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博思艾伦汉密尔顿（BAH）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的季度营收约是博思艾伦汉密尔顿的2.0倍（$5.2B vs $2.6B），Steel Dynamics净利率更高（7.7% vs 7.6%，领先0.1%），Steel Dynamics同比增速更快（17.9% vs -10.2%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs -2.8%）
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
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。
BAH vs STLD — 直观对比
营收规模更大
STLD
是对方的2.0倍
$2.6B
营收增速更快
STLD
高出28.1%
-10.2%
净利率更高
STLD
高出0.1%
7.6%
两年增速更快
STLD
近两年复合增速
-2.8%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $5.2B |
| 净利润 | $200.0M | $400.1M |
| 毛利率 | 51.9% | 14.7% |
| 营业利润率 | 8.8% | 10.3% |
| 净利率 | 7.6% | 7.7% |
| 营收同比 | -10.2% | 17.9% |
| 净利润同比 | 7.0% | 51.3% |
| 每股收益（稀释后） | $1.63 | $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BAHSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $2.6B | $4.4B | ||
| Q3 25 | $2.9B | $4.8B | ||
| Q2 25 | $2.9B | $4.6B | ||
| Q1 25 | $3.0B | $4.4B | ||
| Q4 24 | $2.9B | $3.9B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $2.9B | $4.6B |
净利润BAHSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $200.0M | $266.0M | ||
| Q3 25 | $175.0M | $403.7M | ||
| Q2 25 | $271.0M | $298.7M | ||
| Q1 25 | $192.7M | $217.2M | ||
| Q4 24 | $186.9M | $207.3M | ||
| Q3 24 | $390.1M | $317.8M | ||
| Q2 24 | $165.2M | $428.0M |
毛利率BAHSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 51.9% | 12.0% | ||
| Q3 25 | 53.6% | 15.7% | ||
| Q2 25 | 51.3% | 13.5% | ||
| Q1 25 | 53.6% | 11.1% | ||
| Q4 24 | 55.2% | 11.4% | ||
| Q3 24 | 56.7% | 13.9% | ||
| Q2 24 | 53.4% | 16.7% |
营业利润率BAHSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 8.8% | 7.0% | ||
| Q3 25 | 9.8% | 10.5% | ||
| Q2 25 | 8.8% | 8.4% | ||
| Q1 25 | 9.2% | 6.3% | ||
| Q4 24 | 10.0% | 6.1% | ||
| Q3 24 | 17.4% | 9.1% | ||
| Q2 24 | 8.7% | 12.1% |
净利率BAHSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 7.6% | 6.0% | ||
| Q3 25 | 6.1% | 8.4% | ||
| Q2 25 | 9.3% | 6.5% | ||
| Q1 25 | 6.5% | 5.0% | ||
| Q4 24 | 6.4% | 5.4% | ||
| Q3 24 | 12.4% | 7.3% | ||
| Q2 24 | 5.6% | 9.2% |
每股收益（稀释后）BAHSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $1.63 | $1.80 | ||
| Q3 25 | $1.42 | $2.74 | ||
| Q2 25 | $2.16 | $2.01 | ||
| Q1 25 | $1.52 | $1.44 | ||
| Q4 24 | $1.45 | $1.40 | ||
| Q3 24 | $3.01 | $2.05 | ||
| Q2 24 | $1.27 | $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 | $882.0M | $556.5M |
| 总债务越低越好 | $3.9B | $4.2B |
| 股东权益账面价值 | $1.0B | $9.0B |
| 总资产 | $7.1B | $16.7B |
| 负债/权益比越低杠杆越低 | 3.84× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资BAHSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $882.0M | $769.9M | ||
| Q3 25 | $816.0M | $770.4M | ||
| Q2 25 | $711.0M | $497.6M | ||
| Q1 25 | $885.0M | $1.2B | ||
| Q4 24 | $453.5M | $737.3M | ||
| Q3 24 | $558.7M | $1.7B | ||
| Q2 24 | $297.7M | $1.2B |
总债务BAHSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.9B | $4.2B | ||
| Q3 25 | $4.0B | $3.8B | ||
| Q2 25 | $4.0B | $3.8B | ||
| Q1 25 | $4.0B | $4.2B | ||
| Q4 24 | $3.4B | $3.2B | ||
| Q3 24 | $3.4B | $3.7B | ||
| Q2 24 | $3.4B | $3.1B |
股东权益BAHSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $1.0B | $9.0B | ||
| Q3 25 | $996.0M | $9.0B | ||
| Q2 25 | $1.1B | $8.9B | ||
| Q1 25 | $1.0B | $8.8B | ||
| Q4 24 | $1.2B | $8.9B | ||
| Q3 24 | $1.2B | $9.1B | ||
| Q2 24 | $1.1B | $9.1B |
总资产BAHSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $7.1B | $16.4B | ||
| Q3 25 | $7.2B | $16.0B | ||
| Q2 25 | $7.2B | $15.5B | ||
| Q1 25 | $7.3B | $15.9B | ||
| Q4 24 | $6.8B | $14.9B | ||
| Q3 24 | $6.9B | $15.7B | ||
| Q2 24 | $6.6B | $15.1B |
负债/权益比BAHSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 3.84× | 0.47× | ||
| Q3 25 | 3.98× | 0.42× | ||
| Q2 25 | 3.74× | 0.43× | ||
| Q1 25 | 3.99× | 0.48× | ||
| Q4 24 | 2.79× | 0.36× | ||
| Q3 24 | 2.83× | 0.41× | ||
| Q2 24 | 3.14× | 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 | $261.0M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $248.0M | — |
| 自由现金流率自由现金流/营收 | 9.5% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | 1.30× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $933.4M | — |
8季度趋势，按日历期对齐
经营现金流BAHSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $261.0M | $272.7M | ||
| Q3 25 | $421.0M | $722.6M | ||
| Q2 25 | $119.0M | $301.6M | ||
| Q1 25 | $219.0M | $152.6M | ||
| Q4 24 | $150.8M | $346.9M | ||
| Q3 24 | $587.1M | $759.9M | ||
| Q2 24 | $52.1M | $382.6M |
自由现金流BAHSTLD
| Q1 26 | — | — | ||
| Q4 25 | $248.0M | $84.2M | ||
| Q3 25 | $395.0M | $556.9M | ||
| Q2 25 | $96.0M | $13.3M | ||
| Q1 25 | $194.4M | $-152.9M | ||
| Q4 24 | $133.6M | $-106.3M | ||
| Q3 24 | $563.3M | $138.5M | ||
| Q2 24 | $19.7M | $-36.6M |
自由现金流率BAHSTLD
| Q1 26 | — | — | ||
| Q4 25 | 9.5% | 1.9% | ||
| Q3 25 | 13.7% | 11.5% | ||
| Q2 25 | 3.3% | 0.3% | ||
| Q1 25 | 6.5% | -3.5% | ||
| Q4 24 | 4.6% | -2.7% | ||
| Q3 24 | 17.9% | 3.2% | ||
| Q2 24 | 0.7% | -0.8% |
资本支出强度BAHSTLD
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 4.3% | ||
| Q3 25 | 0.9% | 3.4% | ||
| Q2 25 | 0.8% | 6.3% | ||
| Q1 25 | 0.8% | 7.0% | ||
| Q4 24 | 0.6% | 11.7% | ||
| Q3 24 | 0.8% | 14.3% | ||
| Q2 24 | 1.1% | 9.0% |
现金转化率BAHSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.30× | 1.03× | ||
| Q3 25 | 2.41× | 1.79× | ||
| Q2 25 | 0.44× | 1.01× | ||
| Q1 25 | 1.14× | 0.70× | ||
| Q4 24 | 0.81× | 1.67× | ||
| Q3 24 | 1.50× | 2.39× | ||
| Q2 24 | 0.32× | 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
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
