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芝商所（CME）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
芝商所的季度营收约是达美乐的1.6倍（$1.9B vs $1.2B），达美乐净利率更高（12.2% vs 0.1%，领先12.1%），芝商所同比增速更快（14.5% vs 3.5%），过去两年芝商所的营收复合增速更高（10.8% vs 3.0%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
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。
CME vs DPZ — 直观对比
营收规模更大
CME
是对方的1.6倍
$1.2B
营收增速更快
CME
高出11.0%
3.5%
净利率更高
DPZ
高出12.1%
0.1%
两年增速更快
CME
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $1.2M | $139.8M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 0.1% | 20.0% |
| 净利率 | 0.1% | 12.2% |
| 营收同比 | 14.5% | 3.5% |
| 净利润同比 | 20.7% | -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CMEDPZ
| Q1 26 | $1.9B | $1.2B | ||
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $1.1B |
净利润CMEDPZ
| Q1 26 | $1.2M | $139.8M | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $908.0M | $139.3M | ||
| Q2 25 | $1.0B | $131.1M | ||
| Q1 25 | $956.2M | $149.7M | ||
| Q4 24 | $874.6M | $169.4M | ||
| Q3 24 | $912.8M | $146.9M | ||
| Q2 24 | $883.2M | $142.0M |
毛利率CMEDPZ
| 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CMEDPZ
| Q1 26 | 0.1% | 20.0% | ||
| Q4 25 | 61.8% | — | ||
| Q3 25 | 63.3% | 19.5% | ||
| Q2 25 | 66.7% | 19.7% | ||
| Q1 25 | 67.5% | 18.9% | ||
| Q4 24 | 62.1% | 19.0% | ||
| Q3 24 | 64.6% | 18.4% | ||
| Q2 24 | 65.3% | 17.9% |
净利率CMEDPZ
| Q1 26 | 0.1% | 12.2% | ||
| Q4 25 | 71.7% | — | ||
| Q3 25 | 59.1% | 12.1% | ||
| Q2 25 | 60.6% | 11.4% | ||
| Q1 25 | 58.2% | 13.5% | ||
| Q4 24 | 57.3% | 11.7% | ||
| Q3 24 | 57.6% | 13.6% | ||
| Q2 24 | 57.6% | 12.9% |
每股收益（稀释后）CMEDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.49 | $4.08 | ||
| Q2 25 | $2.81 | $3.81 | ||
| Q1 25 | $2.62 | $4.33 | ||
| Q4 24 | $2.40 | $4.89 | ||
| Q3 24 | $2.50 | $4.19 | ||
| Q2 24 | $2.42 | $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 | $2.4B | $232.9M |
| 总债务越低越好 | $3.4B | $4.9B |
| 股东权益账面价值 | — | — |
| 总资产 | $202.0B | $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CMEDPZ
| Q1 26 | $2.4B | $232.9M | ||
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | $139.7M | ||
| Q2 25 | $2.1B | $272.9M | ||
| Q1 25 | $1.5B | $304.3M | ||
| Q4 24 | $3.0B | $186.1M | ||
| Q3 24 | $2.4B | $189.1M | ||
| Q2 24 | $1.9B | $283.7M |
总债务CMEDPZ
| Q1 26 | $3.4B | $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CMEDPZ
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | — | ||
| Q3 25 | $28.2B | $-4.0B | ||
| Q2 25 | $27.7B | $-4.0B | ||
| Q1 25 | $27.0B | $-3.9B | ||
| Q4 24 | $26.5B | $-4.0B | ||
| Q3 24 | $28.2B | $-4.0B | ||
| Q2 24 | $27.6B | $-3.9B |
总资产CMEDPZ
| Q1 26 | $202.0B | $1.8B | ||
| Q4 25 | $198.4B | — | ||
| Q3 25 | $187.1B | $1.7B | ||
| Q2 25 | $179.9B | $1.8B | ||
| Q1 25 | $157.8B | $1.9B | ||
| Q4 24 | $137.4B | $1.7B | ||
| Q3 24 | $137.8B | $1.8B | ||
| Q2 24 | $123.4B | $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 | — | $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 | — | 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CMEDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $968.1M | $185.4M | ||
| Q2 25 | $1.1B | $187.8M | ||
| Q1 25 | $1.1B | $179.1M | ||
| Q4 24 | $1.0B | $178.0M | ||
| Q3 24 | $1.0B | $172.7M | ||
| Q2 24 | $776.9M | $150.7M |
自由现金流CMEDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $949.7M | $164.0M | ||
| Q2 25 | $1.0B | $167.3M | ||
| Q1 25 | $1.1B | $164.3M | ||
| Q4 24 | $991.7M | $135.9M | ||
| Q3 24 | $973.2M | $145.6M | ||
| Q2 24 | $758.7M | $127.2M |
自由现金流率CMEDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 61.8% | 14.3% | ||
| Q2 25 | 61.5% | 14.6% | ||
| Q1 25 | 67.1% | 14.8% | ||
| Q4 24 | 65.0% | 9.4% | ||
| Q3 24 | 61.4% | 13.5% | ||
| Q2 24 | 49.5% | 11.6% |
资本支出强度CMEDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.2% | 1.9% | ||
| Q2 25 | 1.1% | 1.8% | ||
| Q1 25 | 0.9% | 1.3% | ||
| Q4 24 | 1.7% | 2.9% | ||
| Q3 24 | 1.9% | 2.5% | ||
| Q2 24 | 1.2% | 2.1% |
现金转化率CMEDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.07× | 1.33× | ||
| Q2 25 | 1.03× | 1.43× | ||
| Q1 25 | 1.17× | 1.20× | ||
| Q4 24 | 1.16× | 1.05× | ||
| Q3 24 | 1.10× | 1.18× | ||
| Q2 24 | 0.88× | 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
CME
暂无分部数据
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% |
