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COMMERCE BANCSHARES INC（CBSH）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
COMMERCE BANCSHARES INC的季度营收约是BOSTON BEER CO INC的1.2倍（$475.7M vs $385.7M），COMMERCE BANCSHARES INC净利率更高（29.8% vs -5.8%，领先35.6%），COMMERCE BANCSHARES INC同比增速更快（11.1% vs -4.1%），过去两年COMMERCE BANCSHARES INC的营收复合增速更高（7.1% vs -4.9%）
Commerce Bancshares, Inc.是总部位于美国密苏里州的区域性银行控股公司，在堪萨斯城和圣路易斯设有核心办公点，旗下Commerce Bank提供多元化金融服务，覆盖企业及个人银行、财富管理、关联公司投资等业务。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
CBSH vs SAM — 直观对比
营收规模更大
CBSH
是对方的1.2倍
$385.7M
营收增速更快
CBSH
高出15.3%
-4.1%
净利率更高
CBSH
高出35.6%
-5.8%
两年增速更快
CBSH
近两年复合增速
-4.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $475.7M | $385.7M |
| 净利润 | $141.6M | $-22.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | — | -8.6% |
| 净利率 | 29.8% | -5.8% |
| 营收同比 | 11.1% | -4.1% |
| 净利润同比 | 0.7% | 41.9% |
| 每股收益（稀释后） | $0.96 | $-1.97 |
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CBSHSAM
| Q1 26 | $475.7M | — | ||
| Q4 25 | $449.4M | $385.7M | ||
| Q3 25 | $441.0M | $537.5M | ||
| Q2 25 | $445.8M | $587.9M | ||
| Q1 25 | $428.1M | $453.9M | ||
| Q4 24 | $422.1M | $402.3M | ||
| Q3 24 | $421.4M | $605.5M | ||
| Q2 24 | $414.5M | $579.1M |
净利润CBSHSAM
| Q1 26 | $141.6M | — | ||
| Q4 25 | $140.7M | $-22.5M | ||
| Q3 25 | $141.5M | $46.2M | ||
| Q2 25 | $152.5M | $60.4M | ||
| Q1 25 | $131.6M | $24.4M | ||
| Q4 24 | $136.1M | $-38.8M | ||
| Q3 24 | $138.0M | $33.5M | ||
| Q2 24 | $139.6M | $52.3M |
毛利率CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | 40.8% | -8.6% | ||
| Q3 25 | 41.9% | 11.5% | ||
| Q2 25 | 44.0% | 14.0% | ||
| Q1 25 | 39.2% | 7.4% | ||
| Q4 24 | 41.2% | -13.9% | ||
| Q3 24 | 42.4% | 7.6% | ||
| Q2 24 | 43.4% | 12.2% |
净利率CBSHSAM
| Q1 26 | 29.8% | — | ||
| Q4 25 | 31.3% | -5.8% | ||
| Q3 25 | 32.1% | 8.6% | ||
| Q2 25 | 34.2% | 10.3% | ||
| Q1 25 | 30.7% | 5.4% | ||
| Q4 24 | 32.2% | -9.6% | ||
| Q3 24 | 32.8% | 5.5% | ||
| Q2 24 | 33.7% | 9.0% |
每股收益（稀释后）CBSHSAM
| Q1 26 | $0.96 | — | ||
| Q4 25 | $0.86 | $-1.97 | ||
| Q3 25 | $1.06 | $4.25 | ||
| Q2 25 | $1.14 | $5.45 | ||
| Q1 25 | $0.98 | $2.16 | ||
| Q4 24 | $0.83 | $-3.23 | ||
| Q3 24 | $1.01 | $2.86 | ||
| Q2 24 | $1.03 | $4.39 |
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 | — | $223.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.3B | $846.3M |
| 总资产 | $35.7B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | — | $223.4M | ||
| Q3 25 | — | $250.5M | ||
| Q2 25 | — | $212.4M | ||
| Q1 25 | — | $152.5M | ||
| Q4 24 | — | $211.8M | ||
| Q3 24 | — | $255.6M | ||
| Q2 24 | — | $219.3M |
股东权益CBSHSAM
| Q1 26 | $4.3B | — | ||
| Q4 25 | $3.8B | $846.3M | ||
| Q3 25 | $3.8B | $911.0M | ||
| Q2 25 | $3.6B | $912.3M | ||
| Q1 25 | $3.5B | $897.0M | ||
| Q4 24 | $3.3B | $916.2M | ||
| Q3 24 | $3.4B | $1.0B | ||
| Q2 24 | $3.1B | $1.0B |
总资产CBSHSAM
| Q1 26 | $35.7B | — | ||
| Q4 25 | $32.9B | $1.2B | ||
| Q3 25 | $32.3B | $1.2B | ||
| Q2 25 | $32.3B | $1.3B | ||
| Q1 25 | $32.4B | $1.2B | ||
| Q4 24 | $32.0B | $1.3B | ||
| Q3 24 | $31.5B | $1.4B | ||
| Q2 24 | $30.6B | $1.4B |
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 | — | $39.9M |
| 自由现金流经营现金流 - 资本支出 | — | $22.1M |
| 自由现金流率自由现金流/营收 | — | 5.7% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $215.6M |
8季度趋势，按日历期对齐
经营现金流CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | $645.1M | $39.9M | ||
| Q3 25 | $129.0M | $101.8M | ||
| Q2 25 | $111.2M | $126.5M | ||
| Q1 25 | $138.6M | $1.9M | ||
| Q4 24 | $577.9M | $41.9M | ||
| Q3 24 | $431.7M | $115.9M | ||
| Q2 24 | $147.4M | $96.0M |
自由现金流CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | $592.4M | $22.1M | ||
| Q3 25 | $113.3M | $89.2M | ||
| Q2 25 | $100.5M | $112.2M | ||
| Q1 25 | $126.0M | $-8.0M | ||
| Q4 24 | $531.7M | $18.4M | ||
| Q3 24 | $419.1M | $99.2M | ||
| Q2 24 | $138.9M | $75.6M |
自由现金流率CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 5.7% | ||
| Q3 25 | 25.7% | 16.6% | ||
| Q2 25 | 22.5% | 19.1% | ||
| Q1 25 | 29.4% | -1.8% | ||
| Q4 24 | 126.0% | 4.6% | ||
| Q3 24 | 99.5% | 16.4% | ||
| Q2 24 | 33.5% | 13.1% |
资本支出强度CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | 11.7% | 4.6% | ||
| Q3 25 | 3.6% | 2.3% | ||
| Q2 25 | 2.4% | 2.4% | ||
| Q1 25 | 2.9% | 2.2% | ||
| Q4 24 | 10.9% | 5.8% | ||
| Q3 24 | 3.0% | 2.8% | ||
| Q2 24 | 2.1% | 3.5% |
现金转化率CBSHSAM
| Q1 26 | — | — | ||
| Q4 25 | 4.59× | — | ||
| Q3 25 | 0.91× | 2.21× | ||
| Q2 25 | 0.73× | 2.09× | ||
| Q1 25 | 1.05× | 0.08× | ||
| Q4 24 | 4.25× | — | ||
| Q3 24 | 3.13× | 3.46× | ||
| Q2 24 | 1.06× | 1.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
