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Chipotle Mexican Grill（CMG）与棒约翰（PZZA）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是棒约翰的6.0倍（$3.0B vs $498.2M）。Chipotle Mexican Grill净利率更高（11.1% vs 1.4%，领先9.7%）。Chipotle Mexican Grill同比增速更快（4.9% vs -6.1%）。Chipotle Mexican Grill自由现金流更多（$228.4M vs $2.1M）。过去两年Chipotle Mexican Grill的营收复合增速更高（5.1% vs -1.5%）
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。
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
CMG vs PZZA — 直观对比
营收规模更大
CMG
是对方的6.0倍
$498.2M
营收增速更快
CMG
高出11.0%
-6.1%
净利率更高
CMG
高出9.7%
1.4%
自由现金流更多
CMG
多$226.3M
$2.1M
两年增速更快
CMG
近两年复合增速
-1.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $498.2M |
| 净利润 | $330.9M | $7.1M |
| 毛利率 | — | — |
| 营业利润率 | 14.1% | 4.9% |
| 净利率 | 11.1% | 1.4% |
| 营收同比 | 4.9% | -6.1% |
| 净利润同比 | -0.3% | -52.2% |
| 每股收益（稀释后） | $0.25 | $0.22 |
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CMGPZZA
| Q4 25 | $3.0B | $498.2M | ||
| Q3 25 | $3.0B | $508.2M | ||
| Q2 25 | $3.1B | $529.2M | ||
| Q1 25 | $2.9B | $518.3M | ||
| Q4 24 | $2.8B | $530.8M | ||
| Q3 24 | $2.8B | $506.8M | ||
| Q2 24 | $3.0B | $507.9M | ||
| Q1 24 | $2.7B | $513.9M |
净利润CMGPZZA
| Q4 25 | $330.9M | $7.1M | ||
| Q3 25 | $382.1M | $4.7M | ||
| Q2 25 | $436.1M | $9.5M | ||
| Q1 25 | $386.6M | $9.2M | ||
| Q4 24 | $331.8M | $14.8M | ||
| Q3 24 | $387.4M | $41.8M | ||
| Q2 24 | $455.7M | $12.2M | ||
| Q1 24 | $359.3M | $14.6M |
营业利润率CMGPZZA
| Q4 25 | 14.1% | 4.9% | ||
| Q3 25 | 15.9% | 3.2% | ||
| Q2 25 | 18.2% | 4.6% | ||
| Q1 25 | 16.7% | 4.6% | ||
| Q4 24 | 14.6% | 5.6% | ||
| Q3 24 | 16.9% | 12.9% | ||
| Q2 24 | 19.7% | 5.6% | ||
| Q1 24 | 16.3% | 6.6% |
净利率CMGPZZA
| Q4 25 | 11.1% | 1.4% | ||
| Q3 25 | 12.7% | 0.9% | ||
| Q2 25 | 14.2% | 1.8% | ||
| Q1 25 | 13.4% | 1.8% | ||
| Q4 24 | 11.7% | 2.8% | ||
| Q3 24 | 13.9% | 8.2% | ||
| Q2 24 | 15.3% | 2.4% | ||
| Q1 24 | 13.3% | 2.8% |
每股收益（稀释后）CMGPZZA
| Q4 25 | $0.25 | $0.22 | ||
| Q3 25 | $0.29 | $0.13 | ||
| Q2 25 | $0.32 | $0.28 | ||
| Q1 25 | $0.28 | $0.27 | ||
| Q4 24 | $-12.51 | $0.46 | ||
| Q3 24 | $0.28 | $1.27 | ||
| Q2 24 | $0.33 | $0.37 | ||
| Q1 24 | $13.01 | $0.44 |
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 | $34.6M |
| 总债务越低越好 | $0 | $722.3M |
| 股东权益账面价值 | $2.8B | $-444.8M |
| 总资产 | $9.0B | $837.5M |
| 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CMGPZZA
| Q4 25 | $1.0B | $34.6M | ||
| Q3 25 | $1.4B | $39.0M | ||
| Q2 25 | $1.5B | $33.3M | ||
| Q1 25 | $1.4B | $44.0M | ||
| Q4 24 | $1.4B | $38.0M | ||
| Q3 24 | $1.4B | $17.6M | ||
| Q2 24 | $1.5B | $24.3M | ||
| Q1 24 | $1.4B | $27.8M |
总债务CMGPZZA
| Q4 25 | $0 | $722.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMGPZZA
| Q4 25 | $2.8B | $-444.8M | ||
| Q3 25 | $3.2B | $-439.3M | ||
| Q2 25 | $3.5B | $-432.0M | ||
| Q1 25 | $3.5B | $-431.9M | ||
| Q4 24 | $3.7B | $-429.5M | ||
| Q3 24 | $3.6B | $-430.9M | ||
| Q2 24 | $3.7B | $-461.7M | ||
| Q1 24 | $3.4B | $-461.9M |
总资产CMGPZZA
| Q4 25 | $9.0B | $837.5M | ||
| Q3 25 | $9.3B | $884.1M | ||
| Q2 25 | $9.3B | $890.4M | ||
| Q1 25 | $9.0B | $898.1M | ||
| Q4 24 | $9.2B | $889.0M | ||
| Q3 24 | $9.0B | $860.9M | ||
| Q2 24 | $8.9B | $838.4M | ||
| Q1 24 | $8.4B | $847.2M |
负债/权益比CMGPZZA
| 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 | $19.8M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $2.1M |
| 自由现金流率自由现金流/营收 | 7.7% | 0.4% |
| 资本支出强度资本支出/营收 | 6.6% | 3.6% |
| 现金转化率经营现金流/净利润 | 1.29× | 2.80× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $61.3M |
8季度趋势，按日历期对齐
经营现金流CMGPZZA
| Q4 25 | $425.8M | $19.8M | ||
| Q3 25 | $569.7M | $39.3M | ||
| Q2 25 | $561.3M | $35.5M | ||
| Q1 25 | $557.1M | $31.3M | ||
| Q4 24 | $526.8M | $50.7M | ||
| Q3 24 | $446.5M | $13.9M | ||
| Q2 24 | $562.6M | $30.0M | ||
| Q1 24 | $569.2M | $12.0M |
自由现金流CMGPZZA
| Q4 25 | $228.4M | $2.1M | ||
| Q3 25 | $406.2M | $22.7M | ||
| Q2 25 | $400.7M | $17.4M | ||
| Q1 25 | $412.3M | $19.1M | ||
| Q4 24 | $353.9M | $25.2M | ||
| Q3 24 | $299.0M | $-3.8M | ||
| Q2 24 | $422.1M | $13.9M | ||
| Q1 24 | $436.5M | $-1.1M |
自由现金流率CMGPZZA
| Q4 25 | 7.7% | 0.4% | ||
| Q3 25 | 13.5% | 4.5% | ||
| Q2 25 | 13.1% | 3.3% | ||
| Q1 25 | 14.3% | 3.7% | ||
| Q4 24 | 12.4% | 4.7% | ||
| Q3 24 | 10.7% | -0.8% | ||
| Q2 24 | 14.2% | 2.7% | ||
| Q1 24 | 16.2% | -0.2% |
资本支出强度CMGPZZA
| Q4 25 | 6.6% | 3.6% | ||
| Q3 25 | 5.4% | 3.3% | ||
| Q2 25 | 5.2% | 3.4% | ||
| Q1 25 | 5.0% | 2.4% | ||
| Q4 24 | 6.1% | 4.8% | ||
| Q3 24 | 5.3% | 3.5% | ||
| Q2 24 | 4.7% | 3.2% | ||
| Q1 24 | 4.9% | 2.5% |
现金转化率CMGPZZA
| Q4 25 | 1.29× | 2.80× | ||
| Q3 25 | 1.49× | 8.36× | ||
| Q2 25 | 1.29× | 3.73× | ||
| Q1 25 | 1.44× | 3.40× | ||
| Q4 24 | 1.59× | 3.43× | ||
| Q3 24 | 1.15× | 0.33× | ||
| Q2 24 | 1.23× | 2.45× | ||
| Q1 24 | 1.58× | 0.82× |
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% |
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
