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纳斯达克（NDAQ）与百胜中国（YUMC）财务数据对比。点击上方公司名可切换其他公司
百胜中国的季度营收约是纳斯达克的1.3倍（$2.8B vs $2.1B），纳斯达克净利率更高（24.3% vs 5.0%，领先19.3%），百胜中国同比增速更快（8.8% vs 2.0%），过去两年纳斯达克的营收复合增速更高（9.2% vs -2.3%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
NDAQ vs YUMC — 直观对比
营收规模更大
YUMC
是对方的1.3倍
$2.1B
营收增速更快
YUMC
高出6.8%
2.0%
净利率更高
NDAQ
高出19.3%
5.0%
两年增速更快
NDAQ
近两年复合增速
-2.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.8B |
| 净利润 | $519.0M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 30.7% | 6.6% |
| 净利率 | 24.3% | 5.0% |
| 营收同比 | 2.0% | 8.8% |
| 净利润同比 | 31.4% | 21.7% |
| 每股收益（稀释后） | $0.91 | $0.40 |
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NDAQYUMC
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $2.8B | ||
| Q3 25 | $2.0B | $3.2B | ||
| Q2 25 | $2.1B | $2.8B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.0B | $2.6B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $1.8B | $2.7B |
净利润NDAQYUMC
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $140.0M | ||
| Q3 25 | $423.0M | $282.0M | ||
| Q2 25 | $452.0M | $215.0M | ||
| Q1 25 | $395.0M | $292.0M | ||
| Q4 24 | $355.0M | $115.0M | ||
| Q3 24 | $306.0M | $297.0M | ||
| Q2 24 | $222.0M | $212.0M |
毛利率NDAQYUMC
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 62.5% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 60.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 64.7% | — |
营业利润率NDAQYUMC
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 6.6% | ||
| Q3 25 | 29.9% | 12.5% | ||
| Q2 25 | 27.2% | 10.9% | ||
| Q1 25 | 26.2% | 13.4% | ||
| Q4 24 | 25.4% | 5.8% | ||
| Q3 24 | 23.6% | 12.1% | ||
| Q2 24 | 23.6% | 9.9% |
净利率NDAQYUMC
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | 5.0% | ||
| Q3 25 | 21.6% | 8.8% | ||
| Q2 25 | 21.6% | 7.7% | ||
| Q1 25 | 18.9% | 9.8% | ||
| Q4 24 | 17.5% | 4.4% | ||
| Q3 24 | 16.1% | 9.7% | ||
| Q2 24 | 12.4% | 7.9% |
每股收益（稀释后）NDAQYUMC
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $0.40 | ||
| Q3 25 | $0.73 | $0.76 | ||
| Q2 25 | $0.78 | $0.58 | ||
| Q1 25 | $0.68 | $0.77 | ||
| Q4 24 | $0.62 | $0.30 | ||
| Q3 24 | $0.53 | $0.77 | ||
| Q2 24 | $0.38 | $0.55 |
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 | $515.0M | $1.4B |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $12.0B | $5.4B |
| 总资产 | $27.3B | $10.8B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资NDAQYUMC
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | $1.4B | ||
| Q3 25 | $470.0M | $2.1B | ||
| Q2 25 | $732.0M | $2.2B | ||
| Q1 25 | $690.0M | $2.0B | ||
| Q4 24 | $592.0M | $1.8B | ||
| Q3 24 | $266.0M | $2.5B | ||
| Q2 24 | $416.0M | $2.5B |
总债务NDAQYUMC
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $9.1B | — | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $9.2B | — |
股东权益NDAQYUMC
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $5.4B | ||
| Q3 25 | $12.0B | $5.7B | ||
| Q2 25 | $11.8B | $5.8B | ||
| Q1 25 | $11.5B | $5.8B | ||
| Q4 24 | $11.2B | $5.7B | ||
| Q3 24 | $11.1B | $6.0B | ||
| Q2 24 | $10.9B | $5.8B |
总资产NDAQYUMC
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $10.8B | ||
| Q3 25 | $30.7B | $11.0B | ||
| Q2 25 | $30.4B | $11.0B | ||
| Q1 25 | $30.6B | $11.0B | ||
| Q4 24 | $30.4B | $11.1B | ||
| Q3 24 | $30.6B | $11.8B | ||
| Q2 24 | $30.2B | $11.6B |
负债/权益比NDAQYUMC
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.77× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 0.85× | — |
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 | — | $125.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-116.0M |
| 自由现金流率自由现金流/营收 | — | -4.1% |
| 资本支出强度资本支出/营收 | — | 8.5% |
| 现金转化率经营现金流/净利润 | — | 0.89× |
| 过去12个月自由现金流最近4个季度 | — | $840.0M |
8季度趋势，按日历期对齐
经营现金流NDAQYUMC
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $125.0M | ||
| Q3 25 | $221.0M | $477.0M | ||
| Q2 25 | $746.0M | $412.0M | ||
| Q1 25 | $663.0M | $452.0M | ||
| Q4 24 | $705.0M | $167.0M | ||
| Q3 24 | $244.0M | $409.0M | ||
| Q2 24 | $460.0M | $401.0M |
自由现金流NDAQYUMC
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $-116.0M | ||
| Q3 25 | $152.0M | $351.0M | ||
| Q2 25 | $687.0M | $290.0M | ||
| Q1 25 | $614.0M | $315.0M | ||
| Q4 24 | $645.0M | $-15.0M | ||
| Q3 24 | $188.0M | $244.0M | ||
| Q2 24 | $408.0M | $232.0M |
自由现金流率NDAQYUMC
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | -4.1% | ||
| Q3 25 | 7.8% | 10.9% | ||
| Q2 25 | 32.9% | 10.4% | ||
| Q1 25 | 29.4% | 10.6% | ||
| Q4 24 | 31.7% | -0.6% | ||
| Q3 24 | 9.9% | 7.9% | ||
| Q2 24 | 22.8% | 8.7% |
资本支出强度NDAQYUMC
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 8.5% | ||
| Q3 25 | 3.5% | 3.9% | ||
| Q2 25 | 2.8% | 4.4% | ||
| Q1 25 | 2.3% | 4.6% | ||
| Q4 24 | 3.0% | 7.0% | ||
| Q3 24 | 2.9% | 5.4% | ||
| Q2 24 | 2.9% | 6.3% |
现金转化率NDAQYUMC
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | 0.89× | ||
| Q3 25 | 0.52× | 1.69× | ||
| Q2 25 | 1.65× | 1.92× | ||
| Q1 25 | 1.68× | 1.55× | ||
| Q4 24 | 1.99× | 1.45× | ||
| Q3 24 | 0.80× | 1.38× | ||
| Q2 24 | 2.07× | 1.89× |
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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
