益（稀释后） | $0.13 | $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 | $2.2B | $2.5B | ||
| Q3 25 | $2.4B | $2.4B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.4B | $2.1B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.6B | $2.3B | ||
| Q2 24 | $2.7B | $2.1B | ||
| Q1 24 | $2.6B | $1.7B |
| Q4 25 | $14.0M | $155.0M | ||
| Q3 25 | $-1.4B | $436.0M | ||
| Q2 25 | $199.0M | $263.0M | ||
| Q1 25 | $-21.0M | $221.0M | ||
| Q4 24 | $-1.9B | $361.0M | ||
| Q3 24 | $116.0M | $357.0M | ||
| Q2 24 | $155.0M | $399.0M | ||
| Q1 24 | $121.0M | $328.0M |
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | 65.2% |
| Q4 25 | 4.0% | 25.2% | ||
| Q3 25 | -52.7% | 27.1% | ||
| Q2 25 | 9.2% | 20.0% | ||
| Q1 25 | 7.0% | 20.6% | ||
| Q4 24 | -59.3% | 27.7% | ||
| Q3 24 | 9.4% | 25.2% | ||
| Q2 24 | 9.4% | 31.9% | ||
| Q1 24 | 8.0% | 31.3% |
| Q4 25 | 0.6% | 6.3% | ||
| Q3 25 | -56.1% | 17.8% | ||
| Q2 25 | 7.9% | 10.9% | ||
| Q1 25 | -0.9% | 10.5% | ||
| Q4 24 | -80.8% | 15.7% | ||
| Q3 24 | 4.4% | 15.6% | ||
| Q2 24 | 5.8% | 19.2% | ||
| Q1 24 | 4.6% | 18.9% |
| Q4 25 | $0.13 | $0.33 | ||
| Q3 25 | $-12.39 | $0.96 | ||
| Q2 25 | $1.81 | $0.57 | ||
| Q1 25 | $-0.19 | $0.49 | ||
| Q4 24 | $-17.50 | $0.79 | ||
| Q3 24 | $1.06 | $0.79 | ||
| Q2 24 | $1.41 | $0.88 | ||
| Q1 24 | $1.10 | $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 | — | — |
| 总债务越低越好 | $11.4B | $13.3B |
| 股东权益账面价值 | $4.0B | $3.6B |
| 总资产 | $21.7B | $25.6B |
| 负债/权益比越低杠杆越低 | 2.81× | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $11.4B | $13.3B | ||
| Q3 25 | $11.7B | $13.5B | ||
| Q2 25 | $12.7B | $13.6B | ||
| Q1 25 | $12.4B | $13.6B | ||
| Q4 24 | $11.1B | $13.6B | ||
| Q3 24 | $11.3B | $13.7B | ||
| Q2 24 | $11.1B | $13.7B | ||
| Q1 24 | $11.0B | $12.9B |
| Q4 25 | $4.0B | $3.6B | ||
| Q3 25 | $4.0B | $3.4B | ||
| Q2 25 | $5.3B | $3.3B | ||
| Q1 25 | $5.2B | $3.1B | ||
| Q4 24 | $5.2B | $3.1B | ||
| Q3 24 | $7.3B | $3.2B | ||
| Q2 24 | $7.2B | $3.1B | ||
| Q1 24 | $7.1B | $3.0B |
| Q4 25 | $21.7B | $25.6B | ||
| Q3 25 | $22.2B | $25.7B | ||
| Q2 25 | $23.7B | $25.7B | ||
| Q1 25 | $23.2B | $24.9B | ||
| Q4 24 | $22.9B | $24.6B | ||
| Q3 24 | $25.9B | $25.1B | ||
| Q2 24 | $25.8B | $24.8B | ||
| Q1 24 | $26.0B | $23.1B |
| Q4 25 | 2.81× | 3.65× | ||
| Q3 25 | 2.95× | 3.99× | ||
| Q2 25 | 2.41× | 4.10× | ||
| Q1 25 | 2.39× | 4.37× | ||
| Q4 24 | 2.14× | 4.39× | ||
| Q3 24 | 1.56× | 4.22× | ||
| Q2 24 | 1.54× | 4.46× | ||
| Q1 24 | 1.56× | 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 | $252.0M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $453.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 18.4% |
| 资本支出强度资本支出/营收 | 3.8% | 4.1% |
| 现金转化率经营现金流/净利润 | 18.00× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $252.0M | $555.0M | ||
| Q3 25 | $447.0M | $592.0M | ||
| Q2 25 | $410.0M | $449.0M | ||
| Q1 25 | $37.0M | $118.0M | ||
| Q4 24 | $494.0M | $481.0M | ||
| Q3 24 | $79.0M | $540.0M | ||
| Q2 24 | $292.0M | $334.0M | ||
| Q1 24 | $101.0M | $148.0M |
| Q4 25 | $168.0M | $453.0M | ||
| Q3 25 | $383.0M | $531.0M | ||
| Q2 25 | $317.0M | $411.0M | ||
| Q1 25 | $-65.0M | $54.0M | ||
| Q4 24 | $389.0M | $404.0M | ||
| Q3 24 | $-9.0M | $485.0M | ||
| Q2 24 | $187.0M | $291.0M | ||
| Q1 24 | $-36.0M | $122.0M |
| Q4 25 | 7.6% | 18.4% | ||
| Q3 25 | 15.8% | 21.7% | ||
| Q2 25 | 12.5% | 17.1% | ||
| Q1 25 | -2.7% | 2.6% | ||
| Q4 24 | 16.4% | 17.6% | ||
| Q3 24 | -0.3% | 21.2% | ||
| Q2 24 | 7.1% | 14.0% | ||
| Q1 24 | -1.4% | 7.0% |
| Q4 25 | 3.8% | 4.1% | ||
| Q3 25 | 2.6% | 2.5% | ||
| Q2 25 | 3.7% | 1.6% | ||
| Q1 25 | 4.3% | 3.0% | ||
| Q4 24 | 4.4% | 3.4% | ||
| Q3 24 | 3.3% | 2.4% | ||
| Q2 24 | 4.0% | 2.1% | ||
| Q1 24 | 5.2% | 1.5% |
| Q4 25 | 18.00× | 3.58× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | 2.06× | 1.71× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | 0.68× | 1.51× | ||
| Q2 24 | 1.88× | 0.84× | ||
| Q1 24 | 0.83× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
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% |
