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蔚来（NIO）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
蔚来的季度营收约是Restaurant Brands International Inc.的1.9倍（$4.7B vs $2.5B），Restaurant Brands International Inc.净利率更高（6.3% vs 0.8%，领先5.5%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $-439.4M）
蔚来是中国本土新能源汽车制造商，总部位于上海，2014年成立，2016年正式启用现有品牌名称。公司专注于智能电动汽车的研发、设计与销售，产品覆盖轿车、SUV等多个品类，近年已将业务拓展至智能手机研发领域。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
NIO vs QSR — 直观对比
营收规模更大
NIO
是对方的1.9倍
$2.5B
净利率更高
QSR
高出5.5%
0.8%
自由现金流更多
QSR
多$892.4M
$-439.4M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.5B |
| 净利润 | $38.7M | $155.0M |
| 毛利率 | 17.5% | — |
| 营业利润率 | 1.5% | 25.2% |
| 净利率 | 0.8% | 6.3% |
| 营收同比 | — | 7.4% |
| 净利润同比 | — | -57.1% |
| 每股收益（稀释后） | $0.05 | $0.33 |
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NIOQSR
| Q1 26 | $4.7B | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $2.6B | $2.4B | ||
| Q1 25 | $2.7B | $2.1B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.1B |
净利润NIOQSR
| Q1 26 | $38.7M | — | ||
| Q4 25 | — | $155.0M | ||
| Q3 25 | $-505.2M | $436.0M | ||
| Q2 25 | $-709.5M | $263.0M | ||
| Q1 25 | $-984.2M | $221.0M | ||
| Q4 24 | — | $361.0M | ||
| Q3 24 | — | $357.0M | ||
| Q2 24 | — | $399.0M |
毛利率NIOQSR
| Q1 26 | 17.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 10.0% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率NIOQSR
| Q1 26 | 1.5% | — | ||
| Q4 25 | — | 25.2% | ||
| Q3 25 | -16.2% | 27.1% | ||
| Q2 25 | -25.8% | 20.0% | ||
| Q1 25 | -30.6% | 20.6% | ||
| Q4 24 | — | 27.7% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 31.9% |
净利率NIOQSR
| Q1 26 | 0.8% | — | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | -16.8% | 17.8% | ||
| Q2 25 | -27.0% | 10.9% | ||
| Q1 25 | -36.2% | 10.5% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 19.2% |
每股收益（稀释后）NIOQSR
| Q1 26 | $0.05 | — | ||
| Q4 25 | — | $0.33 | ||
| Q3 25 | $-1.51 | $0.96 | ||
| Q2 25 | $-2.31 | $0.57 | ||
| Q1 25 | $-3.47 | $0.49 | ||
| Q4 24 | — | $0.79 | ||
| Q3 24 | — | $0.79 | ||
| Q2 24 | — | $0.88 |
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 | $4.4B | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $594.8M | $3.6B |
| 总资产 | $17.8B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
现金及短期投资NIOQSR
| Q1 26 | $4.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务NIOQSR
| Q1 26 | — | — | ||
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B |
股东权益NIOQSR
| Q1 26 | $594.8M | — | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | $-168.3M | $3.3B | ||
| Q1 25 | $817.5M | $3.1B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.1B |
总资产NIOQSR
| Q1 26 | $17.8B | — | ||
| Q4 25 | — | $25.6B | ||
| Q3 25 | — | $25.7B | ||
| Q2 25 | $14.0B | $25.7B | ||
| Q1 25 | $14.7B | $24.9B | ||
| Q4 24 | — | $24.6B | ||
| Q3 24 | — | $25.1B | ||
| Q2 24 | — | $24.8B |
负债/权益比NIOQSR
| Q1 26 | — | — | ||
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× |
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 | $427.9M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $-439.4M | $453.0M |
| 自由现金流率自由现金流/营收 | -9.3% | 18.4% |
| 资本支出强度资本支出/营收 | 18.4% | 4.1% |
| 现金转化率经营现金流/净利润 | 11.07× | 3.58× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流NIOQSR
| Q1 26 | $427.9M | — | ||
| Q4 25 | — | $555.0M | ||
| Q3 25 | — | $592.0M | ||
| Q2 25 | — | $449.0M | ||
| Q1 25 | $-1.1B | $118.0M | ||
| Q4 24 | — | $481.0M | ||
| Q3 24 | — | $540.0M | ||
| Q2 24 | — | $334.0M |
自由现金流NIOQSR
| Q1 26 | $-439.4M | — | ||
| Q4 25 | — | $453.0M | ||
| Q3 25 | — | $531.0M | ||
| Q2 25 | — | $411.0M | ||
| Q1 25 | $-2.3B | $54.0M | ||
| Q4 24 | — | $404.0M | ||
| Q3 24 | — | $485.0M | ||
| Q2 24 | — | $291.0M |
自由现金流率NIOQSR
| Q1 26 | -9.3% | — | ||
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 21.7% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | -85.6% | 2.6% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 14.0% |
资本支出强度NIOQSR
| Q1 26 | 18.4% | — | ||
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | 46.1% | 3.0% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.1% |
现金转化率NIOQSR
| Q1 26 | 11.07× | — | ||
| Q4 25 | — | 3.58× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 0.84× |
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
NIO
暂无分部数据
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
