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麦当劳（MCD）与Steel Dynamics（STLD）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Steel Dynamics的1.3倍（$6.5B vs $5.2B），麦当劳净利率更高（30.4% vs 7.7%，领先22.7%），Steel Dynamics同比增速更快（17.9% vs 9.4%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs 0.2%）
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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
MCD vs STLD — 直观对比
营收规模更大
MCD
是对方的1.3倍
$5.2B
营收增速更快
STLD
高出8.5%
9.4%
净利率更高
MCD
高出22.7%
7.7%
两年增速更快
STLD
近两年复合增速
0.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.5B | $5.2B |
| 净利润 | $2.0B | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | 0.1% | 10.3% |
| 净利率 | 30.4% | 7.7% |
| 营收同比 | 9.4% | 17.9% |
| 净利润同比 | — | 51.3% |
| 每股收益（稀释后） | $2.00 | $2.78 |
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MCDSTLD
| Q1 26 | $6.5B | $5.2B | ||
| Q4 25 | $7.0B | $4.4B | ||
| Q3 25 | $7.1B | $4.8B | ||
| Q2 25 | $6.8B | $4.6B | ||
| Q1 25 | $6.0B | $4.4B | ||
| Q4 24 | $6.4B | $3.9B | ||
| Q3 24 | $6.9B | $4.3B | ||
| Q2 24 | $6.5B | $4.6B |
净利润MCDSTLD
| Q1 26 | $2.0B | $400.1M | ||
| Q4 25 | $2.2B | $266.0M | ||
| Q3 25 | $2.3B | $403.7M | ||
| Q2 25 | $2.3B | $298.7M | ||
| Q1 25 | $1.9B | $217.2M | ||
| Q4 24 | $2.0B | $207.3M | ||
| Q3 24 | $2.3B | $317.8M | ||
| Q2 24 | $2.0B | $428.0M |
毛利率MCDSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | 90.6% | 15.7% | ||
| Q2 25 | 90.4% | 13.5% | ||
| Q1 25 | 89.6% | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | 90.6% | 13.9% | ||
| Q2 24 | 90.3% | 16.7% |
营业利润率MCDSTLD
| Q1 26 | 0.1% | 10.3% | ||
| Q4 25 | 45.0% | 7.0% | ||
| Q3 25 | 47.4% | 10.5% | ||
| Q2 25 | 47.2% | 8.4% | ||
| Q1 25 | 44.5% | 6.3% | ||
| Q4 24 | 44.9% | 6.1% | ||
| Q3 24 | 46.4% | 9.1% | ||
| Q2 24 | 45.0% | 12.1% |
净利率MCDSTLD
| Q1 26 | 30.4% | 7.7% | ||
| Q4 25 | 30.9% | 6.0% | ||
| Q3 25 | 32.2% | 8.4% | ||
| Q2 25 | 32.9% | 6.5% | ||
| Q1 25 | 31.4% | 5.0% | ||
| Q4 24 | 31.6% | 5.4% | ||
| Q3 24 | 32.8% | 7.3% | ||
| Q2 24 | 31.2% | 9.2% |
每股收益（稀释后）MCDSTLD
| Q1 26 | $2.00 | $2.78 | ||
| Q4 25 | $3.03 | $1.80 | ||
| Q3 25 | $3.18 | $2.74 | ||
| Q2 25 | $3.14 | $2.01 | ||
| Q1 25 | $2.60 | $1.44 | ||
| Q4 24 | $2.80 | $1.40 | ||
| Q3 24 | $3.13 | $2.05 | ||
| Q2 24 | $2.80 | $2.72 |
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 | — | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | — | $9.0B |
| 总资产 | — | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资MCDSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $774.0M | $769.9M | ||
| Q3 25 | $2.4B | $770.4M | ||
| Q2 25 | $1.9B | $497.6M | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.1B | $737.3M | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $792.0M | $1.2B |
总债务MCDSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $40.0B | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $38.4B | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益MCDSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $-1.8B | $9.0B | ||
| Q3 25 | $-2.2B | $9.0B | ||
| Q2 25 | $-2.8B | $8.9B | ||
| Q1 25 | $-3.5B | $8.8B | ||
| Q4 24 | $-3.8B | $8.9B | ||
| Q3 24 | $-5.2B | $9.1B | ||
| Q2 24 | $-4.8B | $9.1B |
总资产MCDSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $59.5B | $16.4B | ||
| Q3 25 | $60.6B | $16.0B | ||
| Q2 25 | $59.6B | $15.5B | ||
| Q1 25 | $56.3B | $15.9B | ||
| Q4 24 | $55.2B | $14.9B | ||
| Q3 24 | $56.2B | $15.7B | ||
| Q2 24 | $53.8B | $15.1B |
负债/权益比MCDSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | — | $148.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MCDSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $2.7B | $272.7M | ||
| Q3 25 | $3.4B | $722.6M | ||
| Q2 25 | $2.0B | $301.6M | ||
| Q1 25 | $2.4B | $152.6M | ||
| Q4 24 | $2.6B | $346.9M | ||
| Q3 24 | $2.7B | $759.9M | ||
| Q2 24 | $1.7B | $382.6M |
自由现金流MCDSTLD
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $84.2M | ||
| Q3 25 | $2.4B | $556.9M | ||
| Q2 25 | $1.3B | $13.3M | ||
| Q1 25 | $1.9B | $-152.9M | ||
| Q4 24 | $1.8B | $-106.3M | ||
| Q3 24 | $1.9B | $138.5M | ||
| Q2 24 | $1.1B | $-36.6M |
自由现金流率MCDSTLD
| Q1 26 | — | — | ||
| Q4 25 | 23.4% | 1.9% | ||
| Q3 25 | 34.1% | 11.5% | ||
| Q2 25 | 18.3% | 0.3% | ||
| Q1 25 | 31.5% | -3.5% | ||
| Q4 24 | 28.6% | -2.7% | ||
| Q3 24 | 28.3% | 3.2% | ||
| Q2 24 | 16.3% | -0.8% |
资本支出强度MCDSTLD
| Q1 26 | — | — | ||
| Q4 25 | 15.1% | 4.3% | ||
| Q3 25 | 14.3% | 3.4% | ||
| Q2 25 | 10.9% | 6.3% | ||
| Q1 25 | 9.3% | 7.0% | ||
| Q4 24 | 12.6% | 11.7% | ||
| Q3 24 | 11.6% | 14.3% | ||
| Q2 24 | 9.7% | 9.0% |
现金转化率MCDSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.25× | 1.03× | ||
| Q3 25 | 1.50× | 1.79× | ||
| Q2 25 | 0.89× | 1.01× | ||
| Q1 25 | 1.30× | 0.70× | ||
| Q4 24 | 1.30× | 1.67× | ||
| Q3 24 | 1.21× | 2.39× | ||
| Q2 24 | 0.84× | 0.89× |
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
| Other | $2.5B | 38% |
| International Operated Markets | $1.8B | 27% |
| U.S | $1.8B | 27% |
| International Developmental Licensed Markets & Corporate | $476.0M | 7% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
