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达美乐（DPZ）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.6倍（$1.2B vs $718.6M），达美乐净利率更高（12.2% vs -2.8%，领先14.9%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
DPZ vs VFS — 直观对比
营收规模更大
DPZ
是对方的1.6倍
$718.6M
净利率更高
DPZ
高出14.9%
-2.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $718.6M |
| 净利润 | $139.8M | $-20.0M |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | -96.1% |
| 净利率 | 12.2% | -2.8% |
| 营收同比 | 3.5% | — |
| 净利润同比 | -6.6% | — |
| 每股收益（稀释后） | $4.13 | — |
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DPZVFS
| Q1 26 | $1.2B | — | ||
| Q3 25 | $1.1B | $718.6M | ||
| Q2 25 | $1.1B | $663.0M | ||
| Q1 25 | $1.1B | $656.5M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | $511.6M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $302.6M |
净利润DPZVFS
| Q1 26 | $139.8M | — | ||
| Q3 25 | $139.3M | $-20.0M | ||
| Q2 25 | $131.1M | $-51.8M | ||
| Q1 25 | $149.7M | $-26.1M | ||
| Q4 24 | $169.4M | — | ||
| Q3 24 | $146.9M | $-10.4M | ||
| Q2 24 | $142.0M | — | ||
| Q1 24 | $125.8M | $-618.3M |
毛利率DPZVFS
| Q1 26 | 40.4% | — | ||
| Q3 25 | 40.1% | — | ||
| Q2 25 | 40.3% | — | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 39.8% | — | ||
| Q1 24 | 38.9% | — |
营业利润率DPZVFS
| Q1 26 | 20.0% | — | ||
| Q3 25 | 19.5% | -96.1% | ||
| Q2 25 | 19.7% | -79.0% | ||
| Q1 25 | 18.9% | -74.0% | ||
| Q4 24 | 19.0% | — | ||
| Q3 24 | 18.4% | -65.9% | ||
| Q2 24 | 17.9% | — | ||
| Q1 24 | 19.4% | -139.4% |
净利率DPZVFS
| Q1 26 | 12.2% | — | ||
| Q3 25 | 12.1% | -2.8% | ||
| Q2 25 | 11.4% | -7.8% | ||
| Q1 25 | 13.5% | -4.0% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 13.6% | -2.0% | ||
| Q2 24 | 12.9% | — | ||
| Q1 24 | 11.6% | -204.3% |
每股收益（稀释后）DPZVFS
| Q1 26 | $4.13 | — | ||
| Q3 25 | $4.08 | — | ||
| Q2 25 | $3.81 | — | ||
| Q1 25 | $4.33 | — | ||
| Q4 24 | $4.89 | — | ||
| Q3 24 | $4.19 | — | ||
| Q2 24 | $4.03 | — | ||
| Q1 24 | $3.58 | — |
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 | $8.8M |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | — |
| 总资产 | $1.8B | $183.2M |
| 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DPZVFS
| Q1 26 | $232.9M | — | ||
| Q3 25 | $139.7M | $8.8M | ||
| Q2 25 | $272.9M | $650.0M | ||
| Q1 25 | $304.3M | $2.4M | ||
| Q4 24 | $186.1M | — | ||
| Q3 24 | $189.1M | $1.9M | ||
| Q2 24 | $283.7M | — | ||
| Q1 24 | $203.9M | $3.0M |
总债务DPZVFS
| Q1 26 | $4.9B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — | ||
| Q1 24 | $5.0B | — |
股东权益DPZVFS
| Q1 26 | — | — | ||
| Q3 25 | $-4.0B | — | ||
| Q2 25 | $-4.0B | $-7.2B | ||
| Q1 25 | $-3.9B | — | ||
| Q4 24 | $-4.0B | — | ||
| Q3 24 | $-4.0B | — | ||
| Q2 24 | $-3.9B | — | ||
| Q1 24 | $-4.0B | — |
总资产DPZVFS
| Q1 26 | $1.8B | — | ||
| Q3 25 | $1.7B | $183.2M | ||
| Q2 25 | $1.8B | $7.2B | ||
| Q1 25 | $1.9B | $158.2M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.8B | $151.8M | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.7B | $145.6M |
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 | — |
| 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× | — |
| 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DPZVFS
| Q1 26 | $162.0M | — | ||
| Q3 25 | $185.4M | — | ||
| Q2 25 | $187.8M | — | ||
| Q1 25 | $179.1M | — | ||
| Q4 24 | $178.0M | — | ||
| Q3 24 | $172.7M | — | ||
| Q2 24 | $150.7M | — | ||
| Q1 24 | $123.5M | — |
自由现金流DPZVFS
| Q1 26 | $147.0M | — | ||
| Q3 25 | $164.0M | — | ||
| Q2 25 | $167.3M | — | ||
| Q1 25 | $164.3M | — | ||
| Q4 24 | $135.9M | — | ||
| Q3 24 | $145.6M | — | ||
| Q2 24 | $127.2M | — | ||
| Q1 24 | $103.3M | — |
自由现金流率DPZVFS
| Q1 26 | 12.8% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 13.5% | — | ||
| Q2 24 | 11.6% | — | ||
| Q1 24 | 9.5% | — |
资本支出强度DPZVFS
| Q1 26 | 1.3% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 1.9% | — |
现金转化率DPZVFS
| Q1 26 | 1.16× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.43× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.05× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.06× | — | ||
| Q1 24 | 0.98× | — |
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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
