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达美乐（DPZ）与宜瑞安（INGR）财务数据对比。点击上方公司名可切换其他公司
宜瑞安的季度营收约是达美乐的1.5倍（$1.8B vs $1.2B），达美乐净利率更高（12.2% vs 9.5%，领先2.6%），达美乐同比增速更快（3.5% vs -2.4%），宜瑞安自由现金流更多（$270.0M vs $147.0M），过去两年达美乐的营收复合增速更高（3.0% vs -3.4%）
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。
宜瑞安（Ingredion Inc.）是总部位于美国伊利诺伊州的食品饮料配料供应商，主打产品包括淀粉、非转基因甜味剂、甜菊糖、豌豆蛋白等，以玉米、木薯、马铃薯、谷物、果蔬等为原料，产品供应食品、饮料、酿造、制药等多个行业，在全球44个站点拥有约1.2万名员工，客户覆盖超120个国家。
DPZ vs INGR — 直观对比
营收规模更大
INGR
是对方的1.5倍
$1.2B
营收增速更快
DPZ
高出5.9%
-2.4%
净利率更高
DPZ
高出2.6%
9.5%
自由现金流更多
INGR
多$123.0M
$147.0M
两年增速更快
DPZ
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $139.8M | $167.0M |
| 毛利率 | 40.4% | 24.5% |
| 营业利润率 | 20.0% | 12.5% |
| 净利率 | 12.2% | 9.5% |
| 营收同比 | 3.5% | -2.4% |
| 净利润同比 | -6.6% | 72.2% |
| 每股收益（稀释后） | $4.13 | $2.58 |
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DPZINGR
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.1B | $1.8B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $1.1B | $1.9B |
净利润DPZINGR
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $167.0M | ||
| Q3 25 | $139.3M | $171.0M | ||
| Q2 25 | $131.1M | $196.0M | ||
| Q1 25 | $149.7M | $197.0M | ||
| Q4 24 | $169.4M | $97.0M | ||
| Q3 24 | $146.9M | $188.0M | ||
| Q2 24 | $142.0M | $148.0M |
毛利率DPZINGR
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 24.5% | ||
| Q3 25 | 40.1% | 25.1% | ||
| Q2 25 | 40.3% | 26.0% | ||
| Q1 25 | 39.8% | 25.7% | ||
| Q4 24 | 39.2% | 24.9% | ||
| Q3 24 | 39.2% | 25.6% | ||
| Q2 24 | 39.8% | 23.7% |
营业利润率DPZINGR
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 12.5% | ||
| Q3 25 | 19.5% | 13.7% | ||
| Q2 25 | 19.7% | 14.8% | ||
| Q1 25 | 18.9% | 15.2% | ||
| Q4 24 | 19.0% | 9.0% | ||
| Q3 24 | 18.4% | 14.3% | ||
| Q2 24 | 17.9% | 12.8% |
净利率DPZINGR
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 9.5% | ||
| Q3 25 | 12.1% | 9.4% | ||
| Q2 25 | 11.4% | 10.7% | ||
| Q1 25 | 13.5% | 10.9% | ||
| Q4 24 | 11.7% | 5.4% | ||
| Q3 24 | 13.6% | 10.1% | ||
| Q2 24 | 12.9% | 7.9% |
每股收益（稀释后）DPZINGR
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $2.58 | ||
| Q3 25 | $4.08 | $2.61 | ||
| Q2 25 | $3.81 | $2.99 | ||
| Q1 25 | $4.33 | $3.00 | ||
| Q4 24 | $4.89 | $1.43 | ||
| Q3 24 | $4.19 | $2.83 | ||
| Q2 24 | $4.03 | $2.22 |
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 | $1.0B |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $4.3B |
| 总资产 | $1.8B | $7.9B |
| 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DPZINGR
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | $139.7M | $915.0M | ||
| Q2 25 | $272.9M | $861.0M | ||
| Q1 25 | $304.3M | $837.0M | ||
| Q4 24 | $186.1M | $997.0M | ||
| Q3 24 | $189.1M | $877.0M | ||
| Q2 24 | $283.7M | $505.0M |
总债务DPZINGR
| 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DPZINGR
| Q1 26 | — | — | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | $-4.0B | $4.2B | ||
| Q2 25 | $-4.0B | $4.2B | ||
| Q1 25 | $-3.9B | $4.0B | ||
| Q4 24 | $-4.0B | $3.8B | ||
| Q3 24 | $-4.0B | $4.0B | ||
| Q2 24 | $-3.9B | $3.7B |
总资产DPZINGR
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $7.9B | ||
| Q3 25 | $1.7B | $7.8B | ||
| Q2 25 | $1.8B | $7.8B | ||
| Q1 25 | $1.9B | $7.5B | ||
| Q4 24 | $1.7B | $7.4B | ||
| Q3 24 | $1.8B | $7.5B | ||
| Q2 24 | $1.9B | $7.2B |
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 | $405.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $270.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 15.4% |
| 资本支出强度资本支出/营收 | 1.3% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.16× | 2.43× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $511.0M |
8季度趋势，按日历期对齐
经营现金流DPZINGR
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $405.0M | ||
| Q3 25 | $185.4M | $277.0M | ||
| Q2 25 | $187.8M | $185.0M | ||
| Q1 25 | $179.1M | $77.0M | ||
| Q4 24 | $178.0M | $436.0M | ||
| Q3 24 | $172.7M | $479.0M | ||
| Q2 24 | $150.7M | $312.0M |
自由现金流DPZINGR
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $270.0M | ||
| Q3 25 | $164.0M | $172.0M | ||
| Q2 25 | $167.3M | $84.0M | ||
| Q1 25 | $164.3M | $-15.0M | ||
| Q4 24 | $135.9M | $311.0M | ||
| Q3 24 | $145.6M | $429.0M | ||
| Q2 24 | $127.2M | $257.0M |
自由现金流率DPZINGR
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | 14.3% | 9.5% | ||
| Q2 25 | 14.6% | 4.6% | ||
| Q1 25 | 14.8% | -0.8% | ||
| Q4 24 | 9.4% | 17.3% | ||
| Q3 24 | 13.5% | 22.9% | ||
| Q2 24 | 11.6% | 13.7% |
资本支出强度DPZINGR
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | 1.9% | 5.8% | ||
| Q2 25 | 1.8% | 5.5% | ||
| Q1 25 | 1.3% | 5.1% | ||
| Q4 24 | 2.9% | 6.9% | ||
| Q3 24 | 2.5% | 2.7% | ||
| Q2 24 | 2.1% | 2.9% |
现金转化率DPZINGR
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 2.43× | ||
| Q3 25 | 1.33× | 1.62× | ||
| Q2 25 | 1.43× | 0.94× | ||
| Q1 25 | 1.20× | 0.39× | ||
| Q4 24 | 1.05× | 4.49× | ||
| Q3 24 | 1.18× | 2.55× | ||
| Q2 24 | 1.06× | 2.11× |
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% |
INGR
| Food And Industrial Ingredients LATAM Segment | $599.0M | 34% |
| Texture And Healthful Solutions Segment | $598.0M | 34% |
| Food And Industrial Ingredients U.S.Canada Segment | $486.0M | 28% |
| Other | $74.0M | 4% |
