vs
万事达卡（MA）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
万事达卡的季度营收约是麦当劳的1.3倍（$8.8B vs $7.0B），万事达卡净利率更高（46.1% vs 30.9%，领先15.2%），万事达卡同比增速更快（17.6% vs 9.7%），万事达卡自由现金流更多（$4.9B vs $1.6B），过去两年万事达卡的营收复合增速更高（17.8% vs 6.6%）
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
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。
MA vs MCD — 直观对比
营收规模更大
MA
是对方的1.3倍
$7.0B
营收增速更快
MA
高出7.9%
9.7%
净利率更高
MA
高出15.2%
30.9%
自由现金流更多
MA
多$3.3B
$1.6B
两年增速更快
MA
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.0B |
| 净利润 | $4.1B | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 55.8% | 45.0% |
| 净利率 | 46.1% | 30.9% |
| 营收同比 | 17.6% | 9.7% |
| 净利润同比 | 21.5% | 7.3% |
| 每股收益（稀释后） | $4.52 | $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MAMCD
| Q4 25 | $8.8B | $7.0B | ||
| Q3 25 | $8.6B | $7.1B | ||
| Q2 25 | $8.1B | $6.8B | ||
| Q1 25 | $7.3B | $6.0B | ||
| Q4 24 | $7.5B | $6.4B | ||
| Q3 24 | $7.4B | $6.9B | ||
| Q2 24 | $7.0B | $6.5B | ||
| Q1 24 | $6.3B | $6.2B |
净利润MAMCD
| Q4 25 | $4.1B | $2.2B | ||
| Q3 25 | $3.9B | $2.3B | ||
| Q2 25 | $3.7B | $2.3B | ||
| Q1 25 | $3.3B | $1.9B | ||
| Q4 24 | $3.3B | $2.0B | ||
| Q3 24 | $3.3B | $2.3B | ||
| Q2 24 | $3.3B | $2.0B | ||
| Q1 24 | $3.0B | $1.9B |
毛利率MAMCD
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
营业利润率MAMCD
| Q4 25 | 55.8% | 45.0% | ||
| Q3 25 | 58.8% | 47.4% | ||
| Q2 25 | 58.7% | 47.2% | ||
| Q1 25 | 57.2% | 44.5% | ||
| Q4 24 | 52.6% | 44.9% | ||
| Q3 24 | 54.3% | 46.4% | ||
| Q2 24 | 58.0% | 45.0% | ||
| Q1 24 | 56.8% | 44.4% |
净利率MAMCD
| Q4 25 | 46.1% | 30.9% | ||
| Q3 25 | 45.7% | 32.2% | ||
| Q2 25 | 45.5% | 32.9% | ||
| Q1 25 | 45.2% | 31.4% | ||
| Q4 24 | 44.6% | 31.6% | ||
| Q3 24 | 44.3% | 32.8% | ||
| Q2 24 | 46.8% | 31.2% | ||
| Q1 24 | 47.4% | 31.3% |
每股收益（稀释后）MAMCD
| Q4 25 | $4.52 | $3.03 | ||
| Q3 25 | $4.34 | $3.18 | ||
| Q2 25 | $4.07 | $3.14 | ||
| Q1 25 | $3.59 | $2.60 | ||
| Q4 24 | $3.64 | $2.80 | ||
| Q3 24 | $3.53 | $3.13 | ||
| Q2 24 | $3.50 | $2.80 | ||
| Q1 24 | $3.22 | $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 | $10.6B | $774.0M |
| 总债务越低越好 | — | $40.0B |
| 股东权益账面价值 | $7.7B | $-1.8B |
| 总资产 | $54.2B | $59.5B |
| 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MAMCD
| Q4 25 | $10.6B | $774.0M | ||
| Q3 25 | $10.3B | $2.4B | ||
| Q2 25 | $9.0B | $1.9B | ||
| Q1 25 | $7.6B | $1.2B | ||
| Q4 24 | $8.4B | $1.1B | ||
| Q3 24 | $11.1B | $1.2B | ||
| Q2 24 | $7.0B | $792.0M | ||
| Q1 24 | $7.3B | $838.0M |
总债务MAMCD
| Q4 25 | — | $40.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $38.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MAMCD
| Q4 25 | $7.7B | $-1.8B | ||
| Q3 25 | $7.9B | $-2.2B | ||
| Q2 25 | $7.9B | $-2.8B | ||
| Q1 25 | $6.7B | $-3.5B | ||
| Q4 24 | $6.5B | $-3.8B | ||
| Q3 24 | $7.4B | $-5.2B | ||
| Q2 24 | $7.4B | $-4.8B | ||
| Q1 24 | $7.2B | $-4.8B |
总资产MAMCD
| Q4 25 | $54.2B | $59.5B | ||
| Q3 25 | $53.3B | $60.6B | ||
| Q2 25 | $51.4B | $59.6B | ||
| Q1 25 | $48.5B | $56.3B | ||
| Q4 24 | $48.1B | $55.2B | ||
| Q3 24 | $47.2B | $56.2B | ||
| Q2 24 | $42.3B | $53.8B | ||
| Q1 24 | $42.6B | $53.5B |
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 | $5.0B | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $1.6B |
| 自由现金流率自由现金流/营收 | 55.5% | 23.4% |
| 资本支出强度资本支出/营收 | 1.3% | 15.1% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $7.2B |
8季度趋势，按日历期对齐
经营现金流MAMCD
| Q4 25 | $5.0B | $2.7B | ||
| Q3 25 | $5.7B | $3.4B | ||
| Q2 25 | $4.6B | $2.0B | ||
| Q1 25 | $2.4B | $2.4B | ||
| Q4 24 | $4.8B | $2.6B | ||
| Q3 24 | $5.1B | $2.7B | ||
| Q2 24 | $3.1B | $1.7B | ||
| Q1 24 | $1.7B | $2.4B |
自由现金流MAMCD
| Q4 25 | $4.9B | $1.6B | ||
| Q3 25 | $5.5B | $2.4B | ||
| Q2 25 | $4.6B | $1.3B | ||
| Q1 25 | $2.2B | $1.9B | ||
| Q4 24 | $4.7B | $1.8B | ||
| Q3 24 | $5.0B | $1.9B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $1.5B | $1.8B |
自由现金流率MAMCD
| Q4 25 | 55.5% | 23.4% | ||
| Q3 25 | 63.8% | 34.1% | ||
| Q2 25 | 56.1% | 18.3% | ||
| Q1 25 | 30.6% | 31.5% | ||
| Q4 24 | 63.3% | 28.6% | ||
| Q3 24 | 68.2% | 28.3% | ||
| Q2 24 | 43.4% | 16.3% | ||
| Q1 24 | 23.9% | 29.9% |
资本支出强度MAMCD
| Q4 25 | 1.3% | 15.1% | ||
| Q3 25 | 2.1% | 14.3% | ||
| Q2 25 | 0.5% | 10.9% | ||
| Q1 25 | 2.2% | 9.3% | ||
| Q4 24 | 1.3% | 12.6% | ||
| Q3 24 | 1.5% | 11.6% | ||
| Q2 24 | 1.7% | 9.7% | ||
| Q1 24 | 2.5% | 8.9% |
现金转化率MAMCD
| Q4 25 | 1.23× | 1.25× | ||
| Q3 25 | 1.44× | 1.50× | ||
| Q2 25 | 1.24× | 0.89× | ||
| Q1 25 | 0.73× | 1.30× | ||
| Q4 24 | 1.45× | 1.30× | ||
| Q3 24 | 1.57× | 1.21× | ||
| Q2 24 | 0.96× | 0.84× | ||
| Q1 24 | 0.56× | 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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
