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佳明（GRMN）与百胜餐饮集团（YUM）财务数据对比。点击上方公司名可切换其他公司
百胜餐饮集团的季度营收约是佳明的1.2倍（$2.5B vs $2.1B），佳明净利率更高（24.9% vs 21.3%，领先3.6%），佳明同比增速更快（16.6% vs 6.5%），百胜餐饮集团自由现金流更多（$482.0M vs $429.6M），过去两年百胜餐饮集团的营收复合增速更高（25.5% vs 24.0%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
百胜餐饮集团是美国跨国快餐企业，前身为百事可乐1977年收购肯德基、必胜客、塔可贝尔后成立的子公司，1997年从百事可乐分拆独立。目前集团运营肯德基、必胜客、塔可贝尔、哈比特汉堡等知名餐饮品牌，同时持有多家科技公司为业务发展提供支持。
GRMN vs YUM — 直观对比
营收规模更大
YUM
是对方的1.2倍
$2.1B
营收增速更快
GRMN
高出10.1%
6.5%
净利率更高
GRMN
高出3.6%
21.3%
自由现金流更多
YUM
多$52.4M
$429.6M
两年增速更快
YUM
近两年复合增速
24.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.5B |
| 净利润 | $528.7M | $535.0M |
| 毛利率 | 59.2% | 67.6% |
| 营业利润率 | 28.9% | 29.3% |
| 净利率 | 24.9% | 21.3% |
| 营收同比 | 16.6% | 6.5% |
| 净利润同比 | 21.3% | 26.5% |
| 每股收益（稀释后） | $2.72 | $1.91 |
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GRMNYUM
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.4B | $1.6B |
净利润GRMNYUM
| Q4 25 | $528.7M | $535.0M | ||
| Q3 25 | $401.6M | $397.0M | ||
| Q2 25 | $400.8M | $374.0M | ||
| Q1 25 | $332.8M | $253.0M | ||
| Q4 24 | $435.7M | $423.0M | ||
| Q3 24 | $399.1M | $382.0M | ||
| Q2 24 | $300.6M | $367.0M | ||
| Q1 24 | $276.0M | $314.0M |
毛利率GRMNYUM
| Q4 25 | 59.2% | 67.6% | ||
| Q3 25 | 59.1% | 70.3% | ||
| Q2 25 | 58.8% | 71.0% | ||
| Q1 25 | 57.6% | 70.9% | ||
| Q4 24 | 59.3% | 69.2% | ||
| Q3 24 | 60.0% | 71.4% | ||
| Q2 24 | 57.3% | 73.3% | ||
| Q1 24 | 58.1% | 75.0% |
营业利润率GRMNYUM
| Q4 25 | 28.9% | 29.3% | ||
| Q3 25 | 25.8% | 33.7% | ||
| Q2 25 | 26.0% | 32.2% | ||
| Q1 25 | 21.7% | 30.7% | ||
| Q4 24 | 28.3% | 27.8% | ||
| Q3 24 | 27.6% | 33.9% | ||
| Q2 24 | 22.7% | 34.4% | ||
| Q1 24 | 21.6% | 32.5% |
净利率GRMNYUM
| Q4 25 | 24.9% | 21.3% | ||
| Q3 25 | 22.7% | 20.1% | ||
| Q2 25 | 22.1% | 19.3% | ||
| Q1 25 | 21.7% | 14.2% | ||
| Q4 24 | 23.9% | 17.9% | ||
| Q3 24 | 25.2% | 20.9% | ||
| Q2 24 | 20.0% | 20.8% | ||
| Q1 24 | 20.0% | 19.6% |
每股收益（稀释后）GRMNYUM
| Q4 25 | $2.72 | $1.91 | ||
| Q3 25 | $2.08 | $1.41 | ||
| Q2 25 | $2.07 | $1.33 | ||
| Q1 25 | $1.72 | $0.90 | ||
| Q4 24 | $2.24 | $1.49 | ||
| Q3 24 | $2.07 | $1.35 | ||
| Q2 24 | $1.56 | $1.28 | ||
| Q1 24 | $1.43 | $1.10 |
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 | $2.3B | $709.0M |
| 总债务越低越好 | — | $11.9B |
| 股东权益账面价值 | $9.0B | $-7.3B |
| 总资产 | $11.0B | $8.2B |
| 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GRMNYUM
| Q4 25 | $2.3B | $709.0M | ||
| Q3 25 | $2.1B | $1.0B | ||
| Q2 25 | $2.1B | $677.0M | ||
| Q1 25 | $2.2B | $607.0M | ||
| Q4 24 | $2.1B | $707.0M | ||
| Q3 24 | $2.0B | $548.0M | ||
| Q2 24 | $1.9B | $520.0M | ||
| Q1 24 | $1.9B | $652.0M |
总债务GRMNYUM
| Q4 25 | — | $11.9B | ||
| Q3 25 | — | $11.5B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $11.3B | ||
| Q4 24 | — | $11.3B | ||
| Q3 24 | — | $11.2B | ||
| Q2 24 | — | $11.1B | ||
| Q1 24 | — | $11.1B |
股东权益GRMNYUM
| Q4 25 | $9.0B | $-7.3B | ||
| Q3 25 | $8.5B | $-7.5B | ||
| Q2 25 | $8.1B | $-7.7B | ||
| Q1 25 | $8.2B | $-7.8B | ||
| Q4 24 | $7.8B | $-7.6B | ||
| Q3 24 | $7.5B | $-7.7B | ||
| Q2 24 | $7.0B | $-7.6B | ||
| Q1 24 | $7.2B | $-7.8B |
总资产GRMNYUM
| Q4 25 | $11.0B | $8.2B | ||
| Q3 25 | $10.5B | $7.2B | ||
| Q2 25 | $10.3B | $6.9B | ||
| Q1 25 | $9.8B | $6.7B | ||
| Q4 24 | $9.6B | $6.7B | ||
| Q3 24 | $9.3B | $6.5B | ||
| Q2 24 | $8.9B | $6.4B | ||
| Q1 24 | $8.6B | $6.2B |
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 | $553.8M | $617.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $482.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 19.2% |
| 资本支出强度资本支出/营收 | 5.8% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.6B |
8季度趋势，按日历期对齐
经营现金流GRMNYUM
| Q4 25 | $553.8M | $617.0M | ||
| Q3 25 | $485.6M | $543.0M | ||
| Q2 25 | $173.2M | $446.0M | ||
| Q1 25 | $420.8M | $404.0M | ||
| Q4 24 | $483.9M | $513.0M | ||
| Q3 24 | $258.0M | $471.0M | ||
| Q2 24 | $255.3M | $342.0M | ||
| Q1 24 | $435.3M | $363.0M |
自由现金流GRMNYUM
| Q4 25 | $429.6M | $482.0M | ||
| Q3 25 | $425.1M | $449.0M | ||
| Q2 25 | $127.5M | $375.0M | ||
| Q1 25 | $380.7M | $333.0M | ||
| Q4 24 | $399.2M | $407.0M | ||
| Q3 24 | $219.4M | $419.0M | ||
| Q2 24 | $218.2M | $292.0M | ||
| Q1 24 | $402.1M | $314.0M |
自由现金流率GRMNYUM
| Q4 25 | 20.2% | 19.2% | ||
| Q3 25 | 24.0% | 22.7% | ||
| Q2 25 | 7.0% | 19.4% | ||
| Q1 25 | 24.8% | 18.6% | ||
| Q4 24 | 21.9% | 17.2% | ||
| Q3 24 | 13.8% | 22.9% | ||
| Q2 24 | 14.5% | 16.6% | ||
| Q1 24 | 29.1% | 19.6% |
资本支出强度GRMNYUM
| Q4 25 | 5.8% | 5.4% | ||
| Q3 25 | 3.4% | 4.7% | ||
| Q2 25 | 2.5% | 3.7% | ||
| Q1 25 | 2.6% | 4.0% | ||
| Q4 24 | 4.6% | 4.5% | ||
| Q3 24 | 2.4% | 2.8% | ||
| Q2 24 | 2.5% | 2.8% | ||
| Q1 24 | 2.4% | 3.1% |
现金转化率GRMNYUM
| Q4 25 | 1.05× | 1.15× | ||
| Q3 25 | 1.21× | 1.37× | ||
| Q2 25 | 0.43× | 1.19× | ||
| Q1 25 | 1.26× | 1.60× | ||
| Q4 24 | 1.11× | 1.21× | ||
| Q3 24 | 0.65× | 1.23× | ||
| Q2 24 | 0.85× | 0.93× | ||
| Q1 24 | 1.58× | 1.16× |
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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
YUM
| Other | $1.5B | 59% |
| Advertising | $547.0M | 22% |
| Pizza Hut Global Division | $303.0M | 12% |
| The Habit Burger Grill Global Division | $174.0M | 7% |
| Real Estate | $4.0M | 0% |
