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Restaurant Brands International Inc.（QSR）与ROKU, INC（ROKU）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ROKU, INC的1.8倍（$2.5B vs $1.4B），Restaurant Brands International Inc.净利率更高（6.3% vs 5.8%，领先0.5%），ROKU, INC同比增速更快（16.1% vs 7.4%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $106.6M），过去两年ROKU, INC的营收复合增速更高（25.8% vs 19.1%）
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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
QSR vs ROKU — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.4B |
| 净利润 | $155.0M | $80.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | 25.2% | 4.7% |
| 净利率 | 6.3% | 5.8% |
| 营收同比 | 7.4% | 16.1% |
| 净利润同比 | -57.1% | 326.4% |
| 每股收益（稀释后） | $0.33 | $0.55 |
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 | $2.5B | $1.4B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.1B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | $2.1B | $968.2M | ||
| Q1 24 | $1.7B | $881.5M |
| Q4 25 | $155.0M | $80.5M | ||
| Q3 25 | $436.0M | $24.8M | ||
| Q2 25 | $263.0M | $10.5M | ||
| Q1 25 | $221.0M | $-27.4M | ||
| Q4 24 | $361.0M | $-35.5M | ||
| Q3 24 | $357.0M | $-9.0M | ||
| Q2 24 | $399.0M | $-34.0M | ||
| Q1 24 | $328.0M | $-50.9M |
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.9% | ||
| Q1 24 | 65.2% | 44.1% |
| Q4 25 | 25.2% | 4.7% | ||
| Q3 25 | 27.1% | 0.8% | ||
| Q2 25 | 20.0% | -2.1% | ||
| Q1 25 | 20.6% | -5.7% | ||
| Q4 24 | 27.7% | -3.3% | ||
| Q3 24 | 25.2% | -3.4% | ||
| Q2 24 | 31.9% | -7.4% | ||
| Q1 24 | 31.3% | -8.2% |
| Q4 25 | 6.3% | 5.8% | ||
| Q3 25 | 17.8% | 2.0% | ||
| Q2 25 | 10.9% | 0.9% | ||
| Q1 25 | 10.5% | -2.7% | ||
| Q4 24 | 15.7% | -3.0% | ||
| Q3 24 | 15.6% | -0.9% | ||
| Q2 24 | 19.2% | -3.5% | ||
| Q1 24 | 18.9% | -5.8% |
| Q4 25 | $0.33 | $0.55 | ||
| Q3 25 | $0.96 | $0.16 | ||
| Q2 25 | $0.57 | $0.07 | ||
| Q1 25 | $0.49 | $-0.19 | ||
| Q4 24 | $0.79 | $-0.24 | ||
| Q3 24 | $0.79 | $-0.06 | ||
| Q2 24 | $0.88 | $-0.24 | ||
| Q1 24 | $0.72 | $-0.35 |
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 | — | $2.3B |
| 总债务越低越好 | $13.3B | — |
| 股东权益账面价值 | $3.6B | $2.7B |
| 总资产 | $25.6B | $4.4B |
| 负债/权益比越低杠杆越低 | 3.65× | — |
8季度趋势，按日历期对齐
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $13.3B | — | ||
| Q3 25 | $13.5B | — | ||
| Q2 25 | $13.6B | — | ||
| Q1 25 | $13.6B | — | ||
| Q4 24 | $13.6B | — | ||
| Q3 24 | $13.7B | — | ||
| Q2 24 | $13.7B | — | ||
| Q1 24 | $12.9B | — |
| Q4 25 | $3.6B | $2.7B | ||
| Q3 25 | $3.4B | $2.6B | ||
| Q2 25 | $3.3B | $2.6B | ||
| Q1 25 | $3.1B | $2.5B | ||
| Q4 24 | $3.1B | $2.5B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.1B | $2.4B | ||
| Q1 24 | $3.0B | $2.4B |
| Q4 25 | $25.6B | $4.4B | ||
| Q3 25 | $25.7B | $4.4B | ||
| Q2 25 | $25.7B | $4.3B | ||
| Q1 25 | $24.9B | $4.2B | ||
| Q4 24 | $24.6B | $4.3B | ||
| Q3 24 | $25.1B | $4.3B | ||
| Q2 24 | $24.8B | $4.1B | ||
| Q1 24 | $23.1B | $4.2B |
| Q4 25 | 3.65× | — | ||
| Q3 25 | 3.99× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 4.37× | — | ||
| Q4 24 | 4.39× | — | ||
| Q3 24 | 4.22× | — | ||
| Q2 24 | 4.46× | — | ||
| Q1 24 | 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 | $555.0M | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $453.0M | $106.6M |
| 自由现金流率自由现金流/营收 | 18.4% | 7.6% |
| 资本支出强度资本支出/营收 | 4.1% | 0.1% |
| 现金转化率经营现金流/净利润 | 3.58× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $478.4M |
8季度趋势，按日历期对齐
| Q4 25 | $555.0M | $107.7M | ||
| Q3 25 | $592.0M | $127.6M | ||
| Q2 25 | $449.0M | $109.7M | ||
| Q1 25 | $118.0M | $138.7M | ||
| Q4 24 | $481.0M | $79.3M | ||
| Q3 24 | $540.0M | $68.7M | ||
| Q2 24 | $334.0M | $23.4M | ||
| Q1 24 | $148.0M | $46.7M |
| Q4 25 | $453.0M | $106.6M | ||
| Q3 25 | $531.0M | $126.5M | ||
| Q2 25 | $411.0M | $108.6M | ||
| Q1 25 | $54.0M | $136.8M | ||
| Q4 24 | $404.0M | $76.8M | ||
| Q3 24 | $485.0M | $67.6M | ||
| Q2 24 | $291.0M | $22.5M | ||
| Q1 24 | $122.0M | $46.0M |
| Q4 25 | 18.4% | 7.6% | ||
| Q3 25 | 21.7% | 10.4% | ||
| Q2 25 | 17.1% | 9.8% | ||
| Q1 25 | 2.6% | 13.4% | ||
| Q4 24 | 17.6% | 6.4% | ||
| Q3 24 | 21.2% | 6.4% | ||
| Q2 24 | 14.0% | 2.3% | ||
| Q1 24 | 7.0% | 5.2% |
| Q4 25 | 4.1% | 0.1% | ||
| Q3 25 | 2.5% | 0.1% | ||
| Q2 25 | 1.6% | 0.1% | ||
| Q1 25 | 3.0% | 0.2% | ||
| Q4 24 | 3.4% | 0.2% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 2.1% | 0.1% | ||
| Q1 24 | 1.5% | 0.1% |
| Q4 25 | 3.58× | 1.34× | ||
| Q3 25 | 1.36× | 5.14× | ||
| Q2 25 | 1.71× | 10.45× | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 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
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% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
