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Chipotle Mexican Grill（CMG）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是MPLX LP的1.2倍（$3.0B vs $2.5B），MPLX LP净利率更高（49.1% vs 11.1%，领先38.0%），Chipotle Mexican Grill同比增速更快（4.9% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $228.4M），过去两年MPLX LP的营收复合增速更高（6.2% 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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
CMG vs MPLX — 直观对比
营收规模更大
CMG
是对方的1.2倍
$2.5B
营收增速更快
CMG
高出3.5%
1.4%
净利率更高
MPLX
高出38.0%
11.1%
自由现金流更多
MPLX
多$553.6M
$228.4M
两年增速更快
MPLX
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.5B |
| 净利润 | $330.9M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 14.1% | 60.5% |
| 净利率 | 11.1% | 49.1% |
| 营收同比 | 4.9% | 1.4% |
| 净利润同比 | -0.3% | 8.5% |
| 每股收益（稀释后） | $0.25 | — |
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CMGMPLX
| Q4 25 | $3.0B | $2.5B | ||
| Q3 25 | $3.0B | $2.5B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $2.9B | $2.5B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $3.0B | $2.3B | ||
| Q1 24 | $2.7B | $2.2B |
净利润CMGMPLX
| Q4 25 | $330.9M | $1.2B | ||
| Q3 25 | $382.1M | $1.6B | ||
| Q2 25 | $436.1M | $1.1B | ||
| Q1 25 | $386.6M | $1.1B | ||
| Q4 24 | $331.8M | $1.1B | ||
| Q3 24 | $387.4M | $1.0B | ||
| Q2 24 | $455.7M | $1.2B | ||
| Q1 24 | $359.3M | $1.0B |
营业利润率CMGMPLX
| Q4 25 | 14.1% | 60.5% | ||
| Q3 25 | 15.9% | 73.2% | ||
| Q2 25 | 18.2% | 54.9% | ||
| Q1 25 | 16.7% | 55.5% | ||
| Q4 24 | 14.6% | 55.6% | ||
| Q3 24 | 16.9% | 54.4% | ||
| Q2 24 | 19.7% | 62.9% | ||
| Q1 24 | 16.3% | 57.6% |
净利率CMGMPLX
| Q4 25 | 11.1% | 49.1% | ||
| Q3 25 | 12.7% | 63.2% | ||
| Q2 25 | 14.2% | 44.9% | ||
| Q1 25 | 13.4% | 46.2% | ||
| Q4 24 | 11.7% | 45.9% | ||
| Q3 24 | 13.9% | 44.6% | ||
| Q2 24 | 15.3% | 52.6% | ||
| Q1 24 | 13.3% | 46.7% |
每股收益（稀释后）CMGMPLX
| Q4 25 | $0.25 | — | ||
| Q3 25 | $0.29 | — | ||
| Q2 25 | $0.32 | — | ||
| Q1 25 | $0.28 | — | ||
| Q4 24 | $-12.51 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $13.01 | — |
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 | $2.1B |
| 总债务越低越好 | $0 | $24.2B |
| 股东权益账面价值 | $2.8B | — |
| 总资产 | $9.0B | $43.0B |
| 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CMGMPLX
| Q4 25 | $1.0B | $2.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $1.5B | $2.5B | ||
| Q1 24 | $1.4B | $385.0M |
总债务CMGMPLX
| Q4 25 | $0 | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | $0 | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益CMGMPLX
| Q4 25 | $2.8B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.4B | — |
总资产CMGMPLX
| Q4 25 | $9.0B | $43.0B | ||
| Q3 25 | $9.3B | $43.2B | ||
| Q2 25 | $9.3B | $37.8B | ||
| Q1 25 | $9.0B | $39.0B | ||
| Q4 24 | $9.2B | $37.5B | ||
| Q3 24 | $9.0B | $38.5B | ||
| Q2 24 | $8.9B | $38.4B | ||
| Q1 24 | $8.4B | $36.5B |
负债/权益比CMGMPLX
| 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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $782.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 31.9% |
| 资本支出强度资本支出/营收 | 6.6% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.29× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $4.1B |
8季度趋势，按日历期对齐
经营现金流CMGMPLX
| Q4 25 | $425.8M | $1.5B | ||
| Q3 25 | $569.7M | $1.4B | ||
| Q2 25 | $561.3M | $1.7B | ||
| Q1 25 | $557.1M | $1.2B | ||
| Q4 24 | $526.8M | $1.7B | ||
| Q3 24 | $446.5M | $1.4B | ||
| Q2 24 | $562.6M | $1.6B | ||
| Q1 24 | $569.2M | $1.3B |
自由现金流CMGMPLX
| Q4 25 | $228.4M | $782.0M | ||
| Q3 25 | $406.2M | $905.0M | ||
| Q2 25 | $400.7M | $1.4B | ||
| Q1 25 | $412.3M | $979.0M | ||
| Q4 24 | $353.9M | $1.4B | ||
| Q3 24 | $299.0M | $1.1B | ||
| Q2 24 | $422.1M | $1.4B | ||
| Q1 24 | $436.5M | $1.0B |
自由现金流率CMGMPLX
| Q4 25 | 7.7% | 31.9% | ||
| Q3 25 | 13.5% | 36.8% | ||
| Q2 25 | 13.1% | 60.9% | ||
| Q1 25 | 14.3% | 39.8% | ||
| Q4 24 | 12.4% | 56.6% | ||
| Q3 24 | 10.7% | 48.4% | ||
| Q2 24 | 14.2% | 60.0% | ||
| Q1 24 | 16.2% | 47.7% |
资本支出强度CMGMPLX
| Q4 25 | 6.6% | 29.1% | ||
| Q3 25 | 5.4% | 21.4% | ||
| Q2 25 | 5.2% | 12.8% | ||
| Q1 25 | 5.0% | 10.9% | ||
| Q4 24 | 6.1% | 12.7% | ||
| Q3 24 | 5.3% | 11.9% | ||
| Q2 24 | 4.7% | 9.4% | ||
| Q1 24 | 4.9% | 11.7% |
现金转化率CMGMPLX
| Q4 25 | 1.29× | 1.24× | ||
| Q3 25 | 1.49× | 0.92× | ||
| Q2 25 | 1.29× | 1.64× | ||
| Q1 25 | 1.44× | 1.10× | ||
| Q4 24 | 1.59× | 1.51× | ||
| Q3 24 | 1.15× | 1.35× | ||
| Q2 24 | 1.23× | 1.32× | ||
| Q1 24 | 1.58× | 1.27× |
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% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
