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麦当劳（MCD）与奥驰亚（MO）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奥驰亚的1.2倍（$7.0B vs $5.8B），麦当劳净利率更高（30.9% vs 19.1%，领先11.8%），麦当劳同比增速更快（9.7% vs -2.1%），奥驰亚自由现金流更多（$3.2B vs $1.6B），过去两年麦当劳的营收复合增速更高（6.6% vs 2.4%）
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。
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
MCD vs MO — 直观对比
营收规模更大
MCD
是对方的1.2倍
$5.8B
营收增速更快
MCD
高出11.8%
-2.1%
净利率更高
MCD
高出11.8%
19.1%
自由现金流更多
MO
多$1.5B
$1.6B
两年增速更快
MCD
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $5.8B |
| 净利润 | $2.2B | $1.1B |
| 毛利率 | — | 62.1% |
| 营业利润率 | 45.0% | 28.2% |
| 净利率 | 30.9% | 19.1% |
| 营收同比 | 9.7% | -2.1% |
| 净利润同比 | 7.3% | -63.2% |
| 每股收益（稀释后） | $3.03 | $0.67 |
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MCDMO
| Q4 25 | $7.0B | $5.8B | ||
| Q3 25 | $7.1B | $6.1B | ||
| Q2 25 | $6.8B | $6.1B | ||
| Q1 25 | $6.0B | $5.3B | ||
| Q4 24 | $6.4B | $6.0B | ||
| Q3 24 | $6.9B | $6.3B | ||
| Q2 24 | $6.5B | $6.2B | ||
| Q1 24 | $6.2B | $5.6B |
净利润MCDMO
| Q4 25 | $2.2B | $1.1B | ||
| Q3 25 | $2.3B | $2.4B | ||
| Q2 25 | $2.3B | $2.4B | ||
| Q1 25 | $1.9B | $1.1B | ||
| Q4 24 | $2.0B | $3.0B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.0B | $3.8B | ||
| Q1 24 | $1.9B | $2.1B |
毛利率MCDMO
| Q4 25 | — | 62.1% | ||
| Q3 25 | 90.6% | 62.8% | ||
| Q2 25 | 90.4% | 63.1% | ||
| Q1 25 | 89.6% | 61.8% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | 90.6% | 60.8% | ||
| Q2 24 | 90.3% | 59.2% | ||
| Q1 24 | 89.8% | 58.8% |
营业利润率MCDMO
| Q4 25 | 45.0% | 28.2% | ||
| Q3 25 | 47.4% | 53.2% | ||
| Q2 25 | 47.2% | 52.9% | ||
| Q1 25 | 44.5% | 34.0% | ||
| Q4 24 | 44.9% | 48.2% | ||
| Q3 24 | 46.4% | 50.4% | ||
| Q2 24 | 45.0% | 40.8% | ||
| Q1 24 | 44.4% | 48.0% |
净利率MCDMO
| Q4 25 | 30.9% | 19.1% | ||
| Q3 25 | 32.2% | 39.1% | ||
| Q2 25 | 32.9% | 39.0% | ||
| Q1 25 | 31.4% | 20.5% | ||
| Q4 24 | 31.6% | 50.9% | ||
| Q3 24 | 32.8% | 36.6% | ||
| Q2 24 | 31.2% | 61.2% | ||
| Q1 24 | 31.3% | 38.2% |
每股收益（稀释后）MCDMO
| Q4 25 | $3.03 | $0.67 | ||
| Q3 25 | $3.18 | $1.41 | ||
| Q2 25 | $3.14 | $1.41 | ||
| Q1 25 | $2.60 | $0.63 | ||
| Q4 24 | $2.80 | $1.78 | ||
| Q3 24 | $3.13 | $1.34 | ||
| Q2 24 | $2.80 | $2.21 | ||
| Q1 24 | $2.66 | $1.21 |
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 | $774.0M | $4.5B |
| 总债务越低越好 | $40.0B | $25.7B |
| 股东权益账面价值 | $-1.8B | $-3.5B |
| 总资产 | $59.5B | $35.0B |
| 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MCDMO
| Q4 25 | $774.0M | $4.5B | ||
| Q3 25 | $2.4B | $3.5B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.2B | $4.7B | ||
| Q4 24 | $1.1B | $3.1B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $792.0M | $1.8B | ||
| Q1 24 | $838.0M | $3.6B |
总债务MCDMO
| Q4 25 | $40.0B | $25.7B | ||
| Q3 25 | — | $25.7B | ||
| Q2 25 | — | $24.7B | ||
| Q1 25 | — | $26.1B | ||
| Q4 24 | $38.4B | $24.9B | ||
| Q3 24 | — | $25.2B | ||
| Q2 24 | — | $25.0B | ||
| Q1 24 | — | $25.0B |
股东权益MCDMO
| Q4 25 | $-1.8B | $-3.5B | ||
| Q3 25 | $-2.2B | $-2.6B | ||
| Q2 25 | $-2.8B | $-3.3B | ||
| Q1 25 | $-3.5B | $-3.5B | ||
| Q4 24 | $-3.8B | $-2.2B | ||
| Q3 24 | $-5.2B | $-3.5B | ||
| Q2 24 | $-4.8B | $-3.0B | ||
| Q1 24 | $-4.8B | $-5.1B |
总资产MCDMO
| Q4 25 | $59.5B | $35.0B | ||
| Q3 25 | $60.6B | $35.0B | ||
| Q2 25 | $59.6B | $32.3B | ||
| Q1 25 | $56.3B | $35.8B | ||
| Q4 24 | $55.2B | $35.2B | ||
| Q3 24 | $56.2B | $34.2B | ||
| Q2 24 | $53.8B | $34.4B | ||
| Q1 24 | $53.5B | $36.5B |
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 | $2.7B | $3.3B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $3.2B |
| 自由现金流率自由现金流/营收 | 23.4% | 54.4% |
| 资本支出强度资本支出/营收 | 15.1% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.25× | 2.93× |
| 过去12个月自由现金流最近4个季度 | $7.2B | $9.1B |
8季度趋势，按日历期对齐
经营现金流MCDMO
| Q4 25 | $2.7B | $3.3B | ||
| Q3 25 | $3.4B | $3.1B | ||
| Q2 25 | $2.0B | $205.0M | ||
| Q1 25 | $2.4B | $2.7B | ||
| Q4 24 | $2.6B | $3.3B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $1.7B | $-75.0M | ||
| Q1 24 | $2.4B | $2.9B |
自由现金流MCDMO
| Q4 25 | $1.6B | $3.2B | ||
| Q3 25 | $2.4B | $3.0B | ||
| Q2 25 | $1.3B | $173.0M | ||
| Q1 25 | $1.9B | $2.7B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.9B | $2.6B | ||
| Q2 24 | $1.1B | $-104.0M | ||
| Q1 24 | $1.8B | $2.8B |
自由现金流率MCDMO
| Q4 25 | 23.4% | 54.4% | ||
| Q3 25 | 34.1% | 50.1% | ||
| Q2 25 | 18.3% | 2.8% | ||
| Q1 25 | 31.5% | 51.0% | ||
| Q4 24 | 28.6% | 55.1% | ||
| Q3 24 | 28.3% | 41.2% | ||
| Q2 24 | 16.3% | -1.7% | ||
| Q1 24 | 29.9% | 51.0% |
资本支出强度MCDMO
| Q4 25 | 15.1% | 1.6% | ||
| Q3 25 | 14.3% | 0.9% | ||
| Q2 25 | 10.9% | 0.5% | ||
| Q1 25 | 9.3% | 0.7% | ||
| Q4 24 | 12.6% | 0.8% | ||
| Q3 24 | 11.6% | 0.5% | ||
| Q2 24 | 9.7% | 0.5% | ||
| Q1 24 | 8.9% | 0.6% |
现金转化率MCDMO
| Q4 25 | 1.25× | 2.93× | ||
| Q3 25 | 1.50× | 1.30× | ||
| Q2 25 | 0.89× | 0.09× | ||
| Q1 25 | 1.30× | 2.53× | ||
| Q4 24 | 1.30× | 1.10× | ||
| Q3 24 | 1.21× | 1.14× | ||
| Q2 24 | 0.84× | -0.02× | ||
| Q1 24 | 1.24× | 1.35× |
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
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
