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艾仕得（AXTA）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的季度营收约是艾仕得的4.1倍（$5.2B vs $1.3B），Steel Dynamics净利率更高（7.7% vs 4.8%，领先2.9%），Steel Dynamics同比增速更快（17.9% vs -3.7%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs -1.2%）
艾仕得是源自美国的专业涂料供应商，总部位于宾夕法尼亚州费城，注册地为百慕大。公司主营乘用车、商用车、工业场景及修补用途涂料的研发与生产，业务覆盖全球130个国家，拥有近1.3万名员工，服务超10万家客户。
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。
AXTA vs STLD — 直观对比
营收规模更大
STLD
是对方的4.1倍
$1.3B
营收增速更快
STLD
高出21.7%
-3.7%
净利率更高
STLD
高出2.9%
4.8%
两年增速更快
STLD
近两年复合增速
-1.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $5.2B |
| 净利润 | $60.0M | $400.1M |
| 毛利率 | 33.4% | 14.7% |
| 营业利润率 | 12.8% | 10.3% |
| 净利率 | 4.8% | 7.7% |
| 营收同比 | -3.7% | 17.9% |
| 净利润同比 | -56.2% | 51.3% |
| 每股收益（稀释后） | $0.28 | $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AXTASTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $1.3B | $4.4B | ||
| Q3 25 | $1.3B | $4.8B | ||
| Q2 25 | $1.3B | $4.6B | ||
| Q1 25 | $1.3B | $4.4B | ||
| Q4 24 | $1.3B | $3.9B | ||
| Q3 24 | $1.3B | $4.3B | ||
| Q2 24 | $1.4B | $4.6B |
净利润AXTASTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $60.0M | $266.0M | ||
| Q3 25 | $110.0M | $403.7M | ||
| Q2 25 | $109.0M | $298.7M | ||
| Q1 25 | $99.0M | $217.2M | ||
| Q4 24 | $137.0M | $207.3M | ||
| Q3 24 | $101.0M | $317.8M | ||
| Q2 24 | $112.0M | $428.0M |
毛利率AXTASTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 33.4% | 12.0% | ||
| Q3 25 | 34.9% | 15.7% | ||
| Q2 25 | 35.0% | 13.5% | ||
| Q1 25 | 34.3% | 11.1% | ||
| Q4 24 | 34.1% | 11.4% | ||
| Q3 24 | 35.0% | 13.9% | ||
| Q2 24 | 34.0% | 16.7% |
营业利润率AXTASTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 12.8% | 7.0% | ||
| Q3 25 | 15.8% | 10.5% | ||
| Q2 25 | 14.8% | 8.4% | ||
| Q1 25 | 13.9% | 6.3% | ||
| Q4 24 | 14.3% | 6.1% | ||
| Q3 24 | 14.6% | 9.1% | ||
| Q2 24 | 15.2% | 12.1% |
净利率AXTASTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 4.8% | 6.0% | ||
| Q3 25 | 8.5% | 8.4% | ||
| Q2 25 | 8.4% | 6.5% | ||
| Q1 25 | 7.8% | 5.0% | ||
| Q4 24 | 10.5% | 5.4% | ||
| Q3 24 | 7.7% | 7.3% | ||
| Q2 24 | 8.3% | 9.2% |
每股收益（稀释后）AXTASTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $0.28 | $1.80 | ||
| Q3 25 | $0.51 | $2.74 | ||
| Q2 25 | $0.50 | $2.01 | ||
| Q1 25 | $0.45 | $1.44 | ||
| Q4 24 | $0.63 | $1.40 | ||
| Q3 24 | $0.46 | $2.05 | ||
| Q2 24 | $0.51 | $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 | $657.0M | $556.5M |
| 总债务越低越好 | $3.2B | $4.2B |
| 股东权益账面价值 | $2.3B | $9.0B |
| 总资产 | $7.6B | $16.7B |
| 负债/权益比越低杠杆越低 | 1.36× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资AXTASTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $657.0M | $769.9M | ||
| Q3 25 | $606.0M | $770.4M | ||
| Q2 25 | $625.0M | $497.6M | ||
| Q1 25 | $575.0M | $1.2B | ||
| Q4 24 | $593.0M | $737.3M | ||
| Q3 24 | $567.0M | $1.7B | ||
| Q2 24 | $840.0M | $1.2B |
总债务AXTASTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.2B | $4.2B | ||
| Q3 25 | $3.4B | $3.8B | ||
| Q2 25 | $3.4B | $3.8B | ||
| Q1 25 | $3.4B | $4.2B | ||
| Q4 24 | $3.4B | $3.2B | ||
| Q3 24 | $3.5B | $3.7B | ||
| Q2 24 | $3.6B | $3.1B |
股东权益AXTASTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $2.3B | $9.0B | ||
| Q3 25 | $2.3B | $9.0B | ||
| Q2 25 | $2.3B | $8.9B | ||
| Q1 25 | $2.1B | $8.8B | ||
| Q4 24 | $1.9B | $8.9B | ||
| Q3 24 | $1.9B | $9.1B | ||
| Q2 24 | $1.8B | $9.1B |
总资产AXTASTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $7.6B | $16.4B | ||
| Q3 25 | $7.8B | $16.0B | ||
| Q2 25 | $7.8B | $15.5B | ||
| Q1 25 | $7.4B | $15.9B | ||
| Q4 24 | $7.2B | $14.9B | ||
| Q3 24 | $7.5B | $15.7B | ||
| Q2 24 | $7.3B | $15.1B |
负债/权益比AXTASTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 1.36× | 0.47× | ||
| Q3 25 | 1.48× | 0.42× | ||
| Q2 25 | 1.50× | 0.43× | ||
| Q1 25 | 1.64× | 0.48× | ||
| Q4 24 | 1.78× | 0.36× | ||
| Q3 24 | 1.84× | 0.41× | ||
| Q2 24 | 2.02× | 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 | $344.0M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $286.0M | — |
| 自由现金流率自由现金流/营收 | 22.7% | — |
| 资本支出强度资本支出/营收 | 4.6% | — |
| 现金转化率经营现金流/净利润 | 5.73× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $453.0M | — |
8季度趋势，按日历期对齐
经营现金流AXTASTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $344.0M | $272.7M | ||
| Q3 25 | $137.0M | $722.6M | ||
| Q2 25 | $142.0M | $301.6M | ||
| Q1 25 | $26.0M | $152.6M | ||
| Q4 24 | $234.0M | $346.9M | ||
| Q3 24 | $194.0M | $759.9M | ||
| Q2 24 | $114.0M | $382.6M |
自由现金流AXTASTLD
| Q1 26 | — | — | ||
| Q4 25 | $286.0M | $84.2M | ||
| Q3 25 | $87.0M | $556.9M | ||
| Q2 25 | $97.0M | $13.3M | ||
| Q1 25 | $-17.0M | $-152.9M | ||
| Q4 24 | $172.0M | $-106.3M | ||
| Q3 24 | $161.0M | $138.5M | ||
| Q2 24 | $91.0M | $-36.6M |
自由现金流率AXTASTLD
| Q1 26 | — | — | ||
| Q4 25 | 22.7% | 1.9% | ||
| Q3 25 | 6.8% | 11.5% | ||
| Q2 25 | 7.4% | 0.3% | ||
| Q1 25 | -1.3% | -3.5% | ||
| Q4 24 | 13.1% | -2.7% | ||
| Q3 24 | 12.2% | 3.2% | ||
| Q2 24 | 6.7% | -0.8% |
资本支出强度AXTASTLD
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 4.3% | ||
| Q3 25 | 3.9% | 3.4% | ||
| Q2 25 | 3.4% | 6.3% | ||
| Q1 25 | 3.4% | 7.0% | ||
| Q4 24 | 4.7% | 11.7% | ||
| Q3 24 | 2.5% | 14.3% | ||
| Q2 24 | 1.7% | 9.0% |
现金转化率AXTASTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 5.73× | 1.03× | ||
| Q3 25 | 1.25× | 1.79× | ||
| Q2 25 | 1.30× | 1.01× | ||
| Q1 25 | 0.26× | 0.70× | ||
| Q4 24 | 1.71× | 1.67× | ||
| Q3 24 | 1.92× | 2.39× | ||
| Q2 24 | 1.02× | 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
AXTA
| Refinish | $509.0M | 40% |
| Light Vehicle | $372.0M | 29% |
| Industrial | $282.0M | 22% |
| Commercial Vehicle | $99.0M | 8% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
