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达美乐（DPZ）与Encompass Health Corp（EHC）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是达美乐的1.3倍（$1.5B vs $1.2B），达美乐净利率更高（12.2% vs 9.5%，领先2.7%），Encompass Health Corp同比增速更快（9.9% vs 3.5%），达美乐自由现金流更多（$147.0M vs $116.7M），过去两年Encompass Health Corp的营收复合增速更高（8.3% vs 3.0%）
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。
Encompass Health Corp前身为Amcare及HealthSouth，总部位于美国阿拉巴马州伯明翰，是美国规模最大的住院康复服务提供商，在39个州及波多黎各拥有173家住院康复医院，为中风、神经系统疾病、心肺病症、脑损伤等患者提供专业康复诊疗服务。
DPZ vs EHC — 直观对比
营收规模更大
EHC
是对方的1.3倍
$1.2B
营收增速更快
EHC
高出6.5%
3.5%
净利率更高
DPZ
高出2.7%
9.5%
自由现金流更多
DPZ
多$30.3M
$116.7M
两年增速更快
EHC
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $139.8M | $146.1M |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | 16.7% |
| 净利率 | 12.2% | 9.5% |
| 营收同比 | 3.5% | 9.9% |
| 净利润同比 | -6.6% | 20.8% |
| 每股收益（稀释后） | $4.13 | $1.43 |
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DPZEHC
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.1B | $1.3B |
净利润DPZEHC
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $146.1M | ||
| Q3 25 | $139.3M | $126.5M | ||
| Q2 25 | $131.1M | $142.1M | ||
| Q1 25 | $149.7M | $151.5M | ||
| Q4 24 | $169.4M | $120.9M | ||
| Q3 24 | $146.9M | $108.2M | ||
| Q2 24 | $142.0M | $114.1M |
毛利率DPZEHC
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 40.1% | — | ||
| Q2 25 | 40.3% | — | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 39.8% | — |
营业利润率DPZEHC
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 16.7% | ||
| Q3 25 | 19.5% | 14.9% | ||
| Q2 25 | 19.7% | 16.2% | ||
| Q1 25 | 18.9% | 16.4% | ||
| Q4 24 | 19.0% | 14.3% | ||
| Q3 24 | 18.4% | 13.6% | ||
| Q2 24 | 17.9% | 14.3% |
净利率DPZEHC
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 9.5% | ||
| Q3 25 | 12.1% | 8.6% | ||
| Q2 25 | 11.4% | 9.7% | ||
| Q1 25 | 13.5% | 10.4% | ||
| Q4 24 | 11.7% | 8.6% | ||
| Q3 24 | 13.6% | 8.0% | ||
| Q2 24 | 12.9% | 8.8% |
每股收益（稀释后）DPZEHC
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $1.43 | ||
| Q3 25 | $4.08 | $1.24 | ||
| Q2 25 | $3.81 | $1.39 | ||
| Q1 25 | $4.33 | $1.48 | ||
| Q4 24 | $4.89 | $1.18 | ||
| Q3 24 | $4.19 | $1.06 | ||
| Q2 24 | $4.03 | $1.12 |
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 | $232.9M | $72.2M |
| 总债务越低越好 | $4.9B | $2.4B |
| 股东权益账面价值 | — | $2.4B |
| 总资产 | $1.8B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资DPZEHC
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $72.2M | ||
| Q3 25 | $139.7M | $48.7M | ||
| Q2 25 | $272.9M | $99.1M | ||
| Q1 25 | $304.3M | $95.8M | ||
| Q4 24 | $186.1M | $85.4M | ||
| Q3 24 | $189.1M | $147.8M | ||
| Q2 24 | $283.7M | $154.4M |
总债务DPZEHC
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $2.4B | ||
| Q3 25 | $4.8B | $2.4B | ||
| Q2 25 | $3.8B | $2.3B | ||
| Q1 25 | $3.8B | $2.3B | ||
| Q4 24 | $3.8B | $2.4B | ||
| Q3 24 | $5.0B | $2.3B | ||
| Q2 24 | $5.0B | $2.7B |
股东权益DPZEHC
| Q1 26 | — | — | ||
| Q4 25 | — | $2.4B | ||
| Q3 25 | $-4.0B | $2.4B | ||
| Q2 25 | $-4.0B | $2.3B | ||
| Q1 25 | $-3.9B | $2.2B | ||
| Q4 24 | $-4.0B | $2.1B | ||
| Q3 24 | $-4.0B | $2.0B | ||
| Q2 24 | $-3.9B | $1.8B |
总资产DPZEHC
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $7.1B | ||
| Q3 25 | $1.7B | $6.9B | ||
| Q2 25 | $1.8B | $6.8B | ||
| Q1 25 | $1.9B | $6.6B | ||
| Q4 24 | $1.7B | $6.5B | ||
| Q3 24 | $1.8B | $6.5B | ||
| Q2 24 | $1.9B | $6.4B |
负债/权益比DPZEHC
| Q1 26 | — | — | ||
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | — | 1.14× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | — | 1.46× |
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 | $162.0M | $346.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $116.7M |
| 自由现金流率自由现金流/营收 | 12.8% | 7.6% |
| 资本支出强度资本支出/营收 | 1.3% | 14.8% |
| 现金转化率经营现金流/净利润 | 1.16× | 2.37× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $439.2M |
8季度趋势，按日历期对齐
经营现金流DPZEHC
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $346.0M | ||
| Q3 25 | $185.4M | $270.8M | ||
| Q2 25 | $187.8M | $270.2M | ||
| Q1 25 | $179.1M | $288.6M | ||
| Q4 24 | $178.0M | $278.8M | ||
| Q3 24 | $172.7M | $267.8M | ||
| Q2 24 | $150.7M | $217.4M |
自由现金流DPZEHC
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $116.7M | ||
| Q3 25 | $164.0M | $83.7M | ||
| Q2 25 | $167.3M | $113.3M | ||
| Q1 25 | $164.3M | $125.5M | ||
| Q4 24 | $135.9M | $80.1M | ||
| Q3 24 | $145.6M | $120.3M | ||
| Q2 24 | $127.2M | $60.5M |
自由现金流率DPZEHC
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 7.6% | ||
| Q3 25 | 14.3% | 5.7% | ||
| Q2 25 | 14.6% | 7.8% | ||
| Q1 25 | 14.8% | 8.6% | ||
| Q4 24 | 9.4% | 5.7% | ||
| Q3 24 | 13.5% | 8.9% | ||
| Q2 24 | 11.6% | 4.6% |
资本支出强度DPZEHC
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 14.8% | ||
| Q3 25 | 1.9% | 12.7% | ||
| Q2 25 | 1.8% | 10.8% | ||
| Q1 25 | 1.3% | 11.2% | ||
| Q4 24 | 2.9% | 14.1% | ||
| Q3 24 | 2.5% | 10.9% | ||
| Q2 24 | 2.1% | 12.1% |
现金转化率DPZEHC
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 2.37× | ||
| Q3 25 | 1.33× | 2.14× | ||
| Q2 25 | 1.43× | 1.90× | ||
| Q1 25 | 1.20× | 1.90× | ||
| Q4 24 | 1.05× | 2.31× | ||
| Q3 24 | 1.18× | 2.48× | ||
| Q2 24 | 1.06× | 1.91× |
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
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% |
EHC
| Medicare | $1.0B | 66% |
| Medicare Advantage | $243.1M | 16% |
| Managed Care | $160.7M | 10% |
| Medicaid | $47.0M | 3% |
| Other Income Source | $44.8M | 3% |
| Other Thirdparty Payors | $11.2M | 1% |
| Workers Compensation | $7.6M | 0% |
| Patients | $4.6M | 0% |
