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DoorDash（DASH）与Constellation Brands（STZ）财务数据对比。点击上方公司名可切换其他公司
DoorDash的季度营收约是Constellation Brands的1.8倍（$4.0B vs $2.2B），Constellation Brands净利率更高（22.6% vs 5.4%，领先17.2%），DoorDash同比增速更快（37.7% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $367.0M），过去两年DoorDash的营收复合增速更高（25.5% vs 1.9%）
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。
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
DASH vs STZ — 直观对比
营收规模更大
DASH
是对方的1.8倍
$2.2B
营收增速更快
DASH
高出47.4%
-9.8%
净利率更高
STZ
高出17.2%
5.4%
自由现金流更多
STZ
多$3.9M
$367.0M
两年增速更快
DASH
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.2B |
| 净利润 | $213.0M | $502.8M |
| 毛利率 | — | 53.2% |
| 营业利润率 | 3.7% | 31.1% |
| 净利率 | 5.4% | 22.6% |
| 营收同比 | 37.7% | -9.8% |
| 净利润同比 | 51.1% | -18.4% |
| 每股收益（稀释后） | $0.49 | — |
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DASHSTZ
| Q4 25 | $4.0B | $2.2B | ||
| Q3 25 | $3.4B | $2.5B | ||
| Q2 25 | $3.3B | $2.5B | ||
| Q1 25 | $3.0B | $2.2B | ||
| Q4 24 | $2.9B | $2.5B | ||
| Q3 24 | $2.7B | $2.9B | ||
| Q2 24 | $2.6B | $2.7B | ||
| Q1 24 | $2.5B | $2.1B |
净利润DASHSTZ
| Q4 25 | $213.0M | $502.8M | ||
| Q3 25 | $244.0M | $466.0M | ||
| Q2 25 | $285.0M | $516.1M | ||
| Q1 25 | $193.0M | $-375.3M | ||
| Q4 24 | $141.0M | $615.9M | ||
| Q3 24 | $162.0M | $-1.2B | ||
| Q2 24 | $-157.0M | $877.0M | ||
| Q1 24 | $-23.0M | $392.4M |
毛利率DASHSTZ
| Q4 25 | — | 53.2% | ||
| Q3 25 | — | 52.8% | ||
| Q2 25 | — | 50.4% | ||
| Q1 25 | — | 51.5% | ||
| Q4 24 | — | 52.1% | ||
| Q3 24 | — | 51.8% | ||
| Q2 24 | — | 52.7% | ||
| Q1 24 | — | 48.6% |
营业利润率DASHSTZ
| Q4 25 | 3.7% | 31.1% | ||
| Q3 25 | 7.5% | 35.2% | ||
| Q2 25 | 5.0% | 28.4% | ||
| Q1 25 | 5.1% | -6.9% | ||
| Q4 24 | 4.1% | 32.2% | ||
| Q3 24 | 4.0% | -42.1% | ||
| Q2 24 | -7.6% | 35.4% | ||
| Q1 24 | -2.4% | 29.4% |
净利率DASHSTZ
| Q4 25 | 5.4% | 22.6% | ||
| Q3 25 | 7.1% | 18.8% | ||
| Q2 25 | 8.7% | 20.5% | ||
| Q1 25 | 6.4% | -17.3% | ||
| Q4 24 | 4.9% | 25.0% | ||
| Q3 24 | 6.0% | -41.1% | ||
| Q2 24 | -6.0% | 32.9% | ||
| Q1 24 | -0.9% | 18.3% |
每股收益（稀释后）DASHSTZ
| Q4 25 | $0.49 | — | ||
| Q3 25 | $0.55 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $0.38 | — | ||
| Q2 24 | $-0.38 | — | ||
| Q1 24 | $-0.06 | — |
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 | $152.4M |
| 总债务越低越好 | — | $10.3B |
| 股东权益账面价值 | $10.0B | $7.7B |
| 总资产 | $19.7B | $21.7B |
| 负债/权益比越低杠杆越低 | — | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资DASHSTZ
| Q4 25 | $4.4B | $152.4M | ||
| Q3 25 | $3.3B | $72.0M | ||
| Q2 25 | $3.9B | $73.9M | ||
| Q1 25 | $4.5B | $68.1M | ||
| Q4 24 | $4.0B | $73.7M | ||
| Q3 24 | $3.7B | $64.6M | ||
| Q2 24 | $3.4B | $73.8M | ||
| Q1 24 | $3.1B | $152.4M |
总债务DASHSTZ
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | — | $11.2B | ||
| Q1 25 | — | $10.7B | ||
| Q4 24 | — | $10.7B | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | — | $11.1B | ||
| Q1 24 | — | $11.6B |
股东权益DASHSTZ
| Q4 25 | $10.0B | $7.7B | ||
| Q3 25 | $9.5B | $7.5B | ||
| Q2 25 | $8.9B | $7.3B | ||
| Q1 25 | $8.4B | $6.9B | ||
| Q4 24 | $7.8B | $7.8B | ||
| Q3 24 | $7.6B | $7.9B | ||
| Q2 24 | $7.2B | $10.3B | ||
| Q1 24 | $7.0B | $9.7B |
总资产DASHSTZ
| Q4 25 | $19.7B | $21.7B | ||
| Q3 25 | $18.0B | $21.4B | ||
| Q2 25 | $16.9B | $22.3B | ||
| Q1 25 | $13.6B | $21.7B | ||
| Q4 24 | $12.8B | $22.8B | ||
| Q3 24 | $12.3B | $23.1B | ||
| Q2 24 | $11.8B | $26.1B | ||
| Q1 24 | $11.4B | $25.7B |
负债/权益比DASHSTZ
| Q4 25 | — | 1.33× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.54× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | 1.19× |
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 | $616.9M |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $370.9M |
| 自由现金流率自由现金流/营收 | 9.3% | 16.7% |
| 资本支出强度资本支出/营收 | 1.4% | 11.1% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.8B |
8季度趋势，按日历期对齐
经营现金流DASHSTZ
| Q4 25 | $421.0M | $616.9M | ||
| Q3 25 | $871.0M | $852.1M | ||
| Q2 25 | $504.0M | $637.2M | ||
| Q1 25 | $635.0M | $594.7M | ||
| Q4 24 | $518.0M | $685.2M | ||
| Q3 24 | $531.0M | $1.2B | ||
| Q2 24 | $530.0M | $690.5M | ||
| Q1 24 | $553.0M | $433.2M |
自由现金流DASHSTZ
| Q4 25 | $367.0M | $370.9M | ||
| Q3 25 | $808.0M | $634.8M | ||
| Q2 25 | $438.0M | $444.4M | ||
| Q1 25 | $561.0M | $312.1M | ||
| Q4 24 | $486.0M | $456.8M | ||
| Q3 24 | $499.0M | $854.0M | ||
| Q2 24 | $507.0M | $315.2M | ||
| Q1 24 | $536.0M | $76.0M |
自由现金流率DASHSTZ
| Q4 25 | 9.3% | 16.7% | ||
| Q3 25 | 23.4% | 25.6% | ||
| Q2 25 | 13.3% | 17.7% | ||
| Q1 25 | 18.5% | 14.4% | ||
| Q4 24 | 16.9% | 18.5% | ||
| Q3 24 | 18.4% | 29.3% | ||
| Q2 24 | 19.3% | 11.8% | ||
| Q1 24 | 21.3% | 3.6% |
资本支出强度DASHSTZ
| Q4 25 | 1.4% | 11.1% | ||
| Q3 25 | 1.8% | 8.8% | ||
| Q2 25 | 2.0% | 7.7% | ||
| Q1 25 | 2.4% | 13.1% | ||
| Q4 24 | 1.1% | 9.3% | ||
| Q3 24 | 1.2% | 11.2% | ||
| Q2 24 | 0.9% | 14.1% | ||
| Q1 24 | 0.7% | 16.7% |
现金转化率DASHSTZ
| Q4 25 | 1.98× | 1.23× | ||
| Q3 25 | 3.57× | 1.83× | ||
| Q2 25 | 1.77× | 1.23× | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 3.67× | 1.11× | ||
| Q3 24 | 3.28× | — | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 1.10× |
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
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
