vs
Chipotle Mexican Grill（CMG）与派拓网络（PANW）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是派拓网络的1.2倍（$3.0B vs $2.6B），派拓网络净利率更高（16.7% vs 11.1%，领先5.6%），派拓网络同比增速更快（14.9% vs 4.9%），派拓网络自由现金流更多（$384.0M vs $228.4M），过去两年派拓网络的营收复合增速更高（14.3% 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。
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
CMG vs PANW — 直观对比
营收规模更大
CMG
是对方的1.2倍
$2.6B
营收增速更快
PANW
高出10.1%
4.9%
净利率更高
PANW
高出5.6%
11.1%
自由现金流更多
PANW
多$155.6M
$228.4M
两年增速更快
PANW
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.6B |
| 净利润 | $330.9M | $432.0M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 14.1% | 15.3% |
| 净利率 | 11.1% | 16.7% |
| 营收同比 | 4.9% | 14.9% |
| 净利润同比 | -0.3% | 61.6% |
| 每股收益（稀释后） | $0.25 | $0.61 |
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CMGPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $3.0B | $2.5B | ||
| Q3 25 | $3.0B | $2.5B | ||
| Q2 25 | $3.1B | $2.3B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $3.0B | $2.0B |
净利润CMGPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $330.9M | $334.0M | ||
| Q3 25 | $382.1M | $253.8M | ||
| Q2 25 | $436.1M | $262.1M | ||
| Q1 25 | $386.6M | $267.3M | ||
| Q4 24 | $331.8M | $350.7M | ||
| Q3 24 | $387.4M | $357.7M | ||
| Q2 24 | $455.7M | $278.8M |
毛利率CMGPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 73.2% | ||
| Q2 25 | — | 72.9% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 74.1% | ||
| Q3 24 | — | 73.8% | ||
| Q2 24 | — | 74.1% |
营业利润率CMGPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 14.1% | 12.5% | ||
| Q3 25 | 15.9% | 19.6% | ||
| Q2 25 | 18.2% | 9.6% | ||
| Q1 25 | 16.7% | 10.6% | ||
| Q4 24 | 14.6% | 13.4% | ||
| Q3 24 | 16.9% | 10.9% | ||
| Q2 24 | 19.7% | 8.9% |
净利率CMGPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 11.1% | 13.5% | ||
| Q3 25 | 12.7% | 10.0% | ||
| Q2 25 | 14.2% | 11.5% | ||
| Q1 25 | 13.4% | 11.8% | ||
| Q4 24 | 11.7% | 16.4% | ||
| Q3 24 | 13.9% | 16.3% | ||
| Q2 24 | 15.3% | 14.0% |
每股收益（稀释后）CMGPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.25 | $0.47 | ||
| Q3 25 | $0.29 | $-0.14 | ||
| Q2 25 | $0.32 | $0.37 | ||
| Q1 25 | $0.28 | $0.38 | ||
| Q4 24 | $-12.51 | $0.99 | ||
| Q3 24 | $0.28 | $1.04 | ||
| Q2 24 | $0.33 | $0.79 |
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 | $4.5B |
| 总债务越低越好 | $0 | — |
| 股东权益账面价值 | $2.8B | $9.4B |
| 总资产 | $9.0B | $25.0B |
| 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CMGPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $1.0B | $4.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $1.4B | $3.2B | ||
| Q4 24 | $1.4B | $3.4B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.5B | $2.9B |
总债务CMGPANW
| Q1 26 | — | — | ||
| Q4 25 | $0 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMGPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $2.8B | $8.7B | ||
| Q3 25 | $3.2B | $7.8B | ||
| Q2 25 | $3.5B | $7.2B | ||
| Q1 25 | $3.5B | $6.4B | ||
| Q4 24 | $3.7B | $5.9B | ||
| Q3 24 | $3.6B | $5.2B | ||
| Q2 24 | $3.7B | $4.5B |
总资产CMGPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $9.0B | $23.5B | ||
| Q3 25 | $9.3B | $23.6B | ||
| Q2 25 | $9.3B | $22.0B | ||
| Q1 25 | $9.0B | $21.0B | ||
| Q4 24 | $9.2B | $20.4B | ||
| Q3 24 | $9.0B | $20.0B | ||
| Q2 24 | $8.9B | $17.9B |
负债/权益比CMGPANW
| Q1 26 | — | — | ||
| Q4 25 | 0.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $384.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 14.8% |
| 资本支出强度资本支出/营收 | 6.6% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.29× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $3.6B |
8季度趋势，按日历期对齐
经营现金流CMGPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $425.8M | $1.8B | ||
| Q3 25 | $569.7M | $1.0B | ||
| Q2 25 | $561.3M | $628.7M | ||
| Q1 25 | $557.1M | $556.9M | ||
| Q4 24 | $526.8M | $1.5B | ||
| Q3 24 | $446.5M | $512.7M | ||
| Q2 24 | $562.6M | $528.9M |
自由现金流CMGPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $228.4M | $1.7B | ||
| Q3 25 | $406.2M | $934.5M | ||
| Q2 25 | $400.7M | $560.4M | ||
| Q1 25 | $412.3M | $509.4M | ||
| Q4 24 | $353.9M | $1.5B | ||
| Q3 24 | $299.0M | $465.3M | ||
| Q2 24 | $422.1M | $491.5M |
自由现金流率CMGPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 7.7% | 68.2% | ||
| Q3 25 | 13.5% | 36.8% | ||
| Q2 25 | 13.1% | 24.5% | ||
| Q1 25 | 14.3% | 22.6% | ||
| Q4 24 | 12.4% | 68.5% | ||
| Q3 24 | 10.7% | 21.3% | ||
| Q2 24 | 14.2% | 24.8% |
资本支出强度CMGPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 6.6% | 3.4% | ||
| Q3 25 | 5.4% | 3.4% | ||
| Q2 25 | 5.2% | 3.0% | ||
| Q1 25 | 5.0% | 2.1% | ||
| Q4 24 | 6.1% | 2.1% | ||
| Q3 24 | 5.3% | 2.2% | ||
| Q2 24 | 4.7% | 1.9% |
现金转化率CMGPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.29× | 5.30× | ||
| Q3 25 | 1.49× | 4.02× | ||
| Q2 25 | 1.29× | 2.40× | ||
| Q1 25 | 1.44× | 2.08× | ||
| Q4 24 | 1.59× | 4.30× | ||
| Q3 24 | 1.15× | 1.43× | ||
| Q2 24 | 1.23× | 1.90× |
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% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
