vs
艾地盟（ADM）与纽蒙特（NEM）财务数据对比。点击上方公司名可切换其他公司
纽蒙特的季度营收约是艾地盟的1.2倍（$7.3B vs $6.1B），纽蒙特净利率更高（26.0% vs 7.5%，领先18.5%），艾地盟同比增速更快（123.5% vs -31.4%），纽蒙特自由现金流更多（$1.2B vs $-669.0M），过去两年纽蒙特的营收复合增速更高（28.8% vs -47.4%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
纽蒙特公司是总部位于美国科罗拉多州丹佛市的金矿企业，为全球规模最大的金矿开采集团。公司成立于1921年，在全球十余个国家持有金矿资产，还与巴里克矿业共同持有内华达金矿的部分股权，除黄金外也开采铜、银、锌、铅等多种金属。
ADM vs NEM — 直观对比
营收规模更大
NEM
是对方的1.2倍
$6.1B
营收增速更快
ADM
高出155.0%
-31.4%
净利率更高
NEM
高出18.5%
7.5%
自由现金流更多
NEM
多$1.9B
$-669.0M
两年增速更快
NEM
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $7.3B |
| 净利润 | $456.0M | $1.9B |
| 毛利率 | 20.0% | — |
| 营业利润率 | 7.9% | — |
| 净利率 | 7.5% | 26.0% |
| 营收同比 | 123.5% | -31.4% |
| 净利润同比 | -19.6% | -8.3% |
| 每股收益（稀释后） | $0.95 | $1.68 |
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ADMNEM
| Q1 26 | — | $7.3B | ||
| Q4 25 | $6.1B | $6.8B | ||
| Q3 25 | $6.4B | $5.5B | ||
| Q2 25 | $6.3B | $5.3B | ||
| Q1 25 | $6.1B | $5.0B | ||
| Q4 24 | $-25.7B | $5.7B | ||
| Q3 24 | $6.0B | $4.6B | ||
| Q2 24 | $22.2B | $4.4B |
净利润ADMNEM
| Q1 26 | — | $1.9B | ||
| Q4 25 | $456.0M | $1.3B | ||
| Q3 25 | $108.0M | $1.8B | ||
| Q2 25 | $219.0M | $2.1B | ||
| Q1 25 | $295.0M | $1.9B | ||
| Q4 24 | $567.0M | $1.4B | ||
| Q3 24 | $18.0M | $922.0M | ||
| Q2 24 | $486.0M | $853.0M |
毛利率ADMNEM
| Q1 26 | — | — | ||
| Q4 25 | 20.0% | — | ||
| Q3 25 | 19.8% | — | ||
| Q2 25 | 21.6% | — | ||
| Q1 25 | 19.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.8% | — | ||
| Q2 24 | 6.3% | — |
营业利润率ADMNEM
| Q1 26 | — | — | ||
| Q4 25 | 7.9% | 47.6% | ||
| Q3 25 | 2.3% | 45.4% | ||
| Q2 25 | 4.4% | 58.6% | ||
| Q1 25 | 5.7% | 49.3% | ||
| Q4 24 | — | 36.3% | ||
| Q3 24 | 1.8% | 23.0% | ||
| Q2 24 | 2.7% | 23.5% |
净利率ADMNEM
| Q1 26 | — | 26.0% | ||
| Q4 25 | 7.5% | 19.1% | ||
| Q3 25 | 1.7% | 33.2% | ||
| Q2 25 | 3.5% | 38.8% | ||
| Q1 25 | 4.8% | 37.7% | ||
| Q4 24 | -2.2% | 24.8% | ||
| Q3 24 | 0.3% | 20.0% | ||
| Q2 24 | 2.2% | 19.4% |
每股收益（稀释后）ADMNEM
| Q1 26 | — | $1.68 | ||
| Q4 25 | $0.95 | $1.19 | ||
| Q3 25 | $0.22 | $1.67 | ||
| Q2 25 | $0.45 | $1.85 | ||
| Q1 25 | $0.61 | $1.68 | ||
| Q4 24 | $1.21 | $1.23 | ||
| Q3 24 | $0.04 | $0.80 | ||
| Q2 24 | $0.98 | $0.74 |
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 | $1.0B | $4.7B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $22.7B | $31.4B |
| 总资产 | $52.4B | $55.5B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资ADMNEM
| Q1 26 | — | $4.7B | ||
| Q4 25 | $1.0B | $8.2B | ||
| Q3 25 | $1.2B | $6.0B | ||
| Q2 25 | $1.1B | $6.7B | ||
| Q1 25 | $864.0M | $4.7B | ||
| Q4 24 | $611.0M | $3.6B | ||
| Q3 24 | $784.0M | $3.1B | ||
| Q2 24 | $764.0M | $2.7B |
总债务ADMNEM
| Q1 26 | — | — | ||
| Q4 25 | $7.6B | $5.1B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $7.1B | ||
| Q1 25 | — | $7.5B | ||
| Q4 24 | $8.3B | $8.5B | ||
| Q3 24 | $7.6B | $8.6B | ||
| Q2 24 | — | $8.7B |
股东权益ADMNEM
| Q1 26 | — | $31.4B | ||
| Q4 25 | $22.7B | $33.9B | ||
| Q3 25 | $22.5B | $33.2B | ||
| Q2 25 | $22.4B | $32.1B | ||
| Q1 25 | $22.1B | $31.2B | ||
| Q4 24 | $22.2B | $29.9B | ||
| Q3 24 | $22.0B | $29.7B | ||
| Q2 24 | $22.2B | $29.4B |
总资产ADMNEM
| Q1 26 | — | $55.5B | ||
| Q4 25 | $52.4B | $57.1B | ||
| Q3 25 | $51.9B | $54.7B | ||
| Q2 25 | $52.0B | $55.2B | ||
| Q1 25 | $53.4B | $55.5B | ||
| Q4 24 | $53.3B | $56.3B | ||
| Q3 24 | $52.2B | $56.2B | ||
| Q2 24 | $52.7B | $55.7B |
负债/权益比ADMNEM
| Q1 26 | — | — | ||
| Q4 25 | 0.33× | 0.15× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 0.37× | 0.28× | ||
| Q3 24 | 0.35× | 0.29× | ||
| Q2 24 | — | 0.30× |
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 | $-313.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $1.2B |
| 自由现金流率自由现金流/营收 | -11.1% | 16.5% |
| 资本支出强度资本支出/营收 | 5.9% | 11.3% |
| 现金转化率经营现金流/净利润 | -0.69× | — |
| 过去12个月自由现金流最近4个季度 | $4.2B | $7.3B |
8季度趋势，按日历期对齐
经营现金流ADMNEM
| Q1 26 | — | — | ||
| Q4 25 | $-313.0M | $3.6B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $4.3B | $2.4B | ||
| Q1 25 | $-342.0M | $2.0B | ||
| Q4 24 | $322.0M | $2.5B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $468.0M | $1.4B |
自由现金流ADMNEM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $-669.0M | $2.8B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $4.0B | $1.7B | ||
| Q1 25 | $-633.0M | $1.2B | ||
| Q4 24 | $-170.0M | $1.6B | ||
| Q3 24 | $919.0M | $771.0M | ||
| Q2 24 | $106.0M | $628.0M |
自由现金流率ADMNEM
| Q1 26 | — | 16.5% | ||
| Q4 25 | -11.1% | 41.3% | ||
| Q3 25 | 23.6% | 28.4% | ||
| Q2 25 | 63.0% | 32.2% | ||
| Q1 25 | -10.3% | 24.1% | ||
| Q4 24 | 0.7% | 28.9% | ||
| Q3 24 | 15.3% | 16.7% | ||
| Q2 24 | 0.5% | 14.3% |
资本支出强度ADMNEM
| Q1 26 | — | 11.3% | ||
| Q4 25 | 5.9% | 11.9% | ||
| Q3 25 | 4.6% | 13.2% | ||
| Q2 25 | 4.8% | 12.7% | ||
| Q1 25 | 4.7% | 16.5% | ||
| Q4 24 | -1.9% | 15.5% | ||
| Q3 24 | 6.4% | 19.0% | ||
| Q2 24 | 1.6% | 18.2% |
现金转化率ADMNEM
| Q1 26 | — | — | ||
| Q4 25 | -0.69× | 2.78× | ||
| Q3 25 | 16.75× | 1.25× | ||
| Q2 25 | 19.63× | 1.16× | ||
| Q1 25 | -1.16× | 1.07× | ||
| Q4 24 | 0.57× | 1.79× | ||
| Q3 24 | 72.22× | 1.79× | ||
| Q2 24 | 0.96× | 1.67× |
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
ADM
| Starchesandsweeteners | $1.4B | 23% |
| Ag Services | $1.1B | 18% |
| Human Nutrition | $961.0M | 16% |
| Refined Productsand Other | $924.0M | 15% |
| Animal Nutrition | $825.0M | 14% |
| Vantage Corn Processors | $700.0M | 12% |
| Transferred Over Time | $176.0M | 3% |
| Crushing | $59.0M | 1% |
NEM
| Consolidated gold sales, net | $6.0B | 83% |
| Other | $506.0M | 7% |
| Consolidated copper sales, net | $354.0M | 5% |
| Consolidated silver sales, net | $188.0M | 3% |
| Consolidated zinc sales, net | $181.0M | 2% |
| Consolidated lead sales, net | $42.0M | 1% |
