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First American Financial Corp（FAF）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是First American Financial Corp的1.2倍（$2.5B vs $2.0B），First American Financial Corp净利率更高（10.3% vs 6.3%，领先4.1%），First American Financial Corp同比增速更快（21.6% vs 7.4%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $324.5M），过去两年First American Financial Corp的营收复合增速更高（19.9% vs 19.1%）
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
FAF vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.5B |
| 净利润 | $211.9M | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | 14.0% | 25.2% |
| 净利率 | 10.3% | 6.3% |
| 营收同比 | 21.6% | 7.4% |
| 净利润同比 | 192.7% | -57.1% |
| 每股收益（稀释后） | $2.04 | $0.33 |
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
| Q4 25 | $2.0B | $2.5B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $1.8B | $2.4B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.6B | $2.1B | ||
| Q1 24 | $1.4B | $1.7B |
| Q4 25 | $211.9M | $155.0M | ||
| Q3 25 | $189.6M | $436.0M | ||
| Q2 25 | $146.1M | $263.0M | ||
| Q1 25 | $74.2M | $221.0M | ||
| Q4 24 | $72.4M | $361.0M | ||
| Q3 24 | $-104.0M | $357.0M | ||
| Q2 24 | $116.0M | $399.0M | ||
| Q1 24 | $46.7M | $328.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 65.2% |
| Q4 25 | 14.0% | 25.2% | ||
| Q3 25 | 12.5% | 27.1% | ||
| Q2 25 | 10.6% | 20.0% | ||
| Q1 25 | 6.1% | 20.6% | ||
| Q4 24 | 5.9% | 27.7% | ||
| Q3 24 | -10.3% | 25.2% | ||
| Q2 24 | 9.4% | 31.9% | ||
| Q1 24 | 4.1% | 31.3% |
| Q4 25 | 10.3% | 6.3% | ||
| Q3 25 | 9.6% | 17.8% | ||
| Q2 25 | 7.9% | 10.9% | ||
| Q1 25 | 4.7% | 10.5% | ||
| Q4 24 | 4.3% | 15.7% | ||
| Q3 24 | -7.4% | 15.6% | ||
| Q2 24 | 7.2% | 19.2% | ||
| Q1 24 | 3.3% | 18.9% |
| Q4 25 | $2.04 | $0.33 | ||
| Q3 25 | $1.84 | $0.96 | ||
| Q2 25 | $1.41 | $0.57 | ||
| Q1 25 | $0.71 | $0.49 | ||
| Q4 24 | $0.70 | $0.79 | ||
| Q3 24 | $-1.00 | $0.79 | ||
| Q2 24 | $1.11 | $0.88 | ||
| Q1 24 | $0.45 | $0.72 |
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 | $1.4B | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $5.5B | $3.6B |
| 总资产 | $16.2B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $1.4B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B | ||
| Q1 24 | — | $12.9B |
| Q4 25 | $5.5B | $3.6B | ||
| Q3 25 | $5.3B | $3.4B | ||
| Q2 25 | $5.1B | $3.3B | ||
| Q1 25 | $5.0B | $3.1B | ||
| Q4 24 | $4.9B | $3.1B | ||
| Q3 24 | $5.1B | $3.2B | ||
| Q2 24 | $4.8B | $3.1B | ||
| Q1 24 | $4.8B | $3.0B |
| Q4 25 | $16.2B | $25.6B | ||
| Q3 25 | $17.6B | $25.7B | ||
| Q2 25 | $16.3B | $25.7B | ||
| Q1 25 | $15.5B | $24.9B | ||
| Q4 24 | $14.9B | $24.6B | ||
| Q3 24 | $16.6B | $25.1B | ||
| Q2 24 | $15.2B | $24.8B | ||
| Q1 24 | $14.7B | $23.1B |
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | — | 4.35× |
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 | $369.3M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $324.5M | $453.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 18.4% |
| 资本支出强度资本支出/营收 | 2.2% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.74× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $762.5M | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $369.3M | $555.0M | ||
| Q3 25 | $272.5M | $592.0M | ||
| Q2 25 | $361.8M | $449.0M | ||
| Q1 25 | $-52.8M | $118.0M | ||
| Q4 24 | $324.6M | $481.0M | ||
| Q3 24 | $236.9M | $540.0M | ||
| Q2 24 | $266.7M | $334.0M | ||
| Q1 24 | $69.3M | $148.0M |
| Q4 25 | $324.5M | $453.0M | ||
| Q3 25 | $223.1M | $531.0M | ||
| Q2 25 | $309.4M | $411.0M | ||
| Q1 25 | $-94.5M | $54.0M | ||
| Q4 24 | $266.2M | $404.0M | ||
| Q3 24 | $185.4M | $485.0M | ||
| Q2 24 | $210.0M | $291.0M | ||
| Q1 24 | $17.6M | $122.0M |
| Q4 25 | 15.8% | 18.4% | ||
| Q3 25 | 11.3% | 21.7% | ||
| Q2 25 | 16.8% | 17.1% | ||
| Q1 25 | -6.0% | 2.6% | ||
| Q4 24 | 15.8% | 17.6% | ||
| Q3 24 | 13.2% | 21.2% | ||
| Q2 24 | 13.0% | 14.0% | ||
| Q1 24 | 1.2% | 7.0% |
| Q4 25 | 2.2% | 4.1% | ||
| Q3 25 | 2.5% | 2.5% | ||
| Q2 25 | 2.8% | 1.6% | ||
| Q1 25 | 2.6% | 3.0% | ||
| Q4 24 | 3.5% | 3.4% | ||
| Q3 24 | 3.7% | 2.4% | ||
| Q2 24 | 3.5% | 2.1% | ||
| Q1 24 | 3.6% | 1.5% |
| Q4 25 | 1.74× | 3.58× | ||
| Q3 25 | 1.44× | 1.36× | ||
| Q2 25 | 2.48× | 1.71× | ||
| Q1 25 | -0.71× | 0.53× | ||
| Q4 24 | 4.48× | 1.33× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | 2.30× | 0.84× | ||
| Q1 24 | 1.48× | 0.45× |
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
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
