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帕森斯公司（PSN）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.的季度营收约是帕森斯公司的1.5倍（$2.5B vs $1.6B），Restaurant Brands International Inc.净利率更高（6.3% vs 3.5%，领先2.8%），Restaurant Brands International Inc.同比增速更快（7.4% vs -7.5%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $135.6M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 2.2%）
帕森斯公司是一家总部位于美国弗吉尼亚州尚蒂利的跨国企业，1944年成立，核心业务覆盖国防、情报、基础设施工程领域，深耕技术研发，在全球30多个国家为政府及私营部门客户提供专业解决方案。
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。
PSN vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.5B |
| 净利润 | $55.6M | $155.0M |
| 毛利率 | 23.0% | — |
| 营业利润率 | 6.6% | 25.2% |
| 净利率 | 3.5% | 6.3% |
| 营收同比 | -7.5% | 7.4% |
| 净利润同比 | -72.4% | -57.1% |
| 每股收益（稀释后） | $0.51 | $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 | $1.6B | $2.4B | ||
| Q2 25 | $1.6B | $2.4B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.8B | $2.3B | ||
| Q2 24 | $1.7B | $2.1B | ||
| Q1 24 | $1.5B | $1.7B |
| Q4 25 | $55.6M | $155.0M | ||
| Q3 25 | $64.1M | $436.0M | ||
| Q2 25 | $55.2M | $263.0M | ||
| Q1 25 | $66.2M | $221.0M | ||
| Q4 24 | $201.3M | $361.0M | ||
| Q3 24 | $72.0M | $357.0M | ||
| Q2 24 | $69.2M | $399.0M | ||
| Q1 24 | $-107.4M | $328.0M |
| Q4 25 | 23.0% | — | ||
| Q3 25 | 22.2% | — | ||
| Q2 25 | 22.0% | — | ||
| Q1 25 | 22.8% | — | ||
| Q4 24 | 21.3% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.0% | — | ||
| Q1 24 | 21.2% | 65.2% |
| Q4 25 | 6.6% | 25.2% | ||
| Q3 25 | 6.7% | 27.1% | ||
| Q2 25 | 6.0% | 20.0% | ||
| Q1 25 | 7.0% | 20.6% | ||
| Q4 24 | 5.8% | 27.7% | ||
| Q3 24 | 6.4% | 25.2% | ||
| Q2 24 | 6.7% | 31.9% | ||
| Q1 24 | 6.6% | 31.3% |
| Q4 25 | 3.5% | 6.3% | ||
| Q3 25 | 4.0% | 17.8% | ||
| Q2 25 | 3.5% | 10.9% | ||
| Q1 25 | 4.3% | 10.5% | ||
| Q4 24 | 11.6% | 15.7% | ||
| Q3 24 | 4.0% | 15.6% | ||
| Q2 24 | 4.1% | 19.2% | ||
| Q1 24 | -7.0% | 18.9% |
| Q4 25 | $0.51 | $0.33 | ||
| Q3 25 | $0.59 | $0.96 | ||
| Q2 25 | $0.50 | $0.57 | ||
| Q1 25 | $0.60 | $0.49 | ||
| Q4 24 | $1.85 | $0.79 | ||
| Q3 24 | $0.65 | $0.79 | ||
| Q2 24 | $0.63 | $0.88 | ||
| Q1 24 | $-1.01 | $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 | $466.4M | — |
| 总债务越低越好 | $1.2B | $13.3B |
| 股东权益账面价值 | $2.6B | $3.6B |
| 总资产 | $5.8B | $25.6B |
| 负债/权益比越低杠杆越低 | 0.47× | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | $466.4M | — | ||
| Q3 25 | $422.6M | — | ||
| Q2 25 | $411.3M | — | ||
| Q1 25 | $269.7M | — | ||
| Q4 24 | $453.5M | — | ||
| Q3 24 | $558.8M | — | ||
| Q2 24 | $528.5M | — | ||
| Q1 24 | $423.1M | — |
| Q4 25 | $1.2B | $13.3B | ||
| Q3 25 | $1.2B | $13.5B | ||
| Q2 25 | $1.2B | $13.6B | ||
| Q1 25 | $785.2M | $13.6B | ||
| Q4 24 | $784.1M | $13.6B | ||
| Q3 24 | $1.1B | $13.7B | ||
| Q2 24 | $1.2B | $13.7B | ||
| Q1 24 | $1.2B | $12.9B |
| Q4 25 | $2.6B | $3.6B | ||
| Q3 25 | $2.6B | $3.4B | ||
| Q2 25 | $2.5B | $3.3B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | $2.2B | $3.1B | ||
| Q1 24 | $2.1B | $3.0B |
| Q4 25 | $5.8B | $25.6B | ||
| Q3 25 | $5.7B | $25.7B | ||
| Q2 25 | $5.7B | $25.7B | ||
| Q1 25 | $5.4B | $24.9B | ||
| Q4 24 | $5.5B | $24.6B | ||
| Q3 24 | $5.4B | $25.1B | ||
| Q2 24 | $5.2B | $24.8B | ||
| Q1 24 | $5.1B | $23.1B |
| Q4 25 | 0.47× | 3.65× | ||
| Q3 25 | 0.48× | 3.99× | ||
| Q2 25 | 0.49× | 4.10× | ||
| Q1 25 | 0.32× | 4.37× | ||
| Q4 24 | 0.32× | 4.39× | ||
| Q3 24 | 0.49× | 4.22× | ||
| Q2 24 | 0.56× | 4.46× | ||
| Q1 24 | 0.58× | 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 | $167.5M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $453.0M |
| 自由现金流率自由现金流/营收 | 8.5% | 18.4% |
| 资本支出强度资本支出/营收 | 2.0% | 4.1% |
| 现金转化率经营现金流/净利润 | 3.01× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $410.4M | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $167.5M | $555.0M | ||
| Q3 25 | $162.8M | $592.0M | ||
| Q2 25 | $159.8M | $449.0M | ||
| Q1 25 | $-11.8M | $118.0M | ||
| Q4 24 | $126.8M | $481.0M | ||
| Q3 24 | $299.0M | $540.0M | ||
| Q2 24 | $161.2M | $334.0M | ||
| Q1 24 | $-63.4M | $148.0M |
| Q4 25 | $135.6M | $453.0M | ||
| Q3 25 | $149.7M | $531.0M | ||
| Q2 25 | $150.4M | $411.0M | ||
| Q1 25 | $-25.3M | $54.0M | ||
| Q4 24 | $108.0M | $404.0M | ||
| Q3 24 | $287.3M | $485.0M | ||
| Q2 24 | $152.0M | $291.0M | ||
| Q1 24 | $-72.9M | $122.0M |
| Q4 25 | 8.5% | 18.4% | ||
| Q3 25 | 9.2% | 21.7% | ||
| Q2 25 | 9.5% | 17.1% | ||
| Q1 25 | -1.6% | 2.6% | ||
| Q4 24 | 6.2% | 17.6% | ||
| Q3 24 | 15.9% | 21.2% | ||
| Q2 24 | 9.1% | 14.0% | ||
| Q1 24 | -4.7% | 7.0% |
| Q4 25 | 2.0% | 4.1% | ||
| Q3 25 | 0.8% | 2.5% | ||
| Q2 25 | 0.6% | 1.6% | ||
| Q1 25 | 0.9% | 3.0% | ||
| Q4 24 | 1.1% | 3.4% | ||
| Q3 24 | 0.6% | 2.4% | ||
| Q2 24 | 0.6% | 2.1% | ||
| Q1 24 | 0.6% | 1.5% |
| Q4 25 | 3.01× | 3.58× | ||
| Q3 25 | 2.54× | 1.36× | ||
| Q2 25 | 2.89× | 1.71× | ||
| Q1 25 | -0.18× | 0.53× | ||
| Q4 24 | 0.63× | 1.33× | ||
| Q3 24 | 4.16× | 1.51× | ||
| Q2 24 | 2.33× | 0.84× | ||
| Q1 24 | — | 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
PSN
| Unconsolidated Joint Ventures | $582.1M | 36% |
| Defense And Intelligence | $502.8M | 31% |
| Engineered Systems | $281.4M | 18% |
| Consolidated Joint Ventures | $216.7M | 14% |
| TRS Group Inc | $9.4M | 1% |
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% |
