vs
凯撒娱乐（CZR）与百胜中国（YUMC）财务数据对比。点击上方公司名可切换其他公司
凯撒娱乐的季度营收约是百胜中国的1.0倍（$2.9B vs $2.8B），百胜中国净利率更高（5.0% vs -2.9%，领先7.9%），百胜中国同比增速更快（8.8% vs 2.7%），过去两年凯撒娱乐的营收复合增速更高（0.7% vs -2.3%）
凯撒娱乐前身为埃尔拉多度假村公司，是总部位于美国内华达州里诺的酒店博彩娱乐集团。2020年7月20日公司收购原凯撒娱乐集团后更为现名，目前运营超过50处物业，业务覆盖酒店、博彩、休闲娱乐等多个领域。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
CZR vs YUMC — 直观对比
营收规模更大
CZR
是对方的1.0倍
$2.8B
营收增速更快
YUMC
高出6.1%
2.7%
净利率更高
YUMC
高出7.9%
-2.9%
两年增速更快
CZR
近两年复合增速
-2.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $2.8B |
| 净利润 | $-83.0M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | 6.6% |
| 净利率 | -2.9% | 5.0% |
| 营收同比 | 2.7% | 8.8% |
| 净利润同比 | 15.3% | 21.7% |
| 每股收益（稀释后） | $-0.48 | $0.40 |
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CZRYUMC
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $2.8B | ||
| Q3 25 | $2.9B | $3.2B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $2.8B | $3.0B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.9B | $3.1B | ||
| Q2 24 | $2.8B | $2.7B |
净利润CZRYUMC
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-250.0M | $140.0M | ||
| Q3 25 | $-55.0M | $282.0M | ||
| Q2 25 | $-82.0M | $215.0M | ||
| Q1 25 | $-115.0M | $292.0M | ||
| Q4 24 | $11.0M | $115.0M | ||
| Q3 24 | $-9.0M | $297.0M | ||
| Q2 24 | $-122.0M | $212.0M |
营业利润率CZRYUMC
| Q1 26 | 17.4% | — | ||
| Q4 25 | 11.4% | 6.6% | ||
| Q3 25 | 17.9% | 12.5% | ||
| Q2 25 | 18.1% | 10.9% | ||
| Q1 25 | 17.5% | 13.4% | ||
| Q4 24 | 23.9% | 5.8% | ||
| Q3 24 | 22.4% | 12.1% | ||
| Q2 24 | 17.9% | 9.9% |
净利率CZRYUMC
| Q1 26 | -2.9% | — | ||
| Q4 25 | -8.6% | 5.0% | ||
| Q3 25 | -1.9% | 8.8% | ||
| Q2 25 | -2.8% | 7.7% | ||
| Q1 25 | -4.1% | 9.8% | ||
| Q4 24 | 0.4% | 4.4% | ||
| Q3 24 | -0.3% | 9.7% | ||
| Q2 24 | -4.3% | 7.9% |
每股收益（稀释后）CZRYUMC
| Q1 26 | $-0.48 | — | ||
| Q4 25 | $-1.22 | $0.40 | ||
| Q3 25 | $-0.27 | $0.76 | ||
| Q2 25 | $-0.39 | $0.58 | ||
| Q1 25 | $-0.54 | $0.77 | ||
| Q4 24 | $0.04 | $0.30 | ||
| Q3 24 | $-0.04 | $0.77 | ||
| Q2 24 | $-0.56 | $0.55 |
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 | $867.0M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $5.4B |
| 总资产 | — | $10.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CZRYUMC
| Q1 26 | $867.0M | — | ||
| Q4 25 | $887.0M | $1.4B | ||
| Q3 25 | $836.0M | $2.1B | ||
| Q2 25 | $982.0M | $2.2B | ||
| Q1 25 | $884.0M | $2.0B | ||
| Q4 24 | $866.0M | $1.8B | ||
| Q3 24 | $802.0M | $2.5B | ||
| Q2 24 | $830.0M | $2.5B |
总债务CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | $11.9B | — | ||
| Q3 25 | $11.9B | — | ||
| Q2 25 | $12.3B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | $12.3B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.4B | — |
股东权益CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $5.4B | ||
| Q3 25 | $3.8B | $5.7B | ||
| Q2 25 | $3.9B | $5.8B | ||
| Q1 25 | $4.1B | $5.8B | ||
| Q4 24 | $4.2B | $5.7B | ||
| Q3 24 | $4.2B | $6.0B | ||
| Q2 24 | $4.3B | $5.8B |
总资产CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | $31.6B | $10.8B | ||
| Q3 25 | $31.9B | $11.0B | ||
| Q2 25 | $32.5B | $11.0B | ||
| Q1 25 | $32.4B | $11.0B | ||
| Q4 24 | $32.6B | $11.1B | ||
| Q3 24 | $33.0B | $11.8B | ||
| Q2 24 | $33.1B | $11.6B |
负债/权益比CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | 3.40× | — | ||
| Q3 25 | 3.15× | — | ||
| Q2 25 | 3.15× | — | ||
| Q1 25 | 3.04× | — | ||
| Q4 24 | 2.96× | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | 2.89× | — |
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 | — | $125.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-116.0M |
| 自由现金流率自由现金流/营收 | — | -4.1% |
| 资本支出强度资本支出/营收 | — | 8.5% |
| 现金转化率经营现金流/净利润 | — | 0.89× |
| 过去12个月自由现金流最近4个季度 | — | $840.0M |
8季度趋势，按日历期对齐
经营现金流CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | $304.0M | $125.0M | ||
| Q3 25 | $318.0M | $477.0M | ||
| Q2 25 | $462.0M | $412.0M | ||
| Q1 25 | $218.0M | $452.0M | ||
| Q4 24 | $309.0M | $167.0M | ||
| Q3 24 | $232.0M | $409.0M | ||
| Q2 24 | $454.0M | $401.0M |
自由现金流CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | $147.0M | $-116.0M | ||
| Q3 25 | $123.0M | $351.0M | ||
| Q2 25 | $232.0M | $290.0M | ||
| Q1 25 | $-5.0M | $315.0M | ||
| Q4 24 | $30.0M | $-15.0M | ||
| Q3 24 | $-192.0M | $244.0M | ||
| Q2 24 | $125.0M | $232.0M |
自由现金流率CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | 5.0% | -4.1% | ||
| Q3 25 | 4.3% | 10.9% | ||
| Q2 25 | 8.0% | 10.4% | ||
| Q1 25 | -0.2% | 10.6% | ||
| Q4 24 | 1.1% | -0.6% | ||
| Q3 24 | -6.7% | 7.9% | ||
| Q2 24 | 4.4% | 8.7% |
资本支出强度CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | 5.4% | 8.5% | ||
| Q3 25 | 6.8% | 3.9% | ||
| Q2 25 | 7.9% | 4.4% | ||
| Q1 25 | 8.0% | 4.6% | ||
| Q4 24 | 10.0% | 7.0% | ||
| Q3 24 | 14.8% | 5.4% | ||
| Q2 24 | 11.6% | 6.3% |
现金转化率CZRYUMC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.89× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | 28.09× | 1.45× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.89× |
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
CZR
| Casino | $1.7B | 58% |
| Hotel | $487.0M | 17% |
| Food and beverage | $424.0M | 15% |
| Other | $293.0M | 10% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
