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NOODLES & Co（NDLS）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NOODLES & Co的23.1倍（$2.8B vs $122.1M），百胜中国净利率更高（5.0% vs -7.5%，领先12.5%），百胜中国同比增速更快（8.8% vs -4.1%），NOODLES & Co自由现金流更多（$-2.8M vs $-116.0M），过去两年NOODLES & Co的营收复合增速更高（-1.2% vs -2.3%）
Noodles & Company是源自美国的休闲快餐连锁品牌，主打融合多国风味及美式特色的面条菜品，同时也供应汤品和沙拉。品牌由亚伦·肯尼迪创立于1995年，总部位于科罗拉多州布鲁姆菲尔德，截至2022年年中，品牌已在美国31个州开出了458家门店。
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。
NDLS vs YUMC — 直观对比
营收规模更大
YUMC
是对方的23.1倍
$122.1M
营收增速更快
YUMC
高出12.9%
-4.1%
净利率更高
YUMC
高出12.5%
-7.5%
自由现金流更多
NDLS
多$113.2M
$-116.0M
两年增速更快
NDLS
近两年复合增速
-2.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $122.1M | $2.8B |
| 净利润 | $-9.2M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | -5.2% | 6.6% |
| 净利率 | -7.5% | 5.0% |
| 营收同比 | -4.1% | 8.8% |
| 净利润同比 | 32.8% | 21.7% |
| 每股收益（稀释后） | $-0.20 | $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NDLSYUMC
| Q4 25 | — | $2.8B | ||
| Q3 25 | $122.1M | $3.2B | ||
| Q2 25 | $123.8M | $2.8B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $122.8M | $2.6B | ||
| Q3 24 | $127.4M | $3.1B | ||
| Q2 24 | $121.4M | $2.7B | ||
| Q1 24 | $124.3M | $3.0B |
净利润NDLSYUMC
| Q4 25 | — | $140.0M | ||
| Q3 25 | $-9.2M | $282.0M | ||
| Q2 25 | $-9.1M | $215.0M | ||
| Q1 25 | — | $292.0M | ||
| Q4 24 | $-6.8M | $115.0M | ||
| Q3 24 | $-13.6M | $297.0M | ||
| Q2 24 | $-6.1M | $212.0M | ||
| Q1 24 | $-6.1M | $287.0M |
营业利润率NDLSYUMC
| Q4 25 | — | 6.6% | ||
| Q3 25 | -5.2% | 12.5% | ||
| Q2 25 | -5.2% | 10.9% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | -3.9% | 5.8% | ||
| Q3 24 | -9.0% | 12.1% | ||
| Q2 24 | -3.4% | 9.9% | ||
| Q1 24 | -3.7% | 12.6% |
净利率NDLSYUMC
| Q4 25 | — | 5.0% | ||
| Q3 25 | -7.5% | 8.8% | ||
| Q2 25 | -7.3% | 7.7% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | -5.5% | 4.4% | ||
| Q3 24 | -10.7% | 9.7% | ||
| Q2 24 | -5.1% | 7.9% | ||
| Q1 24 | -4.9% | 9.7% |
每股收益（稀释后）NDLSYUMC
| Q4 25 | — | $0.40 | ||
| Q3 25 | $-0.20 | $0.76 | ||
| Q2 25 | $-0.20 | $0.58 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | $-0.15 | $0.30 | ||
| Q3 24 | $-0.30 | $0.77 | ||
| Q2 24 | $-0.14 | $0.55 | ||
| Q1 24 | $-1.64 | $0.71 |
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 | $4.7M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-38.9M | $5.4B |
| 总资产 | $280.6M | $10.8B |
| 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NDLSYUMC
| Q4 25 | — | $1.4B | ||
| Q3 25 | $4.7M | $2.1B | ||
| Q2 25 | $1.4M | $2.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $3.3M | $1.8B | ||
| Q3 24 | $1.8M | $2.5B | ||
| Q2 24 | $1.3M | $2.5B | ||
| Q1 24 | $3.0M | $2.4B |
股东权益NDLSYUMC
| Q4 25 | — | $5.4B | ||
| Q3 25 | $-38.9M | $5.7B | ||
| Q2 25 | $-13.9M | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | $3.7M | $5.7B | ||
| Q3 24 | $9.6M | $6.0B | ||
| Q2 24 | $21.9M | $5.8B | ||
| Q1 24 | $27.2M | $5.9B |
总资产NDLSYUMC
| Q4 25 | — | $10.8B | ||
| Q3 25 | $280.6M | $11.0B | ||
| Q2 25 | $319.4M | $11.0B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | $340.5M | $11.1B | ||
| Q3 24 | $346.3M | $11.8B | ||
| Q2 24 | $360.4M | $11.6B | ||
| Q1 24 | $368.1M | $11.3B |
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 | $4.3M | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.8M | $-116.0M |
| 自由现金流率自由现金流/营收 | -2.3% | -4.1% |
| 资本支出强度资本支出/营收 | 5.8% | 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 | $-7.5M | $840.0M |
8季度趋势，按日历期对齐
经营现金流NDLSYUMC
| Q4 25 | — | $125.0M | ||
| Q3 25 | $4.3M | $477.0M | ||
| Q2 25 | $4.0M | $412.0M | ||
| Q1 25 | — | $452.0M | ||
| Q4 24 | $5.8M | $167.0M | ||
| Q3 24 | $4.7M | $409.0M | ||
| Q2 24 | $7.0M | $401.0M | ||
| Q1 24 | $164.0K | $442.0M |
自由现金流NDLSYUMC
| Q4 25 | — | $-116.0M | ||
| Q3 25 | $-2.8M | $351.0M | ||
| Q2 25 | $1.1M | $290.0M | ||
| Q1 25 | — | $315.0M | ||
| Q4 24 | $-1.3M | $-15.0M | ||
| Q3 24 | $-4.5M | $244.0M | ||
| Q2 24 | $-1.6M | $232.0M | ||
| Q1 24 | $-15.2M | $253.0M |
自由现金流率NDLSYUMC
| Q4 25 | — | -4.1% | ||
| Q3 25 | -2.3% | 10.9% | ||
| Q2 25 | 0.9% | 10.4% | ||
| Q1 25 | — | 10.6% | ||
| Q4 24 | -1.1% | -0.6% | ||
| Q3 24 | -3.5% | 7.9% | ||
| Q2 24 | -1.4% | 8.7% | ||
| Q1 24 | -12.2% | 8.6% |
资本支出强度NDLSYUMC
| Q4 25 | — | 8.5% | ||
| Q3 25 | 5.8% | 3.9% | ||
| Q2 25 | 2.4% | 4.4% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | 5.8% | 7.0% | ||
| Q3 24 | 7.2% | 5.4% | ||
| Q2 24 | 7.1% | 6.3% | ||
| Q1 24 | 12.3% | 6.4% |
现金转化率NDLSYUMC
| Q4 25 | — | 0.89× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.89× | ||
| Q1 24 | — | 1.54× |
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
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
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% |
