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达美乐（DPZ）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是达美乐的1.3倍（$1.4B vs $1.2B），孩之宝净利率更高（13.9% vs 12.2%，领先1.8%），孩之宝同比增速更快（31.3% vs 3.5%），孩之宝自由现金流更多（$389.5M vs $147.0M），过去两年孩之宝的营收复合增速更高（38.2% 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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
DPZ vs HAS — 直观对比
营收规模更大
HAS
是对方的1.3倍
$1.2B
营收增速更快
HAS
高出27.8%
3.5%
净利率更高
HAS
高出1.8%
12.2%
自由现金流更多
HAS
多$242.5M
$147.0M
两年增速更快
HAS
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $139.8M | $201.6M |
| 毛利率 | 40.4% | 68.7% |
| 营业利润率 | 20.0% | 20.6% |
| 净利率 | 12.2% | 13.9% |
| 营收同比 | 3.5% | 31.3% |
| 净利润同比 | -6.6% | 687.8% |
| 每股收益（稀释后） | $4.13 | $1.46 |
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DPZHAS
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.1B | $980.8M | ||
| Q1 25 | $1.1B | $887.1M | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $995.3M |
净利润DPZHAS
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $201.6M | ||
| Q3 25 | $139.3M | $233.2M | ||
| Q2 25 | $131.1M | $-855.8M | ||
| Q1 25 | $149.7M | $98.6M | ||
| Q4 24 | $169.4M | $-34.3M | ||
| Q3 24 | $146.9M | $223.2M | ||
| Q2 24 | $142.0M | $138.5M |
毛利率DPZHAS
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 68.7% | ||
| Q3 25 | 40.1% | 70.1% | ||
| Q2 25 | 40.3% | 77.0% | ||
| Q1 25 | 39.8% | 76.9% | ||
| Q4 24 | 39.2% | 67.4% | ||
| Q3 24 | 39.2% | 70.4% | ||
| Q2 24 | 39.8% | 76.1% |
营业利润率DPZHAS
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 20.6% | ||
| Q3 25 | 19.5% | 24.6% | ||
| Q2 25 | 19.7% | -81.4% | ||
| Q1 25 | 18.9% | 19.2% | ||
| Q4 24 | 19.0% | 5.4% | ||
| Q3 24 | 18.4% | 23.6% | ||
| Q2 24 | 17.9% | 21.3% |
净利率DPZHAS
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 13.9% | ||
| Q3 25 | 12.1% | 16.8% | ||
| Q2 25 | 11.4% | -87.3% | ||
| Q1 25 | 13.5% | 11.1% | ||
| Q4 24 | 11.7% | -3.1% | ||
| Q3 24 | 13.6% | 17.4% | ||
| Q2 24 | 12.9% | 13.9% |
每股收益（稀释后）DPZHAS
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $1.46 | ||
| Q3 25 | $4.08 | $1.64 | ||
| Q2 25 | $3.81 | $-6.10 | ||
| Q1 25 | $4.33 | $0.70 | ||
| Q4 24 | $4.89 | $-0.25 | ||
| Q3 24 | $4.19 | $1.59 | ||
| Q2 24 | $4.03 | $0.99 |
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 | — |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $565.5M |
| 总资产 | $1.8B | $5.6B |
| 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DPZHAS
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $139.7M | — | ||
| Q2 25 | $272.9M | — | ||
| Q1 25 | $304.3M | — | ||
| Q4 24 | $186.1M | — | ||
| Q3 24 | $189.1M | — | ||
| Q2 24 | $283.7M | — |
总债务DPZHAS
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — |
股东权益DPZHAS
| Q1 26 | — | — | ||
| Q4 25 | — | $565.5M | ||
| Q3 25 | $-4.0B | $433.8M | ||
| Q2 25 | $-4.0B | $269.7M | ||
| Q1 25 | $-3.9B | $1.2B | ||
| Q4 24 | $-4.0B | $1.2B | ||
| Q3 24 | $-4.0B | $1.3B | ||
| Q2 24 | $-3.9B | $1.2B |
总资产DPZHAS
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | $1.8B | $5.2B | ||
| Q1 25 | $1.9B | $6.0B | ||
| Q4 24 | $1.7B | $6.3B | ||
| Q3 24 | $1.8B | $7.2B | ||
| Q2 24 | $1.9B | $6.9B |
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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $389.5M |
| 自由现金流率自由现金流/营收 | 12.8% | 26.9% |
| 资本支出强度资本支出/营收 | 1.3% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.16× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $829.9M |
8季度趋势，按日历期对齐
经营现金流DPZHAS
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $403.2M | ||
| Q3 25 | $185.4M | $280.6M | ||
| Q2 25 | $187.8M | $71.3M | ||
| Q1 25 | $179.1M | $138.1M | ||
| Q4 24 | $178.0M | $259.8M | ||
| Q3 24 | $172.7M | $222.5M | ||
| Q2 24 | $150.7M | $187.3M |
自由现金流DPZHAS
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $389.5M | ||
| Q3 25 | $164.0M | $260.9M | ||
| Q2 25 | $167.3M | $55.2M | ||
| Q1 25 | $164.3M | $124.3M | ||
| Q4 24 | $135.9M | $200.8M | ||
| Q3 24 | $145.6M | $174.0M | ||
| Q2 24 | $127.2M | $135.4M |
自由现金流率DPZHAS
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 26.9% | ||
| Q3 25 | 14.3% | 18.8% | ||
| Q2 25 | 14.6% | 5.6% | ||
| Q1 25 | 14.8% | 14.0% | ||
| Q4 24 | 9.4% | 18.2% | ||
| Q3 24 | 13.5% | 13.6% | ||
| Q2 24 | 11.6% | 13.6% |
资本支出强度DPZHAS
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | 1.9% | 1.4% | ||
| Q2 25 | 1.8% | 1.6% | ||
| Q1 25 | 1.3% | 1.6% | ||
| Q4 24 | 2.9% | 5.4% | ||
| Q3 24 | 2.5% | 3.8% | ||
| Q2 24 | 2.1% | 5.2% |
现金转化率DPZHAS
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 2.00× | ||
| Q3 25 | 1.33× | 1.20× | ||
| Q2 25 | 1.43× | — | ||
| Q1 25 | 1.20× | 1.40× | ||
| Q4 24 | 1.05× | — | ||
| Q3 24 | 1.18× | 1.00× | ||
| Q2 24 | 1.06× | 1.35× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
