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Wingstop Inc.（WING）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
百胜中国的季度营收约是Wingstop Inc.的16.1倍（$2.8B vs $175.7M）。Wingstop Inc.净利率更高（15.2% vs 5.0%，领先10.3%）。百胜中国同比增速更快（8.8% vs 8.6%）。Wingstop Inc.自由现金流更多（$34.5M vs $-116.0M）。过去两年Wingstop Inc.的营收复合增速更高（9.8% vs -2.3%）
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
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。
WING vs YUMC — 直观对比
营收规模更大
YUMC
是对方的16.1倍
$175.7M
营收增速更快
YUMC
高出0.2%
8.6%
净利率更高
WING
高出10.3%
5.0%
自由现金流更多
WING
多$150.5M
$-116.0M
两年增速更快
WING
近两年复合增速
-2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $175.7M | $2.8B |
| 净利润 | $26.8M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 26.7% | 6.6% |
| 净利率 | 15.2% | 5.0% |
| 营收同比 | 8.6% | 8.8% |
| 净利润同比 | 0.0% | 21.7% |
| 每股收益（稀释后） | $0.99 | $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WINGYUMC
| Q4 25 | $175.7M | $2.8B | ||
| Q3 25 | $175.7M | $3.2B | ||
| Q2 25 | $174.3M | $2.8B | ||
| Q1 25 | $171.1M | $3.0B | ||
| Q4 24 | $161.8M | $2.6B | ||
| Q3 24 | $162.5M | $3.1B | ||
| Q2 24 | $155.7M | $2.7B | ||
| Q1 24 | $145.8M | $3.0B |
净利润WINGYUMC
| Q4 25 | $26.8M | $140.0M | ||
| Q3 25 | $28.5M | $282.0M | ||
| Q2 25 | $26.8M | $215.0M | ||
| Q1 25 | $92.3M | $292.0M | ||
| Q4 24 | $26.8M | $115.0M | ||
| Q3 24 | $25.7M | $297.0M | ||
| Q2 24 | $27.5M | $212.0M | ||
| Q1 24 | $28.7M | $287.0M |
毛利率WINGYUMC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 85.6% | — | ||
| Q3 24 | 85.0% | — | ||
| Q2 24 | 85.4% | — | ||
| Q1 24 | 85.4% | — |
营业利润率WINGYUMC
| Q4 25 | 26.7% | 6.6% | ||
| Q3 25 | 27.9% | 12.5% | ||
| Q2 25 | 25.9% | 10.9% | ||
| Q1 25 | 22.4% | 13.4% | ||
| Q4 24 | 25.9% | 5.8% | ||
| Q3 24 | 24.5% | 12.1% | ||
| Q2 24 | 26.5% | 9.9% | ||
| Q1 24 | 29.3% | 12.6% |
净利率WINGYUMC
| Q4 25 | 15.2% | 5.0% | ||
| Q3 25 | 16.2% | 8.8% | ||
| Q2 25 | 15.4% | 7.7% | ||
| Q1 25 | 53.9% | 9.8% | ||
| Q4 24 | 16.5% | 4.4% | ||
| Q3 24 | 15.8% | 9.7% | ||
| Q2 24 | 17.7% | 7.9% | ||
| Q1 24 | 19.7% | 9.7% |
每股收益（稀释后）WINGYUMC
| Q4 25 | $0.99 | $0.40 | ||
| Q3 25 | $1.02 | $0.76 | ||
| Q2 25 | $0.96 | $0.58 | ||
| Q1 25 | $3.24 | $0.77 | ||
| Q4 24 | $0.91 | $0.30 | ||
| Q3 24 | $0.88 | $0.77 | ||
| Q2 24 | $0.93 | $0.55 | ||
| Q1 24 | $0.98 | $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 | $196.6M | $1.4B |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $-736.8M | $5.4B |
| 总资产 | $693.4M | $10.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资WINGYUMC
| Q4 25 | $196.6M | $1.4B | ||
| Q3 25 | $237.6M | $2.1B | ||
| Q2 25 | $227.9M | $2.2B | ||
| Q1 25 | $251.4M | $2.0B | ||
| Q4 24 | $315.9M | $1.8B | ||
| Q3 24 | $84.0M | $2.5B | ||
| Q2 24 | $96.7M | $2.5B | ||
| Q1 24 | $108.3M | $2.4B |
总债务WINGYUMC
| Q4 25 | $1.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益WINGYUMC
| Q4 25 | $-736.8M | $5.4B | ||
| Q3 25 | $-702.6M | $5.7B | ||
| Q2 25 | $-686.0M | $5.8B | ||
| Q1 25 | $-715.0M | $5.8B | ||
| Q4 24 | $-675.6M | $5.7B | ||
| Q3 24 | $-447.5M | $6.0B | ||
| Q2 24 | $-437.5M | $5.8B | ||
| Q1 24 | $-434.4M | $5.9B |
总资产WINGYUMC
| Q4 25 | $693.4M | $10.8B | ||
| Q3 25 | $721.0M | $11.0B | ||
| Q2 25 | $708.3M | $11.0B | ||
| Q1 25 | $696.8M | $11.0B | ||
| Q4 24 | $716.2M | $11.1B | ||
| Q3 24 | $484.8M | $11.8B | ||
| Q2 24 | $451.8M | $11.6B | ||
| Q1 24 | $412.3M | $11.3B |
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 | $57.3M | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $34.5M | $-116.0M |
| 自由现金流率自由现金流/营收 | 19.6% | -4.1% |
| 资本支出强度资本支出/营收 | 13.0% | 8.5% |
| 现金转化率经营现金流/净利润 | 2.14× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $105.6M | $840.0M |
8季度趋势，按日历期对齐
经营现金流WINGYUMC
| Q4 25 | $57.3M | $125.0M | ||
| Q3 25 | $63.9M | $477.0M | ||
| Q2 25 | $6.6M | $412.0M | ||
| Q1 25 | $25.3M | $452.0M | ||
| Q4 24 | $7.7M | $167.0M | ||
| Q3 24 | $69.0M | $409.0M | ||
| Q2 24 | $36.2M | $401.0M | ||
| Q1 24 | $44.7M | $442.0M |
自由现金流WINGYUMC
| Q4 25 | $34.5M | $-116.0M | ||
| Q3 25 | $61.7M | $351.0M | ||
| Q2 25 | $-7.8M | $290.0M | ||
| Q1 25 | $17.3M | $315.0M | ||
| Q4 24 | $-8.6M | $-15.0M | ||
| Q3 24 | $54.9M | $244.0M | ||
| Q2 24 | $25.9M | $232.0M | ||
| Q1 24 | $33.5M | $253.0M |
自由现金流率WINGYUMC
| Q4 25 | 19.6% | -4.1% | ||
| Q3 25 | 35.1% | 10.9% | ||
| Q2 25 | -4.5% | 10.4% | ||
| Q1 25 | 10.1% | 10.6% | ||
| Q4 24 | -5.3% | -0.6% | ||
| Q3 24 | 33.8% | 7.9% | ||
| Q2 24 | 16.6% | 8.7% | ||
| Q1 24 | 23.0% | 8.6% |
资本支出强度WINGYUMC
| Q4 25 | 13.0% | 8.5% | ||
| Q3 25 | 1.3% | 3.9% | ||
| Q2 25 | 8.2% | 4.4% | ||
| Q1 25 | 4.7% | 4.6% | ||
| Q4 24 | 10.1% | 7.0% | ||
| Q3 24 | 8.7% | 5.4% | ||
| Q2 24 | 6.6% | 6.3% | ||
| Q1 24 | 7.7% | 6.4% |
现金转化率WINGYUMC
| Q4 25 | 2.14× | 0.89× | ||
| Q3 25 | 2.24× | 1.69× | ||
| Q2 25 | 0.25× | 1.92× | ||
| Q1 25 | 0.27× | 1.55× | ||
| Q4 24 | 0.29× | 1.45× | ||
| Q3 24 | 2.68× | 1.38× | ||
| Q2 24 | 1.32× | 1.89× | ||
| Q1 24 | 1.55× | 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
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
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% |
