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Constellation Brands（STZ）与百胜餐饮集团（YUM）财务数据对比。点击上方公司名可切换其他公司
百胜餐饮集团的季度营收约是Constellation Brands的1.1倍（$2.5B vs $2.2B），Constellation Brands净利率更高（22.6% vs 21.3%，领先1.3%），百胜餐饮集团同比增速更快（6.5% vs -9.8%），百胜餐饮集团自由现金流更多（$482.0M vs $370.9M），过去两年百胜餐饮集团的营收复合增速更高（25.5% 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。
百胜餐饮集团是美国跨国快餐企业，前身为百事可乐1977年收购肯德基、必胜客、塔可贝尔后成立的子公司，1997年从百事可乐分拆独立。目前集团运营肯德基、必胜客、塔可贝尔、哈比特汉堡等知名餐饮品牌，同时持有多家科技公司为业务发展提供支持。
STZ vs YUM — 直观对比
营收规模更大
YUM
是对方的1.1倍
$2.2B
营收增速更快
YUM
高出16.3%
-9.8%
净利率更高
STZ
高出1.3%
21.3%
自由现金流更多
YUM
多$111.1M
$370.9M
两年增速更快
YUM
近两年复合增速
1.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $502.8M | $535.0M |
| 毛利率 | 53.2% | 67.6% |
| 营业利润率 | 31.1% | 29.3% |
| 净利率 | 22.6% | 21.3% |
| 营收同比 | -9.8% | 6.5% |
| 净利润同比 | -18.4% | 26.5% |
| 每股收益（稀释后） | — | $1.91 |
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STZYUM
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.5B | $2.0B | ||
| Q2 25 | $2.5B | $1.9B | ||
| Q1 25 | $2.2B | $1.8B | ||
| Q4 24 | $2.5B | $2.4B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $2.7B | $1.8B | ||
| Q1 24 | $2.1B | $1.6B |
净利润STZYUM
| Q4 25 | $502.8M | $535.0M | ||
| Q3 25 | $466.0M | $397.0M | ||
| Q2 25 | $516.1M | $374.0M | ||
| Q1 25 | $-375.3M | $253.0M | ||
| Q4 24 | $615.9M | $423.0M | ||
| Q3 24 | $-1.2B | $382.0M | ||
| Q2 24 | $877.0M | $367.0M | ||
| Q1 24 | $392.4M | $314.0M |
毛利率STZYUM
| Q4 25 | 53.2% | 67.6% | ||
| Q3 25 | 52.8% | 70.3% | ||
| Q2 25 | 50.4% | 71.0% | ||
| Q1 25 | 51.5% | 70.9% | ||
| Q4 24 | 52.1% | 69.2% | ||
| Q3 24 | 51.8% | 71.4% | ||
| Q2 24 | 52.7% | 73.3% | ||
| Q1 24 | 48.6% | 75.0% |
营业利润率STZYUM
| Q4 25 | 31.1% | 29.3% | ||
| Q3 25 | 35.2% | 33.7% | ||
| Q2 25 | 28.4% | 32.2% | ||
| Q1 25 | -6.9% | 30.7% | ||
| Q4 24 | 32.2% | 27.8% | ||
| Q3 24 | -42.1% | 33.9% | ||
| Q2 24 | 35.4% | 34.4% | ||
| Q1 24 | 29.4% | 32.5% |
净利率STZYUM
| Q4 25 | 22.6% | 21.3% | ||
| Q3 25 | 18.8% | 20.1% | ||
| Q2 25 | 20.5% | 19.3% | ||
| Q1 25 | -17.3% | 14.2% | ||
| Q4 24 | 25.0% | 17.9% | ||
| Q3 24 | -41.1% | 20.9% | ||
| Q2 24 | 32.9% | 20.8% | ||
| Q1 24 | 18.3% | 19.6% |
每股收益（稀释后）STZYUM
| Q4 25 | — | $1.91 | ||
| Q3 25 | — | $1.41 | ||
| Q2 25 | — | $1.33 | ||
| Q1 25 | — | $0.90 | ||
| Q4 24 | — | $1.49 | ||
| Q3 24 | — | $1.35 | ||
| Q2 24 | — | $1.28 | ||
| Q1 24 | — | $1.10 |
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 | $709.0M |
| 总债务越低越好 | $10.3B | $11.9B |
| 股东权益账面价值 | $7.7B | $-7.3B |
| 总资产 | $21.7B | $8.2B |
| 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STZYUM
| Q4 25 | $152.4M | $709.0M | ||
| Q3 25 | $72.0M | $1.0B | ||
| Q2 25 | $73.9M | $677.0M | ||
| Q1 25 | $68.1M | $607.0M | ||
| Q4 24 | $73.7M | $707.0M | ||
| Q3 24 | $64.6M | $548.0M | ||
| Q2 24 | $73.8M | $520.0M | ||
| Q1 24 | $152.4M | $652.0M |
总债务STZYUM
| Q4 25 | $10.3B | $11.9B | ||
| Q3 25 | $10.3B | $11.5B | ||
| Q2 25 | $11.2B | $10.4B | ||
| Q1 25 | $10.7B | $11.3B | ||
| Q4 24 | $10.7B | $11.3B | ||
| Q3 24 | $11.1B | $11.2B | ||
| Q2 24 | $11.1B | $11.1B | ||
| Q1 24 | $11.6B | $11.1B |
股东权益STZYUM
| Q4 25 | $7.7B | $-7.3B | ||
| Q3 25 | $7.5B | $-7.5B | ||
| Q2 25 | $7.3B | $-7.7B | ||
| Q1 25 | $6.9B | $-7.8B | ||
| Q4 24 | $7.8B | $-7.6B | ||
| Q3 24 | $7.9B | $-7.7B | ||
| Q2 24 | $10.3B | $-7.6B | ||
| Q1 24 | $9.7B | $-7.8B |
总资产STZYUM
| Q4 25 | $21.7B | $8.2B | ||
| Q3 25 | $21.4B | $7.2B | ||
| Q2 25 | $22.3B | $6.9B | ||
| Q1 25 | $21.7B | $6.7B | ||
| Q4 24 | $22.8B | $6.7B | ||
| Q3 24 | $23.1B | $6.5B | ||
| Q2 24 | $26.1B | $6.4B | ||
| Q1 24 | $25.7B | $6.2B |
负债/权益比STZYUM
| 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 | $617.0M |
| 自由现金流经营现金流 - 资本支出 | $370.9M | $482.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 19.2% |
| 资本支出强度资本支出/营收 | 11.1% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.6B |
8季度趋势，按日历期对齐
经营现金流STZYUM
| Q4 25 | $616.9M | $617.0M | ||
| Q3 25 | $852.1M | $543.0M | ||
| Q2 25 | $637.2M | $446.0M | ||
| Q1 25 | $594.7M | $404.0M | ||
| Q4 24 | $685.2M | $513.0M | ||
| Q3 24 | $1.2B | $471.0M | ||
| Q2 24 | $690.5M | $342.0M | ||
| Q1 24 | $433.2M | $363.0M |
自由现金流STZYUM
| Q4 25 | $370.9M | $482.0M | ||
| Q3 25 | $634.8M | $449.0M | ||
| Q2 25 | $444.4M | $375.0M | ||
| Q1 25 | $312.1M | $333.0M | ||
| Q4 24 | $456.8M | $407.0M | ||
| Q3 24 | $854.0M | $419.0M | ||
| Q2 24 | $315.2M | $292.0M | ||
| Q1 24 | $76.0M | $314.0M |
自由现金流率STZYUM
| Q4 25 | 16.7% | 19.2% | ||
| Q3 25 | 25.6% | 22.7% | ||
| Q2 25 | 17.7% | 19.4% | ||
| Q1 25 | 14.4% | 18.6% | ||
| Q4 24 | 18.5% | 17.2% | ||
| Q3 24 | 29.3% | 22.9% | ||
| Q2 24 | 11.8% | 16.6% | ||
| Q1 24 | 3.6% | 19.6% |
资本支出强度STZYUM
| Q4 25 | 11.1% | 5.4% | ||
| Q3 25 | 8.8% | 4.7% | ||
| Q2 25 | 7.7% | 3.7% | ||
| Q1 25 | 13.1% | 4.0% | ||
| Q4 24 | 9.3% | 4.5% | ||
| Q3 24 | 11.2% | 2.8% | ||
| Q2 24 | 14.1% | 2.8% | ||
| Q1 24 | 16.7% | 3.1% |
现金转化率STZYUM
| Q4 25 | 1.23× | 1.15× | ||
| Q3 25 | 1.83× | 1.37× | ||
| Q2 25 | 1.23× | 1.19× | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | 1.11× | 1.21× | ||
| Q3 24 | — | 1.23× | ||
| Q2 24 | 0.79× | 0.93× | ||
| Q1 24 | 1.10× | 1.16× |
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% |
YUM
| Other | $1.5B | 59% |
| Advertising | $547.0M | 22% |
| Pizza Hut Global Division | $303.0M | 12% |
| The Habit Burger Grill Global Division | $174.0M | 7% |
| Real Estate | $4.0M | 0% |
