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Chipotle Mexican Grill（CMG）与Wingstop Inc.（WING）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Wingstop Inc.的17.0倍（$3.0B vs $175.7M）。Wingstop Inc.净利率更高（15.2% vs 11.1%，领先4.1%）。Wingstop Inc.同比增速更快（8.6% vs 4.9%）。Chipotle Mexican Grill自由现金流更多（$228.4M vs $34.5M）。过去两年Wingstop Inc.的营收复合增速更高（9.8% 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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
CMG vs WING — 直观对比
营收规模更大
CMG
是对方的17.0倍
$175.7M
营收增速更快
WING
高出3.7%
4.9%
净利率更高
WING
高出4.1%
11.1%
自由现金流更多
CMG
多$193.9M
$34.5M
两年增速更快
WING
近两年复合增速
5.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $175.7M |
| 净利润 | $330.9M | $26.8M |
| 毛利率 | — | — |
| 营业利润率 | 14.1% | 26.7% |
| 净利率 | 11.1% | 15.2% |
| 营收同比 | 4.9% | 8.6% |
| 净利润同比 | -0.3% | 0.0% |
| 每股收益（稀释后） | $0.25 | $0.99 |
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CMGWING
| Q4 25 | $3.0B | $175.7M | ||
| Q3 25 | $3.0B | $175.7M | ||
| Q2 25 | $3.1B | $174.3M | ||
| Q1 25 | $2.9B | $171.1M | ||
| Q4 24 | $2.8B | $161.8M | ||
| Q3 24 | $2.8B | $162.5M | ||
| Q2 24 | $3.0B | $155.7M | ||
| Q1 24 | $2.7B | $145.8M |
净利润CMGWING
| Q4 25 | $330.9M | $26.8M | ||
| Q3 25 | $382.1M | $28.5M | ||
| Q2 25 | $436.1M | $26.8M | ||
| Q1 25 | $386.6M | $92.3M | ||
| Q4 24 | $331.8M | $26.8M | ||
| Q3 24 | $387.4M | $25.7M | ||
| Q2 24 | $455.7M | $27.5M | ||
| Q1 24 | $359.3M | $28.7M |
毛利率CMGWING
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | — | 85.0% | ||
| Q2 24 | — | 85.4% | ||
| Q1 24 | — | 85.4% |
营业利润率CMGWING
| Q4 25 | 14.1% | 26.7% | ||
| Q3 25 | 15.9% | 27.9% | ||
| Q2 25 | 18.2% | 25.9% | ||
| Q1 25 | 16.7% | 22.4% | ||
| Q4 24 | 14.6% | 25.9% | ||
| Q3 24 | 16.9% | 24.5% | ||
| Q2 24 | 19.7% | 26.5% | ||
| Q1 24 | 16.3% | 29.3% |
净利率CMGWING
| Q4 25 | 11.1% | 15.2% | ||
| Q3 25 | 12.7% | 16.2% | ||
| Q2 25 | 14.2% | 15.4% | ||
| Q1 25 | 13.4% | 53.9% | ||
| Q4 24 | 11.7% | 16.5% | ||
| Q3 24 | 13.9% | 15.8% | ||
| Q2 24 | 15.3% | 17.7% | ||
| Q1 24 | 13.3% | 19.7% |
每股收益（稀释后）CMGWING
| Q4 25 | $0.25 | $0.99 | ||
| Q3 25 | $0.29 | $1.02 | ||
| Q2 25 | $0.32 | $0.96 | ||
| Q1 25 | $0.28 | $3.24 | ||
| Q4 24 | $-12.51 | $0.91 | ||
| Q3 24 | $0.28 | $0.88 | ||
| Q2 24 | $0.33 | $0.93 | ||
| Q1 24 | $13.01 | $0.98 |
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 | $196.6M |
| 总债务越低越好 | $0 | $1.2B |
| 股东权益账面价值 | $2.8B | $-736.8M |
| 总资产 | $9.0B | $693.4M |
| 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CMGWING
| Q4 25 | $1.0B | $196.6M | ||
| Q3 25 | $1.4B | $237.6M | ||
| Q2 25 | $1.5B | $227.9M | ||
| Q1 25 | $1.4B | $251.4M | ||
| Q4 24 | $1.4B | $315.9M | ||
| Q3 24 | $1.4B | $84.0M | ||
| Q2 24 | $1.5B | $96.7M | ||
| Q1 24 | $1.4B | $108.3M |
总债务CMGWING
| Q4 25 | $0 | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMGWING
| Q4 25 | $2.8B | $-736.8M | ||
| Q3 25 | $3.2B | $-702.6M | ||
| Q2 25 | $3.5B | $-686.0M | ||
| Q1 25 | $3.5B | $-715.0M | ||
| Q4 24 | $3.7B | $-675.6M | ||
| Q3 24 | $3.6B | $-447.5M | ||
| Q2 24 | $3.7B | $-437.5M | ||
| Q1 24 | $3.4B | $-434.4M |
总资产CMGWING
| Q4 25 | $9.0B | $693.4M | ||
| Q3 25 | $9.3B | $721.0M | ||
| Q2 25 | $9.3B | $708.3M | ||
| Q1 25 | $9.0B | $696.8M | ||
| Q4 24 | $9.2B | $716.2M | ||
| Q3 24 | $9.0B | $484.8M | ||
| Q2 24 | $8.9B | $451.8M | ||
| Q1 24 | $8.4B | $412.3M |
负债/权益比CMGWING
| 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 | $57.3M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $34.5M |
| 自由现金流率自由现金流/营收 | 7.7% | 19.6% |
| 资本支出强度资本支出/营收 | 6.6% | 13.0% |
| 现金转化率经营现金流/净利润 | 1.29× | 2.14× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $105.6M |
8季度趋势，按日历期对齐
经营现金流CMGWING
| Q4 25 | $425.8M | $57.3M | ||
| Q3 25 | $569.7M | $63.9M | ||
| Q2 25 | $561.3M | $6.6M | ||
| Q1 25 | $557.1M | $25.3M | ||
| Q4 24 | $526.8M | $7.7M | ||
| Q3 24 | $446.5M | $69.0M | ||
| Q2 24 | $562.6M | $36.2M | ||
| Q1 24 | $569.2M | $44.7M |
自由现金流CMGWING
| Q4 25 | $228.4M | $34.5M | ||
| Q3 25 | $406.2M | $61.7M | ||
| Q2 25 | $400.7M | $-7.8M | ||
| Q1 25 | $412.3M | $17.3M | ||
| Q4 24 | $353.9M | $-8.6M | ||
| Q3 24 | $299.0M | $54.9M | ||
| Q2 24 | $422.1M | $25.9M | ||
| Q1 24 | $436.5M | $33.5M |
自由现金流率CMGWING
| Q4 25 | 7.7% | 19.6% | ||
| Q3 25 | 13.5% | 35.1% | ||
| Q2 25 | 13.1% | -4.5% | ||
| Q1 25 | 14.3% | 10.1% | ||
| Q4 24 | 12.4% | -5.3% | ||
| Q3 24 | 10.7% | 33.8% | ||
| Q2 24 | 14.2% | 16.6% | ||
| Q1 24 | 16.2% | 23.0% |
资本支出强度CMGWING
| Q4 25 | 6.6% | 13.0% | ||
| Q3 25 | 5.4% | 1.3% | ||
| Q2 25 | 5.2% | 8.2% | ||
| Q1 25 | 5.0% | 4.7% | ||
| Q4 24 | 6.1% | 10.1% | ||
| Q3 24 | 5.3% | 8.7% | ||
| Q2 24 | 4.7% | 6.6% | ||
| Q1 24 | 4.9% | 7.7% |
现金转化率CMGWING
| Q4 25 | 1.29× | 2.14× | ||
| Q3 25 | 1.49× | 2.24× | ||
| Q2 25 | 1.29× | 0.25× | ||
| Q1 25 | 1.44× | 0.27× | ||
| Q4 24 | 1.59× | 0.29× | ||
| Q3 24 | 1.15× | 2.68× | ||
| Q2 24 | 1.23× | 1.32× | ||
| Q1 24 | 1.58× | 1.55× |
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% |
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
