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Chefs' Warehouse, Inc.（CHEF）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是Chefs' Warehouse, Inc.的1.6倍（$1.8B vs $1.1B），西蒙地产集团净利率更高（197.6% vs 1.9%，领先195.7%），西蒙地产集团同比增速更快（13.2% vs 10.5%），西蒙地产集团自由现金流更多（$948.8M vs $65.8M），过去两年Chefs' Warehouse, Inc.的营收复合增速更高（14.3% vs 11.4%）
Chefs' Warehouse, Inc. 是一家北美专业食品分销商，服务对象包括独立餐厅、高端餐饮场所、酒店、餐饮服务商等食品服务运营商，供应超15万种精选产品，涵盖手工食材、特色肉类、海鲜、乳制品、进口高端美食等，适配专业厨师的使用需求。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
CHEF vs SPG — 直观对比
营收规模更大
SPG
是对方的1.6倍
$1.1B
营收增速更快
SPG
高出2.7%
10.5%
净利率更高
SPG
高出195.7%
1.9%
自由现金流更多
SPG
多$883.1M
$65.8M
两年增速更快
CHEF
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.8B |
| 净利润 | $21.7M | $3.5B |
| 毛利率 | 24.2% | — |
| 营业利润率 | 3.8% | 49.7% |
| 净利率 | 1.9% | 197.6% |
| 营收同比 | 10.5% | 13.2% |
| 净利润同比 | -9.4% | 358.7% |
| 每股收益（稀释后） | $0.50 | $9.34 |
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CHEFSPG
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $950.7M | $1.5B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $931.5M | $1.5B | ||
| Q2 24 | $954.7M | $1.5B | ||
| Q1 24 | $874.5M | $1.4B |
净利润CHEFSPG
| Q4 25 | $21.7M | $3.5B | ||
| Q3 25 | $19.1M | $702.7M | ||
| Q2 25 | $21.2M | $643.7M | ||
| Q1 25 | $10.3M | $477.9M | ||
| Q4 24 | $23.9M | $771.8M | ||
| Q3 24 | $14.1M | $546.7M | ||
| Q2 24 | $15.5M | $569.4M | ||
| Q1 24 | $1.9M | $841.2M |
毛利率CHEFSPG
| Q4 25 | 24.2% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 24.6% | — | ||
| Q1 25 | 23.8% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 24.1% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | 23.9% | — |
营业利润率CHEFSPG
| Q4 25 | 3.8% | 49.7% | ||
| Q3 25 | 3.8% | 50.8% | ||
| Q2 25 | 3.9% | 49.7% | ||
| Q1 25 | 2.4% | 49.4% | ||
| Q4 24 | 4.5% | 52.8% | ||
| Q3 24 | 3.4% | 51.9% | ||
| Q2 24 | 3.5% | 51.7% | ||
| Q1 24 | 1.8% | 51.0% |
净利率CHEFSPG
| Q4 25 | 1.9% | 197.6% | ||
| Q3 25 | 1.9% | 43.9% | ||
| Q2 25 | 2.1% | 43.0% | ||
| Q1 25 | 1.1% | 32.4% | ||
| Q4 24 | 2.3% | 48.8% | ||
| Q3 24 | 1.5% | 36.9% | ||
| Q2 24 | 1.6% | 39.0% | ||
| Q1 24 | 0.2% | 58.3% |
每股收益（稀释后）CHEFSPG
| Q4 25 | $0.50 | $9.34 | ||
| Q3 25 | $0.44 | $1.86 | ||
| Q2 25 | $0.49 | $1.70 | ||
| Q1 25 | $0.25 | $1.27 | ||
| Q4 24 | $0.56 | $2.04 | ||
| Q3 24 | $0.34 | $1.46 | ||
| Q2 24 | $0.37 | $1.51 | ||
| Q1 24 | $0.05 | $2.25 |
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 | $121.0M | $823.1M |
| 总债务越低越好 | $720.3M | $28.4B |
| 股东权益账面价值 | $604.3M | $5.2B |
| 总资产 | $2.0B | $40.6B |
| 负债/权益比越低杠杆越低 | 1.19× | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资CHEFSPG
| Q4 25 | $121.0M | $823.1M | ||
| Q3 25 | $65.1M | $1.6B | ||
| Q2 25 | $96.9M | $1.2B | ||
| Q1 25 | $116.5M | $1.4B | ||
| Q4 24 | $114.7M | $1.4B | ||
| Q3 24 | $50.7M | $2.5B | ||
| Q2 24 | $38.3M | $2.5B | ||
| Q1 24 | $42.3M | $2.6B |
总债务CHEFSPG
| Q4 25 | $720.3M | $28.4B | ||
| Q3 25 | $711.7M | $25.8B | ||
| Q2 25 | $690.2M | $25.4B | ||
| Q1 25 | $681.1M | $24.8B | ||
| Q4 24 | $688.7M | $24.3B | ||
| Q3 24 | $666.6M | $25.4B | ||
| Q2 24 | $660.8M | $25.3B | ||
| Q1 24 | $667.3M | $25.5B |
股东权益CHEFSPG
| Q4 25 | $604.3M | $5.2B | ||
| Q3 25 | $576.6M | $2.3B | ||
| Q2 25 | $557.7M | $2.5B | ||
| Q1 25 | $541.6M | $2.6B | ||
| Q4 24 | $537.6M | $2.9B | ||
| Q3 24 | $480.3M | $2.7B | ||
| Q2 24 | $461.9M | $2.9B | ||
| Q1 24 | $447.8M | $3.1B |
总资产CHEFSPG
| Q4 25 | $2.0B | $40.6B | ||
| Q3 25 | $1.9B | $33.6B | ||
| Q2 25 | $1.9B | $33.3B | ||
| Q1 25 | $1.8B | $32.5B | ||
| Q4 24 | $1.9B | $32.4B | ||
| Q3 24 | $1.8B | $33.3B | ||
| Q2 24 | $1.7B | $33.4B | ||
| Q1 24 | $1.7B | $33.7B |
负债/权益比CHEFSPG
| Q4 25 | 1.19× | 5.46× | ||
| Q3 25 | 1.23× | 10.98× | ||
| Q2 25 | 1.24× | 10.36× | ||
| Q1 25 | 1.26× | 9.50× | ||
| Q4 24 | 1.28× | 8.25× | ||
| Q3 24 | 1.39× | 9.37× | ||
| Q2 24 | 1.43× | 8.59× | ||
| Q1 24 | 1.49× | 8.22× |
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 | $73.9M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $65.8M | $948.8M |
| 自由现金流率自由现金流/营收 | 5.8% | 53.0% |
| 资本支出强度资本支出/营收 | 0.7% | 14.2% |
| 现金转化率经营现金流/净利润 | 3.41× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $87.8M | $3.2B |
8季度趋势，按日历期对齐
经营现金流CHEFSPG
| Q4 25 | $73.9M | $1.2B | ||
| Q3 25 | $-8.7M | $890.3M | ||
| Q2 25 | $14.5M | $1.2B | ||
| Q1 25 | $49.6M | $827.2M | ||
| Q4 24 | $73.0M | $1.1B | ||
| Q3 24 | $19.8M | $892.9M | ||
| Q2 24 | $29.3M | $1.1B | ||
| Q1 24 | $30.9M | $773.1M |
自由现金流CHEFSPG
| Q4 25 | $65.8M | $948.8M | ||
| Q3 25 | $-19.7M | $685.0M | ||
| Q2 25 | $4.5M | $971.3M | ||
| Q1 25 | $37.2M | $597.0M | ||
| Q4 24 | $64.6M | $867.7M | ||
| Q3 24 | $11.8M | $706.5M | ||
| Q2 24 | $13.3M | $874.8M | ||
| Q1 24 | $13.8M | $610.1M |
自由现金流率CHEFSPG
| Q4 25 | 5.8% | 53.0% | ||
| Q3 25 | -1.9% | 42.8% | ||
| Q2 25 | 0.4% | 64.8% | ||
| Q1 25 | 3.9% | 40.5% | ||
| Q4 24 | 6.3% | 54.8% | ||
| Q3 24 | 1.3% | 47.7% | ||
| Q2 24 | 1.4% | 60.0% | ||
| Q1 24 | 1.6% | 42.3% |
资本支出强度CHEFSPG
| Q4 25 | 0.7% | 14.2% | ||
| Q3 25 | 1.1% | 12.8% | ||
| Q2 25 | 1.0% | 16.3% | ||
| Q1 25 | 1.3% | 15.6% | ||
| Q4 24 | 0.8% | 13.8% | ||
| Q3 24 | 0.9% | 12.6% | ||
| Q2 24 | 1.7% | 12.9% | ||
| Q1 24 | 2.0% | 11.3% |
现金转化率CHEFSPG
| Q4 25 | 3.41× | 0.34× | ||
| Q3 25 | -0.46× | 1.27× | ||
| Q2 25 | 0.68× | 1.89× | ||
| Q1 25 | 4.82× | 1.73× | ||
| Q4 24 | 3.05× | 1.41× | ||
| Q3 24 | 1.41× | 1.63× | ||
| Q2 24 | 1.89× | 1.87× | ||
| Q1 24 | 16.00× | 0.92× |
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
CHEF
| Center Of The Plate Product | $459.1M | 40% |
| Dry Goods Product | $175.7M | 15% |
| Pastry Product | $160.5M | 14% |
| Produce | $147.9M | 13% |
| Cheese And Charcuterie Product | $75.3M | 7% |
| Dairy And Eggs Product | $69.2M | 6% |
| Oils And Vinegar Product | $32.4M | 3% |
| Kitchen Supplies Product | $22.4M | 2% |
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
