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达美乐（DPZ）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是达美乐的1.0倍（$1.2B vs $1.2B），达美乐净利率更高（12.2% vs 9.1%，领先3.0%），利氏兄弟拍卖行同比增速更快（5.4% vs 3.5%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $147.0M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs 2.4%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
DPZ vs RBA — 直观对比
营收规模更大
RBA
是对方的1.0倍
$1.2B
营收增速更快
RBA
高出2.0%
3.5%
净利率更高
DPZ
高出3.0%
9.1%
自由现金流更多
RBA
多$39.5M
$147.0M
两年增速更快
RBA
近两年复合增速
2.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $139.8M | $109.7M |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | 14.7% |
| 净利率 | 12.2% | 9.1% |
| 营收同比 | 3.5% | 5.4% |
| 净利润同比 | -6.6% | -7.4% |
| 每股收益（稀释后） | $4.13 | $0.53 |
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DPZRBA
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.1B | $981.8M | ||
| Q2 24 | $1.1B | $1.1B |
净利润DPZRBA
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $109.7M | ||
| Q3 25 | $139.3M | $95.5M | ||
| Q2 25 | $131.1M | $109.8M | ||
| Q1 25 | $149.7M | $113.4M | ||
| Q4 24 | $169.4M | $118.5M | ||
| Q3 24 | $146.9M | $76.1M | ||
| Q2 24 | $142.0M | $111.1M |
毛利率DPZRBA
| 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DPZRBA
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | 19.5% | 14.5% | ||
| Q2 25 | 19.7% | 15.9% | ||
| Q1 25 | 18.9% | 17.1% | ||
| Q4 24 | 19.0% | 18.1% | ||
| Q3 24 | 18.4% | 15.6% | ||
| Q2 24 | 17.9% | 18.4% |
净利率DPZRBA
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 9.1% | ||
| Q3 25 | 12.1% | 8.7% | ||
| Q2 25 | 11.4% | 9.3% | ||
| Q1 25 | 13.5% | 10.2% | ||
| Q4 24 | 11.7% | 10.4% | ||
| Q3 24 | 13.6% | 7.8% | ||
| Q2 24 | 12.9% | 10.1% |
每股收益（稀释后）DPZRBA
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.53 | ||
| Q3 25 | $4.08 | $0.43 | ||
| Q2 25 | $3.81 | $0.53 | ||
| Q1 25 | $4.33 | $0.55 | ||
| Q4 24 | $4.89 | $0.58 | ||
| Q3 24 | $4.19 | $0.36 | ||
| Q2 24 | $4.03 | $0.54 |
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 | $531.5M |
| 总债务越低越好 | $4.9B | $2.3B |
| 股东权益账面价值 | — | $5.6B |
| 总资产 | $1.8B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资DPZRBA
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $531.5M | ||
| Q3 25 | $139.7M | $674.7M | ||
| Q2 25 | $272.9M | $710.2M | ||
| Q1 25 | $304.3M | $578.1M | ||
| Q4 24 | $186.1M | $533.9M | ||
| Q3 24 | $189.1M | $650.7M | ||
| Q2 24 | $283.7M | $599.5M |
总债务DPZRBA
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | $4.8B | $2.6B | ||
| Q2 25 | $3.8B | $2.6B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $5.0B | $2.7B | ||
| Q2 24 | $5.0B | $2.8B |
股东权益DPZRBA
| Q1 26 | — | — | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | $-4.0B | $5.5B | ||
| Q2 25 | $-4.0B | $5.5B | ||
| Q1 25 | $-3.9B | $5.3B | ||
| Q4 24 | $-4.0B | $5.2B | ||
| Q3 24 | $-4.0B | $5.2B | ||
| Q2 24 | $-3.9B | $5.2B |
总资产DPZRBA
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $12.1B | ||
| Q3 25 | $1.7B | $12.2B | ||
| Q2 25 | $1.8B | $12.2B | ||
| Q1 25 | $1.9B | $11.9B | ||
| Q4 24 | $1.7B | $11.8B | ||
| Q3 24 | $1.8B | $11.9B | ||
| Q2 24 | $1.9B | $12.1B |
负债/权益比DPZRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 12.8% | 15.5% |
| 资本支出强度资本支出/营收 | 1.3% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.16× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $625.3M | $719.2M |
8季度趋势，按日历期对齐
经营现金流DPZRBA
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $255.2M | ||
| Q3 25 | $185.4M | $239.7M | ||
| Q2 25 | $187.8M | $326.5M | ||
| Q1 25 | $179.1M | $156.8M | ||
| Q4 24 | $178.0M | $184.5M | ||
| Q3 24 | $172.7M | $285.4M | ||
| Q2 24 | $150.7M | $337.3M |
自由现金流DPZRBA
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $186.5M | ||
| Q3 25 | $164.0M | $188.5M | ||
| Q2 25 | $167.3M | $241.7M | ||
| Q1 25 | $164.3M | $102.5M | ||
| Q4 24 | $135.9M | $127.9M | ||
| Q3 24 | $145.6M | $248.5M | ||
| Q2 24 | $127.2M | $308.6M |
自由现金流率DPZRBA
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 15.5% | ||
| Q3 25 | 14.3% | 17.3% | ||
| Q2 25 | 14.6% | 20.4% | ||
| Q1 25 | 14.8% | 9.2% | ||
| Q4 24 | 9.4% | 11.2% | ||
| Q3 24 | 13.5% | 25.3% | ||
| Q2 24 | 11.6% | 28.2% |
资本支出强度DPZRBA
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 5.7% | ||
| Q3 25 | 1.9% | 4.7% | ||
| Q2 25 | 1.8% | 7.2% | ||
| Q1 25 | 1.3% | 4.9% | ||
| Q4 24 | 2.9% | 5.0% | ||
| Q3 24 | 2.5% | 3.8% | ||
| Q2 24 | 2.1% | 2.6% |
现金转化率DPZRBA
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 2.33× | ||
| Q3 25 | 1.33× | 2.51× | ||
| Q2 25 | 1.43× | 2.97× | ||
| Q1 25 | 1.20× | 1.38× | ||
| Q4 24 | 1.05× | 1.56× | ||
| Q3 24 | 1.18× | 3.75× | ||
| Q2 24 | 1.06× | 3.04× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
