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美国铝业公司（AA）与自由港麦克莫兰（FCX）财务数据对比。点击上方公司名可切换其他公司
自由港麦克莫兰的季度营收约是美国铝业公司的1.5倍（$5.3B vs $3.4B），自由港麦克莫兰净利率更高（10.7% vs 6.2%，领先4.6%），美国铝业公司同比增速更快（-1.1% vs -10.4%），美国铝业公司自由现金流更多（$294.0M vs $-312.0M），过去两年美国铝业公司的营收复合增速更高（15.2% vs -7.9%）
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。
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
AA vs FCX — 直观对比
营收规模更大
FCX
是对方的1.5倍
$3.4B
营收增速更快
AA
高出9.4%
-10.4%
净利率更高
FCX
高出4.6%
6.2%
自由现金流更多
AA
多$606.0M
$-312.0M
两年增速更快
AA
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $5.3B |
| 净利润 | $213.0M | $565.0M |
| 毛利率 | — | 12.4% |
| 营业利润率 | 2.0% | 15.4% |
| 净利率 | 6.2% | 10.7% |
| 营收同比 | -1.1% | -10.4% |
| 净利润同比 | 5.4% | -21.6% |
| 每股收益（稀释后） | $0.80 | — |
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AAFCX
| Q4 25 | $3.4B | $5.3B | ||
| Q3 25 | $3.0B | $6.8B | ||
| Q2 25 | $3.0B | $7.5B | ||
| Q1 25 | $3.4B | $5.6B | ||
| Q4 24 | $3.5B | $5.9B | ||
| Q3 24 | $2.9B | $6.7B | ||
| Q2 24 | $2.9B | $6.4B | ||
| Q1 24 | $2.6B | $6.2B |
净利润AAFCX
| Q4 25 | $213.0M | $565.0M | ||
| Q3 25 | $232.0M | $1.2B | ||
| Q2 25 | $164.0M | $1.5B | ||
| Q1 25 | $548.0M | $793.0M | ||
| Q4 24 | $202.0M | $721.0M | ||
| Q3 24 | $90.0M | $1.2B | ||
| Q2 24 | $20.0M | $1.3B | ||
| Q1 24 | $-252.0M | $1.2B |
毛利率AAFCX
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 29.2% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | 27.0% | ||
| Q3 24 | — | 30.0% | ||
| Q2 24 | — | 31.5% | ||
| Q1 24 | — | 28.5% |
营业利润率AAFCX
| Q4 25 | 2.0% | 15.4% | ||
| Q3 25 | 5.6% | 28.9% | ||
| Q2 25 | 5.3% | 32.3% | ||
| Q1 25 | 19.8% | 23.4% | ||
| Q4 24 | 9.7% | 21.1% | ||
| Q3 24 | 6.3% | 29.0% | ||
| Q2 24 | 3.2% | 32.0% | ||
| Q1 24 | -12.5% | 26.3% |
净利率AAFCX
| Q4 25 | 6.2% | 10.7% | ||
| Q3 25 | 7.7% | 18.3% | ||
| Q2 25 | 5.4% | 20.6% | ||
| Q1 25 | 16.3% | 14.2% | ||
| Q4 24 | 5.8% | 12.3% | ||
| Q3 24 | 3.1% | 18.5% | ||
| Q2 24 | 0.7% | 20.0% | ||
| Q1 24 | -9.7% | 18.7% |
每股收益（稀释后）AAFCX
| Q4 25 | $0.80 | — | ||
| Q3 25 | $0.88 | $0.46 | ||
| Q2 25 | $0.62 | $0.53 | ||
| Q1 25 | $2.07 | $0.24 | ||
| Q4 24 | $1.18 | — | ||
| Q3 24 | $0.38 | $0.36 | ||
| Q2 24 | $0.11 | $0.42 | ||
| Q1 24 | $-1.41 | $0.32 |
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 | $3.8B |
| 总债务越低越好 | $2.4B | $9.4B |
| 股东权益账面价值 | $6.1B | $18.9B |
| 总资产 | $16.1B | $58.2B |
| 负债/权益比越低杠杆越低 | 0.40× | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资AAFCX
| Q4 25 | $1.6B | $3.8B | ||
| Q3 25 | $1.5B | $4.3B | ||
| Q2 25 | $1.5B | $4.5B | ||
| Q1 25 | $1.2B | $4.4B | ||
| Q4 24 | $1.1B | $3.9B | ||
| Q3 24 | $1.3B | $5.0B | ||
| Q2 24 | $1.4B | $5.3B | ||
| Q1 24 | $1.4B | $5.2B |
总债务AAFCX
| Q4 25 | $2.4B | $9.4B | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | $9.4B | ||
| Q4 24 | $2.5B | $8.9B | ||
| Q3 24 | $2.5B | $9.7B | ||
| Q2 24 | $2.5B | $9.4B | ||
| Q1 24 | $2.5B | $9.4B |
股东权益AAFCX
| Q4 25 | $6.1B | $18.9B | ||
| Q3 25 | $6.3B | $18.7B | ||
| Q2 25 | $6.1B | $18.2B | ||
| Q1 25 | $5.8B | $17.7B | ||
| Q4 24 | $5.2B | $17.6B | ||
| Q3 24 | $5.3B | $17.5B | ||
| Q2 24 | $3.9B | $17.4B | ||
| Q1 24 | $4.0B | $17.0B |
总资产AAFCX
| Q4 25 | $16.1B | $58.2B | ||
| Q3 25 | $16.0B | $56.8B | ||
| Q2 25 | $15.0B | $56.5B | ||
| Q1 25 | $14.6B | $56.0B | ||
| Q4 24 | $14.1B | $54.8B | ||
| Q3 24 | $14.5B | $55.4B | ||
| Q2 24 | $14.3B | $54.6B | ||
| Q1 24 | $14.3B | $54.2B |
负债/权益比AAFCX
| Q4 25 | 0.40× | 0.50× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.44× | 0.53× | ||
| Q4 24 | 0.48× | 0.51× | ||
| Q3 24 | 0.47× | 0.55× | ||
| Q2 24 | 0.63× | 0.54× | ||
| Q1 24 | 0.62× | 0.56× |
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 | $693.0M |
| 自由现金流经营现金流 - 资本支出 | $294.0M | $-312.0M |
| 自由现金流率自由现金流/营收 | 8.5% | -5.9% |
| 资本支出强度资本支出/营收 | 7.0% | 19.1% |
| 现金转化率经营现金流/净利润 | 2.52× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $567.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流AAFCX
| Q4 25 | $537.0M | $693.0M | ||
| Q3 25 | $85.0M | $1.7B | ||
| Q2 25 | $488.0M | $2.2B | ||
| Q1 25 | $75.0M | $1.1B | ||
| Q4 24 | $415.0M | $1.4B | ||
| Q3 24 | $143.0M | $1.9B | ||
| Q2 24 | $287.0M | $2.0B | ||
| Q1 24 | $-223.0M | $1.9B |
自由现金流AAFCX
| Q4 25 | $294.0M | $-312.0M | ||
| Q3 25 | $-66.0M | $608.0M | ||
| Q2 25 | $357.0M | $934.0M | ||
| Q1 25 | $-18.0M | $-114.0M | ||
| Q4 24 | $246.0M | $197.0M | ||
| Q3 24 | $-3.0M | $673.0M | ||
| Q2 24 | $123.0M | $840.0M | ||
| Q1 24 | $-324.0M | $642.0M |
自由现金流率AAFCX
| Q4 25 | 8.5% | -5.9% | ||
| Q3 25 | -2.2% | 8.9% | ||
| Q2 25 | 11.8% | 12.4% | ||
| Q1 25 | -0.5% | -2.0% | ||
| Q4 24 | 7.1% | 3.4% | ||
| Q3 24 | -0.1% | 10.1% | ||
| Q2 24 | 4.2% | 13.1% | ||
| Q1 24 | -12.5% | 10.3% |
资本支出强度AAFCX
| Q4 25 | 7.0% | 19.1% | ||
| Q3 25 | 5.0% | 15.5% | ||
| Q2 25 | 4.3% | 16.8% | ||
| Q1 25 | 2.8% | 21.0% | ||
| Q4 24 | 4.8% | 21.1% | ||
| Q3 24 | 5.0% | 17.9% | ||
| Q2 24 | 5.6% | 17.4% | ||
| Q1 24 | 3.9% | 20.2% |
现金转化率AAFCX
| Q4 25 | 2.52× | 1.23× | ||
| Q3 25 | 0.37× | 1.33× | ||
| Q2 25 | 2.98× | 1.42× | ||
| Q1 25 | 0.14× | 1.33× | ||
| Q4 24 | 2.05× | 1.99× | ||
| Q3 24 | 1.59× | 1.51× | ||
| Q2 24 | 14.35× | 1.53× | ||
| Q1 24 | — | 1.63× |
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% |
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
