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达美乐（DPZ）与沃茨水工业（WTS）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沃茨水工业的1.8倍（$1.2B vs $625.1M），沃茨水工业净利率更高（13.4% vs 12.2%，领先1.2%），沃茨水工业同比增速更快（15.7% vs 3.5%），达美乐自由现金流更多（$147.0M vs $140.3M），过去两年沃茨水工业的营收复合增速更高（4.6% 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。
沃茨水工业旗下AERCO是暖通管道领域的商用冷凝锅炉、高效热水设备及能量回收系统供应商，服务覆盖教育、住宿、政府、办公楼、医疗、工业、多户型住宅等多元市场，1949年推出行业首款半即热式无罐蒸汽热水器，1988年推出首款冷凝全调制设备。
DPZ vs WTS — 直观对比
营收规模更大
DPZ
是对方的1.8倍
$625.1M
营收增速更快
WTS
高出12.2%
3.5%
净利率更高
WTS
高出1.2%
12.2%
自由现金流更多
DPZ
多$6.7M
$140.3M
两年增速更快
WTS
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $625.1M |
| 净利润 | $139.8M | $83.7M |
| 毛利率 | 40.4% | 49.5% |
| 营业利润率 | 20.0% | 18.2% |
| 净利率 | 12.2% | 13.4% |
| 营收同比 | 3.5% | 15.7% |
| 净利润同比 | -6.6% | 24.0% |
| 每股收益（稀释后） | $4.13 | $2.50 |
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DPZWTS
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $625.1M | ||
| Q3 25 | $1.1B | $611.7M | ||
| Q2 25 | $1.1B | $643.7M | ||
| Q1 25 | $1.1B | $558.0M | ||
| Q4 24 | $1.4B | $540.4M | ||
| Q3 24 | $1.1B | $543.6M | ||
| Q2 24 | $1.1B | $597.3M |
净利润DPZWTS
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $83.7M | ||
| Q3 25 | $139.3M | $82.2M | ||
| Q2 25 | $131.1M | $100.9M | ||
| Q1 25 | $149.7M | $74.0M | ||
| Q4 24 | $169.4M | $67.5M | ||
| Q3 24 | $146.9M | $69.1M | ||
| Q2 24 | $142.0M | $82.0M |
毛利率DPZWTS
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 49.5% | ||
| Q3 25 | 40.1% | 48.8% | ||
| Q2 25 | 40.3% | 50.6% | ||
| Q1 25 | 39.8% | 48.8% | ||
| Q4 24 | 39.2% | 46.7% | ||
| Q3 24 | 39.2% | 47.3% | ||
| Q2 24 | 39.8% | 47.7% |
营业利润率DPZWTS
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | 19.5% | 18.2% | ||
| Q2 25 | 19.7% | 21.0% | ||
| Q1 25 | 18.9% | 15.7% | ||
| Q4 24 | 19.0% | 16.5% | ||
| Q3 24 | 18.4% | 17.1% | ||
| Q2 24 | 17.9% | 18.7% |
净利率DPZWTS
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 13.4% | ||
| Q3 25 | 12.1% | 13.4% | ||
| Q2 25 | 11.4% | 15.7% | ||
| Q1 25 | 13.5% | 13.3% | ||
| Q4 24 | 11.7% | 12.5% | ||
| Q3 24 | 13.6% | 12.7% | ||
| Q2 24 | 12.9% | 13.7% |
每股收益（稀释后）DPZWTS
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $2.50 | ||
| Q3 25 | $4.08 | $2.45 | ||
| Q2 25 | $3.81 | $3.01 | ||
| Q1 25 | $4.33 | $2.21 | ||
| Q4 24 | $4.89 | $2.02 | ||
| Q3 24 | $4.19 | $2.06 | ||
| Q2 24 | $4.03 | $2.44 |
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 | $405.5M |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $2.0B |
| 总资产 | $1.8B | $2.9B |
| 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DPZWTS
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $405.5M | ||
| Q3 25 | $139.7M | $457.7M | ||
| Q2 25 | $272.9M | $369.3M | ||
| Q1 25 | $304.3M | $336.8M | ||
| Q4 24 | $186.1M | $386.9M | ||
| Q3 24 | $189.1M | $303.9M | ||
| Q2 24 | $283.7M | $279.4M |
总债务DPZWTS
| 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DPZWTS
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $-4.0B | $2.0B | ||
| Q2 25 | $-4.0B | $1.9B | ||
| Q1 25 | $-3.9B | $1.8B | ||
| Q4 24 | $-4.0B | $1.7B | ||
| Q3 24 | $-4.0B | $1.7B | ||
| Q2 24 | $-3.9B | $1.6B |
总资产DPZWTS
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $1.7B | $2.7B | ||
| Q2 25 | $1.8B | $2.6B | ||
| Q1 25 | $1.9B | $2.5B | ||
| Q4 24 | $1.7B | $2.4B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.9B | $2.4B |
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 | $154.7M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $140.3M |
| 自由现金流率自由现金流/营收 | 12.8% | 22.4% |
| 资本支出强度资本支出/营收 | 1.3% | 2.3% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.85× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $356.3M |
8季度趋势，按日历期对齐
经营现金流DPZWTS
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $154.7M | ||
| Q3 25 | $185.4M | $122.4M | ||
| Q2 25 | $187.8M | $69.7M | ||
| Q1 25 | $179.1M | $55.2M | ||
| Q4 24 | $178.0M | $139.5M | ||
| Q3 24 | $172.7M | $90.7M | ||
| Q2 24 | $150.7M | $85.3M |
自由现金流DPZWTS
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $140.3M | ||
| Q3 25 | $164.0M | $110.9M | ||
| Q2 25 | $167.3M | $59.5M | ||
| Q1 25 | $164.3M | $45.6M | ||
| Q4 24 | $135.9M | $127.5M | ||
| Q3 24 | $145.6M | $84.3M | ||
| Q2 24 | $127.2M | $78.5M |
自由现金流率DPZWTS
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 22.4% | ||
| Q3 25 | 14.3% | 18.1% | ||
| Q2 25 | 14.6% | 9.2% | ||
| Q1 25 | 14.8% | 8.2% | ||
| Q4 24 | 9.4% | 23.6% | ||
| Q3 24 | 13.5% | 15.5% | ||
| Q2 24 | 11.6% | 13.1% |
资本支出强度DPZWTS
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 1.9% | 1.9% | ||
| Q2 25 | 1.8% | 1.6% | ||
| Q1 25 | 1.3% | 1.7% | ||
| Q4 24 | 2.9% | 2.2% | ||
| Q3 24 | 2.5% | 1.2% | ||
| Q2 24 | 2.1% | 1.1% |
现金转化率DPZWTS
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 1.85× | ||
| Q3 25 | 1.33× | 1.49× | ||
| Q2 25 | 1.43× | 0.69× | ||
| Q1 25 | 1.20× | 0.75× | ||
| Q4 24 | 1.05× | 2.07× | ||
| Q3 24 | 1.18× | 1.31× | ||
| Q2 24 | 1.06× | 1.04× |
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% |
WTS
暂无分部数据
