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DNOW Inc.（DNOW）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
达美乐的季度营收约是DNOW Inc.的1.2倍（$1.2B vs $959.0M），达美乐净利率更高（12.2% vs -16.8%，领先28.9%），DNOW Inc.同比增速更快（68.0% vs 3.5%），达美乐自由现金流更多（$147.0M vs $76.0M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 3.0%）
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
DNOW vs DPZ — 直观对比
营收规模更大
DPZ
是对方的1.2倍
$959.0M
营收增速更快
DNOW
高出64.5%
3.5%
净利率更高
DPZ
高出28.9%
-16.8%
自由现金流更多
DPZ
多$71.0M
$76.0M
两年增速更快
DNOW
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $1.2B |
| 净利润 | $-161.0M | $139.8M |
| 毛利率 | 5.2% | 40.4% |
| 营业利润率 | -19.6% | 20.0% |
| 净利率 | -16.8% | 12.2% |
| 营收同比 | 68.0% | 3.5% |
| 净利润同比 | -905.0% | -6.6% |
| 每股收益（稀释后） | $-1.42 | $4.13 |
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DNOWDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $959.0M | — | ||
| Q3 25 | $634.0M | $1.1B | ||
| Q2 25 | $628.0M | $1.1B | ||
| Q1 25 | $599.0M | $1.1B | ||
| Q4 24 | $571.0M | $1.4B | ||
| Q3 24 | $606.0M | $1.1B | ||
| Q2 24 | $633.0M | $1.1B |
净利润DNOWDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $-161.0M | — | ||
| Q3 25 | $25.0M | $139.3M | ||
| Q2 25 | $25.0M | $131.1M | ||
| Q1 25 | $22.0M | $149.7M | ||
| Q4 24 | $20.0M | $169.4M | ||
| Q3 24 | $13.0M | $146.9M | ||
| Q2 24 | $24.0M | $142.0M |
毛利率DNOWDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | 5.2% | — | ||
| Q3 25 | 22.9% | 40.1% | ||
| Q2 25 | 22.9% | 40.3% | ||
| Q1 25 | 23.2% | 39.8% | ||
| Q4 24 | 22.6% | 39.2% | ||
| Q3 24 | 22.3% | 39.2% | ||
| Q2 24 | 21.8% | 39.8% |
营业利润率DNOWDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | -19.6% | — | ||
| Q3 25 | 5.2% | 19.5% | ||
| Q2 25 | 5.1% | 19.7% | ||
| Q1 25 | 5.0% | 18.9% | ||
| Q4 24 | 4.4% | 19.0% | ||
| Q3 24 | 3.8% | 18.4% | ||
| Q2 24 | 5.2% | 17.9% |
净利率DNOWDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | -16.8% | — | ||
| Q3 25 | 3.9% | 12.1% | ||
| Q2 25 | 4.0% | 11.4% | ||
| Q1 25 | 3.7% | 13.5% | ||
| Q4 24 | 3.5% | 11.7% | ||
| Q3 24 | 2.1% | 13.6% | ||
| Q2 24 | 3.8% | 12.9% |
每股收益（稀释后）DNOWDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $-1.42 | — | ||
| Q3 25 | $0.23 | $4.08 | ||
| Q2 25 | $0.23 | $3.81 | ||
| Q1 25 | $0.20 | $4.33 | ||
| Q4 24 | $0.19 | $4.89 | ||
| Q3 24 | $0.12 | $4.19 | ||
| Q2 24 | $0.21 | $4.03 |
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 | $164.0M | $232.9M |
| 总债务越低越好 | $411.0M | $4.9B |
| 股东权益账面价值 | $2.2B | — |
| 总资产 | $3.9B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资DNOWDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $164.0M | — | ||
| Q3 25 | $266.0M | $139.7M | ||
| Q2 25 | $232.0M | $272.9M | ||
| Q1 25 | $219.0M | $304.3M | ||
| Q4 24 | $256.0M | $186.1M | ||
| Q3 24 | $261.0M | $189.1M | ||
| Q2 24 | $197.0M | $283.7M |
总债务DNOWDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | $0 | $3.8B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B |
股东权益DNOWDPZ
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | — | ||
| Q3 25 | $1.2B | $-4.0B | ||
| Q2 25 | $1.2B | $-4.0B | ||
| Q1 25 | $1.1B | $-3.9B | ||
| Q4 24 | $1.1B | $-4.0B | ||
| Q3 24 | $1.1B | $-4.0B | ||
| Q2 24 | $1.1B | $-3.9B |
总资产DNOWDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $3.9B | — | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.6B | $1.9B |
负债/权益比DNOWDPZ
| Q1 26 | — | — | ||
| Q4 25 | 0.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $83.0M | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $147.0M |
| 自由现金流率自由现金流/营收 | 7.9% | 12.8% |
| 资本支出强度资本支出/营收 | 0.7% | 1.3% |
| 现金转化率经营现金流/净利润 | — | 1.16× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $642.6M |
8季度趋势，按日历期对齐
经营现金流DNOWDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $83.0M | — | ||
| Q3 25 | $43.0M | $185.4M | ||
| Q2 25 | $45.0M | $187.8M | ||
| Q1 25 | $-16.0M | $179.1M | ||
| Q4 24 | $122.0M | $178.0M | ||
| Q3 24 | $74.0M | $172.7M | ||
| Q2 24 | $21.0M | $150.7M |
自由现金流DNOWDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $76.0M | — | ||
| Q3 25 | $39.0M | $164.0M | ||
| Q2 25 | $41.0M | $167.3M | ||
| Q1 25 | $-22.0M | $164.3M | ||
| Q4 24 | $119.0M | $135.9M | ||
| Q3 24 | $72.0M | $145.6M | ||
| Q2 24 | $18.0M | $127.2M |
自由现金流率DNOWDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 7.9% | — | ||
| Q3 25 | 6.2% | 14.3% | ||
| Q2 25 | 6.5% | 14.6% | ||
| Q1 25 | -3.7% | 14.8% | ||
| Q4 24 | 20.8% | 9.4% | ||
| Q3 24 | 11.9% | 13.5% | ||
| Q2 24 | 2.8% | 11.6% |
资本支出强度DNOWDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 0.7% | — | ||
| Q3 25 | 0.6% | 1.9% | ||
| Q2 25 | 0.6% | 1.8% | ||
| Q1 25 | 1.0% | 1.3% | ||
| Q4 24 | 0.5% | 2.9% | ||
| Q3 24 | 0.3% | 2.5% | ||
| Q2 24 | 0.5% | 2.1% |
现金转化率DNOWDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.72× | 1.33× | ||
| Q2 25 | 1.80× | 1.43× | ||
| Q1 25 | -0.73× | 1.20× | ||
| Q4 24 | 6.10× | 1.05× | ||
| Q3 24 | 5.69× | 1.18× | ||
| Q2 24 | 0.88× | 1.06× |
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
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
