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达美乐（DPZ）与美泰（MAT）财务数据对比。点击上方公司名可切换其他公司
美泰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 6.0%，领先6.1%），美泰同比增速更快（7.3% vs 3.5%），过去两年美泰的营收复合增速更高（47.7% 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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
DPZ vs MAT — 直观对比
营收规模更大
MAT
是对方的1.5倍
$1.2B
营收增速更快
MAT
高出3.8%
3.5%
净利率更高
DPZ
高出6.1%
6.0%
两年增速更快
MAT
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $139.8M | $106.2M |
| 毛利率 | 40.4% | 45.9% |
| 营业利润率 | 20.0% | 8.0% |
| 净利率 | 12.2% | 6.0% |
| 营收同比 | 3.5% | 7.3% |
| 净利润同比 | -6.6% | -24.6% |
| 每股收益（稀释后） | $4.13 | $0.32 |
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DPZMAT
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.1B | $826.6M | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $1.1B |
净利润DPZMAT
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $106.2M | ||
| Q3 25 | $139.3M | $278.4M | ||
| Q2 25 | $131.1M | $53.4M | ||
| Q1 25 | $149.7M | $-40.3M | ||
| Q4 24 | $169.4M | $140.9M | ||
| Q3 24 | $146.9M | $372.4M | ||
| Q2 24 | $142.0M | $56.9M |
毛利率DPZMAT
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | 40.1% | 50.0% | ||
| Q2 25 | 40.3% | 50.9% | ||
| Q1 25 | 39.8% | 49.4% | ||
| Q4 24 | 39.2% | 50.7% | ||
| Q3 24 | 39.2% | 53.1% | ||
| Q2 24 | 39.8% | 49.2% |
营业利润率DPZMAT
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 8.0% | ||
| Q3 25 | 19.5% | 21.9% | ||
| Q2 25 | 19.7% | 7.7% | ||
| Q1 25 | 18.9% | -6.4% | ||
| Q4 24 | 19.0% | 9.6% | ||
| Q3 24 | 18.4% | 26.5% | ||
| Q2 24 | 17.9% | 7.7% |
净利率DPZMAT
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 6.0% | ||
| Q3 25 | 12.1% | 16.0% | ||
| Q2 25 | 11.4% | 5.2% | ||
| Q1 25 | 13.5% | -4.9% | ||
| Q4 24 | 11.7% | 8.6% | ||
| Q3 24 | 13.6% | 20.2% | ||
| Q2 24 | 12.9% | 5.3% |
每股收益（稀释后）DPZMAT
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.32 | ||
| Q3 25 | $4.08 | $0.88 | ||
| Q2 25 | $3.81 | $0.16 | ||
| Q1 25 | $4.33 | $-0.12 | ||
| Q4 24 | $4.89 | $0.40 | ||
| Q3 24 | $4.19 | $1.09 | ||
| Q2 24 | $4.03 | $0.17 |
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 | $1.2B |
| 总债务越低越好 | $4.9B | $2.3B |
| 股东权益账面价值 | — | $2.2B |
| 总资产 | $1.8B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资DPZMAT
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $139.7M | $691.9M | ||
| Q2 25 | $272.9M | $870.5M | ||
| Q1 25 | $304.3M | $1.2B | ||
| Q4 24 | $186.1M | $1.4B | ||
| Q3 24 | $189.1M | $723.5M | ||
| Q2 24 | $283.7M | $722.4M |
总债务DPZMAT
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.8B | $2.3B | ||
| Q2 25 | $3.8B | $2.3B | ||
| Q1 25 | $3.8B | $2.3B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $5.0B | $2.3B | ||
| Q2 24 | $5.0B | $2.3B |
股东权益DPZMAT
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | $-4.0B | $2.3B | ||
| Q2 25 | $-4.0B | $2.2B | ||
| Q1 25 | $-3.9B | $2.1B | ||
| Q4 24 | $-4.0B | $2.3B | ||
| Q3 24 | $-4.0B | $2.3B | ||
| Q2 24 | $-3.9B | $2.0B |
总资产DPZMAT
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $6.6B | ||
| Q3 25 | $1.7B | $6.6B | ||
| Q2 25 | $1.8B | $6.2B | ||
| Q1 25 | $1.9B | $6.2B | ||
| Q4 24 | $1.7B | $6.5B | ||
| Q3 24 | $1.8B | $6.5B | ||
| Q2 24 | $1.9B | $5.9B |
负债/权益比DPZMAT
| Q1 26 | — | — | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× |
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 | $796.6M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 1.16× | 7.50× |
| 过去12个月自由现金流最近4个季度 | $642.6M | — |
8季度趋势，按日历期对齐
经营现金流DPZMAT
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $796.6M | ||
| Q3 25 | $185.4M | $72.0M | ||
| Q2 25 | $187.8M | $-300.1M | ||
| Q1 25 | $179.1M | $24.8M | ||
| Q4 24 | $178.0M | $862.1M | ||
| Q3 24 | $172.7M | $155.8M | ||
| Q2 24 | $150.7M | $-252.9M |
自由现金流DPZMAT
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $164.0M | — | ||
| Q2 25 | $167.3M | — | ||
| Q1 25 | $164.3M | — | ||
| Q4 24 | $135.9M | — | ||
| Q3 24 | $145.6M | — | ||
| Q2 24 | $127.2M | — |
自由现金流率DPZMAT
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 13.5% | — | ||
| Q2 24 | 11.6% | — |
资本支出强度DPZMAT
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.1% | — |
现金转化率DPZMAT
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 7.50× | ||
| Q3 25 | 1.33× | 0.26× | ||
| Q2 25 | 1.43× | -5.62× | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.05× | 6.12× | ||
| Q3 24 | 1.18× | 0.42× | ||
| Q2 24 | 1.06× | -4.45× |
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% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
