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Global Business Travel Group, Inc.（GBTG）与棒约翰（PZZA）财务数据对比。点击上方公司名可切换其他公司
Global Business Travel Group, Inc.的季度营收约是棒约翰的1.6倍（$792.0M vs $498.2M），Global Business Travel Group, Inc.净利率更高（10.5% vs 1.4%，领先9.1%），Global Business Travel Group, Inc.同比增速更快（34.0% vs -6.1%），Global Business Travel Group, Inc.自由现金流更多（$13.0M vs $2.1M），过去两年Global Business Travel Group, Inc.的营收复合增速更高（13.9% vs -1.5%）
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
GBTG vs PZZA — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $498.2M |
| 净利润 | $83.0M | $7.1M |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | 4.9% |
| 净利率 | 10.5% | 1.4% |
| 营收同比 | 34.0% | -6.1% |
| 净利润同比 | 692.9% | -52.2% |
| 每股收益（稀释后） | $0.16 | $0.22 |
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 | $792.0M | $498.2M | ||
| Q3 25 | $674.0M | $508.2M | ||
| Q2 25 | $631.0M | $529.2M | ||
| Q1 25 | $621.0M | $518.3M | ||
| Q4 24 | $591.0M | $530.8M | ||
| Q3 24 | $597.0M | $506.8M | ||
| Q2 24 | $625.0M | $507.9M | ||
| Q1 24 | $610.0M | $513.9M |
| Q4 25 | $83.0M | $7.1M | ||
| Q3 25 | $-62.0M | $4.7M | ||
| Q2 25 | $15.0M | $9.5M | ||
| Q1 25 | $75.0M | $9.2M | ||
| Q4 24 | $-14.0M | $14.8M | ||
| Q3 24 | $-128.0M | $41.8M | ||
| Q2 24 | $27.0M | $12.2M | ||
| Q1 24 | $-19.0M | $14.6M |
| Q4 25 | 3.7% | 4.9% | ||
| Q3 25 | 1.8% | 3.2% | ||
| Q2 25 | 5.4% | 4.6% | ||
| Q1 25 | 8.9% | 4.6% | ||
| Q4 24 | 5.1% | 5.6% | ||
| Q3 24 | 4.5% | 12.9% | ||
| Q2 24 | 6.7% | 5.6% | ||
| Q1 24 | 2.6% | 6.6% |
| Q4 25 | 10.5% | 1.4% | ||
| Q3 25 | -9.2% | 0.9% | ||
| Q2 25 | 2.4% | 1.8% | ||
| Q1 25 | 12.1% | 1.8% | ||
| Q4 24 | -2.4% | 2.8% | ||
| Q3 24 | -21.4% | 8.2% | ||
| Q2 24 | 4.3% | 2.4% | ||
| Q1 24 | -3.1% | 2.8% |
| Q4 25 | $0.16 | $0.22 | ||
| Q3 25 | $-0.13 | $0.13 | ||
| Q2 25 | $0.03 | $0.28 | ||
| Q1 25 | $0.16 | $0.27 | ||
| Q4 24 | $-0.04 | $0.46 | ||
| Q3 24 | $-0.28 | $1.27 | ||
| Q2 24 | $0.06 | $0.37 | ||
| Q1 24 | $-0.04 | $0.44 |
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 | $434.0M | $34.6M |
| 总债务越低越好 | $1.4B | $722.3M |
| 股东权益账面价值 | $1.6B | $-444.8M |
| 总资产 | $4.9B | $837.5M |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
| Q4 25 | $434.0M | $34.6M | ||
| Q3 25 | $427.0M | $39.0M | ||
| Q2 25 | $601.0M | $33.3M | ||
| Q1 25 | $552.0M | $44.0M | ||
| Q4 24 | $536.0M | $38.0M | ||
| Q3 24 | $524.0M | $17.6M | ||
| Q2 24 | $515.0M | $24.3M | ||
| Q1 24 | $475.0M | $27.8M |
| Q4 25 | $1.4B | $722.3M | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.6B | $-444.8M | ||
| Q3 25 | $1.5B | $-439.3M | ||
| Q2 25 | $1.2B | $-432.0M | ||
| Q1 25 | $1.1B | $-431.9M | ||
| Q4 24 | $1.1B | $-429.5M | ||
| Q3 24 | $1.1B | $-430.9M | ||
| Q2 24 | $1.2B | $-461.7M | ||
| Q1 24 | $1.2B | $-461.9M |
| Q4 25 | $4.9B | $837.5M | ||
| Q3 25 | $4.8B | $884.1M | ||
| Q2 25 | $3.9B | $890.4M | ||
| Q1 25 | $3.8B | $898.1M | ||
| Q4 24 | $3.6B | $889.0M | ||
| Q3 24 | $3.8B | $860.9M | ||
| Q2 24 | $3.8B | $838.4M | ||
| Q1 24 | $3.8B | $847.2M |
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $52.0M | $19.8M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $2.1M |
| 自由现金流率自由现金流/营收 | 1.6% | 0.4% |
| 资本支出强度资本支出/营收 | 4.9% | 3.6% |
| 现金转化率经营现金流/净利润 | 0.63× | 2.80× |
| 过去12个月自由现金流最近4个季度 | $104.0M | $61.3M |
8季度趋势，按日历期对齐
| Q4 25 | $52.0M | $19.8M | ||
| Q3 25 | $71.0M | $39.3M | ||
| Q2 25 | $57.0M | $35.5M | ||
| Q1 25 | $53.0M | $31.3M | ||
| Q4 24 | $65.0M | $50.7M | ||
| Q3 24 | $85.0M | $13.9M | ||
| Q2 24 | $73.0M | $30.0M | ||
| Q1 24 | $49.0M | $12.0M |
| Q4 25 | $13.0M | $2.1M | ||
| Q3 25 | $38.0M | $22.7M | ||
| Q2 25 | $27.0M | $17.4M | ||
| Q1 25 | $26.0M | $19.1M | ||
| Q4 24 | $33.0M | $25.2M | ||
| Q3 24 | $59.0M | $-3.8M | ||
| Q2 24 | $49.0M | $13.9M | ||
| Q1 24 | $24.0M | $-1.1M |
| Q4 25 | 1.6% | 0.4% | ||
| Q3 25 | 5.6% | 4.5% | ||
| Q2 25 | 4.3% | 3.3% | ||
| Q1 25 | 4.2% | 3.7% | ||
| Q4 24 | 5.6% | 4.7% | ||
| Q3 24 | 9.9% | -0.8% | ||
| Q2 24 | 7.8% | 2.7% | ||
| Q1 24 | 3.9% | -0.2% |
| Q4 25 | 4.9% | 3.6% | ||
| Q3 25 | 4.9% | 3.3% | ||
| Q2 25 | 4.8% | 3.4% | ||
| Q1 25 | 4.3% | 2.4% | ||
| Q4 24 | 5.4% | 4.8% | ||
| Q3 24 | 4.4% | 3.5% | ||
| Q2 24 | 3.8% | 3.2% | ||
| Q1 24 | 4.1% | 2.5% |
| Q4 25 | 0.63× | 2.80× | ||
| Q3 25 | — | 8.36× | ||
| Q2 25 | 3.80× | 3.73× | ||
| Q1 25 | 0.71× | 3.40× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 0.33× | ||
| Q2 24 | 2.70× | 2.45× | ||
| Q1 24 | — | 0.82× |
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
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
