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Constellation Brands（STZ）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Constellation Brands的季度营收约是Toast, Inc.的1.4倍（$2.2B vs $1.6B），Constellation Brands净利率更高（22.6% vs 6.2%，领先16.4%），Toast, Inc.同比增速更快（22.0% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% vs 1.9%）
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
STZ vs TOST — 直观对比
营收规模更大
STZ
是对方的1.4倍
$1.6B
营收增速更快
TOST
高出31.8%
-9.8%
净利率更高
STZ
高出16.4%
6.2%
自由现金流更多
STZ
多$192.9M
$178.0M
两年增速更快
TOST
近两年复合增速
1.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.6B |
| 净利润 | $502.8M | $101.0M |
| 毛利率 | 53.2% | 25.9% |
| 营业利润率 | 31.1% | 5.2% |
| 净利率 | 22.6% | 6.2% |
| 营收同比 | -9.8% | 22.0% |
| 净利润同比 | -18.4% | 215.6% |
| 每股收益（稀释后） | — | $0.18 |
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STZTOST
| Q4 25 | $2.2B | $1.6B | ||
| Q3 25 | $2.5B | $1.6B | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.9B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.1B | $1.1B |
净利润STZTOST
| Q4 25 | $502.8M | $101.0M | ||
| Q3 25 | $466.0M | $105.0M | ||
| Q2 25 | $516.1M | $80.0M | ||
| Q1 25 | $-375.3M | $56.0M | ||
| Q4 24 | $615.9M | $32.0M | ||
| Q3 24 | $-1.2B | $56.0M | ||
| Q2 24 | $877.0M | $14.0M | ||
| Q1 24 | $392.4M | $-83.0M |
毛利率STZTOST
| Q4 25 | 53.2% | 25.9% | ||
| Q3 25 | 52.8% | 26.5% | ||
| Q2 25 | 50.4% | 25.3% | ||
| Q1 25 | 51.5% | 25.9% | ||
| Q4 24 | 52.1% | 24.9% | ||
| Q3 24 | 51.8% | 24.7% | ||
| Q2 24 | 52.7% | 23.0% | ||
| Q1 24 | 48.6% | 23.2% |
营业利润率STZTOST
| Q4 25 | 31.1% | 5.2% | ||
| Q3 25 | 35.2% | 5.1% | ||
| Q2 25 | 28.4% | 5.2% | ||
| Q1 25 | -6.9% | 3.2% | ||
| Q4 24 | 32.2% | 2.5% | ||
| Q3 24 | -42.1% | 2.6% | ||
| Q2 24 | 35.4% | 0.4% | ||
| Q1 24 | 29.4% | -5.2% |
净利率STZTOST
| Q4 25 | 22.6% | 6.2% | ||
| Q3 25 | 18.8% | 6.4% | ||
| Q2 25 | 20.5% | 5.2% | ||
| Q1 25 | -17.3% | 4.2% | ||
| Q4 24 | 25.0% | 2.4% | ||
| Q3 24 | -41.1% | 4.3% | ||
| Q2 24 | 32.9% | 1.1% | ||
| Q1 24 | 18.3% | -7.7% |
每股收益（稀释后）STZTOST
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $152.4M | $1.4B |
| 总债务越低越好 | $10.3B | — |
| 股东权益账面价值 | $7.7B | $2.1B |
| 总资产 | $21.7B | $3.1B |
| 负债/权益比越低杠杆越低 | 1.33× | — |
8季度趋势，按日历期对齐
现金及短期投资STZTOST
| Q4 25 | $152.4M | $1.4B | ||
| Q3 25 | $72.0M | $1.4B | ||
| Q2 25 | $73.9M | $1.2B | ||
| Q1 25 | $68.1M | $1.0B | ||
| Q4 24 | $73.7M | $903.0M | ||
| Q3 24 | $64.6M | $761.0M | ||
| Q2 24 | $73.8M | $691.0M | ||
| Q1 24 | $152.4M | $578.0M |
总债务STZTOST
| Q4 25 | $10.3B | — | ||
| Q3 25 | $10.3B | — | ||
| Q2 25 | $11.2B | — | ||
| Q1 25 | $10.7B | — | ||
| Q4 24 | $10.7B | — | ||
| Q3 24 | $11.1B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.6B | — |
股东权益STZTOST
| Q4 25 | $7.7B | $2.1B | ||
| Q3 25 | $7.5B | $2.0B | ||
| Q2 25 | $7.3B | $1.8B | ||
| Q1 25 | $6.9B | $1.7B | ||
| Q4 24 | $7.8B | $1.5B | ||
| Q3 24 | $7.9B | $1.4B | ||
| Q2 24 | $10.3B | $1.3B | ||
| Q1 24 | $9.7B | $1.2B |
总资产STZTOST
| Q4 25 | $21.7B | $3.1B | ||
| Q3 25 | $21.4B | $3.0B | ||
| Q2 25 | $22.3B | $2.8B | ||
| Q1 25 | $21.7B | $2.6B | ||
| Q4 24 | $22.8B | $2.4B | ||
| Q3 24 | $23.1B | $2.2B | ||
| Q2 24 | $26.1B | $2.2B | ||
| Q1 24 | $25.7B | $2.1B |
负债/权益比STZTOST
| Q4 25 | 1.33× | — | ||
| Q3 25 | 1.37× | — | ||
| Q2 25 | 1.54× | — | ||
| Q1 25 | 1.55× | — | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.08× | — | ||
| Q1 24 | 1.19× | — |
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 | $616.9M | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $370.9M | $178.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 10.9% |
| 资本支出强度资本支出/营收 | 11.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $608.0M |
8季度趋势，按日历期对齐
经营现金流STZTOST
| Q4 25 | $616.9M | $194.0M | ||
| Q3 25 | $852.1M | $165.0M | ||
| Q2 25 | $637.2M | $223.0M | ||
| Q1 25 | $594.7M | $79.0M | ||
| Q4 24 | $685.2M | $147.0M | ||
| Q3 24 | $1.2B | $109.0M | ||
| Q2 24 | $690.5M | $124.0M | ||
| Q1 24 | $433.2M | $-20.0M |
自由现金流STZTOST
| Q4 25 | $370.9M | $178.0M | ||
| Q3 25 | $634.8M | $153.0M | ||
| Q2 25 | $444.4M | $208.0M | ||
| Q1 25 | $312.1M | $69.0M | ||
| Q4 24 | $456.8M | $134.0M | ||
| Q3 24 | $854.0M | $97.0M | ||
| Q2 24 | $315.2M | $108.0M | ||
| Q1 24 | $76.0M | $-33.0M |
自由现金流率STZTOST
| Q4 25 | 16.7% | 10.9% | ||
| Q3 25 | 25.6% | 9.4% | ||
| Q2 25 | 17.7% | 13.4% | ||
| Q1 25 | 14.4% | 5.2% | ||
| Q4 24 | 18.5% | 10.0% | ||
| Q3 24 | 29.3% | 7.4% | ||
| Q2 24 | 11.8% | 8.7% | ||
| Q1 24 | 3.6% | -3.1% |
资本支出强度STZTOST
| Q4 25 | 11.1% | 1.0% | ||
| Q3 25 | 8.8% | 0.7% | ||
| Q2 25 | 7.7% | 1.0% | ||
| Q1 25 | 13.1% | 0.7% | ||
| Q4 24 | 9.3% | 1.0% | ||
| Q3 24 | 11.2% | 0.9% | ||
| Q2 24 | 14.1% | 1.3% | ||
| Q1 24 | 16.7% | 1.2% |
现金转化率STZTOST
| Q4 25 | 1.23× | 1.92× | ||
| Q3 25 | 1.83× | 1.57× | ||
| Q2 25 | 1.23× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 1.11× | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 0.79× | 8.86× | ||
| Q1 24 | 1.10× | — |
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
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
