vs
麦当劳（MCD）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是麦当劳的1.1倍（$7.6B vs $7.0B），麦当劳净利率更高（30.9% vs 1.3%，领先29.6%），麦当劳同比增速更快（9.7% vs 0.5%），麦当劳自由现金流更多（$1.6B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 6.6%）
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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
MCD vs SW — 直观对比
营收规模更大
SW
是对方的1.1倍
$7.0B
营收增速更快
MCD
高出9.2%
0.5%
净利率更高
MCD
高出29.6%
1.3%
自由现金流更多
MCD
多$1.0B
$612.0M
两年增速更快
SW
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $7.6B |
| 净利润 | $2.2B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 45.0% | 5.1% |
| 净利率 | 30.9% | 1.3% |
| 营收同比 | 9.7% | 0.5% |
| 净利润同比 | 7.3% | -33.6% |
| 每股收益（稀释后） | $3.03 | $0.18 |
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MCDSW
| Q4 25 | $7.0B | $7.6B | ||
| Q3 25 | $7.1B | $8.0B | ||
| Q2 25 | $6.8B | $7.9B | ||
| Q1 25 | $6.0B | $7.7B | ||
| Q4 24 | $6.4B | $7.5B | ||
| Q3 24 | $6.9B | $7.7B | ||
| Q2 24 | $6.5B | $3.0B | ||
| Q1 24 | $6.2B | $2.9B |
净利润MCDSW
| Q4 25 | $2.2B | $97.0M | ||
| Q3 25 | $2.3B | $246.0M | ||
| Q2 25 | $2.3B | $-28.0M | ||
| Q1 25 | $1.9B | $384.0M | ||
| Q4 24 | $2.0B | $146.0M | ||
| Q3 24 | $2.3B | $-150.0M | ||
| Q2 24 | $2.0B | $132.0M | ||
| Q1 24 | $1.9B | $191.0M |
毛利率MCDSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | 90.6% | 19.6% | ||
| Q2 25 | 90.4% | 19.1% | ||
| Q1 25 | 89.6% | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | 90.6% | 17.6% | ||
| Q2 24 | 90.3% | 23.3% | ||
| Q1 24 | 89.8% | 24.2% |
营业利润率MCDSW
| Q4 25 | 45.0% | 5.1% | ||
| Q3 25 | 47.4% | 6.6% | ||
| Q2 25 | 47.2% | 3.2% | ||
| Q1 25 | 44.5% | 7.2% | ||
| Q4 24 | 44.9% | 5.3% | ||
| Q3 24 | 46.4% | 0.7% | ||
| Q2 24 | 45.0% | 8.2% | ||
| Q1 24 | 44.4% | 10.5% |
净利率MCDSW
| Q4 25 | 30.9% | 1.3% | ||
| Q3 25 | 32.2% | 3.1% | ||
| Q2 25 | 32.9% | -0.4% | ||
| Q1 25 | 31.4% | 5.0% | ||
| Q4 24 | 31.6% | 1.9% | ||
| Q3 24 | 32.8% | -2.0% | ||
| Q2 24 | 31.2% | 4.4% | ||
| Q1 24 | 31.3% | 6.5% |
每股收益（稀释后）MCDSW
| Q4 25 | $3.03 | $0.18 | ||
| Q3 25 | $3.18 | $0.47 | ||
| Q2 25 | $3.14 | $-0.05 | ||
| Q1 25 | $2.60 | $0.73 | ||
| Q4 24 | $2.80 | $-0.12 | ||
| Q3 24 | $3.13 | $-0.30 | ||
| Q2 24 | $2.80 | $0.51 | ||
| Q1 24 | $2.66 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $40.0B | $13.4B |
| 股东权益账面价值 | $-1.8B | $18.3B |
| 总资产 | $59.5B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资MCDSW
| Q4 25 | $774.0M | $892.0M | ||
| Q3 25 | $2.4B | $851.0M | ||
| Q2 25 | $1.9B | $778.0M | ||
| Q1 25 | $1.2B | $797.0M | ||
| Q4 24 | $1.1B | $855.0M | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $792.0M | $26.8K | ||
| Q1 24 | $838.0M | $108 |
总债务MCDSW
| Q4 25 | $40.0B | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $38.4B | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MCDSW
| Q4 25 | $-1.8B | $18.3B | ||
| Q3 25 | $-2.2B | $18.4B | ||
| Q2 25 | $-2.8B | $18.3B | ||
| Q1 25 | $-3.5B | $17.9B | ||
| Q4 24 | $-3.8B | $17.4B | ||
| Q3 24 | $-5.2B | $18.0B | ||
| Q2 24 | $-4.8B | $14.5K | ||
| Q1 24 | $-4.8B | $108 |
总资产MCDSW
| Q4 25 | $59.5B | $45.2B | ||
| Q3 25 | $60.6B | $45.6B | ||
| Q2 25 | $59.6B | $45.7B | ||
| Q1 25 | $56.3B | $44.6B | ||
| Q4 24 | $55.2B | $43.8B | ||
| Q3 24 | $56.2B | $45.0B | ||
| Q2 24 | $53.8B | $26.8K | ||
| Q1 24 | $53.5B | $108 |
负债/权益比MCDSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $612.0M |
| 自由现金流率自由现金流/营收 | 23.4% | 8.1% |
| 资本支出强度资本支出/营收 | 15.1% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.25× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $7.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MCDSW
| Q4 25 | $2.7B | $1.2B | ||
| Q3 25 | $3.4B | $1.1B | ||
| Q2 25 | $2.0B | $829.0M | ||
| Q1 25 | $2.4B | $235.0M | ||
| Q4 24 | $2.6B | $781.0M | ||
| Q3 24 | $2.7B | $320.0M | ||
| Q2 24 | $1.7B | $340.0M | ||
| Q1 24 | $2.4B | $42.0M |
自由现金流MCDSW
| Q4 25 | $1.6B | $612.0M | ||
| Q3 25 | $2.4B | $523.0M | ||
| Q2 25 | $1.3B | $307.0M | ||
| Q1 25 | $1.9B | $-242.0M | ||
| Q4 24 | $1.8B | $212.0M | ||
| Q3 24 | $1.9B | $-192.0M | ||
| Q2 24 | $1.1B | $163.0M | ||
| Q1 24 | $1.8B | $-166.0M |
自由现金流率MCDSW
| Q4 25 | 23.4% | 8.1% | ||
| Q3 25 | 34.1% | 6.5% | ||
| Q2 25 | 18.3% | 3.9% | ||
| Q1 25 | 31.5% | -3.2% | ||
| Q4 24 | 28.6% | 2.8% | ||
| Q3 24 | 28.3% | -2.5% | ||
| Q2 24 | 16.3% | 5.5% | ||
| Q1 24 | 29.9% | -5.7% |
资本支出强度MCDSW
| Q4 25 | 15.1% | 7.7% | ||
| Q3 25 | 14.3% | 7.6% | ||
| Q2 25 | 10.9% | 6.6% | ||
| Q1 25 | 9.3% | 6.2% | ||
| Q4 24 | 12.6% | 7.5% | ||
| Q3 24 | 11.6% | 6.7% | ||
| Q2 24 | 9.7% | 6.0% | ||
| Q1 24 | 8.9% | 7.1% |
现金转化率MCDSW
| Q4 25 | 1.25× | 12.32× | ||
| Q3 25 | 1.50× | 4.61× | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | 1.30× | 0.61× | ||
| Q4 24 | 1.30× | 5.35× | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 0.84× | 2.58× | ||
| Q1 24 | 1.24× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
