vs
伟创力（FLEX）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
伟创力的季度营收约是麦当劳的1.0倍（$7.1B vs $7.0B），麦当劳净利率更高（30.9% vs 3.4%，领先27.5%），麦当劳同比增速更快（9.7% vs 7.7%），麦当劳自由现金流更多（$1.6B vs $272.0M），过去两年伟创力的营收复合增速更高（25.2% vs 6.6%）
伟创力（Flex Ltd.）是一家拥有新加坡与美国背景的跨国制造企业，按营收计算为全球第三大电子制造服务（EMS）及原始设计制造商（ODM），仅次于和硕。其美国总部位于得克萨斯州奥斯汀，在30多个国家设有生产基地，员工总数约17.2万人。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
FLEX vs MCD — 直观对比
营收规模更大
FLEX
是对方的1.0倍
$7.0B
营收增速更快
MCD
高出2.0%
7.7%
净利率更高
MCD
高出27.5%
3.4%
自由现金流更多
MCD
多$1.4B
$272.0M
两年增速更快
FLEX
近两年复合增速
6.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $7.0B |
| 净利润 | $239.0M | $2.2B |
| 毛利率 | 9.6% | — |
| 营业利润率 | 5.5% | 45.0% |
| 净利率 | 3.4% | 30.9% |
| 营收同比 | 7.7% | 9.7% |
| 净利润同比 | -9.1% | 7.3% |
| 每股收益（稀释后） | $0.64 | $3.03 |
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FLEXMCD
| Q4 25 | $7.1B | $7.0B | ||
| Q3 25 | $6.8B | $7.1B | ||
| Q2 25 | $6.6B | $6.8B | ||
| Q1 25 | $6.4B | $6.0B | ||
| Q4 24 | $6.6B | $6.4B | ||
| Q3 24 | $6.5B | $6.9B | ||
| Q2 24 | $6.3B | $6.5B | ||
| Q1 24 | $4.5B | $6.2B |
净利润FLEXMCD
| Q4 25 | $239.0M | $2.2B | ||
| Q3 25 | $199.0M | $2.3B | ||
| Q2 25 | $192.0M | $2.3B | ||
| Q1 25 | $222.0M | $1.9B | ||
| Q4 24 | $263.0M | $2.0B | ||
| Q3 24 | $214.0M | $2.3B | ||
| Q2 24 | $139.0M | $2.0B | ||
| Q1 24 | $395.0M | $1.9B |
毛利率FLEXMCD
| Q4 25 | 9.6% | — | ||
| Q3 25 | 9.0% | 90.6% | ||
| Q2 25 | 8.7% | 90.4% | ||
| Q1 25 | 8.8% | 89.6% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 8.1% | 90.6% | ||
| Q2 24 | 7.5% | 90.3% | ||
| Q1 24 | -0.6% | 89.8% |
营业利润率FLEXMCD
| Q4 25 | 5.5% | 45.0% | ||
| Q3 25 | 4.4% | 47.4% | ||
| Q2 25 | 4.7% | 47.2% | ||
| Q1 25 | 4.8% | 44.5% | ||
| Q4 24 | 5.1% | 44.9% | ||
| Q3 24 | 4.5% | 46.4% | ||
| Q2 24 | 3.7% | 45.0% | ||
| Q1 24 | -3.6% | 44.4% |
净利率FLEXMCD
| Q4 25 | 3.4% | 30.9% | ||
| Q3 25 | 2.9% | 32.2% | ||
| Q2 25 | 2.9% | 32.9% | ||
| Q1 25 | 3.5% | 31.4% | ||
| Q4 24 | 4.0% | 31.6% | ||
| Q3 24 | 3.3% | 32.8% | ||
| Q2 24 | 2.2% | 31.2% | ||
| Q1 24 | 8.8% | 31.3% |
每股收益（稀释后）FLEXMCD
| Q4 25 | $0.64 | $3.03 | ||
| Q3 25 | $0.52 | $3.18 | ||
| Q2 25 | $0.50 | $3.14 | ||
| Q1 25 | $0.56 | $2.60 | ||
| Q4 24 | $0.67 | $2.80 | ||
| Q3 24 | $0.54 | $3.13 | ||
| Q2 24 | $0.34 | $2.80 | ||
| Q1 24 | $0.91 | $2.66 |
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 | $3.1B | $774.0M |
| 总债务越低越好 | $4.4B | $40.0B |
| 股东权益账面价值 | $5.1B | $-1.8B |
| 总资产 | $20.8B | $59.5B |
| 负债/权益比越低杠杆越低 | 0.87× | — |
8季度趋势，按日历期对齐
现金及短期投资FLEXMCD
| Q4 25 | $3.1B | $774.0M | ||
| Q3 25 | $2.2B | $2.4B | ||
| Q2 25 | $2.2B | $1.9B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.3B | $1.1B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.2B | $792.0M | ||
| Q1 24 | $2.5B | $838.0M |
总债务FLEXMCD
| Q4 25 | $4.4B | $40.0B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.7B | $38.4B | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.3B | — |
股东权益FLEXMCD
| Q4 25 | $5.1B | $-1.8B | ||
| Q3 25 | $5.0B | $-2.2B | ||
| Q2 25 | $5.1B | $-2.8B | ||
| Q1 25 | $5.0B | $-3.5B | ||
| Q4 24 | $5.0B | $-3.8B | ||
| Q3 24 | $5.0B | $-5.2B | ||
| Q2 24 | $5.0B | $-4.8B | ||
| Q1 24 | $5.3B | $-4.8B |
总资产FLEXMCD
| Q4 25 | $20.8B | $59.5B | ||
| Q3 25 | $19.5B | $60.6B | ||
| Q2 25 | $19.1B | $59.6B | ||
| Q1 25 | $18.4B | $56.3B | ||
| Q4 24 | $18.3B | $55.2B | ||
| Q3 24 | $18.6B | $56.2B | ||
| Q2 24 | $17.7B | $53.8B | ||
| Q1 24 | $18.3B | $53.5B |
负债/权益比FLEXMCD
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.74× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.74× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.61× | — |
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 | $420.0M | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $272.0M | $1.6B |
| 自由现金流率自由现金流/营收 | 3.9% | 23.4% |
| 资本支出强度资本支出/营收 | 2.1% | 15.1% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $7.2B |
8季度趋势，按日历期对齐
经营现金流FLEXMCD
| Q4 25 | $420.0M | $2.7B | ||
| Q3 25 | $453.0M | $3.4B | ||
| Q2 25 | $399.0M | $2.0B | ||
| Q1 25 | $433.0M | $2.4B | ||
| Q4 24 | $413.0M | $2.6B | ||
| Q3 24 | $319.0M | $2.7B | ||
| Q2 24 | $340.0M | $1.7B | ||
| Q1 24 | $679.0M | $2.4B |
自由现金流FLEXMCD
| Q4 25 | $272.0M | $1.6B | ||
| Q3 25 | $303.0M | $2.4B | ||
| Q2 25 | $266.0M | $1.3B | ||
| Q1 25 | $321.0M | $1.9B | ||
| Q4 24 | $301.0M | $1.8B | ||
| Q3 24 | $216.0M | $1.9B | ||
| Q2 24 | $229.0M | $1.1B | ||
| Q1 24 | $598.0M | $1.8B |
自由现金流率FLEXMCD
| Q4 25 | 3.9% | 23.4% | ||
| Q3 25 | 4.5% | 34.1% | ||
| Q2 25 | 4.0% | 18.3% | ||
| Q1 25 | 5.0% | 31.5% | ||
| Q4 24 | 4.6% | 28.6% | ||
| Q3 24 | 3.3% | 28.3% | ||
| Q2 24 | 3.6% | 16.3% | ||
| Q1 24 | 13.3% | 29.9% |
资本支出强度FLEXMCD
| Q4 25 | 2.1% | 15.1% | ||
| Q3 25 | 2.2% | 14.3% | ||
| Q2 25 | 2.0% | 10.9% | ||
| Q1 25 | 1.8% | 9.3% | ||
| Q4 24 | 1.7% | 12.6% | ||
| Q3 24 | 1.6% | 11.6% | ||
| Q2 24 | 1.8% | 9.7% | ||
| Q1 24 | 1.8% | 8.9% |
现金转化率FLEXMCD
| Q4 25 | 1.76× | 1.25× | ||
| Q3 25 | 2.28× | 1.50× | ||
| Q2 25 | 2.08× | 0.89× | ||
| Q1 25 | 1.95× | 1.30× | ||
| Q4 24 | 1.57× | 1.30× | ||
| Q3 24 | 1.49× | 1.21× | ||
| Q2 24 | 2.45× | 0.84× | ||
| Q1 24 | 1.72× | 1.24× |
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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
