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达美乐（DPZ）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是达美乐的1.4倍（$1.6B vs $1.2B），达美乐净利率更高（12.2% vs 6.2%，领先6.0%），Toast, Inc.同比增速更快（22.0% vs 3.5%），Toast, Inc.自由现金流更多（$178.0M vs $147.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
DPZ vs TOST — 直观对比
营收规模更大
TOST
是对方的1.4倍
$1.2B
营收增速更快
TOST
高出18.6%
3.5%
净利率更高
DPZ
高出6.0%
6.2%
自由现金流更多
TOST
多$31.0M
$147.0M
两年增速更快
TOST
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $139.8M | $101.0M |
| 毛利率 | 40.4% | 25.9% |
| 营业利润率 | 20.0% | 5.2% |
| 净利率 | 12.2% | 6.2% |
| 营收同比 | 3.5% | 22.0% |
| 净利润同比 | -6.6% | 215.6% |
| 每股收益（稀释后） | $4.13 | $0.18 |
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DPZTOST
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.2B |
净利润DPZTOST
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $101.0M | ||
| Q3 25 | $139.3M | $105.0M | ||
| Q2 25 | $131.1M | $80.0M | ||
| Q1 25 | $149.7M | $56.0M | ||
| Q4 24 | $169.4M | $32.0M | ||
| Q3 24 | $146.9M | $56.0M | ||
| Q2 24 | $142.0M | $14.0M |
毛利率DPZTOST
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 25.9% | ||
| Q3 25 | 40.1% | 26.5% | ||
| Q2 25 | 40.3% | 25.3% | ||
| Q1 25 | 39.8% | 25.9% | ||
| Q4 24 | 39.2% | 24.9% | ||
| Q3 24 | 39.2% | 24.7% | ||
| Q2 24 | 39.8% | 23.0% |
营业利润率DPZTOST
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 5.2% | ||
| Q3 25 | 19.5% | 5.1% | ||
| Q2 25 | 19.7% | 5.2% | ||
| Q1 25 | 18.9% | 3.2% | ||
| Q4 24 | 19.0% | 2.5% | ||
| Q3 24 | 18.4% | 2.6% | ||
| Q2 24 | 17.9% | 0.4% |
净利率DPZTOST
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 6.2% | ||
| Q3 25 | 12.1% | 6.4% | ||
| Q2 25 | 11.4% | 5.2% | ||
| Q1 25 | 13.5% | 4.2% | ||
| Q4 24 | 11.7% | 2.4% | ||
| Q3 24 | 13.6% | 4.3% | ||
| Q2 24 | 12.9% | 1.1% |
每股收益（稀释后）DPZTOST
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | $4.08 | $0.16 | ||
| Q2 25 | $3.81 | $0.13 | ||
| Q1 25 | $4.33 | $0.09 | ||
| Q4 24 | $4.89 | $0.09 | ||
| Q3 24 | $4.19 | $0.07 | ||
| Q2 24 | $4.03 | $0.02 |
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 | $1.4B |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $2.1B |
| 总资产 | $1.8B | $3.1B |
| 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DPZTOST
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | $139.7M | $1.4B | ||
| Q2 25 | $272.9M | $1.2B | ||
| Q1 25 | $304.3M | $1.0B | ||
| Q4 24 | $186.1M | $903.0M | ||
| Q3 24 | $189.1M | $761.0M | ||
| Q2 24 | $283.7M | $691.0M |
总债务DPZTOST
| 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DPZTOST
| Q1 26 | — | — | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | $-4.0B | $2.0B | ||
| Q2 25 | $-4.0B | $1.8B | ||
| Q1 25 | $-3.9B | $1.7B | ||
| Q4 24 | $-4.0B | $1.5B | ||
| Q3 24 | $-4.0B | $1.4B | ||
| Q2 24 | $-3.9B | $1.3B |
总资产DPZTOST
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $3.1B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | $1.7B | $2.4B | ||
| Q3 24 | $1.8B | $2.2B | ||
| Q2 24 | $1.9B | $2.2B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 10.9% |
| 资本支出强度资本支出/营收 | 1.3% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $608.0M |
8季度趋势，按日历期对齐
经营现金流DPZTOST
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $194.0M | ||
| Q3 25 | $185.4M | $165.0M | ||
| Q2 25 | $187.8M | $223.0M | ||
| Q1 25 | $179.1M | $79.0M | ||
| Q4 24 | $178.0M | $147.0M | ||
| Q3 24 | $172.7M | $109.0M | ||
| Q2 24 | $150.7M | $124.0M |
自由现金流DPZTOST
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $178.0M | ||
| Q3 25 | $164.0M | $153.0M | ||
| Q2 25 | $167.3M | $208.0M | ||
| Q1 25 | $164.3M | $69.0M | ||
| Q4 24 | $135.9M | $134.0M | ||
| Q3 24 | $145.6M | $97.0M | ||
| Q2 24 | $127.2M | $108.0M |
自由现金流率DPZTOST
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | 14.3% | 9.4% | ||
| Q2 25 | 14.6% | 13.4% | ||
| Q1 25 | 14.8% | 5.2% | ||
| Q4 24 | 9.4% | 10.0% | ||
| Q3 24 | 13.5% | 7.4% | ||
| Q2 24 | 11.6% | 8.7% |
资本支出强度DPZTOST
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | 1.9% | 0.7% | ||
| Q2 25 | 1.8% | 1.0% | ||
| Q1 25 | 1.3% | 0.7% | ||
| Q4 24 | 2.9% | 1.0% | ||
| Q3 24 | 2.5% | 0.9% | ||
| Q2 24 | 2.1% | 1.3% |
现金转化率DPZTOST
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 1.92× | ||
| Q3 25 | 1.33× | 1.57× | ||
| Q2 25 | 1.43× | 2.79× | ||
| Q1 25 | 1.20× | 1.41× | ||
| Q4 24 | 1.05× | 4.59× | ||
| Q3 24 | 1.18× | 1.95× | ||
| Q2 24 | 1.06× | 8.86× |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
