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Constellation Energy（CEG）与Steel Dynamics（STLD）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Steel Dynamics的1.1倍（$5.7B vs $5.2B），Steel Dynamics净利率更高（7.7% vs 7.6%，领先0.1%），Constellation Energy同比增速更快（25.8% vs 17.9%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs 4.0%）
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。
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。
CEG vs STLD — 直观对比
营收规模更大
CEG
是对方的1.1倍
$5.2B
营收增速更快
CEG
高出7.9%
17.9%
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
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $5.2B |
| 净利润 | $432.0M | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | 10.5% | 10.3% |
| 净利率 | 7.6% | 7.7% |
| 营收同比 | 25.8% | 17.9% |
| 净利润同比 | -49.3% | 51.3% |
| 每股收益（稀释后） | $1.38 | $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CEGSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $5.7B | $4.4B | ||
| Q3 25 | $5.7B | $4.8B | ||
| Q2 25 | $5.2B | $4.6B | ||
| Q1 25 | $6.1B | $4.4B | ||
| Q4 24 | $4.5B | $3.9B | ||
| Q3 24 | $4.8B | $4.3B | ||
| Q2 24 | $4.4B | $4.6B |
净利润CEGSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $432.0M | $266.0M | ||
| Q3 25 | $930.0M | $403.7M | ||
| Q2 25 | $839.0M | $298.7M | ||
| Q1 25 | $118.0M | $217.2M | ||
| Q4 24 | $852.0M | $207.3M | ||
| Q3 24 | $1.2B | $317.8M | ||
| Q2 24 | $814.0M | $428.0M |
毛利率CEGSTLD
| 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CEGSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 10.5% | 7.0% | ||
| Q3 25 | 19.0% | 10.5% | ||
| Q2 25 | 18.4% | 8.4% | ||
| Q1 25 | 7.4% | 6.3% | ||
| Q4 24 | 21.5% | 6.1% | ||
| Q3 24 | 30.7% | 9.1% | ||
| Q2 24 | 25.0% | 12.1% |
净利率CEGSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 7.6% | 6.0% | ||
| Q3 25 | 16.3% | 8.4% | ||
| Q2 25 | 16.3% | 6.5% | ||
| Q1 25 | 1.9% | 5.0% | ||
| Q4 24 | 18.8% | 5.4% | ||
| Q3 24 | 25.1% | 7.3% | ||
| Q2 24 | 18.5% | 9.2% |
每股收益（稀释后）CEGSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $1.38 | $1.80 | ||
| Q3 25 | $2.97 | $2.74 | ||
| Q2 25 | $2.67 | $2.01 | ||
| Q1 25 | $0.38 | $1.44 | ||
| Q4 24 | $2.71 | $1.40 | ||
| Q3 24 | $3.82 | $2.05 | ||
| Q2 24 | $2.58 | $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 | $3.6B | $556.5M |
| 总债务越低越好 | $7.4B | $4.2B |
| 股东权益账面价值 | $14.5B | $9.0B |
| 总资产 | $57.2B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.51× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资CEGSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $3.6B | $769.9M | ||
| Q3 25 | $4.0B | $770.4M | ||
| Q2 25 | $2.0B | $497.6M | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | $3.0B | $737.3M | ||
| Q3 24 | $1.8B | $1.7B | ||
| Q2 24 | $311.0M | $1.2B |
总债务CEGSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $7.4B | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $8.5B | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益CEGSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $14.5B | $9.0B | ||
| Q3 25 | $14.3B | $9.0B | ||
| Q2 25 | $13.4B | $8.9B | ||
| Q1 25 | $13.0B | $8.8B | ||
| Q4 24 | $13.2B | $8.9B | ||
| Q3 24 | $12.6B | $9.1B | ||
| Q2 24 | $11.4B | $9.1B |
总资产CEGSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $57.2B | $16.4B | ||
| Q3 25 | $56.2B | $16.0B | ||
| Q2 25 | $53.0B | $15.5B | ||
| Q1 25 | $52.3B | $15.9B | ||
| Q4 24 | $52.9B | $14.9B | ||
| Q3 24 | $51.8B | $15.7B | ||
| Q2 24 | $51.3B | $15.1B |
负债/权益比CEGSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 0.51× | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | 0.64× | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 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 | $805.0M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | — |
| 自由现金流率自由现金流/营收 | -3.2% | — |
| 资本支出强度资本支出/营收 | 17.3% | — |
| 现金转化率经营现金流/净利润 | 1.86× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CEGSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $805.0M | $272.7M | ||
| Q3 25 | $1.8B | $722.6M | ||
| Q2 25 | $1.5B | $301.6M | ||
| Q1 25 | $107.0M | $152.6M | ||
| Q4 24 | $-1.0B | $346.9M | ||
| Q3 24 | $-112.0M | $759.9M | ||
| Q2 24 | $-613.0M | $382.6M |
自由现金流CEGSTLD
| Q1 26 | — | — | ||
| Q4 25 | $-181.0M | $84.2M | ||
| Q3 25 | $1.5B | $556.9M | ||
| Q2 25 | $710.0M | $13.3M | ||
| Q1 25 | $-699.0M | $-152.9M | ||
| Q4 24 | $-1.7B | $-106.3M | ||
| Q3 24 | $-664.0M | $138.5M | ||
| Q2 24 | $-1.2B | $-36.6M |
自由现金流率CEGSTLD
| Q1 26 | — | — | ||
| Q4 25 | -3.2% | 1.9% | ||
| Q3 25 | 25.6% | 11.5% | ||
| Q2 25 | 13.8% | 0.3% | ||
| Q1 25 | -11.4% | -3.5% | ||
| Q4 24 | -38.6% | -2.7% | ||
| Q3 24 | -13.9% | 3.2% | ||
| Q2 24 | -26.3% | -0.8% |
资本支出强度CEGSTLD
| Q1 26 | — | — | ||
| Q4 25 | 17.3% | 4.3% | ||
| Q3 25 | 6.8% | 3.4% | ||
| Q2 25 | 14.9% | 6.3% | ||
| Q1 25 | 13.2% | 7.0% | ||
| Q4 24 | 16.1% | 11.7% | ||
| Q3 24 | 11.6% | 14.3% | ||
| Q2 24 | 12.4% | 9.0% |
现金转化率CEGSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.86× | 1.03× | ||
| Q3 25 | 1.99× | 1.79× | ||
| Q2 25 | 1.76× | 1.01× | ||
| Q1 25 | 0.91× | 0.70× | ||
| Q4 24 | -1.19× | 1.67× | ||
| Q3 24 | -0.09× | 2.39× | ||
| Q2 24 | -0.75× | 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
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% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
