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CLEVELAND-CLIFFS INC.（CLF）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
CLEVELAND-CLIFFS INC.的季度营收约是新美亚的1.4倍（$4.3B vs $3.2B），新美亚净利率更高（1.5% vs -5.6%，领先7.1%），新美亚同比增速更快（59.0% vs -0.3%），新美亚自由现金流更多（$91.9M vs $-153.0M），过去两年新美亚的营收复合增速更高（31.9% 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。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
CLF vs SANM — 直观对比
营收规模更大
CLF
是对方的1.4倍
$3.2B
营收增速更快
SANM
高出59.3%
-0.3%
净利率更高
SANM
高出7.1%
-5.6%
自由现金流更多
SANM
多$244.9M
$-153.0M
两年增速更快
SANM
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.2B |
| 净利润 | $-241.0M | $49.3M |
| 毛利率 | -5.0% | 7.6% |
| 营业利润率 | -7.9% | 2.3% |
| 净利率 | -5.6% | 1.5% |
| 营收同比 | -0.3% | 59.0% |
| 净利润同比 | 46.1% | -24.2% |
| 每股收益（稀释后） | — | $0.89 |
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CLFSANM
| Q4 25 | $4.3B | $3.2B | ||
| Q3 25 | $4.7B | $2.1B | ||
| Q2 25 | $4.9B | $2.0B | ||
| Q1 25 | $4.6B | $2.0B | ||
| Q4 24 | $4.3B | $2.0B | ||
| Q3 24 | $4.6B | $2.0B | ||
| Q2 24 | $5.1B | $1.8B | ||
| Q1 24 | $5.2B | $1.8B |
净利润CLFSANM
| Q4 25 | $-241.0M | $49.3M | ||
| Q3 25 | $-251.0M | $48.1M | ||
| Q2 25 | $-470.0M | $68.6M | ||
| Q1 25 | $-483.0M | $64.2M | ||
| Q4 24 | $-447.0M | $65.0M | ||
| Q3 24 | $-242.0M | $61.4M | ||
| Q2 24 | $2.0M | $51.6M | ||
| Q1 24 | $-67.0M | $52.5M |
毛利率CLFSANM
| Q4 25 | -5.0% | 7.6% | ||
| Q3 25 | -1.0% | 9.1% | ||
| Q2 25 | -4.2% | 8.9% | ||
| Q1 25 | -8.4% | 8.9% | ||
| Q4 24 | -6.3% | 8.4% | ||
| Q3 24 | -2.3% | 8.5% | ||
| Q2 24 | 3.2% | 8.3% | ||
| Q1 24 | 5.5% | 8.4% |
营业利润率CLFSANM
| Q4 25 | -7.9% | 2.3% | ||
| Q3 25 | -4.3% | 3.7% | ||
| Q2 25 | -10.1% | 4.7% | ||
| Q1 25 | -11.6% | 4.6% | ||
| Q4 24 | -10.8% | 4.4% | ||
| Q3 24 | -5.7% | 4.4% | ||
| Q2 24 | 0.1% | 4.5% | ||
| Q1 24 | -0.7% | 4.1% |
净利率CLFSANM
| Q4 25 | -5.6% | 1.5% | ||
| Q3 25 | -5.3% | 2.3% | ||
| Q2 25 | -9.5% | 3.4% | ||
| Q1 25 | -10.4% | 3.2% | ||
| Q4 24 | -10.3% | 3.2% | ||
| Q3 24 | -5.3% | 3.0% | ||
| Q2 24 | 0.0% | 2.8% | ||
| Q1 24 | -1.3% | 2.9% |
每股收益（稀释后）CLFSANM
| Q4 25 | — | $0.89 | ||
| Q3 25 | $-0.51 | $0.88 | ||
| Q2 25 | — | $1.26 | ||
| Q1 25 | — | $1.16 | ||
| Q4 24 | $-0.91 | $1.16 | ||
| Q3 24 | $-0.52 | $1.09 | ||
| Q2 24 | $0.00 | $0.91 | ||
| Q1 24 | $-0.14 | $0.93 |
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 | $1.4B |
| 总债务越低越好 | $7.3B | $2.2B |
| 股东权益账面价值 | $6.1B | $2.7B |
| 总资产 | $20.0B | $9.8B |
| 负债/权益比越低杠杆越低 | 1.19× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资CLFSANM
| Q4 25 | $57.0M | $1.4B | ||
| Q3 25 | $66.0M | $926.3M | ||
| Q2 25 | $61.0M | $797.9M | ||
| Q1 25 | $57.0M | $647.1M | ||
| Q4 24 | $54.0M | $642.4M | ||
| Q3 24 | $39.0M | $625.9M | ||
| Q2 24 | $110.0M | $657.7M | ||
| Q1 24 | $30.0M | $650.9M |
总债务CLFSANM
| Q4 25 | $7.3B | $2.2B | ||
| Q3 25 | $8.0B | $300.5M | ||
| Q2 25 | $7.7B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.1B | — | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $3.7B | — |
股东权益CLFSANM
| Q4 25 | $6.1B | $2.7B | ||
| Q3 25 | $5.5B | $2.5B | ||
| Q2 25 | $5.8B | $2.5B | ||
| Q1 25 | $6.3B | $2.4B | ||
| Q4 24 | $6.7B | $2.4B | ||
| Q3 24 | $6.9B | $2.4B | ||
| Q2 24 | $7.1B | $2.3B | ||
| Q1 24 | $7.2B | $2.3B |
总资产CLFSANM
| Q4 25 | $20.0B | $9.8B | ||
| Q3 25 | $20.3B | $5.9B | ||
| Q2 25 | $20.5B | $5.2B | ||
| Q1 25 | $20.8B | $5.0B | ||
| Q4 24 | $20.9B | $4.8B | ||
| Q3 24 | $16.8B | $4.8B | ||
| Q2 24 | $16.9B | $4.7B | ||
| Q1 24 | $17.2B | $4.7B |
负债/权益比CLFSANM
| Q4 25 | 1.19× | 0.82× | ||
| Q3 25 | 1.47× | 0.12× | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 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 | $-13.0M | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $91.9M |
| 自由现金流率自由现金流/营收 | -3.5% | 2.9% |
| 资本支出强度资本支出/营收 | 3.2% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 3.63× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $518.3M |
8季度趋势，按日历期对齐
经营现金流CLFSANM
| Q4 25 | $-13.0M | $178.7M | ||
| Q3 25 | $-143.0M | $199.1M | ||
| Q2 25 | $45.0M | $200.8M | ||
| Q1 25 | $-351.0M | $156.9M | ||
| Q4 24 | $-472.0M | $63.9M | ||
| Q3 24 | $-84.0M | $51.9M | ||
| Q2 24 | $519.0M | $90.0M | ||
| Q1 24 | $142.0M | $72.3M |
自由现金流CLFSANM
| Q4 25 | $-153.0M | $91.9M | ||
| Q3 25 | $-300.0M | $136.6M | ||
| Q2 25 | $-67.0M | $163.7M | ||
| Q1 25 | $-503.0M | $126.1M | ||
| Q4 24 | $-677.0M | $46.9M | ||
| Q3 24 | $-235.0M | $27.2M | ||
| Q2 24 | $362.0M | $67.2M | ||
| Q1 24 | $-40.0M | $42.7M |
自由现金流率CLFSANM
| Q4 25 | -3.5% | 2.9% | ||
| Q3 25 | -6.3% | 6.5% | ||
| Q2 25 | -1.4% | 8.0% | ||
| Q1 25 | -10.9% | 6.4% | ||
| Q4 24 | -15.7% | 2.3% | ||
| Q3 24 | -5.1% | 1.4% | ||
| Q2 24 | 7.1% | 3.7% | ||
| Q1 24 | -0.8% | 2.3% |
资本支出强度CLFSANM
| Q4 25 | 3.2% | 2.7% | ||
| Q3 25 | 3.3% | 3.0% | ||
| Q2 25 | 2.3% | 1.8% | ||
| Q1 25 | 3.3% | 1.5% | ||
| Q4 24 | 4.7% | 0.9% | ||
| Q3 24 | 3.3% | 1.2% | ||
| Q2 24 | 3.1% | 1.2% | ||
| Q1 24 | 3.5% | 1.6% |
现金转化率CLFSANM
| Q4 25 | — | 3.63× | ||
| Q3 25 | — | 4.14× | ||
| Q2 25 | — | 2.93× | ||
| Q1 25 | — | 2.44× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | 259.50× | 1.74× | ||
| Q1 24 | — | 1.38× |
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% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
