vs
万豪国际（MAR）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
麦当劳的季度营收约是万豪国际的1.0倍（$7.0B vs $6.7B），麦当劳净利率更高（30.9% vs 6.7%，领先24.2%），麦当劳同比增速更快（9.7% vs 4.1%），过去两年麦当劳的营收复合增速更高（6.6% vs 5.8%）
万豪国际是美国跨国酒店管理集团，主营业务为运营、特许经营及授权各类住宿品牌，覆盖酒店、住宅、分时度假等多元物业类型。集团旗下拥有37个以上酒店及时度假品牌，全球布局9000余处经营点位，客房总量超159万间，总部位于美国马里兰州贝塞斯达，脱胎于原万豪集团的酒店业务板块。
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。
MAR vs MCD — 直观对比
营收规模更大
MCD
是对方的1.0倍
$6.7B
营收增速更快
MCD
高出5.6%
4.1%
净利率更高
MCD
高出24.2%
6.7%
两年增速更快
MCD
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.7B | $7.0B |
| 净利润 | $445.0M | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 45.0% |
| 净利率 | 6.7% | 30.9% |
| 营收同比 | 4.1% | 9.7% |
| 净利润同比 | -2.2% | 7.3% |
| 每股收益（稀释后） | $1.67 | $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MARMCD
| Q4 25 | $6.7B | $7.0B | ||
| Q3 25 | $6.5B | $7.1B | ||
| Q2 25 | $6.7B | $6.8B | ||
| Q1 25 | $6.3B | $6.0B | ||
| Q4 24 | $6.4B | $6.4B | ||
| Q3 24 | $6.3B | $6.9B | ||
| Q2 24 | $6.4B | $6.5B | ||
| Q1 24 | $6.0B | $6.2B |
净利润MARMCD
| Q4 25 | $445.0M | $2.2B | ||
| Q3 25 | $728.0M | $2.3B | ||
| Q2 25 | $763.0M | $2.3B | ||
| Q1 25 | $665.0M | $1.9B | ||
| Q4 24 | $455.0M | $2.0B | ||
| Q3 24 | $584.0M | $2.3B | ||
| Q2 24 | $772.0M | $2.0B | ||
| Q1 24 | $564.0M | $1.9B |
毛利率MARMCD
| 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MARMCD
| Q4 25 | 11.6% | 45.0% | ||
| Q3 25 | 18.2% | 47.4% | ||
| Q2 25 | 18.3% | 47.2% | ||
| Q1 25 | 15.1% | 44.5% | ||
| Q4 24 | 11.7% | 44.9% | ||
| Q3 24 | 15.1% | 46.4% | ||
| Q2 24 | 18.6% | 45.0% | ||
| Q1 24 | 14.7% | 44.4% |
净利率MARMCD
| Q4 25 | 6.7% | 30.9% | ||
| Q3 25 | 11.2% | 32.2% | ||
| Q2 25 | 11.3% | 32.9% | ||
| Q1 25 | 10.6% | 31.4% | ||
| Q4 24 | 7.1% | 31.6% | ||
| Q3 24 | 9.3% | 32.8% | ||
| Q2 24 | 12.0% | 31.2% | ||
| Q1 24 | 9.4% | 31.3% |
每股收益（稀释后）MARMCD
| Q4 25 | $1.67 | $3.03 | ||
| Q3 25 | $2.67 | $3.18 | ||
| Q2 25 | $2.78 | $3.14 | ||
| Q1 25 | $2.39 | $2.60 | ||
| Q4 24 | $1.64 | $2.80 | ||
| Q3 24 | $2.07 | $3.13 | ||
| Q2 24 | $2.69 | $2.80 | ||
| Q1 24 | $1.93 | $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 | $358.0M | $774.0M |
| 总债务越低越好 | $15.0B | $40.0B |
| 股东权益账面价值 | $-3.8B | $-1.8B |
| 总资产 | $27.5B | $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MARMCD
| Q4 25 | $358.0M | $774.0M | ||
| Q3 25 | $678.0M | $2.4B | ||
| Q2 25 | $671.0M | $1.9B | ||
| Q1 25 | $523.0M | $1.2B | ||
| Q4 24 | $396.0M | $1.1B | ||
| Q3 24 | $394.0M | $1.2B | ||
| Q2 24 | $349.0M | $792.0M | ||
| Q1 24 | $429.0M | $838.0M |
总债务MARMCD
| Q4 25 | $15.0B | $40.0B | ||
| Q3 25 | $14.4B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $14.1B | — | ||
| Q4 24 | $13.1B | $38.4B | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.2B | — | ||
| Q1 24 | $11.7B | — |
股东权益MARMCD
| Q4 25 | $-3.8B | $-1.8B | ||
| Q3 25 | $-3.1B | $-2.2B | ||
| Q2 25 | $-3.0B | $-2.8B | ||
| Q1 25 | $-3.2B | $-3.5B | ||
| Q4 24 | $-3.0B | $-3.8B | ||
| Q3 24 | $-2.4B | $-5.2B | ||
| Q2 24 | $-2.1B | $-4.8B | ||
| Q1 24 | $-1.6B | $-4.8B |
总资产MARMCD
| Q4 25 | $27.5B | $59.5B | ||
| Q3 25 | $27.8B | $60.6B | ||
| Q2 25 | $27.3B | $59.6B | ||
| Q1 25 | $26.7B | $56.3B | ||
| Q4 24 | $26.2B | $55.2B | ||
| Q3 24 | $26.2B | $56.2B | ||
| Q2 24 | $25.7B | $53.8B | ||
| Q1 24 | $25.8B | $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 | $829.0M | $2.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.6B |
| 自由现金流率自由现金流/营收 | — | 23.4% |
| 资本支出强度资本支出/营收 | — | 15.1% |
| 现金转化率经营现金流/净利润 | 1.86× | 1.25× |
| 过去12个月自由现金流最近4个季度 | — | $7.2B |
8季度趋势，按日历期对齐
经营现金流MARMCD
| Q4 25 | $829.0M | $2.7B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $643.0M | $2.0B | ||
| Q1 25 | $647.0M | $2.4B | ||
| Q4 24 | $318.0M | $2.6B | ||
| Q3 24 | $880.0M | $2.7B | ||
| Q2 24 | $772.0M | $1.7B | ||
| Q1 24 | $779.0M | $2.4B |
自由现金流MARMCD
| Q4 25 | — | $1.6B | ||
| Q3 25 | $951.0M | $2.4B | ||
| Q2 25 | $488.0M | $1.3B | ||
| Q1 25 | $512.0M | $1.9B | ||
| Q4 24 | $-24.0M | $1.8B | ||
| Q3 24 | $706.0M | $1.9B | ||
| Q2 24 | $647.0M | $1.1B | ||
| Q1 24 | $670.0M | $1.8B |
自由现金流率MARMCD
| Q4 25 | — | 23.4% | ||
| Q3 25 | 14.7% | 34.1% | ||
| Q2 25 | 7.2% | 18.3% | ||
| Q1 25 | 8.2% | 31.5% | ||
| Q4 24 | -0.4% | 28.6% | ||
| Q3 24 | 11.3% | 28.3% | ||
| Q2 24 | 10.0% | 16.3% | ||
| Q1 24 | 11.2% | 29.9% |
资本支出强度MARMCD
| Q4 25 | — | 15.1% | ||
| Q3 25 | 2.2% | 14.3% | ||
| Q2 25 | 2.3% | 10.9% | ||
| Q1 25 | 2.2% | 9.3% | ||
| Q4 24 | 5.3% | 12.6% | ||
| Q3 24 | 2.8% | 11.6% | ||
| Q2 24 | 1.9% | 9.7% | ||
| Q1 24 | 1.8% | 8.9% |
现金转化率MARMCD
| Q4 25 | 1.86× | 1.25× | ||
| Q3 25 | 1.50× | 1.50× | ||
| Q2 25 | 0.84× | 0.89× | ||
| Q1 25 | 0.97× | 1.30× | ||
| Q4 24 | 0.70× | 1.30× | ||
| Q3 24 | 1.51× | 1.21× | ||
| Q2 24 | 1.00× | 0.84× | ||
| Q1 24 | 1.38× | 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
MAR
暂无分部数据
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
