<p>餐厅的利润率通常很低。但 <strong>麦当劳</strong>（MCD -0.47%），全球最大的餐饮连锁店，竟然是最赚钱的企业之一。事实上，它的利润率甚至高于 <strong>特斯拉</strong>（NASDAQ: TSLA）、<strong>苹果</strong>（NASDAQ: AAPL）和 <strong>奈飞</strong>（NASDAQ: NFLX）等知名企业。</p>
<p>我需要澄清的是，利润可以从多个角度来衡量。但衡量利润的最佳方法之一是营业利润率。这个指标排除了与常规业务运营无关的因素——例如，可能每年波动很大的税收——并仅关注企业所产生的利润。</p>
<p>在 2 月 10 日，麦当劳公布了 2024 年的最终财务结果。在这一年中，该公司的营业利润率达到了 45%。这是全球最好的水平之一。正如下图所示，它远远超过了特斯拉、苹果和奈飞等公司的营业利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d287634b6dceaa55b09922cefc7a16ba.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d287634b6dceaa55b09922cefc7a16ba.png"/></p>
<p>MCD 营业利润率（TTM）数据来自 YCharts</p>
<p>假设核心业务是汉堡和薯条，麦当劳似乎每销售 100 美元就能获得 45 美元的营业利润。这似乎表明它的食品价格过高。但如果你认为销售食品是麦当劳的核心业务，那你就错了。</p>
<p>麦当劳的营业利润率与最赚钱的科技公司相当甚至更高，因为它并不完全是做食品生意。这对投资者来说是一个非常有趣的事情，接下来我会解释。</p>
<h2>麦当劳的秘密武器</h2>
<p>截至目前，我仍在等待麦当劳提交其年度报告，该报告包含比通常向投资者报告的财务数据更详细的信息。因此，请允许我提及一些 2023 年的数据以作说明。在 2023 年，麦当劳的总收入为 255 亿美元。其中，来自特许经营餐厅的收入为 154 亿美元（超过其总收入的 60%）——这些餐厅由独立的第三方运营。</p>
<p>麦当劳的特许经营收入主要来自一个特别令人惊讶的来源。事实证明，该公司拥有大量的房地产，并将其租给特许经营商。2023 年，它的租金收入达到了 98 亿美元。</p>
<p>截至 2023 年底，麦当劳拥有超过 270 亿美元的房地产，包括其拥有的土地和建筑物。这使得麦当劳成为全球任何餐饮公司中最大的房地产投资组合。这一动态在很大程度上解释了为什么它的营业利润率相比其他餐饮连锁店如此之高。</p>
<p>换句话说，麦当劳主要为第三方特许经营商提供经营餐厅的机会。公司为特许经营商提供品牌、系统，甚至是建筑。特许经营商销售经典的汉堡和薯条，这是一项利润率较低的业务。但母公司获得的特许权使用费和租金收入则是高利润的，甚至让软件公司都感到羡慕。</p>
<h2>这对今天的投资者意味着什么？</h2>
<p>麦当劳预计其营业利润率将在 2025 年进一步改善。即使是适度的改善，也可能在如此庞大的业务规模下带来营业利润的大幅增加。</p>
<p>另一个有趣的考虑是，麦当劳目前大约有 43,000 个餐厅位置，但预计到 2027 年将超过 50,000 个。这在短短三年内增长了 16%，对于这样规模的企业来说是相当重要的。而且，由于大部分增长将来自特许经营商，预计其高利润收入来源将会有相应的增长。</p>
<p>考虑到这个业务的规模和高利润，我认为麦当劳的股票是一个人们可以做出的最安全的投资之一——换句话说，我相信长期内亏损的可能性很低。鉴于麦当劳的规模，我认为它不一定具有最高的上涨潜力。但它仍然值得持有，并且值得关注，以防价格在某个时候回落到特别有吸引力的估值。</p>

麦当劳

<p>麦当劳的利润率出乎意料地高，超过了特斯拉、苹果和奈飞。该公司的营业利润率为 45%，这主要得益于其特许经营模式和可观的房地产资产，2023 年产生了 98 亿美元的租金收入。麦当劳计划到 2027 年将餐厅数量从 43,000 家增加到超过 50,000 家，这为其进一步增长奠定了基础。这使得其股票成为一个潜在的安全长期投资，尽管没有最高的上涨潜力</p>

<p>Restaurants have notoriously low profit margins. But <strong>McDonald's</strong>(MCD -0.47%), the world's largest restaurant chain, is surprisingly one of the most profitable businesses. In fact, its profit margins are higher than prestigious businesses such as <strong>Tesla</strong>(NASDAQ: TSLA), <strong>Apple</strong>(NASDAQ: AAPL), and <strong>Netflix</strong>(NASDAQ: NFLX).</p>
<div class="lb-trans"><p>餐厅的利润率通常很低。但 <strong>麦当劳</strong>（MCD -0.47%），全球最大的餐饮连锁店，竟然是最赚钱的企业之一。事实上，它的利润率甚至高于 <strong>特斯拉</strong>（NASDAQ: TSLA）、<strong>苹果</strong>（NASDAQ: AAPL）和 <strong>奈飞</strong>（NASDAQ: NFLX）等知名企业。</p>
</div><p>I should clarify that profits can be measured from multiple angles. But one of the best ways to measure profits is with the operating margin. This metric excludes things that aren't related to regular business operations -- such as taxes, which can swing wildly from year to year -- and focuses only on the profits the business produces.</p>
<div class="lb-trans"><p>我需要澄清的是，利润可以从多个角度来衡量。但衡量利润的最佳方法之一是营业利润率。这个指标排除了与常规业务运营无关的因素——例如，可能每年波动很大的税收——并仅关注企业所产生的利润。</p>
</div><p>On Feb. 10, McDonald's reported finalized financial results for 2024. During the year, the company had a stellar operating margin of 45%. That's among the very best in the world. And as the chart below shows, it's far better than the operating margin for companies such as Tesla, Apple, and Netflix.</p>
<div class="lb-trans"><p>在 2 月 10 日，麦当劳公布了 2024 年的最终财务结果。在这一年中，该公司的营业利润率达到了 45%。这是全球最好的水平之一。正如下图所示，它远远超过了特斯拉、苹果和奈飞等公司的营业利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d287634b6dceaa55b09922cefc7a16ba.png" alt="" original-src="https://media.ycharts.com/charts/d287634b6dceaa55b09922cefc7a16ba.png"/></p>
<p>MCD Operating Margin (TTM) data by YCharts</p>
<div class="lb-trans"><p>MCD 营业利润率（TTM）数据来自 YCharts</p>
</div><p>Assuming that the core business is burgers and fries, it would seem that McDonald's makes $45 in operating profit for every $100 it has in sales. This would suggest that its food is outrageously overpriced. But if you assume that selling food is the core business for McDonald's, you're wrong.</p>
<div class="lb-trans"><p>假设核心业务是汉堡和薯条，麦当劳似乎每销售 100 美元就能获得 45 美元的营业利润。这似乎表明它的食品价格过高。但如果你认为销售食品是麦当劳的核心业务，那你就错了。</p>
</div><p>McDonald's has operating margins as good or better than even the most profitable tech companies because it's not in the food business per se. And it's a really interesting thing for investors to note, as I'll explain.</p>
<div class="lb-trans"><p>麦当劳的营业利润率与最赚钱的科技公司相当甚至更高，因为它并不完全是做食品生意。这对投资者来说是一个非常有趣的事情，接下来我会解释。</p>
</div><h2>The secret sauce for McDonald's</h2>
<div class="lb-trans"><h2>麦当劳的秘密武器</h2>
</div><p>As of this writing, I'm still waiting on McDonald's to file its annual report, which contains more detailed financials than what it usually reports to investors. So allow me to mention some 2023 numbers for illustrative purposes. In 2023, McDonald's generated total revenue of $25.5 billion. Of this, it generated $15.4 billion (over 60% of its total revenue) from its franchised restaurants -- restaurants operated by independent third parties.</p>
<div class="lb-trans"><p>截至目前，我仍在等待麦当劳提交其年度报告，该报告包含比通常向投资者报告的财务数据更详细的信息。因此，请允许我提及一些 2023 年的数据以作说明。在 2023 年，麦当劳的总收入为 255 亿美元。其中，来自特许经营餐厅的收入为 154 亿美元（超过其总收入的 60%）——这些餐厅由独立的第三方运营。</p>
</div><p>The bulk of franchised revenue for McDonald's comes from a particularly surprising source. As it turns out, the company owns a lot of real estate that it rents out to its franchises. It generated $9.8 billion in rental income in 2023.</p>
<div class="lb-trans"><p>麦当劳的特许经营收入主要来自一个特别令人惊讶的来源。事实证明，该公司拥有大量的房地产，并将其租给特许经营商。2023 年，它的租金收入达到了 98 亿美元。</p>
</div><p>McDonald's had over $27 billion in real estate at the end of 2023, when looking at land that it owned and buildings that were on land that it owned. This gives McDonald's the largest real estate portfolio of any restaurant company in the world. And this dynamic goes a long way to explaining why it has operating margins that are so high compared to other restaurant chains.</p>
<div class="lb-trans"><p>截至 2023 年底，麦当劳拥有超过 270 亿美元的房地产，包括其拥有的土地和建筑物。这使得麦当劳成为全球任何餐饮公司中最大的房地产投资组合。这一动态在很大程度上解释了为什么它的营业利润率相比其他餐饮连锁店如此之高。</p>
</div><p>In other words, McDonald's primarily offers third-party franchisees an opportunity to run a restaurant business. The company provides franchisees with the brand, the system, and even the building. The franchisees sell the classic burgers and fries, which is a much lower-margin business. But the parent company gets royalties and rental income, which is so high-margin that even software companies are jealous.</p>
<div class="lb-trans"><p>换句话说，麦当劳主要为第三方特许经营商提供经营餐厅的机会。公司为特许经营商提供品牌、系统，甚至是建筑。特许经营商销售经典的汉堡和薯条，这是一项利润率较低的业务。但母公司获得的特许权使用费和租金收入则是高利润的，甚至让软件公司都感到羡慕。</p>
</div><h2>What does this mean for investors today?</h2>
<div class="lb-trans"><h2>这对今天的投资者意味着什么？</h2>
</div><p>McDonald's expects its operating margin to further improve in 2025. And even a modest improvement could still result in a large increase in operating profits given how massive the business is.</p>
<div class="lb-trans"><p>麦当劳预计其营业利润率将在 2025 年进一步改善。即使是适度的改善，也可能在如此庞大的业务规模下带来营业利润的大幅增加。</p>
</div><p>Another interesting thing to consider is that McDonald's has around 43,000 restaurant locations today but expects to surpass 50,000 in 2027. That's a 16% increase in just three years, which is pretty meaningful for a business of this size. And since most of the growth will come from franchisees, expect a respectable increase in its high-margin revenue streams.</p>
<div class="lb-trans"><p>另一个有趣的考虑是，麦当劳目前大约有 43,000 个餐厅位置，但预计到 2027 年将超过 50,000 个。这在短短三年内增长了 16%，对于这样规模的企业来说是相当重要的。而且，由于大部分增长将来自特许经营商，预计其高利润收入来源将会有相应的增长。</p>
</div><p>Given how big and high-margin this business is, I consider McDonald's stock as one of the safest investments someone could make -- in other words, I believe there's a low chance of losing money over the long term. Given McDonald's size, I'd say it doesn't necessarily have the highest upside potential. But it could still be worth holding, and it's worth watching in case the price ever dips to a particularly attractive valuation.</p>
<div class="lb-trans"><p>考虑到这个业务的规模和高利润，我认为麦当劳的股票是一个人们可以做出的最安全的投资之一——换句话说，我相信长期内亏损的可能性很低。鉴于麦当劳的规模，我认为它不一定具有最高的上涨潜力。但它仍然值得持有，并且值得关注，以防价格在某个时候回落到特别有吸引力的估值。</p>
</div>

Surprise: McDonald's Has Higher Profit Margins Than Tesla, Apple, or Netflix

- 麦当劳的营业利润率为 45%，高于特斯拉、苹果和奈飞等公司。  
- 2023 年，麦当劳从特许经营餐厅获得 15.4 亿美元收入，租金收入达 98 亿美元。  
- 预计到 2027 年，麦当劳餐厅数量将超过 50,000 家，推动高利润收入增长。  

令人惊讶的是，麦当劳的利润率高于特斯拉、苹果或 Netflix