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达美乐（DPZ）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）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ADVANCED DRAINAGE SYSTEMS, INC.的1.7倍（$1.2B vs $693.4M），ADVANCED DRAINAGE SYSTEMS, INC.净利率更高（13.5% vs 12.2%，领先1.4%），达美乐同比增速更快（3.5% vs 0.4%），ADVANCED DRAINAGE SYSTEMS, INC.自由现金流更多（$183.6M vs $147.0M），过去两年达美乐的营收复合增速更高（3.0% 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。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
DPZ vs WMS — 直观对比
营收规模更大
DPZ
是对方的1.7倍
$693.4M
营收增速更快
DPZ
高出3.1%
0.4%
净利率更高
WMS
高出1.4%
12.2%
自由现金流更多
WMS
多$36.6M
$147.0M
两年增速更快
DPZ
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $693.4M |
| 净利润 | $139.8M | $93.6M |
| 毛利率 | 40.4% | 37.4% |
| 营业利润率 | 20.0% | 19.7% |
| 净利率 | 12.2% | 13.5% |
| 营收同比 | 3.5% | 0.4% |
| 净利润同比 | -6.6% | 15.3% |
| 每股收益（稀释后） | $4.13 | $1.19 |
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DPZWMS
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $693.4M | ||
| Q3 25 | $1.1B | $850.4M | ||
| Q2 25 | $1.1B | $829.9M | ||
| Q1 25 | $1.1B | $615.8M | ||
| Q4 24 | $1.4B | $690.5M | ||
| Q3 24 | $1.1B | $782.6M | ||
| Q2 24 | $1.1B | $815.3M |
净利润DPZWMS
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $93.6M | ||
| Q3 25 | $139.3M | $156.0M | ||
| Q2 25 | $131.1M | $143.9M | ||
| Q1 25 | $149.7M | $77.2M | ||
| Q4 24 | $169.4M | $81.2M | ||
| Q3 24 | $146.9M | $130.4M | ||
| Q2 24 | $142.0M | $161.4M |
毛利率DPZWMS
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 37.4% | ||
| Q3 25 | 40.1% | 40.0% | ||
| Q2 25 | 40.3% | 39.8% | ||
| Q1 25 | 39.8% | 36.7% | ||
| Q4 24 | 39.2% | 35.0% | ||
| Q3 24 | 39.2% | 37.6% | ||
| Q2 24 | 39.8% | 40.8% |
营业利润率DPZWMS
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 19.7% | ||
| Q3 25 | 19.5% | 26.3% | ||
| Q2 25 | 19.7% | 24.8% | ||
| Q1 25 | 18.9% | 19.0% | ||
| Q4 24 | 19.0% | 18.4% | ||
| Q3 24 | 18.4% | 23.9% | ||
| Q2 24 | 17.9% | 27.7% |
净利率DPZWMS
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 13.5% | ||
| Q3 25 | 12.1% | 18.3% | ||
| Q2 25 | 11.4% | 17.3% | ||
| Q1 25 | 13.5% | 12.5% | ||
| Q4 24 | 11.7% | 11.8% | ||
| Q3 24 | 13.6% | 16.7% | ||
| Q2 24 | 12.9% | 19.8% |
每股收益（稀释后）DPZWMS
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $1.19 | ||
| Q3 25 | $4.08 | $1.99 | ||
| Q2 25 | $3.81 | $1.84 | ||
| Q1 25 | $4.33 | $0.99 | ||
| Q4 24 | $4.89 | $1.04 | ||
| Q3 24 | $4.19 | $1.67 | ||
| Q2 24 | $4.03 | $2.06 |
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 | $1.0B |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $1.9B |
| 总资产 | $1.8B | $4.1B |
| 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DPZWMS
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.0B | ||
| Q3 25 | $139.7M | $812.9M | ||
| Q2 25 | $272.9M | $638.3M | ||
| Q1 25 | $304.3M | $463.3M | ||
| Q4 24 | $186.1M | $488.9M | ||
| Q3 24 | $189.1M | $613.0M | ||
| Q2 24 | $283.7M | $541.6M |
总债务DPZWMS
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | $3.8B | $1.3B | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — |
股东权益DPZWMS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | $-4.0B | $1.8B | ||
| Q2 25 | $-4.0B | $1.7B | ||
| Q1 25 | $-3.9B | $1.5B | ||
| Q4 24 | $-4.0B | $1.5B | ||
| Q3 24 | $-4.0B | $1.4B | ||
| Q2 24 | $-3.9B | $1.3B |
总资产DPZWMS
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $4.1B | ||
| Q3 25 | $1.7B | $4.1B | ||
| Q2 25 | $1.8B | $3.9B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.7B | $3.6B | ||
| Q3 24 | $1.8B | $3.5B | ||
| Q2 24 | $1.9B | $3.4B |
负债/权益比DPZWMS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $269.3M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $183.6M |
| 自由现金流率自由现金流/营收 | 12.8% | 26.5% |
| 资本支出强度资本支出/营收 | 1.3% | 12.4% |
| 现金转化率经营现金流/净利润 | 1.16× | 2.88× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $577.1M |
8季度趋势，按日历期对齐
经营现金流DPZWMS
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $269.3M | ||
| Q3 25 | $185.4M | $234.9M | ||
| Q2 25 | $187.8M | $275.0M | ||
| Q1 25 | $179.1M | $41.2M | ||
| Q4 24 | $178.0M | $189.9M | ||
| Q3 24 | $172.7M | $166.9M | ||
| Q2 24 | $150.7M | $183.4M |
自由现金流DPZWMS
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $183.6M | ||
| Q3 25 | $164.0M | $176.4M | ||
| Q2 25 | $167.3M | $222.4M | ||
| Q1 25 | $164.3M | $-5.3M | ||
| Q4 24 | $135.9M | $135.7M | ||
| Q3 24 | $145.6M | $112.4M | ||
| Q2 24 | $127.2M | $125.7M |
自由现金流率DPZWMS
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 26.5% | ||
| Q3 25 | 14.3% | 20.7% | ||
| Q2 25 | 14.6% | 26.8% | ||
| Q1 25 | 14.8% | -0.9% | ||
| Q4 24 | 9.4% | 19.7% | ||
| Q3 24 | 13.5% | 14.4% | ||
| Q2 24 | 11.6% | 15.4% |
资本支出强度DPZWMS
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | 1.9% | 6.9% | ||
| Q2 25 | 1.8% | 6.3% | ||
| Q1 25 | 1.3% | 7.6% | ||
| Q4 24 | 2.9% | 7.9% | ||
| Q3 24 | 2.5% | 7.0% | ||
| Q2 24 | 2.1% | 7.1% |
现金转化率DPZWMS
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 2.88× | ||
| Q3 25 | 1.33× | 1.51× | ||
| Q2 25 | 1.43× | 1.91× | ||
| Q1 25 | 1.20× | 0.53× | ||
| Q4 24 | 1.05× | 2.34× | ||
| Q3 24 | 1.18× | 1.28× | ||
| Q2 24 | 1.06× | 1.14× |
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% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
