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棒约翰（PZZA）与Wingstop Inc.（WING）财务数据对比。点击上方公司名可切换其他公司
棒约翰的季度营收约是Wingstop Inc.的2.8倍（$498.2M vs $175.7M）。Wingstop Inc.净利率更高（15.2% vs 1.4%，领先13.8%）。Wingstop Inc.同比增速更快（8.6% vs -6.1%）。Wingstop Inc.自由现金流更多（$34.5M vs $2.1M）。过去两年Wingstop Inc.的营收复合增速更高（9.8% vs -1.5%）
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
PZZA vs WING — 直观对比
营收规模更大
PZZA
是对方的2.8倍
$175.7M
营收增速更快
WING
高出14.7%
-6.1%
净利率更高
WING
高出13.8%
1.4%
自由现金流更多
WING
多$32.4M
$2.1M
两年增速更快
WING
近两年复合增速
-1.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $498.2M | $175.7M |
| 净利润 | $7.1M | $26.8M |
| 毛利率 | — | — |
| 营业利润率 | 4.9% | 26.7% |
| 净利率 | 1.4% | 15.2% |
| 营收同比 | -6.1% | 8.6% |
| 净利润同比 | -52.2% | 0.0% |
| 每股收益（稀释后） | $0.22 | $0.99 |
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PZZAWING
| Q4 25 | $498.2M | $175.7M | ||
| Q3 25 | $508.2M | $175.7M | ||
| Q2 25 | $529.2M | $174.3M | ||
| Q1 25 | $518.3M | $171.1M | ||
| Q4 24 | $530.8M | $161.8M | ||
| Q3 24 | $506.8M | $162.5M | ||
| Q2 24 | $507.9M | $155.7M | ||
| Q1 24 | $513.9M | $145.8M |
净利润PZZAWING
| Q4 25 | $7.1M | $26.8M | ||
| Q3 25 | $4.7M | $28.5M | ||
| Q2 25 | $9.5M | $26.8M | ||
| Q1 25 | $9.2M | $92.3M | ||
| Q4 24 | $14.8M | $26.8M | ||
| Q3 24 | $41.8M | $25.7M | ||
| Q2 24 | $12.2M | $27.5M | ||
| Q1 24 | $14.6M | $28.7M |
毛利率PZZAWING
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | — | 85.0% | ||
| Q2 24 | — | 85.4% | ||
| Q1 24 | — | 85.4% |
营业利润率PZZAWING
| Q4 25 | 4.9% | 26.7% | ||
| Q3 25 | 3.2% | 27.9% | ||
| Q2 25 | 4.6% | 25.9% | ||
| Q1 25 | 4.6% | 22.4% | ||
| Q4 24 | 5.6% | 25.9% | ||
| Q3 24 | 12.9% | 24.5% | ||
| Q2 24 | 5.6% | 26.5% | ||
| Q1 24 | 6.6% | 29.3% |
净利率PZZAWING
| Q4 25 | 1.4% | 15.2% | ||
| Q3 25 | 0.9% | 16.2% | ||
| Q2 25 | 1.8% | 15.4% | ||
| Q1 25 | 1.8% | 53.9% | ||
| Q4 24 | 2.8% | 16.5% | ||
| Q3 24 | 8.2% | 15.8% | ||
| Q2 24 | 2.4% | 17.7% | ||
| Q1 24 | 2.8% | 19.7% |
每股收益（稀释后）PZZAWING
| Q4 25 | $0.22 | $0.99 | ||
| Q3 25 | $0.13 | $1.02 | ||
| Q2 25 | $0.28 | $0.96 | ||
| Q1 25 | $0.27 | $3.24 | ||
| Q4 24 | $0.46 | $0.91 | ||
| Q3 24 | $1.27 | $0.88 | ||
| Q2 24 | $0.37 | $0.93 | ||
| Q1 24 | $0.44 | $0.98 |
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 | $34.6M | $196.6M |
| 总债务越低越好 | $722.3M | $1.2B |
| 股东权益账面价值 | $-444.8M | $-736.8M |
| 总资产 | $837.5M | $693.4M |
| 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PZZAWING
| Q4 25 | $34.6M | $196.6M | ||
| Q3 25 | $39.0M | $237.6M | ||
| Q2 25 | $33.3M | $227.9M | ||
| Q1 25 | $44.0M | $251.4M | ||
| Q4 24 | $38.0M | $315.9M | ||
| Q3 24 | $17.6M | $84.0M | ||
| Q2 24 | $24.3M | $96.7M | ||
| Q1 24 | $27.8M | $108.3M |
总债务PZZAWING
| Q4 25 | $722.3M | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PZZAWING
| Q4 25 | $-444.8M | $-736.8M | ||
| Q3 25 | $-439.3M | $-702.6M | ||
| Q2 25 | $-432.0M | $-686.0M | ||
| Q1 25 | $-431.9M | $-715.0M | ||
| Q4 24 | $-429.5M | $-675.6M | ||
| Q3 24 | $-430.9M | $-447.5M | ||
| Q2 24 | $-461.7M | $-437.5M | ||
| Q1 24 | $-461.9M | $-434.4M |
总资产PZZAWING
| Q4 25 | $837.5M | $693.4M | ||
| Q3 25 | $884.1M | $721.0M | ||
| Q2 25 | $890.4M | $708.3M | ||
| Q1 25 | $898.1M | $696.8M | ||
| Q4 24 | $889.0M | $716.2M | ||
| Q3 24 | $860.9M | $484.8M | ||
| Q2 24 | $838.4M | $451.8M | ||
| Q1 24 | $847.2M | $412.3M |
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 | $19.8M | $57.3M |
| 自由现金流经营现金流 - 资本支出 | $2.1M | $34.5M |
| 自由现金流率自由现金流/营收 | 0.4% | 19.6% |
| 资本支出强度资本支出/营收 | 3.6% | 13.0% |
| 现金转化率经营现金流/净利润 | 2.80× | 2.14× |
| 过去12个月自由现金流最近4个季度 | $61.3M | $105.6M |
8季度趋势，按日历期对齐
经营现金流PZZAWING
| Q4 25 | $19.8M | $57.3M | ||
| Q3 25 | $39.3M | $63.9M | ||
| Q2 25 | $35.5M | $6.6M | ||
| Q1 25 | $31.3M | $25.3M | ||
| Q4 24 | $50.7M | $7.7M | ||
| Q3 24 | $13.9M | $69.0M | ||
| Q2 24 | $30.0M | $36.2M | ||
| Q1 24 | $12.0M | $44.7M |
自由现金流PZZAWING
| Q4 25 | $2.1M | $34.5M | ||
| Q3 25 | $22.7M | $61.7M | ||
| Q2 25 | $17.4M | $-7.8M | ||
| Q1 25 | $19.1M | $17.3M | ||
| Q4 24 | $25.2M | $-8.6M | ||
| Q3 24 | $-3.8M | $54.9M | ||
| Q2 24 | $13.9M | $25.9M | ||
| Q1 24 | $-1.1M | $33.5M |
自由现金流率PZZAWING
| Q4 25 | 0.4% | 19.6% | ||
| Q3 25 | 4.5% | 35.1% | ||
| Q2 25 | 3.3% | -4.5% | ||
| Q1 25 | 3.7% | 10.1% | ||
| Q4 24 | 4.7% | -5.3% | ||
| Q3 24 | -0.8% | 33.8% | ||
| Q2 24 | 2.7% | 16.6% | ||
| Q1 24 | -0.2% | 23.0% |
资本支出强度PZZAWING
| Q4 25 | 3.6% | 13.0% | ||
| Q3 25 | 3.3% | 1.3% | ||
| Q2 25 | 3.4% | 8.2% | ||
| Q1 25 | 2.4% | 4.7% | ||
| Q4 24 | 4.8% | 10.1% | ||
| Q3 24 | 3.5% | 8.7% | ||
| Q2 24 | 3.2% | 6.6% | ||
| Q1 24 | 2.5% | 7.7% |
现金转化率PZZAWING
| Q4 25 | 2.80× | 2.14× | ||
| Q3 25 | 8.36× | 2.24× | ||
| Q2 25 | 3.73× | 0.25× | ||
| Q1 25 | 3.40× | 0.27× | ||
| Q4 24 | 3.43× | 0.29× | ||
| Q3 24 | 0.33× | 2.68× | ||
| Q2 24 | 2.45× | 1.32× | ||
| Q1 24 | 0.82× | 1.55× |
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
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
