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美国铝业公司（AA）与COMMERCIAL METALS Co（CMC）财务数据对比。点击上方公司名可切换其他公司
美国铝业公司的季度营收约是COMMERCIAL METALS Co的1.6倍（$3.4B vs $2.1B），COMMERCIAL METALS Co净利率更高（8.4% vs 6.2%，领先2.2%），COMMERCIAL METALS Co同比增速更快（11.0% vs -1.1%），美国铝业公司自由现金流更多（$294.0M vs $78.8M），过去两年美国铝业公司的营收复合增速更高（15.2% vs 7.1%）
美国铝业公司是美国大型工业企业，为全球规模领先的铝生产商之一，业务布局覆盖10个国家，涵盖铝土矿开采、氧化铝精炼、原铝冶炼、铝制品加工及铝回收利用全产业链，产品广泛应用于全球各工业领域。
商业金属公司（CMC）总部位于美国得克萨斯州欧文市，主营钢筋及相关建筑材料，与纽柯公司同为美国房屋、桥梁、道路等基础设施领域混凝土加固用钢材的两大核心供应商，旗下还拥有地基系统生产商Tensar，产品可用于道路、公共基建及工业设施建设。
AA vs CMC — 直观对比
营收规模更大
AA
是对方的1.6倍
$2.1B
营收增速更快
CMC
高出12.1%
-1.1%
净利率更高
CMC
高出2.2%
6.2%
自由现金流更多
AA
多$215.3M
$78.8M
两年增速更快
AA
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.1B |
| 净利润 | $213.0M | $177.3M |
| 毛利率 | — | 19.2% |
| 营业利润率 | 2.0% | 8.6% |
| 净利率 | 6.2% | 8.4% |
| 营收同比 | -1.1% | 11.0% |
| 净利润同比 | 5.4% | 200.9% |
| 每股收益（稀释后） | $0.80 | $1.58 |
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AACMC
| Q4 25 | $3.4B | $2.1B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $3.0B | $2.0B | ||
| Q1 25 | $3.4B | $1.8B | ||
| Q4 24 | $3.5B | $1.9B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $2.9B | $2.1B | ||
| Q1 24 | $2.6B | $1.8B |
净利润AACMC
| Q4 25 | $213.0M | $177.3M | ||
| Q3 25 | $232.0M | $151.8M | ||
| Q2 25 | $164.0M | $83.1M | ||
| Q1 25 | $548.0M | $25.5M | ||
| Q4 24 | $202.0M | $-175.7M | ||
| Q3 24 | $90.0M | $103.9M | ||
| Q2 24 | $20.0M | $119.4M | ||
| Q1 24 | $-252.0M | $85.8M |
毛利率AACMC
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 18.6% | ||
| Q2 25 | — | 14.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | — | 16.4% | ||
| Q1 24 | — | 16.0% |
营业利润率AACMC
| Q4 25 | 2.0% | 8.6% | ||
| Q3 25 | 5.6% | 9.1% | ||
| Q2 25 | 5.3% | 5.4% | ||
| Q1 25 | 19.8% | 2.1% | ||
| Q4 24 | 9.7% | -12.1% | ||
| Q3 24 | 6.3% | 6.7% | ||
| Q2 24 | 3.2% | 7.7% | ||
| Q1 24 | -12.5% | 6.3% |
净利率AACMC
| Q4 25 | 6.2% | 8.4% | ||
| Q3 25 | 7.7% | 7.2% | ||
| Q2 25 | 5.4% | 4.1% | ||
| Q1 25 | 16.3% | 1.5% | ||
| Q4 24 | 5.8% | -9.2% | ||
| Q3 24 | 3.1% | 5.2% | ||
| Q2 24 | 0.7% | 5.7% | ||
| Q1 24 | -9.7% | 4.6% |
每股收益（稀释后）AACMC
| Q4 25 | $0.80 | $1.58 | ||
| Q3 25 | $0.88 | $1.33 | ||
| Q2 25 | $0.62 | $0.73 | ||
| Q1 25 | $2.07 | $0.22 | ||
| Q4 24 | $1.18 | $-1.54 | ||
| Q3 24 | $0.38 | $0.90 | ||
| Q2 24 | $0.11 | $1.02 | ||
| Q1 24 | $-1.41 | $0.73 |
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 | $1.6B | $1.0B |
| 总债务越低越好 | $2.4B | $3.3B |
| 股东权益账面价值 | $6.1B | $4.3B |
| 总资产 | $16.1B | $9.2B |
| 负债/权益比越低杠杆越低 | 0.40× | 0.77× |
8季度趋势，按日历期对齐
现金及短期投资AACMC
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.5B | $893.0M | ||
| Q1 25 | $1.2B | $758.4M | ||
| Q4 24 | $1.1B | $856.1M | ||
| Q3 24 | $1.3B | $857.9M | ||
| Q2 24 | $1.4B | $698.3M | ||
| Q1 24 | $1.4B | $638.3M |
总债务AACMC
| Q4 25 | $2.4B | $3.3B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $2.5B | $1.1B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.1B | ||
| Q1 24 | $2.5B | $1.1B |
股东权益AACMC
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $6.3B | $4.2B | ||
| Q2 25 | $6.1B | $4.1B | ||
| Q1 25 | $5.8B | $4.0B | ||
| Q4 24 | $5.2B | $4.0B | ||
| Q3 24 | $5.3B | $4.3B | ||
| Q2 24 | $3.9B | $4.3B | ||
| Q1 24 | $4.0B | $4.2B |
总资产AACMC
| Q4 25 | $16.1B | $9.2B | ||
| Q3 25 | $16.0B | $7.2B | ||
| Q2 25 | $15.0B | $7.0B | ||
| Q1 25 | $14.6B | $6.7B | ||
| Q4 24 | $14.1B | $6.8B | ||
| Q3 24 | $14.5B | $6.8B | ||
| Q2 24 | $14.3B | $6.7B | ||
| Q1 24 | $14.3B | $6.7B |
负债/权益比AACMC
| Q4 25 | 0.40× | 0.77× | ||
| Q3 25 | 0.41× | 0.31× | ||
| Q2 25 | 0.42× | 0.32× | ||
| Q1 25 | 0.44× | 0.29× | ||
| Q4 24 | 0.48× | 0.29× | ||
| Q3 24 | 0.47× | 0.27× | ||
| Q2 24 | 0.63× | 0.27× | ||
| Q1 24 | 0.62× | 0.27× |
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 | $537.0M | $204.2M |
| 自由现金流经营现金流 - 资本支出 | $294.0M | $78.8M |
| 自由现金流率自由现金流/营收 | 8.5% | 3.7% |
| 资本支出强度资本支出/营收 | 7.0% | 5.9% |
| 现金转化率经营现金流/净利润 | 2.52× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $567.0M | $296.2M |
8季度趋势，按日历期对齐
经营现金流AACMC
| Q4 25 | $537.0M | $204.2M | ||
| Q3 25 | $85.0M | $315.2M | ||
| Q2 25 | $488.0M | $154.4M | ||
| Q1 25 | $75.0M | $32.4M | ||
| Q4 24 | $415.0M | $213.0M | ||
| Q3 24 | $143.0M | $351.8M | ||
| Q2 24 | $287.0M | $197.9M | ||
| Q1 24 | $-223.0M | $89.0M |
自由现金流AACMC
| Q4 25 | $294.0M | $78.8M | ||
| Q3 25 | $-66.0M | $206.3M | ||
| Q2 25 | $357.0M | $65.0M | ||
| Q1 25 | $-18.0M | $-53.8M | ||
| Q4 24 | $246.0M | $94.8M | ||
| Q3 24 | $-3.0M | $270.3M | ||
| Q2 24 | $123.0M | $115.8M | ||
| Q1 24 | $-324.0M | $-4.8M |
自由现金流率AACMC
| Q4 25 | 8.5% | 3.7% | ||
| Q3 25 | -2.2% | 9.8% | ||
| Q2 25 | 11.8% | 3.2% | ||
| Q1 25 | -0.5% | -3.1% | ||
| Q4 24 | 7.1% | 5.0% | ||
| Q3 24 | -0.1% | 13.5% | ||
| Q2 24 | 4.2% | 5.6% | ||
| Q1 24 | -12.5% | -0.3% |
资本支出强度AACMC
| Q4 25 | 7.0% | 5.9% | ||
| Q3 25 | 5.0% | 5.2% | ||
| Q2 25 | 4.3% | 4.4% | ||
| Q1 25 | 2.8% | 4.9% | ||
| Q4 24 | 4.8% | 6.2% | ||
| Q3 24 | 5.0% | 4.1% | ||
| Q2 24 | 5.6% | 3.9% | ||
| Q1 24 | 3.9% | 5.1% |
现金转化率AACMC
| Q4 25 | 2.52× | 1.15× | ||
| Q3 25 | 0.37× | 2.08× | ||
| Q2 25 | 2.98× | 1.86× | ||
| Q1 25 | 0.14× | 1.27× | ||
| Q4 24 | 2.05× | — | ||
| Q3 24 | 1.59× | 3.39× | ||
| Q2 24 | 14.35× | 1.66× | ||
| Q1 24 | — | 1.04× |
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
AA
| Aluminum | $2.5B | 72% |
| Third Party Sales | $979.0M | 28% |
CMC
| Steel Products | $670.8M | 32% |
| Downstream Products | $505.3M | 24% |
| Construction Solutions Group | $314.4M | 15% |
| Europe Steel Group | $200.0M | 9% |
| Precast Products | $141.6M | 7% |
| Construction Products | $78.4M | 4% |
| Foley Products Company LLC | $75.1M | 4% |
| Concrete Pipe And Precast LLC | $69.4M | 3% |
| Ground Stabilization Products | $49.9M | 2% |
