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安森美半导体（ON）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
Restaurant Brands International Inc.的季度营收约是安森美半导体的1.6倍（$2.5B vs $1.6B），安森美半导体净利率更高（16.4% vs 6.3%，领先10.2%），Restaurant Brands International Inc.同比增速更快（7.4% vs -10.0%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $372.4M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs -12.3%）
安森美半导体旗下原仙童半导体是总部位于美国加利福尼亚州圣何塞的半导体企业，1957年由从肖克利半导体实验室离职的“八叛逆”创立，是晶体管和集成电路制造领域的先驱，曾历经多次股权变更，1997年再度独立运营后并入安森美。
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。
ON vs QSR — 直观对比
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.5B |
| 净利润 | $255.0M | $155.0M |
| 毛利率 | 37.9% | — |
| 营业利润率 | 17.0% | 25.2% |
| 净利率 | 16.4% | 6.3% |
| 营收同比 | -10.0% | 7.4% |
| 净利润同比 | -32.9% | -57.1% |
| 每股收益（稀释后） | $0.63 | $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
| Q4 25 | $1.6B | $2.5B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.8B | $2.3B | ||
| Q2 24 | $1.7B | $2.1B | ||
| Q1 24 | $1.9B | $1.7B |
| Q4 25 | $255.0M | $155.0M | ||
| Q3 25 | $170.3M | $436.0M | ||
| Q2 25 | $-486.1M | $263.0M | ||
| Q1 25 | — | $221.0M | ||
| Q4 24 | $379.9M | $361.0M | ||
| Q3 24 | $401.7M | $357.0M | ||
| Q2 24 | $338.2M | $399.0M | ||
| Q1 24 | $453.0M | $328.0M |
| Q4 25 | 37.9% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 20.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 45.2% | — | ||
| Q3 24 | 45.4% | — | ||
| Q2 24 | 45.2% | — | ||
| Q1 24 | 45.8% | 65.2% |
| Q4 25 | 17.0% | 25.2% | ||
| Q3 25 | 13.2% | 27.1% | ||
| Q2 25 | -39.7% | 20.0% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | 23.7% | 27.7% | ||
| Q3 24 | 25.3% | 25.2% | ||
| Q2 24 | 22.4% | 31.9% | ||
| Q1 24 | 28.2% | 31.3% |
| Q4 25 | 16.4% | 6.3% | ||
| Q3 25 | 11.6% | 17.8% | ||
| Q2 25 | -33.6% | 10.9% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | 22.1% | 15.7% | ||
| Q3 24 | 22.8% | 15.6% | ||
| Q2 24 | 19.5% | 19.2% | ||
| Q1 24 | 24.3% | 18.9% |
| Q4 25 | $0.63 | $0.33 | ||
| Q3 25 | $0.41 | $0.96 | ||
| Q2 25 | $-1.15 | $0.57 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | $0.88 | $0.79 | ||
| Q3 24 | $0.93 | $0.79 | ||
| Q2 24 | $0.78 | $0.88 | ||
| Q1 24 | $1.04 | $0.72 |
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 | $2.9B | — |
| 总债务越低越好 | $3.4B | $13.3B |
| 股东权益账面价值 | $7.9B | $3.6B |
| 总资产 | $13.0B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.43× | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | $3.4B | $13.3B | ||
| Q3 25 | $3.4B | $13.5B | ||
| Q2 25 | $3.4B | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $3.4B | $13.6B | ||
| Q3 24 | $3.4B | $13.7B | ||
| Q2 24 | $3.4B | $13.7B | ||
| Q1 24 | $3.4B | $12.9B |
| Q4 25 | $7.9B | $3.6B | ||
| Q3 25 | $7.9B | $3.4B | ||
| Q2 25 | $8.0B | $3.3B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $8.8B | $3.1B | ||
| Q3 24 | $8.6B | $3.2B | ||
| Q2 24 | $8.3B | $3.1B | ||
| Q1 24 | $8.1B | $3.0B |
| Q4 25 | $13.0B | $25.6B | ||
| Q3 25 | $13.1B | $25.7B | ||
| Q2 25 | $13.3B | $25.7B | ||
| Q1 25 | — | $24.9B | ||
| Q4 24 | $14.1B | $24.6B | ||
| Q3 24 | $13.9B | $25.1B | ||
| Q2 24 | $13.7B | $24.8B | ||
| Q1 24 | $13.5B | $23.1B |
| Q4 25 | 0.43× | 3.65× | ||
| Q3 25 | 0.43× | 3.99× | ||
| Q2 25 | 0.42× | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | 0.38× | 4.39× | ||
| Q3 24 | 0.39× | 4.22× | ||
| Q2 24 | 0.41× | 4.46× | ||
| Q1 24 | 0.42× | 4.35× |
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 | $418.7M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $372.4M | $453.0M |
| 自由现金流率自由现金流/营收 | 24.0% | 18.4% |
| 资本支出强度资本支出/营收 | 3.0% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.64× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $418.7M | $555.0M | ||
| Q3 25 | $184.3M | $592.0M | ||
| Q2 25 | $602.3M | $449.0M | ||
| Q1 25 | — | $118.0M | ||
| Q4 24 | $579.7M | $481.0M | ||
| Q3 24 | $465.8M | $540.0M | ||
| Q2 24 | $362.2M | $334.0M | ||
| Q1 24 | $498.7M | $148.0M |
| Q4 25 | $372.4M | $453.0M | ||
| Q3 25 | $106.1M | $531.0M | ||
| Q2 25 | $454.7M | $411.0M | ||
| Q1 25 | — | $54.0M | ||
| Q4 24 | $434.8M | $404.0M | ||
| Q3 24 | $293.6M | $485.0M | ||
| Q2 24 | $207.7M | $291.0M | ||
| Q1 24 | $276.3M | $122.0M |
| Q4 25 | 24.0% | 18.4% | ||
| Q3 25 | 7.2% | 21.7% | ||
| Q2 25 | 31.5% | 17.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 25.2% | 17.6% | ||
| Q3 24 | 16.7% | 21.2% | ||
| Q2 24 | 12.0% | 14.0% | ||
| Q1 24 | 14.8% | 7.0% |
| Q4 25 | 3.0% | 4.1% | ||
| Q3 25 | 5.3% | 2.5% | ||
| Q2 25 | 10.2% | 1.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | 8.4% | 3.4% | ||
| Q3 24 | 9.8% | 2.4% | ||
| Q2 24 | 8.9% | 2.1% | ||
| Q1 24 | 11.9% | 1.5% |
| Q4 25 | 1.64× | 3.58× | ||
| Q3 25 | 1.08× | 1.36× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 1.53× | 1.33× | ||
| Q3 24 | 1.16× | 1.51× | ||
| Q2 24 | 1.07× | 0.84× | ||
| Q1 24 | 1.10× | 0.45× |
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
ON
| Industrial Segment | $426.3M | 27% |
| Other End Markets Segment | $337.3M | 22% |
| Intelligent Sensing Segments | $284.0M | 18% |
| Direct Customers | $282.4M | 18% |
| Intelligent Sensing Group | $230.0M | 15% |
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% |
