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达美乐（DPZ）与景顺（IVZ）财务数据对比。点击上方公司名可切换其他公司
景顺的季度营收约是达美乐的1.5倍（$1.7B vs $1.2B），达美乐净利率更高（12.2% vs -58.9%，领先71.0%），景顺同比增速更快（6.2% vs 3.5%），景顺自由现金流更多（$432.2M vs $147.0M），过去两年景顺的营收复合增速更高（7.1% 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。
景顺是总部位于美国佐治亚州亚特兰大的独立投资管理企业，在全球20个国家设有分支机构，旗下运营景顺、Invesco Perpetual、PowerShares等品牌，普通股为标普500指数成分股，于纽约证券交易所挂牌交易。
DPZ vs IVZ — 直观对比
营收规模更大
IVZ
是对方的1.5倍
$1.2B
营收增速更快
IVZ
高出2.8%
3.5%
净利率更高
DPZ
高出71.0%
-58.9%
自由现金流更多
IVZ
多$285.2M
$147.0M
两年增速更快
IVZ
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $139.8M | $-995.9M |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | -86.2% |
| 净利率 | 12.2% | -58.9% |
| 营收同比 | 3.5% | 6.2% |
| 净利润同比 | -6.6% | -575.8% |
| 每股收益（稀释后） | $4.13 | $-2.61 |
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DPZIVZ
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $1.5B |
净利润DPZIVZ
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $-995.9M | ||
| Q3 25 | $139.3M | $356.4M | ||
| Q2 25 | $131.1M | $197.4M | ||
| Q1 25 | $149.7M | $171.1M | ||
| Q4 24 | $169.4M | $209.3M | ||
| Q3 24 | $146.9M | $55.0M | ||
| Q2 24 | $142.0M | $132.2M |
毛利率DPZIVZ
| 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DPZIVZ
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | -86.2% | ||
| Q3 25 | 19.5% | 16.5% | ||
| Q2 25 | 19.7% | 14.1% | ||
| Q1 25 | 18.9% | 18.1% | ||
| Q4 24 | 19.0% | 19.6% | ||
| Q3 24 | 18.4% | 6.6% | ||
| Q2 24 | 17.9% | 13.9% |
净利率DPZIVZ
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | -58.9% | ||
| Q3 25 | 12.1% | 21.7% | ||
| Q2 25 | 11.4% | 13.0% | ||
| Q1 25 | 13.5% | 11.2% | ||
| Q4 24 | 11.7% | 13.1% | ||
| Q3 24 | 13.6% | 3.6% | ||
| Q2 24 | 12.9% | 8.9% |
每股收益（稀释后）DPZIVZ
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $-2.61 | ||
| Q3 25 | $4.08 | $0.66 | ||
| Q2 25 | $3.81 | $-0.03 | ||
| Q1 25 | $4.33 | $0.38 | ||
| Q4 24 | $4.89 | $0.46 | ||
| Q3 24 | $4.19 | $0.12 | ||
| Q2 24 | $4.03 | $0.29 |
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 | $1.8B |
| 股东权益账面价值 | — | $12.2B |
| 总资产 | $1.8B | $27.1B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资DPZIVZ
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | $139.7M | $973.1M | ||
| Q2 25 | $272.9M | $922.7M | ||
| Q1 25 | $304.3M | $821.7M | ||
| Q4 24 | $186.1M | $986.5M | ||
| Q3 24 | $189.1M | $1.0B | ||
| Q2 24 | $283.7M | $878.5M |
总债务DPZIVZ
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $4.8B | $1.6B | ||
| Q2 25 | $3.8B | $1.9B | ||
| Q1 25 | $3.8B | $964.8M | ||
| Q4 24 | $3.8B | $890.6M | ||
| Q3 24 | $5.0B | $890.3M | ||
| Q2 24 | $5.0B | $890.1M |
股东权益DPZIVZ
| Q1 26 | — | — | ||
| Q4 25 | — | $12.2B | ||
| Q3 25 | $-4.0B | $14.0B | ||
| Q2 25 | $-4.0B | $13.9B | ||
| Q1 25 | $-3.9B | $14.7B | ||
| Q4 24 | $-4.0B | $14.6B | ||
| Q3 24 | $-4.0B | $14.8B | ||
| Q2 24 | $-3.9B | $14.6B |
总资产DPZIVZ
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $27.1B | ||
| Q3 25 | $1.7B | $28.4B | ||
| Q2 25 | $1.8B | $28.5B | ||
| Q1 25 | $1.9B | $28.1B | ||
| Q4 24 | $1.7B | $27.0B | ||
| Q3 24 | $1.8B | $27.5B | ||
| Q2 24 | $1.9B | $27.2B |
负债/权益比DPZIVZ
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | 0.07× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.06× |
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 | $455.8M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $432.2M |
| 自由现金流率自由现金流/营收 | 12.8% | 25.5% |
| 资本支出强度资本支出/营收 | 1.3% | 1.4% |
| 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 | $642.6M | $1.4B |
8季度趋势，按日历期对齐
经营现金流DPZIVZ
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $455.8M | ||
| Q3 25 | $185.4M | $606.2M | ||
| Q2 25 | $187.8M | $547.9M | ||
| Q1 25 | $179.1M | $-84.6M | ||
| Q4 24 | $178.0M | $316.9M | ||
| Q3 24 | $172.7M | $438.4M | ||
| Q2 24 | $150.7M | $489.1M |
自由现金流DPZIVZ
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $432.2M | ||
| Q3 25 | $164.0M | $586.4M | ||
| Q2 25 | $167.3M | $530.4M | ||
| Q1 25 | $164.3M | $-108.0M | ||
| Q4 24 | $135.9M | $309.9M | ||
| Q3 24 | $145.6M | $410.0M | ||
| Q2 24 | $127.2M | $462.4M |
自由现金流率DPZIVZ
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 25.5% | ||
| Q3 25 | 14.3% | 35.7% | ||
| Q2 25 | 14.6% | 35.0% | ||
| Q1 25 | 14.8% | -7.1% | ||
| Q4 24 | 9.4% | 19.5% | ||
| Q3 24 | 13.5% | 27.1% | ||
| Q2 24 | 11.6% | 31.2% |
资本支出强度DPZIVZ
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | 1.9% | 1.2% | ||
| Q2 25 | 1.8% | 1.2% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 2.9% | 0.4% | ||
| Q3 24 | 2.5% | 1.9% | ||
| Q2 24 | 2.1% | 1.8% |
现金转化率DPZIVZ
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.33× | 1.70× | ||
| Q2 25 | 1.43× | 2.78× | ||
| Q1 25 | 1.20× | -0.49× | ||
| Q4 24 | 1.05× | 1.51× | ||
| Q3 24 | 1.18× | 7.97× | ||
| Q2 24 | 1.06× | 3.70× |
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% |
IVZ
| Investment Advice | $1.2B | 73% |
| Distribution And Shareholder Service | $382.7M | 23% |
| Financial Service Other | $51.0M | 3% |
| Investment Performance | $28.9M | 2% |
