vs
Constellation Energy（CEG）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
Constellation Energy的季度营收约是CLEVELAND-CLIFFS INC.的1.3倍（$5.7B vs $4.3B），Constellation Energy净利率更高（7.6% vs -5.6%，领先13.2%），Constellation Energy同比增速更快（25.8% vs -0.3%），CLEVELAND-CLIFFS INC.自由现金流更多（$-153.0M vs $-181.0M），过去两年Constellation Energy的营收复合增速更高（4.0% vs -8.9%）
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
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。
CEG vs CLF — 直观对比
营收规模更大
CEG
是对方的1.3倍
$4.3B
营收增速更快
CEG
高出26.1%
-0.3%
净利率更高
CEG
高出13.2%
-5.6%
自由现金流更多
CLF
多$28.0M
$-181.0M
两年增速更快
CEG
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $4.3B |
| 净利润 | $432.0M | $-241.0M |
| 毛利率 | — | -5.0% |
| 营业利润率 | 10.5% | -7.9% |
| 净利率 | 7.6% | -5.6% |
| 营收同比 | 25.8% | -0.3% |
| 净利润同比 | -49.3% | 46.1% |
| 每股收益（稀释后） | $1.38 | — |
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CEGCLF
| Q4 25 | $5.7B | $4.3B | ||
| Q3 25 | $5.7B | $4.7B | ||
| Q2 25 | $5.2B | $4.9B | ||
| Q1 25 | $6.1B | $4.6B | ||
| Q4 24 | $4.5B | $4.3B | ||
| Q3 24 | $4.8B | $4.6B | ||
| Q2 24 | $4.4B | $5.1B | ||
| Q1 24 | $5.3B | $5.2B |
净利润CEGCLF
| Q4 25 | $432.0M | $-241.0M | ||
| Q3 25 | $930.0M | $-251.0M | ||
| Q2 25 | $839.0M | $-470.0M | ||
| Q1 25 | $118.0M | $-483.0M | ||
| Q4 24 | $852.0M | $-447.0M | ||
| Q3 24 | $1.2B | $-242.0M | ||
| Q2 24 | $814.0M | $2.0M | ||
| Q1 24 | $883.0M | $-67.0M |
毛利率CEGCLF
| 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% | ||
| Q1 24 | — | 5.5% |
营业利润率CEGCLF
| Q4 25 | 10.5% | -7.9% | ||
| Q3 25 | 19.0% | -4.3% | ||
| Q2 25 | 18.4% | -10.1% | ||
| Q1 25 | 7.4% | -11.6% | ||
| Q4 24 | 21.5% | -10.8% | ||
| Q3 24 | 30.7% | -5.7% | ||
| Q2 24 | 25.0% | 0.1% | ||
| Q1 24 | 15.5% | -0.7% |
净利率CEGCLF
| Q4 25 | 7.6% | -5.6% | ||
| Q3 25 | 16.3% | -5.3% | ||
| Q2 25 | 16.3% | -9.5% | ||
| Q1 25 | 1.9% | -10.4% | ||
| Q4 24 | 18.8% | -10.3% | ||
| Q3 24 | 25.1% | -5.3% | ||
| Q2 24 | 18.5% | 0.0% | ||
| Q1 24 | 16.8% | -1.3% |
每股收益（稀释后）CEGCLF
| Q4 25 | $1.38 | — | ||
| Q3 25 | $2.97 | $-0.51 | ||
| Q2 25 | $2.67 | — | ||
| Q1 25 | $0.38 | — | ||
| Q4 24 | $2.71 | $-0.91 | ||
| Q3 24 | $3.82 | $-0.52 | ||
| Q2 24 | $2.58 | $0.00 | ||
| Q1 24 | $2.78 | $-0.14 |
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 | $3.6B | $57.0M |
| 总债务越低越好 | $7.4B | $7.3B |
| 股东权益账面价值 | $14.5B | $6.1B |
| 总资产 | $57.2B | $20.0B |
| 负债/权益比越低杠杆越低 | 0.51× | 1.19× |
8季度趋势，按日历期对齐
现金及短期投资CEGCLF
| Q4 25 | $3.6B | $57.0M | ||
| Q3 25 | $4.0B | $66.0M | ||
| Q2 25 | $2.0B | $61.0M | ||
| Q1 25 | $1.8B | $57.0M | ||
| Q4 24 | $3.0B | $54.0M | ||
| Q3 24 | $1.8B | $39.0M | ||
| Q2 24 | $311.0M | $110.0M | ||
| Q1 24 | $562.0M | $30.0M |
总债务CEGCLF
| Q4 25 | $7.4B | $7.3B | ||
| Q3 25 | — | $8.0B | ||
| Q2 25 | — | $7.7B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | $8.5B | $7.1B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.7B |
股东权益CEGCLF
| Q4 25 | $14.5B | $6.1B | ||
| Q3 25 | $14.3B | $5.5B | ||
| Q2 25 | $13.4B | $5.8B | ||
| Q1 25 | $13.0B | $6.3B | ||
| Q4 24 | $13.2B | $6.7B | ||
| Q3 24 | $12.6B | $6.9B | ||
| Q2 24 | $11.4B | $7.1B | ||
| Q1 24 | $11.2B | $7.2B |
总资产CEGCLF
| Q4 25 | $57.2B | $20.0B | ||
| Q3 25 | $56.2B | $20.3B | ||
| Q2 25 | $53.0B | $20.5B | ||
| Q1 25 | $52.3B | $20.8B | ||
| Q4 24 | $52.9B | $20.9B | ||
| Q3 24 | $51.8B | $16.8B | ||
| Q2 24 | $51.3B | $16.9B | ||
| Q1 24 | $52.0B | $17.2B |
负债/权益比CEGCLF
| Q4 25 | 0.51× | 1.19× | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 0.64× | 1.06× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.51× |
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 | $805.0M | $-13.0M |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | -3.2% | -3.5% |
| 资本支出强度资本支出/营收 | 17.3% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.86× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | $-1.0B |
8季度趋势，按日历期对齐
经营现金流CEGCLF
| Q4 25 | $805.0M | $-13.0M | ||
| Q3 25 | $1.8B | $-143.0M | ||
| Q2 25 | $1.5B | $45.0M | ||
| Q1 25 | $107.0M | $-351.0M | ||
| Q4 24 | $-1.0B | $-472.0M | ||
| Q3 24 | $-112.0M | $-84.0M | ||
| Q2 24 | $-613.0M | $519.0M | ||
| Q1 24 | $-723.0M | $142.0M |
自由现金流CEGCLF
| Q4 25 | $-181.0M | $-153.0M | ||
| Q3 25 | $1.5B | $-300.0M | ||
| Q2 25 | $710.0M | $-67.0M | ||
| Q1 25 | $-699.0M | $-503.0M | ||
| Q4 24 | $-1.7B | $-677.0M | ||
| Q3 24 | $-664.0M | $-235.0M | ||
| Q2 24 | $-1.2B | $362.0M | ||
| Q1 24 | $-1.5B | $-40.0M |
自由现金流率CEGCLF
| Q4 25 | -3.2% | -3.5% | ||
| Q3 25 | 25.6% | -6.3% | ||
| Q2 25 | 13.8% | -1.4% | ||
| Q1 25 | -11.4% | -10.9% | ||
| Q4 24 | -38.6% | -15.7% | ||
| Q3 24 | -13.9% | -5.1% | ||
| Q2 24 | -26.3% | 7.1% | ||
| Q1 24 | -27.8% | -0.8% |
资本支出强度CEGCLF
| Q4 25 | 17.3% | 3.2% | ||
| Q3 25 | 6.8% | 3.3% | ||
| Q2 25 | 14.9% | 2.3% | ||
| Q1 25 | 13.2% | 3.3% | ||
| Q4 24 | 16.1% | 4.7% | ||
| Q3 24 | 11.6% | 3.3% | ||
| Q2 24 | 12.4% | 3.1% | ||
| Q1 24 | 14.0% | 3.5% |
现金转化率CEGCLF
| Q4 25 | 1.86× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.76× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.19× | — | ||
| Q3 24 | -0.09× | — | ||
| Q2 24 | -0.75× | 259.50× | ||
| Q1 24 | -0.82× | — |
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
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
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% |
