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美国铁塔（AMT）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
Steel Dynamics的季度营收约是美国铁塔的1.9倍（$5.2B vs $2.7B），美国铁塔净利率更高（110.1% vs 7.7%，领先102.4%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs 3.7%）
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。
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。
AMT vs STLD — 直观对比
营收规模更大
STLD
是对方的1.9倍
$2.7B
净利率更高
AMT
高出102.4%
7.7%
两年增速更快
STLD
近两年复合增速
3.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $5.2B |
| 净利润 | $3.0B | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | 45.3% | 10.3% |
| 净利率 | 110.1% | 7.7% |
| 营收同比 | — | 17.9% |
| 净利润同比 | — | 51.3% |
| 每股收益（稀释后） | — | $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AMTSTLD
| Q1 26 | $2.7B | $5.2B | ||
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.6B | $4.6B | ||
| Q1 25 | $2.6B | $4.4B | ||
| Q4 24 | $2.5B | $3.9B | ||
| Q3 24 | $2.5B | $4.3B | ||
| Q2 24 | $2.5B | $4.6B |
净利润AMTSTLD
| Q1 26 | $3.0B | $400.1M | ||
| Q4 25 | $836.8M | $266.0M | ||
| Q3 25 | $912.6M | $403.7M | ||
| Q2 25 | $380.5M | $298.7M | ||
| Q1 25 | $498.6M | $217.2M | ||
| Q4 24 | $1.2B | $207.3M | ||
| Q3 24 | $-780.4M | $317.8M | ||
| Q2 24 | $908.4M | $428.0M |
毛利率AMTSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 16.7% |
营业利润率AMTSTLD
| Q1 26 | 45.3% | 10.3% | ||
| Q4 25 | 42.4% | 7.0% | ||
| Q3 25 | 45.4% | 10.5% | ||
| Q2 25 | 45.6% | 8.4% | ||
| Q1 25 | 48.9% | 6.3% | ||
| Q4 24 | 42.4% | 6.1% | ||
| Q3 24 | 45.2% | 9.1% | ||
| Q2 24 | 45.4% | 12.1% |
净利率AMTSTLD
| Q1 26 | 110.1% | 7.7% | ||
| Q4 25 | 30.6% | 6.0% | ||
| Q3 25 | 33.6% | 8.4% | ||
| Q2 25 | 14.5% | 6.5% | ||
| Q1 25 | 19.5% | 5.0% | ||
| Q4 24 | 48.3% | 5.4% | ||
| Q3 24 | -30.9% | 7.3% | ||
| Q2 24 | 35.7% | 9.2% |
每股收益（稀释后）AMTSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $1.76 | $1.80 | ||
| Q3 25 | $1.82 | $2.74 | ||
| Q2 25 | $0.78 | $2.01 | ||
| Q1 25 | $1.04 | $1.44 | ||
| Q4 24 | $2.63 | $1.40 | ||
| Q3 24 | $-1.69 | $2.05 | ||
| Q2 24 | $1.92 | $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 | $1.6B | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $10.2B | $9.0B |
| 总资产 | — | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资AMTSTLD
| Q1 26 | $1.6B | $556.5M | ||
| Q4 25 | $1.5B | $769.9M | ||
| Q3 25 | $2.0B | $770.4M | ||
| Q2 25 | $2.1B | $497.6M | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.0B | $737.3M | ||
| Q3 24 | $2.2B | $1.7B | ||
| Q2 24 | $2.2B | $1.2B |
总债务AMTSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $33.8B | $4.2B | ||
| Q3 25 | $34.9B | $3.8B | ||
| Q2 25 | $35.2B | $3.8B | ||
| Q1 25 | $34.0B | $4.2B | ||
| Q4 24 | $32.8B | $3.2B | ||
| Q3 24 | $33.4B | $3.7B | ||
| Q2 24 | $35.6B | $3.1B |
股东权益AMTSTLD
| Q1 26 | $10.2B | $9.0B | ||
| Q4 25 | $3.7B | $9.0B | ||
| Q3 25 | $4.0B | $9.0B | ||
| Q2 25 | $3.7B | $8.9B | ||
| Q1 25 | $3.5B | $8.8B | ||
| Q4 24 | $3.4B | $8.9B | ||
| Q3 24 | $3.6B | $9.1B | ||
| Q2 24 | $3.9B | $9.1B |
总资产AMTSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $63.2B | $16.4B | ||
| Q3 25 | $63.9B | $16.0B | ||
| Q2 25 | $63.8B | $15.5B | ||
| Q1 25 | $62.1B | $15.9B | ||
| Q4 24 | $61.1B | $14.9B | ||
| Q3 24 | $62.8B | $15.7B | ||
| Q2 24 | $65.8B | $15.1B |
负债/权益比AMTSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 9.26× | 0.47× | ||
| Q3 25 | 8.82× | 0.42× | ||
| Q2 25 | 9.48× | 0.43× | ||
| Q1 25 | 9.63× | 0.48× | ||
| Q4 24 | 9.70× | 0.36× | ||
| Q3 24 | 9.16× | 0.41× | ||
| Q2 24 | 9.24× | 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 | — | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $941.0M | — |
| 自由现金流率自由现金流/营收 | 34.4% | — |
| 资本支出强度资本支出/营收 | 16.8% | — |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 过去12个月自由现金流最近4个季度 | $6.7B | — |
8季度趋势，按日历期对齐
经营现金流AMTSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $5.5B | $272.7M | ||
| Q3 25 | $1.5B | $722.6M | ||
| Q2 25 | $1.3B | $301.6M | ||
| Q1 25 | $1.3B | $152.6M | ||
| Q4 24 | $5.3B | $346.9M | ||
| Q3 24 | $1.5B | $759.9M | ||
| Q2 24 | $1.3B | $382.6M |
自由现金流AMTSTLD
| Q1 26 | $941.0M | — | ||
| Q4 25 | $3.8B | $84.2M | ||
| Q3 25 | $994.5M | $556.9M | ||
| Q2 25 | $976.9M | $13.3M | ||
| Q1 25 | $963.9M | $-152.9M | ||
| Q4 24 | $3.7B | $-106.3M | ||
| Q3 24 | $1.0B | $138.5M | ||
| Q2 24 | $1.0B | $-36.6M |
自由现金流率AMTSTLD
| Q1 26 | 34.4% | — | ||
| Q4 25 | 138.2% | 1.9% | ||
| Q3 25 | 36.6% | 11.5% | ||
| Q2 25 | 37.2% | 0.3% | ||
| Q1 25 | 37.6% | -3.5% | ||
| Q4 24 | 145.3% | -2.7% | ||
| Q3 24 | 41.4% | 3.2% | ||
| Q2 24 | 39.8% | -0.8% |
资本支出强度AMTSTLD
| Q1 26 | 16.8% | — | ||
| Q4 25 | 61.4% | 4.3% | ||
| Q3 25 | 17.1% | 3.4% | ||
| Q2 25 | 11.6% | 6.3% | ||
| Q1 25 | 12.9% | 7.0% | ||
| Q4 24 | 62.4% | 11.7% | ||
| Q3 24 | 16.8% | 14.3% | ||
| Q2 24 | 12.8% | 9.0% |
现金转化率AMTSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 6.53× | 1.03× | ||
| Q3 25 | 1.60× | 1.79× | ||
| Q2 25 | 3.37× | 1.01× | ||
| Q1 25 | 2.60× | 0.70× | ||
| Q4 24 | 4.30× | 1.67× | ||
| Q3 24 | — | 2.39× | ||
| Q2 24 | 1.47× | 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
AMT
暂无分部数据
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
