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百胜中国（YUMC）与斑马技术（ZBRA）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斑马技术的1.9倍（$2.8B vs $1.5B），百胜中国净利率更高（5.0% vs 4.7%，领先0.2%），斑马技术同比增速更快（10.6% vs 8.8%），斑马技术自由现金流更多（$327.0M vs $-116.0M），过去两年斑马技术的营收复合增速更高（12.0% vs -2.3%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
YUMC vs ZBRA — 直观对比
营收规模更大
YUMC
是对方的1.9倍
$1.5B
营收增速更快
ZBRA
高出1.8%
8.8%
净利率更高
YUMC
高出0.2%
4.7%
自由现金流更多
ZBRA
多$443.0M
$-116.0M
两年增速更快
ZBRA
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.5B |
| 净利润 | $140.0M | $70.0M |
| 毛利率 | — | 47.3% |
| 营业利润率 | 6.6% | 9.4% |
| 净利率 | 5.0% | 4.7% |
| 营收同比 | 8.8% | 10.6% |
| 净利润同比 | 21.7% | -57.1% |
| 每股收益（稀释后） | $0.40 | $1.40 |
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YUMCZBRA
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $3.2B | $1.3B | ||
| Q2 25 | $2.8B | $1.3B | ||
| Q1 25 | $3.0B | $1.3B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $3.0B | $1.2B |
净利润YUMCZBRA
| Q4 25 | $140.0M | $70.0M | ||
| Q3 25 | $282.0M | $101.0M | ||
| Q2 25 | $215.0M | $112.0M | ||
| Q1 25 | $292.0M | $136.0M | ||
| Q4 24 | $115.0M | $163.0M | ||
| Q3 24 | $297.0M | $137.0M | ||
| Q2 24 | $212.0M | $113.0M | ||
| Q1 24 | $287.0M | $115.0M |
毛利率YUMCZBRA
| Q4 25 | — | 47.3% | ||
| Q3 25 | — | 48.0% | ||
| Q2 25 | — | 47.6% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 48.8% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 47.9% |
营业利润率YUMCZBRA
| Q4 25 | 6.6% | 9.4% | ||
| Q3 25 | 12.5% | 13.9% | ||
| Q2 25 | 10.9% | 14.2% | ||
| Q1 25 | 13.4% | 14.9% | ||
| Q4 24 | 5.8% | 16.9% | ||
| Q3 24 | 12.1% | 15.2% | ||
| Q2 24 | 9.9% | 13.7% | ||
| Q1 24 | 12.6% | 13.5% |
净利率YUMCZBRA
| Q4 25 | 5.0% | 4.7% | ||
| Q3 25 | 8.8% | 7.7% | ||
| Q2 25 | 7.7% | 8.7% | ||
| Q1 25 | 9.8% | 10.4% | ||
| Q4 24 | 4.4% | 12.2% | ||
| Q3 24 | 9.7% | 10.9% | ||
| Q2 24 | 7.9% | 9.3% | ||
| Q1 24 | 9.7% | 9.8% |
每股收益（稀释后）YUMCZBRA
| Q4 25 | $0.40 | $1.40 | ||
| Q3 25 | $0.76 | $1.97 | ||
| Q2 25 | $0.58 | $2.19 | ||
| Q1 25 | $0.77 | $2.62 | ||
| Q4 24 | $0.30 | $3.14 | ||
| Q3 24 | $0.77 | $2.64 | ||
| Q2 24 | $0.55 | $2.17 | ||
| Q1 24 | $0.71 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.4B | $3.6B |
| 总资产 | $10.8B | $8.5B |
| 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YUMCZBRA
| Q4 25 | $1.4B | $125.0M | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.2B | $872.0M | ||
| Q1 25 | $2.0B | $879.0M | ||
| Q4 24 | $1.8B | $901.0M | ||
| Q3 24 | $2.5B | $676.0M | ||
| Q2 24 | $2.5B | $411.0M | ||
| Q1 24 | $2.4B | $127.0M |
总债务YUMCZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益YUMCZBRA
| Q4 25 | $5.4B | $3.6B | ||
| Q3 25 | $5.7B | $3.7B | ||
| Q2 25 | $5.8B | $3.6B | ||
| Q1 25 | $5.8B | $3.6B | ||
| Q4 24 | $5.7B | $3.6B | ||
| Q3 24 | $6.0B | $3.4B | ||
| Q2 24 | $5.8B | $3.3B | ||
| Q1 24 | $5.9B | $3.2B |
总资产YUMCZBRA
| Q4 25 | $10.8B | $8.5B | ||
| Q3 25 | $11.0B | $8.1B | ||
| Q2 25 | $11.0B | $7.9B | ||
| Q1 25 | $11.0B | $7.9B | ||
| Q4 24 | $11.1B | $8.0B | ||
| Q3 24 | $11.8B | $7.7B | ||
| Q2 24 | $11.6B | $7.5B | ||
| Q1 24 | $11.3B | $7.3B |
负债/权益比YUMCZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $125.0M | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $-116.0M | $327.0M |
| 自由现金流率自由现金流/营收 | -4.1% | 22.2% |
| 资本支出强度资本支出/营收 | 8.5% | 2.0% |
| 现金转化率经营现金流/净利润 | 0.89× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $840.0M | $831.0M |
8季度趋势，按日历期对齐
经营现金流YUMCZBRA
| Q4 25 | $125.0M | $357.0M | ||
| Q3 25 | $477.0M | $235.0M | ||
| Q2 25 | $412.0M | $147.0M | ||
| Q1 25 | $452.0M | $178.0M | ||
| Q4 24 | $167.0M | $306.0M | ||
| Q3 24 | $409.0M | $294.0M | ||
| Q2 24 | $401.0M | $288.0M | ||
| Q1 24 | $442.0M | $125.0M |
自由现金流YUMCZBRA
| Q4 25 | $-116.0M | $327.0M | ||
| Q3 25 | $351.0M | $216.0M | ||
| Q2 25 | $290.0M | $130.0M | ||
| Q1 25 | $315.0M | $158.0M | ||
| Q4 24 | $-15.0M | $288.0M | ||
| Q3 24 | $244.0M | $277.0M | ||
| Q2 24 | $232.0M | $278.0M | ||
| Q1 24 | $253.0M | $111.0M |
自由现金流率YUMCZBRA
| Q4 25 | -4.1% | 22.2% | ||
| Q3 25 | 10.9% | 16.4% | ||
| Q2 25 | 10.4% | 10.1% | ||
| Q1 25 | 10.6% | 12.1% | ||
| Q4 24 | -0.6% | 21.6% | ||
| Q3 24 | 7.9% | 22.1% | ||
| Q2 24 | 8.7% | 22.8% | ||
| Q1 24 | 8.6% | 9.4% |
资本支出强度YUMCZBRA
| Q4 25 | 8.5% | 2.0% | ||
| Q3 25 | 3.9% | 1.4% | ||
| Q2 25 | 4.4% | 1.3% | ||
| Q1 25 | 4.6% | 1.5% | ||
| Q4 24 | 7.0% | 1.3% | ||
| Q3 24 | 5.4% | 1.4% | ||
| Q2 24 | 6.3% | 0.8% | ||
| Q1 24 | 6.4% | 1.2% |
现金转化率YUMCZBRA
| Q4 25 | 0.89× | 5.10× | ||
| Q3 25 | 1.69× | 2.33× | ||
| Q2 25 | 1.92× | 1.31× | ||
| Q1 25 | 1.55× | 1.31× | ||
| Q4 24 | 1.45× | 1.88× | ||
| Q3 24 | 1.38× | 2.15× | ||
| Q2 24 | 1.89× | 2.55× | ||
| Q1 24 | 1.54× | 1.09× |
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
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
