vs
达登餐饮（DRI）与国际纸业（IP）财务数据对比。点击上方公司名可切换其他公司
国际纸业的季度营收约是达登餐饮的1.9倍（$6.0B vs $3.1B），达登餐饮净利率更高（7.6% vs 1.0%，领先6.6%），达登餐饮同比增速更快（7.3% vs -0.6%），达登餐饮自由现金流更多（$119.8M vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% vs 2.1%）
达登餐饮是总部位于美国佛罗里达州奥兰多的多品牌全服务餐饮运营商，为全球规模最大的全服务餐饮集团，旗下拥有超1800家门店，员工逾17.5万名。品牌前身由威廉·达登创立，最初获通用磨坊投资，旗下红龙虾品牌于2014年7月售出。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
DRI vs IP — 直观对比
营收规模更大
IP
是对方的1.9倍
$3.1B
营收增速更快
DRI
高出7.9%
-0.6%
净利率更高
DRI
高出6.6%
1.0%
自由现金流更多
DRI
多$25.8M
$94.0M
两年增速更快
IP
近两年复合增速
2.1%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $6.0B |
| 净利润 | $237.2M | $60.0M |
| 毛利率 | 18.7% | — |
| 营业利润率 | 10.3% | — |
| 净利率 | 7.6% | 1.0% |
| 营收同比 | 7.3% | -0.6% |
| 净利润同比 | 10.3% | 157.1% |
| 每股收益（稀释后） | $2.03 | $0.14 |
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DRIIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $3.1B | $4.7B | ||
| Q3 25 | $3.0B | $6.2B | ||
| Q2 25 | $3.3B | $6.8B | ||
| Q1 25 | $3.2B | $5.9B | ||
| Q4 24 | $2.9B | $4.6B | ||
| Q3 24 | $2.8B | $4.7B | ||
| Q2 24 | $3.0B | $4.7B |
净利润DRIIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $237.2M | $-2.4B | ||
| Q3 25 | $257.8M | $-1.1B | ||
| Q2 25 | $303.9M | $75.0M | ||
| Q1 25 | $323.4M | $-105.0M | ||
| Q4 24 | $215.1M | $-147.0M | ||
| Q3 24 | $207.2M | $150.0M | ||
| Q2 24 | $308.1M | $498.0M |
毛利率DRIIP
| Q1 26 | — | — | ||
| Q4 25 | 18.7% | 32.2% | ||
| Q3 25 | 18.9% | 31.1% | ||
| Q2 25 | 22.1% | 27.9% | ||
| Q1 25 | 21.1% | 27.8% | ||
| Q4 24 | 19.5% | 29.0% | ||
| Q3 24 | 18.8% | 28.7% | ||
| Q2 24 | 20.9% | 29.0% |
营业利润率DRIIP
| Q1 26 | — | — | ||
| Q4 25 | 10.3% | -56.4% | ||
| Q3 25 | 11.1% | -10.8% | ||
| Q2 25 | 11.7% | 1.7% | ||
| Q1 25 | 13.2% | -2.3% | ||
| Q4 24 | 10.1% | -4.9% | ||
| Q3 24 | 9.8% | 5.1% | ||
| Q2 24 | 13.4% | 6.8% |
净利率DRIIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 7.6% | -50.3% | ||
| Q3 25 | 8.5% | -17.7% | ||
| Q2 25 | 9.3% | 1.1% | ||
| Q1 25 | 10.2% | -1.8% | ||
| Q4 24 | 7.4% | -3.2% | ||
| Q3 24 | 7.5% | 3.2% | ||
| Q2 24 | 10.4% | 10.5% |
每股收益（稀释后）DRIIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $2.03 | $-4.76 | ||
| Q3 25 | $2.19 | $-2.09 | ||
| Q2 25 | $2.56 | $0.14 | ||
| Q1 25 | $2.74 | $-0.24 | ||
| Q4 24 | $1.82 | $-0.42 | ||
| Q3 24 | $1.74 | $0.42 | ||
| Q2 24 | $2.56 | $1.41 |
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 | $224.1M | — |
| 总债务越低越好 | $2.1B | $8.2B |
| 股东权益账面价值 | $2.1B | $14.8B |
| 总资产 | $12.9B | $36.4B |
| 负债/权益比越低杠杆越低 | 1.03× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资DRIIP
| Q1 26 | — | — | ||
| Q4 25 | $224.1M | $1.1B | ||
| Q3 25 | $211.0M | $995.0M | ||
| Q2 25 | $240.0M | $1.1B | ||
| Q1 25 | $224.2M | $1.2B | ||
| Q4 24 | $217.3M | $1.2B | ||
| Q3 24 | $192.5M | $1.2B | ||
| Q2 24 | $194.8M | $1.0B |
总债务DRIIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | $2.1B | $8.8B | ||
| Q3 25 | $2.1B | $9.0B | ||
| Q2 25 | $2.1B | $9.7B | ||
| Q1 25 | $2.1B | $9.2B | ||
| Q4 24 | $2.1B | $5.4B | ||
| Q3 24 | $1.4B | $5.3B | ||
| Q2 24 | $1.4B | $5.3B |
股东权益DRIIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $2.1B | $14.8B | ||
| Q3 25 | $2.2B | $17.3B | ||
| Q2 25 | $2.3B | $18.6B | ||
| Q1 25 | $2.2B | $18.1B | ||
| Q4 24 | $2.1B | $8.2B | ||
| Q3 24 | $2.1B | $8.6B | ||
| Q2 24 | $2.2B | $8.6B |
总资产DRIIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $12.9B | $38.0B | ||
| Q3 25 | $12.8B | $40.6B | ||
| Q2 25 | $12.6B | $42.4B | ||
| Q1 25 | $12.6B | $41.2B | ||
| Q4 24 | $12.5B | $22.8B | ||
| Q3 24 | $11.4B | $23.2B | ||
| Q2 24 | $11.3B | $23.1B |
负债/权益比DRIIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | 1.03× | 0.60× | ||
| Q3 25 | 0.96× | 0.52× | ||
| Q2 25 | 0.92× | 0.52× | ||
| Q1 25 | 0.96× | 0.51× | ||
| Q4 24 | 1.02× | 0.66× | ||
| Q3 24 | 0.65× | 0.62× | ||
| Q2 24 | 0.61× | 0.62× |
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 | $320.7M | — |
| 自由现金流经营现金流 - 资本支出 | $119.8M | $94.0M |
| 自由现金流率自由现金流/营收 | 3.9% | 1.6% |
| 资本支出强度资本支出/营收 | 6.5% | 8.7% |
| 现金转化率经营现金流/净利润 | 1.35× | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | $553.0M |
8季度趋势，按日历期对齐
经营现金流DRIIP
| Q1 26 | — | — | ||
| Q4 25 | $320.7M | $905.0M | ||
| Q3 25 | $342.5M | $605.0M | ||
| Q2 25 | $457.0M | $476.0M | ||
| Q1 25 | $588.2M | $-288.0M | ||
| Q4 24 | $388.6M | $397.0M | ||
| Q3 24 | $273.2M | $521.0M | ||
| Q2 24 | $426.0M | $365.0M |
自由现金流DRIIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $119.8M | $255.0M | ||
| Q3 25 | $168.4M | $150.0M | ||
| Q2 25 | $285.0M | $54.0M | ||
| Q1 25 | $430.1M | $-618.0M | ||
| Q4 24 | $219.3M | $137.0M | ||
| Q3 24 | $128.0M | $309.0M | ||
| Q2 24 | $285.6M | $167.0M |
自由现金流率DRIIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 3.9% | 5.4% | ||
| Q3 25 | 5.5% | 2.4% | ||
| Q2 25 | 8.7% | 0.8% | ||
| Q1 25 | 13.6% | -10.5% | ||
| Q4 24 | 7.6% | 3.0% | ||
| Q3 24 | 4.6% | 6.6% | ||
| Q2 24 | 9.7% | 3.5% |
资本支出强度DRIIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 6.5% | 13.7% | ||
| Q3 25 | 5.7% | 7.3% | ||
| Q2 25 | 5.3% | 6.2% | ||
| Q1 25 | 5.0% | 5.6% | ||
| Q4 24 | 5.9% | 5.7% | ||
| Q3 24 | 5.3% | 4.5% | ||
| Q2 24 | 4.7% | 4.2% |
现金转化率DRIIP
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.50× | 6.35× | ||
| Q1 25 | 1.82× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.32× | 3.47× | ||
| Q2 24 | 1.38× | 0.73× |
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
DRI
| Olive Garden Segment | $1.4B | 44% |
| Long Horn Steakhouse Segment | $775.9M | 25% |
| Other | $647.3M | 21% |
| Fine Dining Segment | $316.2M | 10% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
