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CLEVELAND-CLIFFS INC.（CLF）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是CLEVELAND-CLIFFS INC.的1.4倍（$6.0B vs $4.3B），3M净利率更高（10.8% vs -5.6%，领先16.4%），3M同比增速更快（1.3% vs -0.3%），3M自由现金流更多（$2.0B vs $-153.0M），过去两年3M的营收复合增速更高（-1.8% vs -8.9%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
CLF vs MMM — 直观对比
营收规模更大
MMM
是对方的1.4倍
$4.3B
营收增速更快
MMM
高出1.6%
-0.3%
净利率更高
MMM
高出16.4%
-5.6%
自由现金流更多
MMM
多$2.2B
$-153.0M
两年增速更快
MMM
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $6.0B |
| 净利润 | $-241.0M | $653.0M |
| 毛利率 | -5.0% | 40.7% |
| 营业利润率 | -7.9% | 23.2% |
| 净利率 | -5.6% | 10.8% |
| 营收同比 | -0.3% | 1.3% |
| 净利润同比 | 46.1% | -41.5% |
| 每股收益（稀释后） | — | $1.23 |
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CLFMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $4.3B | $6.1B | ||
| Q3 25 | $4.7B | $6.5B | ||
| Q2 25 | $4.9B | $6.3B | ||
| Q1 25 | $4.6B | $6.0B | ||
| Q4 24 | $4.3B | $6.0B | ||
| Q3 24 | $4.6B | $6.3B | ||
| Q2 24 | $5.1B | $6.3B |
净利润CLFMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-241.0M | $577.0M | ||
| Q3 25 | $-251.0M | $834.0M | ||
| Q2 25 | $-470.0M | $723.0M | ||
| Q1 25 | $-483.0M | $1.1B | ||
| Q4 24 | $-447.0M | $728.0M | ||
| Q3 24 | $-242.0M | $1.4B | ||
| Q2 24 | $2.0M | $1.1B |
毛利率CLFMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | -5.0% | 33.6% | ||
| Q3 25 | -1.0% | 41.8% | ||
| Q2 25 | -4.2% | 42.5% | ||
| Q1 25 | -8.4% | 41.6% | ||
| Q4 24 | -6.3% | 51.7% | ||
| Q3 24 | -2.3% | 42.1% | ||
| Q2 24 | 3.2% | 42.9% |
营业利润率CLFMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -7.9% | 13.0% | ||
| Q3 25 | -4.3% | 22.2% | ||
| Q2 25 | -10.1% | 18.0% | ||
| Q1 25 | -11.6% | 20.9% | ||
| Q4 24 | -10.8% | 12.2% | ||
| Q3 24 | -5.7% | 20.9% | ||
| Q2 24 | 0.1% | 20.3% |
净利率CLFMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -5.6% | 9.4% | ||
| Q3 25 | -5.3% | 12.8% | ||
| Q2 25 | -9.5% | 11.4% | ||
| Q1 25 | -10.4% | 18.7% | ||
| Q4 24 | -10.3% | 12.1% | ||
| Q3 24 | -5.3% | 21.8% | ||
| Q2 24 | 0.0% | 18.3% |
每股收益（稀释后）CLFMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | — | $1.07 | ||
| Q3 25 | $-0.51 | $1.55 | ||
| Q2 25 | — | $1.34 | ||
| Q1 25 | — | $2.04 | ||
| Q4 24 | $-0.91 | $1.33 | ||
| Q3 24 | $-0.52 | $2.48 | ||
| Q2 24 | $0.00 | $2.07 |
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 | $57.0M | $3.7B |
| 总债务越低越好 | $7.3B | $10.9B |
| 股东权益账面价值 | $6.1B | $3.3B |
| 总资产 | $20.0B | $35.4B |
| 负债/权益比越低杠杆越低 | 1.19× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资CLFMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $57.0M | — | ||
| Q3 25 | $66.0M | — | ||
| Q2 25 | $61.0M | — | ||
| Q1 25 | $57.0M | — | ||
| Q4 24 | $54.0M | — | ||
| Q3 24 | $39.0M | — | ||
| Q2 24 | $110.0M | — |
总债务CLFMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $7.3B | $12.6B | ||
| Q3 25 | $8.0B | $12.6B | ||
| Q2 25 | $7.7B | $13.1B | ||
| Q1 25 | $7.6B | $13.5B | ||
| Q4 24 | $7.1B | $13.0B | ||
| Q3 24 | $3.8B | $13.2B | ||
| Q2 24 | $3.5B | $13.1B |
股东权益CLFMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $6.1B | $4.7B | ||
| Q3 25 | $5.5B | $4.6B | ||
| Q2 25 | $5.8B | $4.3B | ||
| Q1 25 | $6.3B | $4.5B | ||
| Q4 24 | $6.7B | $3.8B | ||
| Q3 24 | $6.9B | $4.6B | ||
| Q2 24 | $7.1B | $3.9B |
总资产CLFMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $20.0B | $37.7B | ||
| Q3 25 | $20.3B | $37.6B | ||
| Q2 25 | $20.5B | $38.0B | ||
| Q1 25 | $20.8B | $40.0B | ||
| Q4 24 | $20.9B | $39.9B | ||
| Q3 24 | $16.8B | $40.9B | ||
| Q2 24 | $16.9B | $43.4B |
负债/权益比CLFMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 1.19× | 2.68× | ||
| Q3 25 | 1.47× | 2.72× | ||
| Q2 25 | 1.33× | 3.06× | ||
| Q1 25 | 1.22× | 3.02× | ||
| Q4 24 | 1.06× | 3.40× | ||
| Q3 24 | 0.55× | 2.84× | ||
| Q2 24 | 0.49× | 3.34× |
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 | $-13.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $2.0B |
| 自由现金流率自由现金流/营收 | -3.5% | 33.6% |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 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 | $-1.0B | $3.7B |
8季度趋势，按日历期对齐
经营现金流CLFMMM
| Q1 26 | — | — | ||
| Q4 25 | $-13.0M | $1.6B | ||
| Q3 25 | $-143.0M | $1.8B | ||
| Q2 25 | $45.0M | $-954.0M | ||
| Q1 25 | $-351.0M | $-79.0M | ||
| Q4 24 | $-472.0M | $1.8B | ||
| Q3 24 | $-84.0M | $-1.8B | ||
| Q2 24 | $519.0M | $1.0B |
自由现金流CLFMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-153.0M | $1.3B | ||
| Q3 25 | $-300.0M | $1.5B | ||
| Q2 25 | $-67.0M | $-1.2B | ||
| Q1 25 | $-503.0M | $-315.0M | ||
| Q4 24 | $-677.0M | $1.5B | ||
| Q3 24 | $-235.0M | $-2.0B | ||
| Q2 24 | $362.0M | $752.0M |
自由现金流率CLFMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | -3.5% | 21.8% | ||
| Q3 25 | -6.3% | 23.6% | ||
| Q2 25 | -1.4% | -18.3% | ||
| Q1 25 | -10.9% | -5.3% | ||
| Q4 24 | -15.7% | 25.4% | ||
| Q3 24 | -5.1% | -32.3% | ||
| Q2 24 | 7.1% | 12.0% |
资本支出强度CLFMMM
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 4.0% | ||
| Q3 25 | 3.3% | 3.3% | ||
| Q2 25 | 2.3% | 3.3% | ||
| Q1 25 | 3.3% | 4.0% | ||
| Q4 24 | 4.7% | 4.8% | ||
| Q3 24 | 3.3% | 3.9% | ||
| Q2 24 | 3.1% | 4.3% |
现金转化率CLFMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | — | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | — | -1.30× | ||
| Q2 24 | 259.50× | 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
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
