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达美乐（DPZ）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
永利度假村的季度营收约是达美乐的1.6倍（$1.9B vs $1.2B），达美乐净利率更高（12.2% vs 5.4%，领先6.8%），达美乐同比增速更快（3.5% vs 1.5%），永利度假村自由现金流更多（$306.8M vs $147.0M），过去两年达美乐的营收复合增速更高（3.0% vs 0.1%）
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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
DPZ vs WYNN — 直观对比
营收规模更大
WYNN
是对方的1.6倍
$1.2B
营收增速更快
DPZ
高出2.0%
1.5%
净利率更高
DPZ
高出6.8%
5.4%
自由现金流更多
WYNN
多$159.8M
$147.0M
两年增速更快
DPZ
近两年复合增速
0.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.9B |
| 净利润 | $139.8M | $100.0M |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | 14.7% |
| 净利率 | 12.2% | 5.4% |
| 营收同比 | 3.5% | 1.5% |
| 净利润同比 | -6.6% | -63.9% |
| 每股收益（稀释后） | $4.13 | $0.96 |
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DPZWYNN
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.9B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.1B | $1.7B |
净利润DPZWYNN
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $100.0M | ||
| Q3 25 | $139.3M | $88.3M | ||
| Q2 25 | $131.1M | $66.2M | ||
| Q1 25 | $149.7M | $72.7M | ||
| Q4 24 | $169.4M | $277.0M | ||
| Q3 24 | $146.9M | $-32.1M | ||
| Q2 24 | $142.0M | $111.9M |
毛利率DPZWYNN
| 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DPZWYNN
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | 19.5% | 16.9% | ||
| Q2 25 | 19.7% | 15.2% | ||
| Q1 25 | 18.9% | 15.8% | ||
| Q4 24 | 19.0% | 20.0% | ||
| Q3 24 | 18.4% | 7.9% | ||
| Q2 24 | 17.9% | 15.6% |
净利率DPZWYNN
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 5.4% | ||
| Q3 25 | 12.1% | 4.8% | ||
| Q2 25 | 11.4% | 3.8% | ||
| Q1 25 | 13.5% | 4.3% | ||
| Q4 24 | 11.7% | 15.1% | ||
| Q3 24 | 13.6% | -1.9% | ||
| Q2 24 | 12.9% | 6.5% |
每股收益（稀释后）DPZWYNN
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.96 | ||
| Q3 25 | $4.08 | $0.85 | ||
| Q2 25 | $3.81 | $0.64 | ||
| Q1 25 | $4.33 | $0.69 | ||
| Q4 24 | $4.89 | $2.43 | ||
| Q3 24 | $4.19 | $-0.29 | ||
| Q2 24 | $4.03 | $0.91 |
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 | $1.5B |
| 总债务越低越好 | $4.9B | $10.5B |
| 股东权益账面价值 | — | $-275.5M |
| 总资产 | $1.8B | $13.1B |
| 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DPZWYNN
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $139.7M | $1.5B | ||
| Q2 25 | $272.9M | $2.0B | ||
| Q1 25 | $304.3M | $2.1B | ||
| Q4 24 | $186.1M | $2.4B | ||
| Q3 24 | $189.1M | $2.4B | ||
| Q2 24 | $283.7M | $2.4B |
总债务DPZWYNN
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $10.5B | ||
| Q3 25 | $4.8B | $10.6B | ||
| Q2 25 | $3.8B | $10.5B | ||
| Q1 25 | $3.8B | $10.6B | ||
| Q4 24 | $3.8B | $10.5B | ||
| Q3 24 | $5.0B | $11.8B | ||
| Q2 24 | $5.0B | $11.0B |
股东权益DPZWYNN
| Q1 26 | — | — | ||
| Q4 25 | — | $-275.5M | ||
| Q3 25 | $-4.0B | $-370.0M | ||
| Q2 25 | $-4.0B | $-441.5M | ||
| Q1 25 | $-3.9B | $-360.7M | ||
| Q4 24 | $-4.0B | $-224.2M | ||
| Q3 24 | $-4.0B | $-281.4M | ||
| Q2 24 | $-3.9B | $-109.8M |
总资产DPZWYNN
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | $1.7B | $12.8B | ||
| Q2 25 | $1.8B | $12.7B | ||
| Q1 25 | $1.9B | $12.7B | ||
| Q4 24 | $1.7B | $13.0B | ||
| Q3 24 | $1.8B | $14.1B | ||
| Q2 24 | $1.9B | $13.3B |
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 | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $306.8M |
| 自由现金流率自由现金流/营收 | 12.8% | 16.4% |
| 资本支出强度资本支出/营收 | 1.3% | 9.2% |
| 现金转化率经营现金流/净利润 | 1.16× | 4.78× |
| 过去12个月自由现金流最近4个季度 | $642.6M | $692.2M |
8季度趋势，按日历期对齐
经营现金流DPZWYNN
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $478.0M | ||
| Q3 25 | $185.4M | $335.8M | ||
| Q2 25 | $187.8M | $405.1M | ||
| Q1 25 | $179.1M | $133.8M | ||
| Q4 24 | $178.0M | $479.0M | ||
| Q3 24 | $172.7M | $279.3M | ||
| Q2 24 | $150.7M | $352.8M |
自由现金流DPZWYNN
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $306.8M | ||
| Q3 25 | $164.0M | $171.8M | ||
| Q2 25 | $167.3M | $239.8M | ||
| Q1 25 | $164.3M | $-26.2M | ||
| Q4 24 | $135.9M | $351.8M | ||
| Q3 24 | $145.6M | $178.0M | ||
| Q2 24 | $127.2M | $259.1M |
自由现金流率DPZWYNN
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | 14.3% | 9.4% | ||
| Q2 25 | 14.6% | 13.8% | ||
| Q1 25 | 14.8% | -1.5% | ||
| Q4 24 | 9.4% | 19.1% | ||
| Q3 24 | 13.5% | 10.5% | ||
| Q2 24 | 11.6% | 15.0% |
资本支出强度DPZWYNN
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 9.2% | ||
| Q3 25 | 1.9% | 8.9% | ||
| Q2 25 | 1.8% | 9.5% | ||
| Q1 25 | 1.3% | 9.4% | ||
| Q4 24 | 2.9% | 6.9% | ||
| Q3 24 | 2.5% | 6.0% | ||
| Q2 24 | 2.1% | 5.4% |
现金转化率DPZWYNN
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 4.78× | ||
| Q3 25 | 1.33× | 3.80× | ||
| Q2 25 | 1.43× | 6.12× | ||
| Q1 25 | 1.20× | 1.84× | ||
| Q4 24 | 1.05× | 1.73× | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.06× | 3.15× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
