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ServiceNow（NOW）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
ServiceNow的季度营收约是百胜中国的1.3倍（$3.8B vs $2.8B），ServiceNow净利率更高（12.4% vs 5.0%，领先7.5%），百胜中国同比增速更快（8.8% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $-116.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs -2.3%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
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。
NOW vs YUMC — 直观对比
营收规模更大
NOW
是对方的1.3倍
$2.8B
营收增速更快
YUMC
高出6.0%
2.8%
净利率更高
NOW
高出7.5%
5.0%
自由现金流更多
NOW
多$1.8B
$-116.0M
两年增速更快
NOW
近两年复合增速
-2.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.8B |
| 净利润 | $469.0M | $140.0M |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 6.6% |
| 净利率 | 12.4% | 5.0% |
| 营收同比 | 2.8% | 8.8% |
| 净利润同比 | -53.7% | 21.7% |
| 每股收益（稀释后） | $1.04 | $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NOWYUMC
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $2.8B | ||
| Q3 25 | $3.4B | $3.2B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.1B | $3.0B | ||
| Q4 24 | $3.0B | $2.6B | ||
| Q3 24 | $2.8B | $3.1B | ||
| Q2 24 | $2.6B | $2.7B |
净利润NOWYUMC
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $140.0M | ||
| Q3 25 | $502.0M | $282.0M | ||
| Q2 25 | $385.0M | $215.0M | ||
| Q1 25 | $460.0M | $292.0M | ||
| Q4 24 | $384.0M | $115.0M | ||
| Q3 24 | $432.0M | $297.0M | ||
| Q2 24 | $262.0M | $212.0M |
毛利率NOWYUMC
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWYUMC
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 6.6% | ||
| Q3 25 | 16.8% | 12.5% | ||
| Q2 25 | 11.1% | 10.9% | ||
| Q1 25 | 14.6% | 13.4% | ||
| Q4 24 | 12.6% | 5.8% | ||
| Q3 24 | 14.9% | 12.1% | ||
| Q2 24 | 9.1% | 9.9% |
净利率NOWYUMC
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 5.0% | ||
| Q3 25 | 14.7% | 8.8% | ||
| Q2 25 | 12.0% | 7.7% | ||
| Q1 25 | 14.9% | 9.8% | ||
| Q4 24 | 13.0% | 4.4% | ||
| Q3 24 | 15.4% | 9.7% | ||
| Q2 24 | 10.0% | 7.9% |
每股收益（稀释后）NOWYUMC
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.40 | ||
| Q3 25 | $2.40 | $0.76 | ||
| Q2 25 | $1.84 | $0.58 | ||
| Q1 25 | $2.20 | $0.77 | ||
| Q4 24 | $1.84 | $0.30 | ||
| Q3 24 | $2.07 | $0.77 | ||
| Q2 24 | $1.26 | $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 | $2.7B | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $5.4B |
| 总资产 | $24.4B | $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NOWYUMC
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $1.4B | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $3.4B | $2.0B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $1.9B | $2.5B | ||
| Q2 24 | $2.2B | $2.5B |
股东权益NOWYUMC
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $5.4B | ||
| Q3 25 | $11.3B | $5.7B | ||
| Q2 25 | $10.9B | $5.8B | ||
| Q1 25 | $10.1B | $5.8B | ||
| Q4 24 | $9.6B | $5.7B | ||
| Q3 24 | $9.3B | $6.0B | ||
| Q2 24 | $8.7B | $5.8B |
总资产NOWYUMC
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $10.8B | ||
| Q3 25 | $21.8B | $11.0B | ||
| Q2 25 | $22.1B | $11.0B | ||
| Q1 25 | $21.0B | $11.0B | ||
| Q4 24 | $20.4B | $11.1B | ||
| Q3 24 | $18.4B | $11.8B | ||
| Q2 24 | $18.2B | $11.6B |
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 | $1.7B | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-116.0M |
| 自由现金流率自由现金流/营收 | 44.2% | -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 | 3.56× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $840.0M |
8季度趋势，按日历期对齐
经营现金流NOWYUMC
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $125.0M | ||
| Q3 25 | $813.0M | $477.0M | ||
| Q2 25 | $716.0M | $412.0M | ||
| Q1 25 | $1.7B | $452.0M | ||
| Q4 24 | $1.6B | $167.0M | ||
| Q3 24 | $671.0M | $409.0M | ||
| Q2 24 | $620.0M | $401.0M |
自由现金流NOWYUMC
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $-116.0M | ||
| Q3 25 | $578.0M | $351.0M | ||
| Q2 25 | $526.0M | $290.0M | ||
| Q1 25 | $1.5B | $315.0M | ||
| Q4 24 | $1.4B | $-15.0M | ||
| Q3 24 | $469.0M | $244.0M | ||
| Q2 24 | $358.0M | $232.0M |
自由现金流率NOWYUMC
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | -4.1% | ||
| Q3 25 | 17.0% | 10.9% | ||
| Q2 25 | 16.4% | 10.4% | ||
| Q1 25 | 47.7% | 10.6% | ||
| Q4 24 | 46.7% | -0.6% | ||
| Q3 24 | 16.8% | 7.9% | ||
| Q2 24 | 13.6% | 8.7% |
资本支出强度NOWYUMC
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 8.5% | ||
| Q3 25 | 6.9% | 3.9% | ||
| Q2 25 | 5.9% | 4.4% | ||
| Q1 25 | 6.6% | 4.6% | ||
| Q4 24 | 8.6% | 7.0% | ||
| Q3 24 | 7.2% | 5.4% | ||
| Q2 24 | 10.0% | 6.3% |
现金转化率NOWYUMC
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 0.89× | ||
| Q3 25 | 1.62× | 1.69× | ||
| Q2 25 | 1.86× | 1.92× | ||
| Q1 25 | 3.65× | 1.55× | ||
| Q4 24 | 4.26× | 1.45× | ||
| Q3 24 | 1.55× | 1.38× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 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% |
