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Chipotle Mexican Grill（CMG）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是韦莱韬悦的1.0倍（$3.0B vs $2.9B），韦莱韬悦净利率更高（25.5% vs 11.1%，领先14.4%），Chipotle Mexican Grill同比增速更快（4.9% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $228.4M），过去两年韦莱韬悦的营收复合增速更高（12.0% 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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
CMG vs WTW — 直观对比
营收规模更大
CMG
是对方的1.0倍
$2.9B
营收增速更快
CMG
高出8.4%
-3.5%
净利率更高
WTW
高出14.4%
11.1%
自由现金流更多
WTW
多$479.6M
$228.4M
两年增速更快
WTW
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $2.9B |
| 净利润 | $330.9M | $735.0M |
| 毛利率 | — | — |
| 营业利润率 | 14.1% | 35.3% |
| 净利率 | 11.1% | 25.5% |
| 营收同比 | 4.9% | -3.5% |
| 净利润同比 | -0.3% | -41.0% |
| 每股收益（稀释后） | $0.25 | $7.50 |
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CMGWTW
| Q4 25 | $3.0B | $2.9B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $2.9B | $2.2B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $2.7B | $2.3B |
净利润CMGWTW
| Q4 25 | $330.9M | $735.0M | ||
| Q3 25 | $382.1M | $304.0M | ||
| Q2 25 | $436.1M | $331.0M | ||
| Q1 25 | $386.6M | $235.0M | ||
| Q4 24 | $331.8M | $1.2B | ||
| Q3 24 | $387.4M | $-1.7B | ||
| Q2 24 | $455.7M | $141.0M | ||
| Q1 24 | $359.3M | $190.0M |
营业利润率CMGWTW
| Q4 25 | 14.1% | 35.3% | ||
| Q3 25 | 15.9% | 18.7% | ||
| Q2 25 | 18.2% | 16.6% | ||
| Q1 25 | 16.7% | 19.8% | ||
| Q4 24 | 14.6% | 30.2% | ||
| Q3 24 | 16.9% | -34.2% | ||
| Q2 24 | 19.7% | 9.6% | ||
| Q1 24 | 16.3% | 12.2% |
净利率CMGWTW
| Q4 25 | 11.1% | 25.5% | ||
| Q3 25 | 12.7% | 13.6% | ||
| Q2 25 | 14.2% | 14.9% | ||
| Q1 25 | 13.4% | 10.8% | ||
| Q4 24 | 11.7% | 41.7% | ||
| Q3 24 | 13.9% | -74.8% | ||
| Q2 24 | 15.3% | 6.4% | ||
| Q1 24 | 13.3% | 8.3% |
每股收益（稀释后）CMGWTW
| Q4 25 | $0.25 | $7.50 | ||
| Q3 25 | $0.29 | $3.11 | ||
| Q2 25 | $0.32 | $3.32 | ||
| Q1 25 | $0.28 | $2.33 | ||
| Q4 24 | $-12.51 | $12.29 | ||
| Q3 24 | $0.28 | $-16.44 | ||
| Q2 24 | $0.33 | $1.36 | ||
| Q1 24 | $13.01 | $1.83 |
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 | $3.2B |
| 总债务越低越好 | $0 | $9.7B |
| 股东权益账面价值 | $2.8B | $8.0B |
| 总资产 | $9.0B | $29.5B |
| 负债/权益比越低杠杆越低 | 0.00× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资CMGWTW
| Q4 25 | $1.0B | $3.2B | ||
| Q3 25 | $1.4B | $1.9B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.9B |
总债务CMGWTW
| Q4 25 | $0 | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CMGWTW
| Q4 25 | $2.8B | $8.0B | ||
| Q3 25 | $3.2B | $7.7B | ||
| Q2 25 | $3.5B | $8.1B | ||
| Q1 25 | $3.5B | $8.1B | ||
| Q4 24 | $3.7B | $7.9B | ||
| Q3 24 | $3.6B | $7.5B | ||
| Q2 24 | $3.7B | $9.3B | ||
| Q1 24 | $3.4B | $9.5B |
总资产CMGWTW
| Q4 25 | $9.0B | $29.5B | ||
| Q3 25 | $9.3B | $27.4B | ||
| Q2 25 | $9.3B | $28.5B | ||
| Q1 25 | $9.0B | $28.1B | ||
| Q4 24 | $9.2B | $27.7B | ||
| Q3 24 | $9.0B | $27.2B | ||
| Q2 24 | $8.9B | $29.6B | ||
| Q1 24 | $8.4B | $30.2B |
负债/权益比CMGWTW
| Q4 25 | 0.00× | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | 1.08× | ||
| 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 | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $228.4M | $708.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 24.6% |
| 资本支出强度资本支出/营收 | 6.6% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.29× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.5B |
8季度趋势，按日历期对齐
经营现金流CMGWTW
| Q4 25 | $425.8M | $771.0M | ||
| Q3 25 | $569.7M | $678.0M | ||
| Q2 25 | $561.3M | $361.0M | ||
| Q1 25 | $557.1M | $-35.0M | ||
| Q4 24 | $526.8M | $599.0M | ||
| Q3 24 | $446.5M | $482.0M | ||
| Q2 24 | $562.6M | $407.0M | ||
| Q1 24 | $569.2M | $24.0M |
自由现金流CMGWTW
| Q4 25 | $228.4M | $708.0M | ||
| Q3 25 | $406.2M | $621.0M | ||
| Q2 25 | $400.7M | $303.0M | ||
| Q1 25 | $412.3M | $-86.0M | ||
| Q4 24 | $353.9M | $543.0M | ||
| Q3 24 | $299.0M | $419.0M | ||
| Q2 24 | $422.1M | $341.0M | ||
| Q1 24 | $436.5M | $-36.0M |
自由现金流率CMGWTW
| Q4 25 | 7.7% | 24.6% | ||
| Q3 25 | 13.5% | 27.7% | ||
| Q2 25 | 13.1% | 13.7% | ||
| Q1 25 | 14.3% | -3.9% | ||
| Q4 24 | 12.4% | 18.2% | ||
| Q3 24 | 10.7% | 18.7% | ||
| Q2 24 | 14.2% | 15.4% | ||
| Q1 24 | 16.2% | -1.6% |
资本支出强度CMGWTW
| Q4 25 | 6.6% | 2.2% | ||
| Q3 25 | 5.4% | 2.5% | ||
| Q2 25 | 5.2% | 2.6% | ||
| Q1 25 | 5.0% | 2.3% | ||
| Q4 24 | 6.1% | 1.9% | ||
| Q3 24 | 5.3% | 2.8% | ||
| Q2 24 | 4.7% | 3.0% | ||
| Q1 24 | 4.9% | 2.6% |
现金转化率CMGWTW
| Q4 25 | 1.29× | 1.05× | ||
| Q3 25 | 1.49× | 2.23× | ||
| Q2 25 | 1.29× | 1.09× | ||
| Q1 25 | 1.44× | -0.15× | ||
| Q4 24 | 1.59× | 0.48× | ||
| Q3 24 | 1.15× | — | ||
| Q2 24 | 1.23× | 2.89× | ||
| Q1 24 | 1.58× | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
