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棒约翰（PZZA）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
百胜中国的季度营收约是棒约翰的5.7倍（$2.8B vs $498.2M）。百胜中国净利率更高（5.0% vs 1.4%，领先3.5%）。百胜中国同比增速更快（8.8% vs -6.1%）。棒约翰自由现金流更多（$2.1M vs $-116.0M）。过去两年棒约翰的营收复合增速更高（-1.5% vs -2.3%）
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。
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。
PZZA vs YUMC — 直观对比
营收规模更大
YUMC
是对方的5.7倍
$498.2M
营收增速更快
YUMC
高出14.9%
-6.1%
净利率更高
YUMC
高出3.5%
1.4%
自由现金流更多
PZZA
多$118.1M
$-116.0M
两年增速更快
PZZA
近两年复合增速
-2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $498.2M | $2.8B |
| 净利润 | $7.1M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.9% | 6.6% |
| 净利率 | 1.4% | 5.0% |
| 营收同比 | -6.1% | 8.8% |
| 净利润同比 | -52.2% | 21.7% |
| 每股收益（稀释后） | $0.22 | $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PZZAYUMC
| Q4 25 | $498.2M | $2.8B | ||
| Q3 25 | $508.2M | $3.2B | ||
| Q2 25 | $529.2M | $2.8B | ||
| Q1 25 | $518.3M | $3.0B | ||
| Q4 24 | $530.8M | $2.6B | ||
| Q3 24 | $506.8M | $3.1B | ||
| Q2 24 | $507.9M | $2.7B | ||
| Q1 24 | $513.9M | $3.0B |
净利润PZZAYUMC
| Q4 25 | $7.1M | $140.0M | ||
| Q3 25 | $4.7M | $282.0M | ||
| Q2 25 | $9.5M | $215.0M | ||
| Q1 25 | $9.2M | $292.0M | ||
| Q4 24 | $14.8M | $115.0M | ||
| Q3 24 | $41.8M | $297.0M | ||
| Q2 24 | $12.2M | $212.0M | ||
| Q1 24 | $14.6M | $287.0M |
营业利润率PZZAYUMC
| Q4 25 | 4.9% | 6.6% | ||
| Q3 25 | 3.2% | 12.5% | ||
| Q2 25 | 4.6% | 10.9% | ||
| Q1 25 | 4.6% | 13.4% | ||
| Q4 24 | 5.6% | 5.8% | ||
| Q3 24 | 12.9% | 12.1% | ||
| Q2 24 | 5.6% | 9.9% | ||
| Q1 24 | 6.6% | 12.6% |
净利率PZZAYUMC
| Q4 25 | 1.4% | 5.0% | ||
| Q3 25 | 0.9% | 8.8% | ||
| Q2 25 | 1.8% | 7.7% | ||
| Q1 25 | 1.8% | 9.8% | ||
| Q4 24 | 2.8% | 4.4% | ||
| Q3 24 | 8.2% | 9.7% | ||
| Q2 24 | 2.4% | 7.9% | ||
| Q1 24 | 2.8% | 9.7% |
每股收益（稀释后）PZZAYUMC
| Q4 25 | $0.22 | $0.40 | ||
| Q3 25 | $0.13 | $0.76 | ||
| Q2 25 | $0.28 | $0.58 | ||
| Q1 25 | $0.27 | $0.77 | ||
| Q4 24 | $0.46 | $0.30 | ||
| Q3 24 | $1.27 | $0.77 | ||
| Q2 24 | $0.37 | $0.55 | ||
| Q1 24 | $0.44 | $0.71 |
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 | $1.4B |
| 总债务越低越好 | $722.3M | — |
| 股东权益账面价值 | $-444.8M | $5.4B |
| 总资产 | $837.5M | $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PZZAYUMC
| Q4 25 | $34.6M | $1.4B | ||
| Q3 25 | $39.0M | $2.1B | ||
| Q2 25 | $33.3M | $2.2B | ||
| Q1 25 | $44.0M | $2.0B | ||
| Q4 24 | $38.0M | $1.8B | ||
| Q3 24 | $17.6M | $2.5B | ||
| Q2 24 | $24.3M | $2.5B | ||
| Q1 24 | $27.8M | $2.4B |
总债务PZZAYUMC
| Q4 25 | $722.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PZZAYUMC
| Q4 25 | $-444.8M | $5.4B | ||
| Q3 25 | $-439.3M | $5.7B | ||
| Q2 25 | $-432.0M | $5.8B | ||
| Q1 25 | $-431.9M | $5.8B | ||
| Q4 24 | $-429.5M | $5.7B | ||
| Q3 24 | $-430.9M | $6.0B | ||
| Q2 24 | $-461.7M | $5.8B | ||
| Q1 24 | $-461.9M | $5.9B |
总资产PZZAYUMC
| Q4 25 | $837.5M | $10.8B | ||
| Q3 25 | $884.1M | $11.0B | ||
| Q2 25 | $890.4M | $11.0B | ||
| Q1 25 | $898.1M | $11.0B | ||
| Q4 24 | $889.0M | $11.1B | ||
| Q3 24 | $860.9M | $11.8B | ||
| Q2 24 | $838.4M | $11.6B | ||
| Q1 24 | $847.2M | $11.3B |
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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $2.1M | $-116.0M |
| 自由现金流率自由现金流/营收 | 0.4% | -4.1% |
| 资本支出强度资本支出/营收 | 3.6% | 8.5% |
| 现金转化率经营现金流/净利润 | 2.80× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $61.3M | $840.0M |
8季度趋势，按日历期对齐
经营现金流PZZAYUMC
| Q4 25 | $19.8M | $125.0M | ||
| Q3 25 | $39.3M | $477.0M | ||
| Q2 25 | $35.5M | $412.0M | ||
| Q1 25 | $31.3M | $452.0M | ||
| Q4 24 | $50.7M | $167.0M | ||
| Q3 24 | $13.9M | $409.0M | ||
| Q2 24 | $30.0M | $401.0M | ||
| Q1 24 | $12.0M | $442.0M |
自由现金流PZZAYUMC
| Q4 25 | $2.1M | $-116.0M | ||
| Q3 25 | $22.7M | $351.0M | ||
| Q2 25 | $17.4M | $290.0M | ||
| Q1 25 | $19.1M | $315.0M | ||
| Q4 24 | $25.2M | $-15.0M | ||
| Q3 24 | $-3.8M | $244.0M | ||
| Q2 24 | $13.9M | $232.0M | ||
| Q1 24 | $-1.1M | $253.0M |
自由现金流率PZZAYUMC
| Q4 25 | 0.4% | -4.1% | ||
| Q3 25 | 4.5% | 10.9% | ||
| Q2 25 | 3.3% | 10.4% | ||
| Q1 25 | 3.7% | 10.6% | ||
| Q4 24 | 4.7% | -0.6% | ||
| Q3 24 | -0.8% | 7.9% | ||
| Q2 24 | 2.7% | 8.7% | ||
| Q1 24 | -0.2% | 8.6% |
资本支出强度PZZAYUMC
| Q4 25 | 3.6% | 8.5% | ||
| Q3 25 | 3.3% | 3.9% | ||
| Q2 25 | 3.4% | 4.4% | ||
| Q1 25 | 2.4% | 4.6% | ||
| Q4 24 | 4.8% | 7.0% | ||
| Q3 24 | 3.5% | 5.4% | ||
| Q2 24 | 3.2% | 6.3% | ||
| Q1 24 | 2.5% | 6.4% |
现金转化率PZZAYUMC
| Q4 25 | 2.80× | 0.89× | ||
| Q3 25 | 8.36× | 1.69× | ||
| Q2 25 | 3.73× | 1.92× | ||
| Q1 25 | 3.40× | 1.55× | ||
| Q4 24 | 3.43× | 1.45× | ||
| Q3 24 | 0.33× | 1.38× | ||
| Q2 24 | 2.45× | 1.89× | ||
| Q1 24 | 0.82× | 1.54× |
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% |
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% |
