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麦当劳（MCD）与TENET HEALTHCARE CORP（THC）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TENET HEALTHCARE CORP的1.3倍（$7.0B vs $5.5B），麦当劳净利率更高（30.9% vs 11.7%，领先19.2%），麦当劳同比增速更快（9.7% vs 9.0%），麦当劳自由现金流更多（$1.6B vs $367.0M），过去两年麦当劳的营收复合增速更高（6.6% vs 1.5%）
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。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
MCD vs THC — 直观对比
营收规模更大
MCD
是对方的1.3倍
$5.5B
营收增速更快
MCD
高出0.7%
9.0%
净利率更高
MCD
高出19.2%
11.7%
自由现金流更多
MCD
多$1.3B
$367.0M
两年增速更快
MCD
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $5.5B |
| 净利润 | $2.2B | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 45.0% | 15.4% |
| 净利率 | 30.9% | 11.7% |
| 营收同比 | 9.7% | 9.0% |
| 净利润同比 | 7.3% | 12.6% |
| 每股收益（稀释后） | $3.03 | $4.22 |
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MCDTHC
| Q4 25 | $7.0B | $5.5B | ||
| Q3 25 | $7.1B | $5.3B | ||
| Q2 25 | $6.8B | $5.3B | ||
| Q1 25 | $6.0B | $5.2B | ||
| Q4 24 | $6.4B | $5.1B | ||
| Q3 24 | $6.9B | $5.1B | ||
| Q2 24 | $6.5B | $5.1B | ||
| Q1 24 | $6.2B | $5.4B |
净利润MCDTHC
| Q4 25 | $2.2B | $644.0M | ||
| Q3 25 | $2.3B | $579.0M | ||
| Q2 25 | $2.3B | $522.0M | ||
| Q1 25 | $1.9B | $622.0M | ||
| Q4 24 | $2.0B | $572.0M | ||
| Q3 24 | $2.3B | $681.0M | ||
| Q2 24 | $2.0B | $477.0M | ||
| Q1 24 | $1.9B | $2.3B |
毛利率MCDTHC
| 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MCDTHC
| Q4 25 | 45.0% | 15.4% | ||
| Q3 25 | 47.4% | 16.8% | ||
| Q2 25 | 47.2% | 15.6% | ||
| Q1 25 | 44.5% | 18.1% | ||
| Q4 24 | 44.9% | 16.2% | ||
| Q3 24 | 46.4% | 21.3% | ||
| Q2 24 | 45.0% | 14.9% | ||
| Q1 24 | 44.4% | 61.2% |
净利率MCDTHC
| Q4 25 | 30.9% | 11.7% | ||
| Q3 25 | 32.2% | 10.9% | ||
| Q2 25 | 32.9% | 9.9% | ||
| Q1 25 | 31.4% | 11.9% | ||
| Q4 24 | 31.6% | 11.3% | ||
| Q3 24 | 32.8% | 13.3% | ||
| Q2 24 | 31.2% | 9.3% | ||
| Q1 24 | 31.3% | 43.5% |
每股收益（稀释后）MCDTHC
| Q4 25 | $3.03 | $4.22 | ||
| Q3 25 | $3.18 | $3.86 | ||
| Q2 25 | $3.14 | $3.14 | ||
| Q1 25 | $2.60 | $4.27 | ||
| Q4 24 | $2.80 | $3.79 | ||
| Q3 24 | $3.13 | $4.89 | ||
| Q2 24 | $2.80 | $2.64 | ||
| Q1 24 | $2.66 | $21.38 |
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 | $2.9B |
| 总债务越低越好 | $40.0B | $13.1B |
| 股东权益账面价值 | $-1.8B | $4.2B |
| 总资产 | $59.5B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资MCDTHC
| Q4 25 | $774.0M | $2.9B | ||
| Q3 25 | $2.4B | $3.0B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | $1.2B | $3.0B | ||
| Q4 24 | $1.1B | $3.0B | ||
| Q3 24 | $1.2B | $4.1B | ||
| Q2 24 | $792.0M | $2.9B | ||
| Q1 24 | $838.0M | $2.5B |
总债务MCDTHC
| Q4 25 | $40.0B | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | $38.4B | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
股东权益MCDTHC
| Q4 25 | $-1.8B | $4.2B | ||
| Q3 25 | $-2.2B | $4.0B | ||
| Q2 25 | $-2.8B | $3.7B | ||
| Q1 25 | $-3.5B | $4.2B | ||
| Q4 24 | $-3.8B | $4.2B | ||
| Q3 24 | $-5.2B | $3.8B | ||
| Q2 24 | $-4.8B | $3.5B | ||
| Q1 24 | $-4.8B | $3.5B |
总资产MCDTHC
| Q4 25 | $59.5B | $29.7B | ||
| Q3 25 | $60.6B | $29.4B | ||
| Q2 25 | $59.6B | $28.7B | ||
| Q1 25 | $56.3B | $29.2B | ||
| Q4 24 | $55.2B | $28.9B | ||
| Q3 24 | $56.2B | $29.4B | ||
| Q2 24 | $53.8B | $29.3B | ||
| Q1 24 | $53.5B | $28.9B |
负债/权益比MCDTHC
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
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 | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $367.0M |
| 自由现金流率自由现金流/营收 | 23.4% | 6.6% |
| 资本支出强度资本支出/营收 | 15.1% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.25× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $7.2B | $2.5B |
8季度趋势，按日历期对齐
经营现金流MCDTHC
| Q4 25 | $2.7B | $731.0M | ||
| Q3 25 | $3.4B | $1.1B | ||
| Q2 25 | $2.0B | $936.0M | ||
| Q1 25 | $2.4B | $815.0M | ||
| Q4 24 | $2.6B | $-331.0M | ||
| Q3 24 | $2.7B | $1.0B | ||
| Q2 24 | $1.7B | $747.0M | ||
| Q1 24 | $2.4B | $586.0M |
自由现金流MCDTHC
| Q4 25 | $1.6B | $367.0M | ||
| Q3 25 | $2.4B | $778.0M | ||
| Q2 25 | $1.3B | $743.0M | ||
| Q1 25 | $1.9B | $642.0M | ||
| Q4 24 | $1.8B | $-661.0M | ||
| Q3 24 | $1.9B | $829.0M | ||
| Q2 24 | $1.1B | $602.0M | ||
| Q1 24 | $1.8B | $346.0M |
自由现金流率MCDTHC
| Q4 25 | 23.4% | 6.6% | ||
| Q3 25 | 34.1% | 14.7% | ||
| Q2 25 | 18.3% | 14.1% | ||
| Q1 25 | 31.5% | 12.3% | ||
| Q4 24 | 28.6% | -13.0% | ||
| Q3 24 | 28.3% | 16.2% | ||
| Q2 24 | 16.3% | 11.8% | ||
| Q1 24 | 29.9% | 6.4% |
资本支出强度MCDTHC
| Q4 25 | 15.1% | 6.6% | ||
| Q3 25 | 14.3% | 5.3% | ||
| Q2 25 | 10.9% | 3.7% | ||
| Q1 25 | 9.3% | 3.3% | ||
| Q4 24 | 12.6% | 6.5% | ||
| Q3 24 | 11.6% | 4.2% | ||
| Q2 24 | 9.7% | 2.8% | ||
| Q1 24 | 8.9% | 4.5% |
现金转化率MCDTHC
| Q4 25 | 1.25× | 1.14× | ||
| Q3 25 | 1.50× | 1.83× | ||
| Q2 25 | 0.89× | 1.79× | ||
| Q1 25 | 1.30× | 1.31× | ||
| Q4 24 | 1.30× | -0.58× | ||
| Q3 24 | 1.21× | 1.53× | ||
| Q2 24 | 0.84× | 1.57× | ||
| Q1 24 | 1.24× | 0.25× |
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% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
