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美国铁塔（AMT）与CLEVELAND-CLIFFS INC.（CLF）财务数据对比。点击上方公司名可切换其他公司
CLEVELAND-CLIFFS INC.的季度营收约是美国铁塔的1.6倍（$4.3B vs $2.7B），美国铁塔净利率更高（110.1% vs -5.6%，领先115.7%），美国铁塔同比增速更快（6.8% vs -0.3%），美国铁塔自由现金流更多（$941.0M vs $-153.0M），过去两年美国铁塔的营收复合增速更高（3.7% vs -8.9%）
美国铁塔是全球规模最大的房地产投资信托基金（REIT）之一，作为领先的独立多租户通信地产持有、运营及开发商，目前在全球范围内拥有约21.9万个通信站点，为全球通信产业提供可靠的基础设施支持。
克利夫兰-克利夫斯公司是总部位于美国俄亥俄州克利夫兰的钢铁制造商，业务覆盖铁矿石开采、选矿、造球及钢铁冶炼，包含冲压与模具制造，是美国第二大钢铁生产商、北美最大扁钢生产商，位列财富500强第221位、福布斯全球2000强第1511位。
AMT vs CLF — 直观对比
营收规模更大
CLF
是对方的1.6倍
$2.7B
营收增速更快
AMT
高出7.1%
-0.3%
净利率更高
AMT
高出115.7%
-5.6%
自由现金流更多
AMT
多$1.1B
$-153.0M
两年增速更快
AMT
近两年复合增速
-8.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $4.3B |
| 净利润 | $3.0B | $-241.0M |
| 毛利率 | — | -5.0% |
| 营业利润率 | 0.0% | -7.9% |
| 净利率 | 110.1% | -5.6% |
| 营收同比 | 6.8% | -0.3% |
| 净利润同比 | -2.6% | 46.1% |
| 每股收益（稀释后） | — | — |
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AMTCLF
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $4.3B | ||
| Q3 25 | $2.7B | $4.7B | ||
| Q2 25 | $2.6B | $4.9B | ||
| Q1 25 | $2.6B | $4.6B | ||
| Q4 24 | $2.5B | $4.3B | ||
| Q3 24 | $2.5B | $4.6B | ||
| Q2 24 | $2.5B | $5.1B |
净利润AMTCLF
| Q1 26 | $3.0B | — | ||
| Q4 25 | $836.8M | $-241.0M | ||
| Q3 25 | $912.6M | $-251.0M | ||
| Q2 25 | $380.5M | $-470.0M | ||
| Q1 25 | $498.6M | $-483.0M | ||
| Q4 24 | $1.2B | $-447.0M | ||
| Q3 24 | $-780.4M | $-242.0M | ||
| Q2 24 | $908.4M | $2.0M |
毛利率AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | — | -5.0% | ||
| Q3 25 | — | -1.0% | ||
| Q2 25 | — | -4.2% | ||
| Q1 25 | — | -8.4% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | -2.3% | ||
| Q2 24 | — | 3.2% |
营业利润率AMTCLF
| Q1 26 | 0.0% | — | ||
| Q4 25 | 42.4% | -7.9% | ||
| Q3 25 | 45.4% | -4.3% | ||
| Q2 25 | 45.6% | -10.1% | ||
| Q1 25 | 48.9% | -11.6% | ||
| Q4 24 | 42.4% | -10.8% | ||
| Q3 24 | 45.2% | -5.7% | ||
| Q2 24 | 45.4% | 0.1% |
净利率AMTCLF
| Q1 26 | 110.1% | — | ||
| Q4 25 | 30.6% | -5.6% | ||
| Q3 25 | 33.6% | -5.3% | ||
| Q2 25 | 14.5% | -9.5% | ||
| Q1 25 | 19.5% | -10.4% | ||
| Q4 24 | 48.3% | -10.3% | ||
| Q3 24 | -30.9% | -5.3% | ||
| Q2 24 | 35.7% | 0.0% |
每股收益（稀释后）AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | $1.76 | — | ||
| Q3 25 | $1.82 | $-0.51 | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $2.63 | $-0.91 | ||
| Q3 24 | $-1.69 | $-0.52 | ||
| Q2 24 | $1.92 | $0.00 |
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 | $57.0M |
| 总债务越低越好 | — | $7.3B |
| 股东权益账面价值 | $10.2B | $6.1B |
| 总资产 | — | $20.0B |
| 负债/权益比越低杠杆越低 | — | 1.19× |
8季度趋势，按日历期对齐
现金及短期投资AMTCLF
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $57.0M | ||
| Q3 25 | $2.0B | $66.0M | ||
| Q2 25 | $2.1B | $61.0M | ||
| Q1 25 | $2.1B | $57.0M | ||
| Q4 24 | $2.0B | $54.0M | ||
| Q3 24 | $2.2B | $39.0M | ||
| Q2 24 | $2.2B | $110.0M |
总债务AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | $33.8B | $7.3B | ||
| Q3 25 | $34.9B | $8.0B | ||
| Q2 25 | $35.2B | $7.7B | ||
| Q1 25 | $34.0B | $7.6B | ||
| Q4 24 | $32.8B | $7.1B | ||
| Q3 24 | $33.4B | $3.8B | ||
| Q2 24 | $35.6B | $3.5B |
股东权益AMTCLF
| Q1 26 | $10.2B | — | ||
| Q4 25 | $3.7B | $6.1B | ||
| Q3 25 | $4.0B | $5.5B | ||
| Q2 25 | $3.7B | $5.8B | ||
| Q1 25 | $3.5B | $6.3B | ||
| Q4 24 | $3.4B | $6.7B | ||
| Q3 24 | $3.6B | $6.9B | ||
| Q2 24 | $3.9B | $7.1B |
总资产AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | $63.2B | $20.0B | ||
| Q3 25 | $63.9B | $20.3B | ||
| Q2 25 | $63.8B | $20.5B | ||
| Q1 25 | $62.1B | $20.8B | ||
| Q4 24 | $61.1B | $20.9B | ||
| Q3 24 | $62.8B | $16.8B | ||
| Q2 24 | $65.8B | $16.9B |
负债/权益比AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | 9.26× | 1.19× | ||
| Q3 25 | 8.82× | 1.47× | ||
| Q2 25 | 9.48× | 1.33× | ||
| Q1 25 | 9.63× | 1.22× | ||
| Q4 24 | 9.70× | 1.06× | ||
| Q3 24 | 9.16× | 0.55× | ||
| Q2 24 | 9.24× | 0.49× |
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 | — | $-13.0M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | 34.4% | -3.5% |
| 资本支出强度资本支出/营收 | 16.8% | 3.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $6.7B | $-1.0B |
8季度趋势，按日历期对齐
经营现金流AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | $5.5B | $-13.0M | ||
| Q3 25 | $1.5B | $-143.0M | ||
| Q2 25 | $1.3B | $45.0M | ||
| Q1 25 | $1.3B | $-351.0M | ||
| Q4 24 | $5.3B | $-472.0M | ||
| Q3 24 | $1.5B | $-84.0M | ||
| Q2 24 | $1.3B | $519.0M |
自由现金流AMTCLF
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $-153.0M | ||
| Q3 25 | $994.5M | $-300.0M | ||
| Q2 25 | $976.9M | $-67.0M | ||
| Q1 25 | $963.9M | $-503.0M | ||
| Q4 24 | $3.7B | $-677.0M | ||
| Q3 24 | $1.0B | $-235.0M | ||
| Q2 24 | $1.0B | $362.0M |
自由现金流率AMTCLF
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | -3.5% | ||
| Q3 25 | 36.6% | -6.3% | ||
| Q2 25 | 37.2% | -1.4% | ||
| Q1 25 | 37.6% | -10.9% | ||
| Q4 24 | 145.3% | -15.7% | ||
| Q3 24 | 41.4% | -5.1% | ||
| Q2 24 | 39.8% | 7.1% |
资本支出强度AMTCLF
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 3.2% | ||
| Q3 25 | 17.1% | 3.3% | ||
| Q2 25 | 11.6% | 2.3% | ||
| Q1 25 | 12.9% | 3.3% | ||
| Q4 24 | 62.4% | 4.7% | ||
| Q3 24 | 16.8% | 3.3% | ||
| Q2 24 | 12.8% | 3.1% |
现金转化率AMTCLF
| Q1 26 | — | — | ||
| Q4 25 | 6.53× | — | ||
| Q3 25 | 1.60× | — | ||
| Q2 25 | 3.37× | — | ||
| Q1 25 | 2.60× | — | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.47× | 259.50× |
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
AMT
暂无分部数据
CLF
| Hot Rolled Steel | $1.1B | 27% |
| Automotive | $1.1B | 27% |
| Steel Producers | $555.0M | 13% |
| Cold Rolled Steel | $530.0M | 12% |
| Other | $409.0M | 9% |
| Stainless And Electrical Steel | $404.0M | 9% |
| Other Businesses | $159.0M | 4% |
