vs
Restaurant Brands International Inc.（QSR）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
新美亚的季度营收约是Restaurant Brands International Inc.的1.3倍（$3.2B vs $2.5B），Restaurant Brands International Inc.净利率更高（6.3% vs 1.5%，领先4.7%），新美亚同比增速更快（59.0% vs 7.4%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $91.9M），过去两年新美亚的营收复合增速更高（31.9% 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。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
QSR vs SANM — 直观对比
营收规模更大
SANM
是对方的1.3倍
$2.5B
营收增速更快
SANM
高出51.6%
7.4%
净利率更高
QSR
高出4.7%
1.5%
自由现金流更多
QSR
多$361.1M
$91.9M
两年增速更快
SANM
近两年复合增速
19.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.2B |
| 净利润 | $155.0M | $49.3M |
| 毛利率 | — | 7.6% |
| 营业利润率 | 25.2% | 2.3% |
| 净利率 | 6.3% | 1.5% |
| 营收同比 | 7.4% | 59.0% |
| 净利润同比 | -57.1% | -24.2% |
| 每股收益（稀释后） | $0.33 | $0.89 |
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QSRSANM
| Q4 25 | $2.5B | $3.2B | ||
| Q3 25 | $2.4B | $2.1B | ||
| Q2 25 | $2.4B | $2.0B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.3B | $2.0B | ||
| Q3 24 | $2.3B | $2.0B | ||
| Q2 24 | $2.1B | $1.8B | ||
| Q1 24 | $1.7B | $1.8B |
净利润QSRSANM
| Q4 25 | $155.0M | $49.3M | ||
| Q3 25 | $436.0M | $48.1M | ||
| Q2 25 | $263.0M | $68.6M | ||
| Q1 25 | $221.0M | $64.2M | ||
| Q4 24 | $361.0M | $65.0M | ||
| Q3 24 | $357.0M | $61.4M | ||
| Q2 24 | $399.0M | $51.6M | ||
| Q1 24 | $328.0M | $52.5M |
毛利率QSRSANM
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | 9.1% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 8.4% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | 65.2% | 8.4% |
营业利润率QSRSANM
| Q4 25 | 25.2% | 2.3% | ||
| Q3 25 | 27.1% | 3.7% | ||
| Q2 25 | 20.0% | 4.7% | ||
| Q1 25 | 20.6% | 4.6% | ||
| Q4 24 | 27.7% | 4.4% | ||
| Q3 24 | 25.2% | 4.4% | ||
| Q2 24 | 31.9% | 4.5% | ||
| Q1 24 | 31.3% | 4.1% |
净利率QSRSANM
| Q4 25 | 6.3% | 1.5% | ||
| Q3 25 | 17.8% | 2.3% | ||
| Q2 25 | 10.9% | 3.4% | ||
| Q1 25 | 10.5% | 3.2% | ||
| Q4 24 | 15.7% | 3.2% | ||
| Q3 24 | 15.6% | 3.0% | ||
| Q2 24 | 19.2% | 2.8% | ||
| Q1 24 | 18.9% | 2.9% |
每股收益（稀释后）QSRSANM
| Q4 25 | $0.33 | $0.89 | ||
| Q3 25 | $0.96 | $0.88 | ||
| Q2 25 | $0.57 | $1.26 | ||
| Q1 25 | $0.49 | $1.16 | ||
| Q4 24 | $0.79 | $1.16 | ||
| Q3 24 | $0.79 | $1.09 | ||
| Q2 24 | $0.88 | $0.91 | ||
| Q1 24 | $0.72 | $0.93 |
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 | — | $1.4B |
| 总债务越低越好 | $13.3B | $2.2B |
| 股东权益账面价值 | $3.6B | $2.7B |
| 总资产 | $25.6B | $9.8B |
| 负债/权益比越低杠杆越低 | 3.65× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资QSRSANM
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $926.3M | ||
| Q2 25 | — | $797.9M | ||
| Q1 25 | — | $647.1M | ||
| Q4 24 | — | $642.4M | ||
| Q3 24 | — | $625.9M | ||
| Q2 24 | — | $657.7M | ||
| Q1 24 | — | $650.9M |
总债务QSRSANM
| Q4 25 | $13.3B | $2.2B | ||
| Q3 25 | $13.5B | $300.5M | ||
| Q2 25 | $13.6B | — | ||
| Q1 25 | $13.6B | — | ||
| Q4 24 | $13.6B | — | ||
| Q3 24 | $13.7B | — | ||
| Q2 24 | $13.7B | — | ||
| Q1 24 | $12.9B | — |
股东权益QSRSANM
| Q4 25 | $3.6B | $2.7B | ||
| Q3 25 | $3.4B | $2.5B | ||
| Q2 25 | $3.3B | $2.5B | ||
| Q1 25 | $3.1B | $2.4B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $3.2B | $2.4B | ||
| Q2 24 | $3.1B | $2.3B | ||
| Q1 24 | $3.0B | $2.3B |
总资产QSRSANM
| Q4 25 | $25.6B | $9.8B | ||
| Q3 25 | $25.7B | $5.9B | ||
| Q2 25 | $25.7B | $5.2B | ||
| Q1 25 | $24.9B | $5.0B | ||
| Q4 24 | $24.6B | $4.8B | ||
| Q3 24 | $25.1B | $4.8B | ||
| Q2 24 | $24.8B | $4.7B | ||
| Q1 24 | $23.1B | $4.7B |
负债/权益比QSRSANM
| Q4 25 | 3.65× | 0.82× | ||
| Q3 25 | 3.99× | 0.12× | ||
| 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 | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $453.0M | $91.9M |
| 自由现金流率自由现金流/营收 | 18.4% | 2.9% |
| 资本支出强度资本支出/营收 | 4.1% | 2.7% |
| 现金转化率经营现金流/净利润 | 3.58× | 3.63× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $518.3M |
8季度趋势，按日历期对齐
经营现金流QSRSANM
| Q4 25 | $555.0M | $178.7M | ||
| Q3 25 | $592.0M | $199.1M | ||
| Q2 25 | $449.0M | $200.8M | ||
| Q1 25 | $118.0M | $156.9M | ||
| Q4 24 | $481.0M | $63.9M | ||
| Q3 24 | $540.0M | $51.9M | ||
| Q2 24 | $334.0M | $90.0M | ||
| Q1 24 | $148.0M | $72.3M |
自由现金流QSRSANM
| Q4 25 | $453.0M | $91.9M | ||
| Q3 25 | $531.0M | $136.6M | ||
| Q2 25 | $411.0M | $163.7M | ||
| Q1 25 | $54.0M | $126.1M | ||
| Q4 24 | $404.0M | $46.9M | ||
| Q3 24 | $485.0M | $27.2M | ||
| Q2 24 | $291.0M | $67.2M | ||
| Q1 24 | $122.0M | $42.7M |
自由现金流率QSRSANM
| Q4 25 | 18.4% | 2.9% | ||
| Q3 25 | 21.7% | 6.5% | ||
| Q2 25 | 17.1% | 8.0% | ||
| Q1 25 | 2.6% | 6.4% | ||
| Q4 24 | 17.6% | 2.3% | ||
| Q3 24 | 21.2% | 1.4% | ||
| Q2 24 | 14.0% | 3.7% | ||
| Q1 24 | 7.0% | 2.3% |
资本支出强度QSRSANM
| Q4 25 | 4.1% | 2.7% | ||
| Q3 25 | 2.5% | 3.0% | ||
| Q2 25 | 1.6% | 1.8% | ||
| Q1 25 | 3.0% | 1.5% | ||
| Q4 24 | 3.4% | 0.9% | ||
| Q3 24 | 2.4% | 1.2% | ||
| Q2 24 | 2.1% | 1.2% | ||
| Q1 24 | 1.5% | 1.6% |
现金转化率QSRSANM
| Q4 25 | 3.58× | 3.63× | ||
| Q3 25 | 1.36× | 4.14× | ||
| Q2 25 | 1.71× | 2.93× | ||
| Q1 25 | 0.53× | 2.44× | ||
| Q4 24 | 1.33× | 0.98× | ||
| Q3 24 | 1.51× | 0.85× | ||
| Q2 24 | 0.84× | 1.74× | ||
| Q1 24 | 0.45× | 1.38× |
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% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
