vs
Chipotle Mexican Grill（CMG）与福陆（FLR）财务数据对比。点击上方公司名可切换其他公司
福陆的季度营收约是Chipotle Mexican Grill的1.4倍（$4.2B vs $3.0B），Chipotle Mexican Grill净利率更高（11.1% vs -37.7%，领先48.8%），Chipotle Mexican Grill同比增速更快（4.9% vs -2.0%），Chipotle Mexican Grill自由现金流更多（$228.4M vs $-378.0M），过去两年福陆的营收复合增速更高（5.7% vs 5.1%）
Chipotle Mexican Grill（常简称为Chipotle）是源自美国的跨国休闲快餐连锁品牌，主营现点现做的碗餐、塔可、墨西哥卷饼等风味餐食，餐品制作过程全程向顾客公开。截至2025年12月，品牌全球门店数量已达4000家，品牌名来源于纳瓦特尔语中烟熏干哈拉佩尼奥辣椒的称谓。
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
CMG vs FLR — 直观对比
营收规模更大
FLR
是对方的1.4倍
$3.0B
营收增速更快
CMG
高出6.9%
-2.0%
净利率更高
CMG
高出48.8%
-37.7%
自由现金流更多
CMG
多$606.4M
$-378.0M
两年增速更快
FLR
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $4.2B |
| 净利润 | $330.9M | $-1.6B |
| 毛利率 | — | 3.2% |
| 营业利润率 | 14.1% | 1.3% |
| 净利率 | 11.1% | -37.7% |
| 营收同比 | 4.9% | -2.0% |
| 净利润同比 | -0.3% | -184.4% |
| 每股收益（稀释后） | $0.25 | $-9.40 |
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CMGFLR
| Q4 25 | $3.0B | $4.2B | ||
| Q3 25 | $3.0B | $3.4B | ||
| Q2 25 | $3.1B | $4.0B | ||
| Q1 25 | $2.9B | $4.0B | ||
| Q4 24 | $2.8B | $4.3B | ||
| Q3 24 | $2.8B | $4.1B | ||
| Q2 24 | $3.0B | $4.2B | ||
| Q1 24 | $2.7B | $3.7B |
净利润CMGFLR
| Q4 25 | $330.9M | $-1.6B | ||
| Q3 25 | $382.1M | $-697.0M | ||
| Q2 25 | $436.1M | $2.5B | ||
| Q1 25 | $386.6M | $-241.0M | ||
| Q4 24 | $331.8M | $1.9B | ||
| Q3 24 | $387.4M | $54.0M | ||
| Q2 24 | $455.7M | $169.0M | ||
| Q1 24 | $359.3M | $59.0M |
毛利率CMGFLR
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | -13.3% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 4.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 2.7% |
营业利润率CMGFLR
| Q4 25 | 14.1% | 1.3% | ||
| Q3 25 | 15.9% | -14.7% | ||
| Q2 25 | 18.2% | -0.7% | ||
| Q1 25 | 16.7% | 2.3% | ||
| Q4 24 | 14.6% | 4.4% | ||
| Q3 24 | 16.9% | 1.2% | ||
| Q2 24 | 19.7% | 4.2% | ||
| Q1 24 | 16.3% | 1.4% |
净利率CMGFLR
| Q4 25 | 11.1% | -37.7% | ||
| Q3 25 | 12.7% | -20.7% | ||
| Q2 25 | 14.2% | 61.8% | ||
| Q1 25 | 13.4% | -6.1% | ||
| Q4 24 | 11.7% | 43.7% | ||
| Q3 24 | 13.9% | 1.3% | ||
| Q2 24 | 15.3% | 4.0% | ||
| Q1 24 | 13.3% | 1.6% |
每股收益（稀释后）CMGFLR
| Q4 25 | $0.25 | $-9.40 | ||
| Q3 25 | $0.29 | $-4.30 | ||
| Q2 25 | $0.32 | $14.81 | ||
| Q1 25 | $0.28 | $-1.42 | ||
| Q4 24 | $-12.51 | $10.68 | ||
| Q3 24 | $0.28 | $0.31 | ||
| Q2 24 | $0.33 | $0.97 | ||
| Q1 24 | $13.01 | $0.34 |
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 | $1.0B | $2.2B |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $2.8B | $3.2B |
| 总资产 | $9.0B | $8.2B |
| 负债/权益比越低杠杆越低 | 0.00× | — |
8季度趋势，按日历期对齐
现金及短期投资CMGFLR
| Q4 25 | $1.0B | $2.2B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.4B | $3.0B | ||
| Q3 24 | $1.4B | $3.0B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $1.4B | $2.4B |
总债务CMGFLR
| Q4 25 | $0 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMGFLR
| Q4 25 | $2.8B | $3.2B | ||
| Q3 25 | $3.2B | $5.2B | ||
| Q2 25 | $3.5B | $5.9B | ||
| Q1 25 | $3.5B | $3.6B | ||
| Q4 24 | $3.7B | $3.9B | ||
| Q3 24 | $3.6B | $2.3B | ||
| Q2 24 | $3.7B | $2.1B | ||
| Q1 24 | $3.4B | $2.0B |
总资产CMGFLR
| Q4 25 | $9.0B | $8.2B | ||
| Q3 25 | $9.3B | $11.5B | ||
| Q2 25 | $9.3B | $11.8B | ||
| Q1 25 | $9.0B | $8.4B | ||
| Q4 24 | $9.2B | $9.1B | ||
| Q3 24 | $9.0B | $7.1B | ||
| Q2 24 | $8.9B | $6.8B | ||
| Q1 24 | $8.4B | $6.7B |
负债/权益比CMGFLR
| Q4 25 | 0.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $425.8M | $-366.0M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $-378.0M |
| 自由现金流率自由现金流/营收 | 7.7% | -9.1% |
| 资本支出强度资本支出/营收 | 6.6% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.29× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-437.0M |
8季度趋势，按日历期对齐
经营现金流CMGFLR
| Q4 25 | $425.8M | $-366.0M | ||
| Q3 25 | $569.7M | $286.0M | ||
| Q2 25 | $561.3M | $-21.0M | ||
| Q1 25 | $557.1M | $-286.0M | ||
| Q4 24 | $526.8M | $327.0M | ||
| Q3 24 | $446.5M | $330.0M | ||
| Q2 24 | $562.6M | $282.0M | ||
| Q1 24 | $569.2M | $-111.0M |
自由现金流CMGFLR
| Q4 25 | $228.4M | $-378.0M | ||
| Q3 25 | $406.2M | $273.0M | ||
| Q2 25 | $400.7M | $-35.0M | ||
| Q1 25 | $412.3M | $-297.0M | ||
| Q4 24 | $353.9M | $296.0M | ||
| Q3 24 | $299.0M | $279.0M | ||
| Q2 24 | $422.1M | $234.0M | ||
| Q1 24 | $436.5M | $-145.0M |
自由现金流率CMGFLR
| Q4 25 | 7.7% | -9.1% | ||
| Q3 25 | 13.5% | 8.1% | ||
| Q2 25 | 13.1% | -0.9% | ||
| Q1 25 | 14.3% | -7.5% | ||
| Q4 24 | 12.4% | 6.9% | ||
| Q3 24 | 10.7% | 6.8% | ||
| Q2 24 | 14.2% | 5.5% | ||
| Q1 24 | 16.2% | -3.9% |
资本支出强度CMGFLR
| Q4 25 | 6.6% | 0.3% | ||
| Q3 25 | 5.4% | 0.4% | ||
| Q2 25 | 5.2% | 0.4% | ||
| Q1 25 | 5.0% | 0.3% | ||
| Q4 24 | 6.1% | 0.7% | ||
| Q3 24 | 5.3% | 1.2% | ||
| Q2 24 | 4.7% | 1.1% | ||
| Q1 24 | 4.9% | 0.9% |
现金转化率CMGFLR
| Q4 25 | 1.29× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 1.29× | -0.01× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.59× | 0.18× | ||
| Q3 24 | 1.15× | 6.11× | ||
| Q2 24 | 1.23× | 1.67× | ||
| Q1 24 | 1.58× | -1.88× |
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
CMG
| U.S.Segment | $2.9B | 98% |
| Chipotle Rewards | $46.1M | 2% |
| Delivery Service | $14.3M | 0% |
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
