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标普全球（VG）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
标普全球的季度营收约是百胜中国的1.6倍（$4.4B vs $2.8B），标普全球净利率更高（26.8% vs 5.0%，领先21.8%），标普全球同比增速更快（191.7% vs 8.8%），百胜中国自由现金流更多（$-116.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% vs -2.3%）
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
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。
VG vs YUMC — 直观对比
营收规模更大
VG
是对方的1.6倍
$2.8B
营收增速更快
VG
高出182.9%
8.8%
净利率更高
VG
高出21.8%
5.0%
自由现金流更多
YUMC
多$1.4B
$-1.5B
两年增速更快
VG
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.4B | $2.8B |
| 净利润 | $1.2B | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 38.7% | 6.6% |
| 净利率 | 26.8% | 5.0% |
| 营收同比 | 191.7% | 8.8% |
| 净利润同比 | 20.3% | 21.7% |
| 每股收益（稀释后） | $0.41 | $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VGYUMC
| Q4 25 | $4.4B | $2.8B | ||
| Q3 25 | $3.3B | $3.2B | ||
| Q2 25 | $3.1B | $2.8B | ||
| Q1 25 | $2.9B | $3.0B | ||
| Q4 24 | $1.5B | $2.6B | ||
| Q3 24 | $926.0M | $3.1B | ||
| Q2 24 | $1.1B | $2.7B | ||
| Q1 24 | $1.4B | $3.0B |
净利润VGYUMC
| Q4 25 | $1.2B | $140.0M | ||
| Q3 25 | $550.0M | $282.0M | ||
| Q2 25 | $475.0M | $215.0M | ||
| Q1 25 | $517.0M | $292.0M | ||
| Q4 24 | $990.0M | $115.0M | ||
| Q3 24 | $-294.0M | $297.0M | ||
| Q2 24 | $352.0M | $212.0M | ||
| Q1 24 | $698.0M | $287.0M |
营业利润率VGYUMC
| Q4 25 | 38.7% | 6.6% | ||
| Q3 25 | 39.7% | 12.5% | ||
| Q2 25 | 33.5% | 10.9% | ||
| Q1 25 | 37.3% | 13.4% | ||
| Q4 24 | 39.0% | 5.8% | ||
| Q3 24 | 20.4% | 12.1% | ||
| Q2 24 | 32.8% | 9.9% | ||
| Q1 24 | 43.6% | 12.6% |
净利率VGYUMC
| Q4 25 | 26.8% | 5.0% | ||
| Q3 25 | 16.5% | 8.8% | ||
| Q2 25 | 15.3% | 7.7% | ||
| Q1 25 | 17.9% | 9.8% | ||
| Q4 24 | 65.0% | 4.4% | ||
| Q3 24 | -31.7% | 9.7% | ||
| Q2 24 | 31.8% | 7.9% | ||
| Q1 24 | 49.4% | 9.7% |
每股收益（稀释后）VGYUMC
| Q4 25 | $0.41 | $0.40 | ||
| Q3 25 | $0.16 | $0.76 | ||
| Q2 25 | $0.14 | $0.58 | ||
| Q1 25 | $0.15 | $0.77 | ||
| Q4 24 | $0.35 | $0.30 | ||
| Q3 24 | $-0.15 | $0.77 | ||
| Q2 24 | $0.12 | $0.55 | ||
| Q1 24 | $0.25 | $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 | $2.4B | $1.4B |
| 总债务越低越好 | $34.2B | — |
| 股东权益账面价值 | $6.7B | $5.4B |
| 总资产 | $53.4B | $10.8B |
| 负债/权益比越低杠杆越低 | 5.07× | — |
8季度趋势，按日历期对齐
现金及短期投资VGYUMC
| Q4 25 | $2.4B | $1.4B | ||
| Q3 25 | $1.9B | $2.1B | ||
| Q2 25 | $2.2B | $2.2B | ||
| Q1 25 | $3.6B | $2.0B | ||
| Q4 24 | $3.6B | $1.8B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.4B |
总债务VGYUMC
| Q4 25 | $34.2B | — | ||
| Q3 25 | $32.6B | — | ||
| Q2 25 | $30.0B | — | ||
| Q1 25 | $29.3B | — | ||
| Q4 24 | $29.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VGYUMC
| Q4 25 | $6.7B | $5.4B | ||
| Q3 25 | $5.7B | $5.7B | ||
| Q2 25 | $5.3B | $5.8B | ||
| Q1 25 | $4.9B | $5.8B | ||
| Q4 24 | $2.9B | $5.7B | ||
| Q3 24 | — | $6.0B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $5.9B |
总资产VGYUMC
| Q4 25 | $53.4B | $10.8B | ||
| Q3 25 | $50.1B | $11.0B | ||
| Q2 25 | $46.5B | $11.0B | ||
| Q1 25 | $45.1B | $11.0B | ||
| Q4 24 | $43.5B | $11.1B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.6B | ||
| Q1 24 | — | $11.3B |
负债/权益比VGYUMC
| Q4 25 | 5.07× | — | ||
| Q3 25 | 5.73× | — | ||
| Q2 25 | 5.69× | — | ||
| Q1 25 | 6.01× | — | ||
| Q4 24 | 10.11× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $2.1B | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.5B | $-116.0M |
| 自由现金流率自由现金流/营收 | -34.1% | -4.1% |
| 资本支出强度资本支出/营收 | 81.6% | 8.5% |
| 现金转化率经营现金流/净利润 | 1.77× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $-6.8B | $840.0M |
8季度趋势，按日历期对齐
经营现金流VGYUMC
| Q4 25 | $2.1B | $125.0M | ||
| Q3 25 | $1.9B | $477.0M | ||
| Q2 25 | $1.5B | $412.0M | ||
| Q1 25 | $1.1B | $452.0M | ||
| Q4 24 | — | $167.0M | ||
| Q3 24 | — | $409.0M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | $638.0M | $442.0M |
自由现金流VGYUMC
| Q4 25 | $-1.5B | $-116.0M | ||
| Q3 25 | $-1.4B | $351.0M | ||
| Q2 25 | $-1.5B | $290.0M | ||
| Q1 25 | $-2.4B | $315.0M | ||
| Q4 24 | — | $-15.0M | ||
| Q3 24 | — | $244.0M | ||
| Q2 24 | — | $232.0M | ||
| Q1 24 | $-2.4B | $253.0M |
自由现金流率VGYUMC
| Q4 25 | -34.1% | -4.1% | ||
| Q3 25 | -42.4% | 10.9% | ||
| Q2 25 | -49.1% | 10.4% | ||
| Q1 25 | -81.3% | 10.6% | ||
| Q4 24 | — | -0.6% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | -167.3% | 8.6% |
资本支出强度VGYUMC
| Q4 25 | 81.6% | 8.5% | ||
| Q3 25 | 98.9% | 3.9% | ||
| Q2 25 | 96.1% | 4.4% | ||
| Q1 25 | 119.8% | 4.6% | ||
| Q4 24 | — | 7.0% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | 212.4% | 6.4% |
现金转化率VGYUMC
| Q4 25 | 1.77× | 0.89× | ||
| Q3 25 | 3.42× | 1.69× | ||
| Q2 25 | 3.07× | 1.92× | ||
| Q1 25 | 2.15× | 1.55× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.89× | ||
| Q1 24 | 0.91× | 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
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
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% |
