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DoorDash（DASH）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
美高梅国际度假村的季度营收约是DoorDash的1.2倍（$4.6B vs $4.0B），美高梅国际度假村净利率更高（6.4% vs 5.4%，领先1.0%），DoorDash同比增速更快（37.7% vs 6.0%），DoorDash自由现金流更多（$367.0M vs $358.5M），过去两年DoorDash的营收复合增速更高（25.5% vs 2.5%）
DoorDash是美国头部在线订餐及配送平台，也是美国规模最大的外卖配送服务商，占据当地外卖配送市场56%的份额，便民配送品类市场占比更是高达60%。截至2020年12月31日，平台合作商户超45万家，服务消费者超2000万，注册配送员数量突破100万。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
DASH vs MGM — 直观对比
营收规模更大
MGM
是对方的1.2倍
$4.0B
营收增速更快
DASH
高出31.7%
6.0%
净利率更高
MGM
高出1.0%
5.4%
自由现金流更多
DASH
多$8.5M
$358.5M
两年增速更快
DASH
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.6B |
| 净利润 | $213.0M | $293.6M |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | 7.1% |
| 净利率 | 5.4% | 6.4% |
| 营收同比 | 37.7% | 6.0% |
| 净利润同比 | 51.1% | 86.5% |
| 每股收益（稀释后） | $0.49 | $1.12 |
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DASHMGM
| Q4 25 | $4.0B | $4.6B | ||
| Q3 25 | $3.4B | $4.3B | ||
| Q2 25 | $3.3B | $4.4B | ||
| Q1 25 | $3.0B | $4.3B | ||
| Q4 24 | $2.9B | $4.3B | ||
| Q3 24 | $2.7B | $4.2B | ||
| Q2 24 | $2.6B | $4.3B | ||
| Q1 24 | $2.5B | $4.4B |
净利润DASHMGM
| Q4 25 | $213.0M | $293.6M | ||
| Q3 25 | $244.0M | $-285.3M | ||
| Q2 25 | $285.0M | $49.0M | ||
| Q1 25 | $193.0M | $148.6M | ||
| Q4 24 | $141.0M | $157.4M | ||
| Q3 24 | $162.0M | $184.6M | ||
| Q2 24 | $-157.0M | $187.1M | ||
| Q1 24 | $-23.0M | $217.5M |
营业利润率DASHMGM
| Q4 25 | 3.7% | 7.1% | ||
| Q3 25 | 7.5% | -2.7% | ||
| Q2 25 | 5.0% | 9.2% | ||
| Q1 25 | 5.1% | 9.0% | ||
| Q4 24 | 4.1% | 6.7% | ||
| Q3 24 | 4.0% | 7.5% | ||
| Q2 24 | -7.6% | 9.8% | ||
| Q1 24 | -2.4% | 10.5% |
净利率DASHMGM
| Q4 25 | 5.4% | 6.4% | ||
| Q3 25 | 7.1% | -6.7% | ||
| Q2 25 | 8.7% | 1.1% | ||
| Q1 25 | 6.4% | 3.5% | ||
| Q4 24 | 4.9% | 3.6% | ||
| Q3 24 | 6.0% | 4.4% | ||
| Q2 24 | -6.0% | 4.3% | ||
| Q1 24 | -0.9% | 5.0% |
每股收益（稀释后）DASHMGM
| Q4 25 | $0.49 | $1.12 | ||
| Q3 25 | $0.55 | $-1.05 | ||
| Q2 25 | $0.65 | $0.18 | ||
| Q1 25 | $0.44 | $0.51 | ||
| Q4 24 | $0.35 | $0.52 | ||
| Q3 24 | $0.38 | $0.61 | ||
| Q2 24 | $-0.38 | $0.60 | ||
| Q1 24 | $-0.06 | $0.67 |
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 | $4.4B | $2.1B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $10.0B | $2.4B |
| 总资产 | $19.7B | $41.4B |
| 负债/权益比越低杠杆越低 | — | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资DASHMGM
| Q4 25 | $4.4B | $2.1B | ||
| Q3 25 | $3.3B | $2.1B | ||
| Q2 25 | $3.9B | $2.0B | ||
| Q1 25 | $4.5B | $2.3B | ||
| Q4 24 | $4.0B | $2.4B | ||
| Q3 24 | $3.7B | $3.0B | ||
| Q2 24 | $3.4B | $2.4B | ||
| Q1 24 | $3.1B | $2.7B |
总债务DASHMGM
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $6.2B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $6.3B |
股东权益DASHMGM
| Q4 25 | $10.0B | $2.4B | ||
| Q3 25 | $9.5B | $2.7B | ||
| Q2 25 | $8.9B | $3.0B | ||
| Q1 25 | $8.4B | $2.9B | ||
| Q4 24 | $7.8B | $3.0B | ||
| Q3 24 | $7.6B | $3.2B | ||
| Q2 24 | $7.2B | $3.2B | ||
| Q1 24 | $7.0B | $3.5B |
总资产DASHMGM
| Q4 25 | $19.7B | $41.4B | ||
| Q3 25 | $18.0B | $41.4B | ||
| Q2 25 | $16.9B | $41.7B | ||
| Q1 25 | $13.6B | $41.9B | ||
| Q4 24 | $12.8B | $42.2B | ||
| Q3 24 | $12.3B | $42.7B | ||
| Q2 24 | $11.8B | $41.8B | ||
| Q1 24 | $11.4B | $42.1B |
负债/权益比DASHMGM
| Q4 25 | — | 2.56× | ||
| Q3 25 | — | 2.30× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 2.25× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | — | 2.14× | ||
| Q2 24 | — | 1.96× | ||
| Q1 24 | — | 1.81× |
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 | $421.0M | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $358.5M |
| 自由现金流率自由现金流/营收 | 9.3% | 7.8% |
| 资本支出强度资本支出/营收 | 1.4% | 6.4% |
| 现金转化率经营现金流/净利润 | 1.98× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.5B |
8季度趋势，按日历期对齐
经营现金流DASHMGM
| Q4 25 | $421.0M | $655.0M | ||
| Q3 25 | $871.0M | $681.4M | ||
| Q2 25 | $504.0M | $645.9M | ||
| Q1 25 | $635.0M | $547.1M | ||
| Q4 24 | $518.0M | $671.6M | ||
| Q3 24 | $531.0M | $667.4M | ||
| Q2 24 | $530.0M | $474.2M | ||
| Q1 24 | $553.0M | $549.3M |
自由现金流DASHMGM
| Q4 25 | $367.0M | $358.5M | ||
| Q3 25 | $808.0M | $405.4M | ||
| Q2 25 | $438.0M | $377.4M | ||
| Q1 25 | $561.0M | $319.0M | ||
| Q4 24 | $486.0M | $267.5M | ||
| Q3 24 | $499.0M | $331.2M | ||
| Q2 24 | $507.0M | $236.0M | ||
| Q1 24 | $536.0M | $377.2M |
自由现金流率DASHMGM
| Q4 25 | 9.3% | 7.8% | ||
| Q3 25 | 23.4% | 9.5% | ||
| Q2 25 | 13.3% | 8.6% | ||
| Q1 25 | 18.5% | 7.5% | ||
| Q4 24 | 16.9% | 6.2% | ||
| Q3 24 | 18.4% | 7.9% | ||
| Q2 24 | 19.3% | 5.5% | ||
| Q1 24 | 21.3% | 8.6% |
资本支出强度DASHMGM
| Q4 25 | 1.4% | 6.4% | ||
| Q3 25 | 1.8% | 6.5% | ||
| Q2 25 | 2.0% | 6.1% | ||
| Q1 25 | 2.4% | 5.3% | ||
| Q4 24 | 1.1% | 9.3% | ||
| Q3 24 | 1.2% | 8.0% | ||
| Q2 24 | 0.9% | 5.5% | ||
| Q1 24 | 0.7% | 3.9% |
现金转化率DASHMGM
| Q4 25 | 1.98× | 2.23× | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 1.77× | 13.19× | ||
| Q1 25 | 3.29× | 3.68× | ||
| Q4 24 | 3.67× | 4.27× | ||
| Q3 24 | 3.28× | 3.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | — | 2.53× |
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
DASH
暂无分部数据
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
