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艾地盟（ADM）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
艾地盟的季度营收约是Steel Dynamics的1.2倍（$6.1B vs $5.2B），Steel Dynamics净利率更高（7.7% vs 7.5%，领先0.2%），艾地盟同比增速更快（123.5% vs 17.9%），过去两年Steel Dynamics的营收复合增速更高（6.0% 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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
ADM vs STLD — 直观对比
营收规模更大
ADM
是对方的1.2倍
$5.2B
营收增速更快
ADM
高出105.6%
17.9%
净利率更高
STLD
高出0.2%
7.5%
两年增速更快
STLD
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $5.2B |
| 净利润 | $456.0M | $400.1M |
| 毛利率 | 20.0% | 14.7% |
| 营业利润率 | 7.9% | 10.3% |
| 净利率 | 7.5% | 7.7% |
| 营收同比 | 123.5% | 17.9% |
| 净利润同比 | -19.6% | 51.3% |
| 每股收益（稀释后） | $0.95 | $2.78 |
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ADMSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $6.1B | $4.4B | ||
| Q3 25 | $6.4B | $4.8B | ||
| Q2 25 | $6.3B | $4.6B | ||
| Q1 25 | $6.1B | $4.4B | ||
| Q4 24 | $-25.7B | $3.9B | ||
| Q3 24 | $6.0B | $4.3B | ||
| Q2 24 | $22.2B | $4.6B |
净利润ADMSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $456.0M | $266.0M | ||
| Q3 25 | $108.0M | $403.7M | ||
| Q2 25 | $219.0M | $298.7M | ||
| Q1 25 | $295.0M | $217.2M | ||
| Q4 24 | $567.0M | $207.3M | ||
| Q3 24 | $18.0M | $317.8M | ||
| Q2 24 | $486.0M | $428.0M |
毛利率ADMSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 20.0% | 12.0% | ||
| Q3 25 | 19.8% | 15.7% | ||
| Q2 25 | 21.6% | 13.5% | ||
| Q1 25 | 19.2% | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | 22.8% | 13.9% | ||
| Q2 24 | 6.3% | 16.7% |
营业利润率ADMSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 7.9% | 7.0% | ||
| Q3 25 | 2.3% | 10.5% | ||
| Q2 25 | 4.4% | 8.4% | ||
| Q1 25 | 5.7% | 6.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | 1.8% | 9.1% | ||
| Q2 24 | 2.7% | 12.1% |
净利率ADMSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 7.5% | 6.0% | ||
| Q3 25 | 1.7% | 8.4% | ||
| Q2 25 | 3.5% | 6.5% | ||
| Q1 25 | 4.8% | 5.0% | ||
| Q4 24 | -2.2% | 5.4% | ||
| Q3 24 | 0.3% | 7.3% | ||
| Q2 24 | 2.2% | 9.2% |
每股收益（稀释后）ADMSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $0.95 | $1.80 | ||
| Q3 25 | $0.22 | $2.74 | ||
| Q2 25 | $0.45 | $2.01 | ||
| Q1 25 | $0.61 | $1.44 | ||
| Q4 24 | $1.21 | $1.40 | ||
| Q3 24 | $0.04 | $2.05 | ||
| Q2 24 | $0.98 | $2.72 |
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 | $556.5M |
| 总债务越低越好 | $7.6B | $4.2B |
| 股东权益账面价值 | $22.7B | $9.0B |
| 总资产 | $52.4B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.33× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资ADMSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $1.0B | $769.9M | ||
| Q3 25 | $1.2B | $770.4M | ||
| Q2 25 | $1.1B | $497.6M | ||
| Q1 25 | $864.0M | $1.2B | ||
| Q4 24 | $611.0M | $737.3M | ||
| Q3 24 | $784.0M | $1.7B | ||
| Q2 24 | $764.0M | $1.2B |
总债务ADMSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $7.6B | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $8.3B | $3.2B | ||
| Q3 24 | $7.6B | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益ADMSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $22.7B | $9.0B | ||
| Q3 25 | $22.5B | $9.0B | ||
| Q2 25 | $22.4B | $8.9B | ||
| Q1 25 | $22.1B | $8.8B | ||
| Q4 24 | $22.2B | $8.9B | ||
| Q3 24 | $22.0B | $9.1B | ||
| Q2 24 | $22.2B | $9.1B |
总资产ADMSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $52.4B | $16.4B | ||
| Q3 25 | $51.9B | $16.0B | ||
| Q2 25 | $52.0B | $15.5B | ||
| Q1 25 | $53.4B | $15.9B | ||
| Q4 24 | $53.3B | $14.9B | ||
| Q3 24 | $52.2B | $15.7B | ||
| Q2 24 | $52.7B | $15.1B |
负债/权益比ADMSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 0.33× | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | 0.37× | 0.36× | ||
| Q3 24 | 0.35× | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | — |
| 自由现金流率自由现金流/营收 | -11.1% | — |
| 资本支出强度资本支出/营收 | 5.9% | — |
| 现金转化率经营现金流/净利润 | -0.69× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $4.2B | — |
8季度趋势，按日历期对齐
经营现金流ADMSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $-313.0M | $272.7M | ||
| Q3 25 | $1.8B | $722.6M | ||
| Q2 25 | $4.3B | $301.6M | ||
| Q1 25 | $-342.0M | $152.6M | ||
| Q4 24 | $322.0M | $346.9M | ||
| Q3 24 | $1.3B | $759.9M | ||
| Q2 24 | $468.0M | $382.6M |
自由现金流ADMSTLD
| Q1 26 | — | — | ||
| Q4 25 | $-669.0M | $84.2M | ||
| Q3 25 | $1.5B | $556.9M | ||
| Q2 25 | $4.0B | $13.3M | ||
| Q1 25 | $-633.0M | $-152.9M | ||
| Q4 24 | $-170.0M | $-106.3M | ||
| Q3 24 | $919.0M | $138.5M | ||
| Q2 24 | $106.0M | $-36.6M |
自由现金流率ADMSTLD
| Q1 26 | — | — | ||
| Q4 25 | -11.1% | 1.9% | ||
| Q3 25 | 23.6% | 11.5% | ||
| Q2 25 | 63.0% | 0.3% | ||
| Q1 25 | -10.3% | -3.5% | ||
| Q4 24 | 0.7% | -2.7% | ||
| Q3 24 | 15.3% | 3.2% | ||
| Q2 24 | 0.5% | -0.8% |
资本支出强度ADMSTLD
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 4.3% | ||
| Q3 25 | 4.6% | 3.4% | ||
| Q2 25 | 4.8% | 6.3% | ||
| Q1 25 | 4.7% | 7.0% | ||
| Q4 24 | -1.9% | 11.7% | ||
| Q3 24 | 6.4% | 14.3% | ||
| Q2 24 | 1.6% | 9.0% |
现金转化率ADMSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | -0.69× | 1.03× | ||
| Q3 25 | 16.75× | 1.79× | ||
| Q2 25 | 19.63× | 1.01× | ||
| Q1 25 | -1.16× | 0.70× | ||
| Q4 24 | 0.57× | 1.67× | ||
| Q3 24 | 72.22× | 2.39× | ||
| Q2 24 | 0.96× | 0.89× |
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% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
