vs
达美乐（DPZ）与林肯电气（LECO）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林肯电气的1.1倍（$1.2B vs $1.1B），林肯电气净利率更高（12.6% vs 12.2%，领先0.5%），林肯电气同比增速更快（5.5% vs 3.5%），达美乐自由现金流更多（$147.0M vs $52.0M），过去两年林肯电气的营收复合增速更高（4.9% 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。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
DPZ vs LECO — 直观对比
营收规模更大
DPZ
是对方的1.1倍
$1.1B
营收增速更快
LECO
高出2.1%
3.5%
净利率更高
LECO
高出0.5%
12.2%
自由现金流更多
DPZ
多$95.0M
$52.0M
两年增速更快
LECO
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.1B |
| 净利润 | $139.8M | $136.0M |
| 毛利率 | 40.4% | 34.7% |
| 营业利润率 | 20.0% | 17.1% |
| 净利率 | 12.2% | 12.6% |
| 营收同比 | 3.5% | 5.5% |
| 净利润同比 | -6.6% | -3.0% |
| 每股收益（稀释后） | $4.13 | $2.45 |
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DPZLECO
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.1B | $983.8M | ||
| Q2 24 | $1.1B | $1.0B |
净利润DPZLECO
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | $139.3M | $122.6M | ||
| Q2 25 | $131.1M | $143.4M | ||
| Q1 25 | $149.7M | $118.5M | ||
| Q4 24 | $169.4M | $140.2M | ||
| Q3 24 | $146.9M | $100.8M | ||
| Q2 24 | $142.0M | $101.7M |
毛利率DPZLECO
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 34.7% | ||
| Q3 25 | 40.1% | 36.7% | ||
| Q2 25 | 40.3% | 37.3% | ||
| Q1 25 | 39.8% | 36.4% | ||
| Q4 24 | 39.2% | 36.1% | ||
| Q3 24 | 39.2% | 35.8% | ||
| Q2 24 | 39.8% | 37.6% |
营业利润率DPZLECO
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | 19.5% | 16.6% | ||
| Q2 25 | 19.7% | 17.6% | ||
| Q1 25 | 18.9% | 16.4% | ||
| Q4 24 | 19.0% | 17.3% | ||
| Q3 24 | 18.4% | 14.8% | ||
| Q2 24 | 17.9% | 14.6% |
净利率DPZLECO
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 12.6% | ||
| Q3 25 | 12.1% | 11.6% | ||
| Q2 25 | 11.4% | 13.2% | ||
| Q1 25 | 13.5% | 11.8% | ||
| Q4 24 | 11.7% | 13.7% | ||
| Q3 24 | 13.6% | 10.2% | ||
| Q2 24 | 12.9% | 10.0% |
每股收益（稀释后）DPZLECO
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $2.45 | ||
| Q3 25 | $4.08 | $2.21 | ||
| Q2 25 | $3.81 | $2.56 | ||
| Q1 25 | $4.33 | $2.10 | ||
| Q4 24 | $4.89 | $2.47 | ||
| Q3 24 | $4.19 | $1.77 | ||
| Q2 24 | $4.03 | $1.77 |
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 | $308.8M |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $1.8B | $3.8B |
| 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DPZLECO
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $308.8M | ||
| Q3 25 | $139.7M | $293.0M | ||
| Q2 25 | $272.9M | $299.5M | ||
| Q1 25 | $304.3M | $394.7M | ||
| Q4 24 | $186.1M | $377.3M | ||
| Q3 24 | $189.1M | $404.2M | ||
| Q2 24 | $283.7M | $272.7M |
总债务DPZLECO
| 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DPZLECO
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $-4.0B | $1.4B | ||
| Q2 25 | $-4.0B | $1.4B | ||
| Q1 25 | $-3.9B | $1.3B | ||
| Q4 24 | $-4.0B | $1.3B | ||
| Q3 24 | $-4.0B | $1.3B | ||
| Q2 24 | $-3.9B | $1.3B |
总资产DPZLECO
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | $1.7B | $3.8B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.9B | $3.6B | ||
| Q4 24 | $1.7B | $3.5B | ||
| Q3 24 | $1.8B | $3.7B | ||
| Q2 24 | $1.9B | $3.4B |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $52.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 4.8% |
| 资本支出强度资本支出/营收 | 1.3% | 4.0% |
| 现金转化率经营现金流/净利润 | 1.16× | 0.70× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $534.2M |
8季度趋势，按日历期对齐
经营现金流DPZLECO
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $95.0M | ||
| Q3 25 | $185.4M | $236.7M | ||
| Q2 25 | $187.8M | $143.8M | ||
| Q1 25 | $179.1M | $185.7M | ||
| Q4 24 | $178.0M | $95.8M | ||
| Q3 24 | $172.7M | $199.2M | ||
| Q2 24 | $150.7M | $170.7M |
自由现金流DPZLECO
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $52.0M | ||
| Q3 25 | $164.0M | $205.1M | ||
| Q2 25 | $167.3M | $118.4M | ||
| Q1 25 | $164.3M | $158.7M | ||
| Q4 24 | $135.9M | $64.3M | ||
| Q3 24 | $145.6M | $163.5M | ||
| Q2 24 | $127.2M | $147.5M |
自由现金流率DPZLECO
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 4.8% | ||
| Q3 25 | 14.3% | 19.3% | ||
| Q2 25 | 14.6% | 10.9% | ||
| Q1 25 | 14.8% | 15.8% | ||
| Q4 24 | 9.4% | 6.3% | ||
| Q3 24 | 13.5% | 16.6% | ||
| Q2 24 | 11.6% | 14.4% |
资本支出强度DPZLECO
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | 1.9% | 3.0% | ||
| Q2 25 | 1.8% | 2.3% | ||
| Q1 25 | 1.3% | 2.7% | ||
| Q4 24 | 2.9% | 3.1% | ||
| Q3 24 | 2.5% | 3.6% | ||
| Q2 24 | 2.1% | 2.3% |
现金转化率DPZLECO
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 0.70× | ||
| Q3 25 | 1.33× | 1.93× | ||
| Q2 25 | 1.43× | 1.00× | ||
| Q1 25 | 1.20× | 1.57× | ||
| Q4 24 | 1.05× | 0.68× | ||
| Q3 24 | 1.18× | 1.98× | ||
| Q2 24 | 1.06× | 1.68× |
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% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
