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CLEVELAND-CLIFFS INC.（CLF）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
CLEVELAND-CLIFFS INC.的季度营收约是托尔工业的1.8倍（$4.3B vs $2.4B），托尔工业净利率更高（0.9% vs -5.6%，领先6.5%），托尔工业同比增速更快（11.5% vs -0.3%），托尔工业自由现金流更多（$-74.8M vs $-153.0M），过去两年托尔工业的营收复合增速更高（4.0% 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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
CLF vs THO — 直观对比
营收规模更大
CLF
是对方的1.8倍
$2.4B
营收增速更快
THO
高出11.8%
-0.3%
净利率更高
THO
高出6.5%
-5.6%
自由现金流更多
THO
多$78.2M
$-153.0M
两年增速更快
THO
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.4B |
| 净利润 | $-241.0M | $21.7M |
| 毛利率 | -5.0% | 13.4% |
| 营业利润率 | -7.9% | 1.4% |
| 净利率 | -5.6% | 0.9% |
| 营收同比 | -0.3% | 11.5% |
| 净利润同比 | 46.1% | 1282.8% |
| 每股收益（稀释后） | — | $0.41 |
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CLFTHO
| Q4 25 | $4.3B | $2.4B | ||
| Q3 25 | $4.7B | $2.5B | ||
| Q2 25 | $4.9B | $2.9B | ||
| Q1 25 | $4.6B | $2.0B | ||
| Q4 24 | $4.3B | $2.1B | ||
| Q3 24 | $4.6B | $2.5B | ||
| Q2 24 | $5.1B | $2.8B | ||
| Q1 24 | $5.2B | $2.2B |
净利润CLFTHO
| Q4 25 | $-241.0M | $21.7M | ||
| Q3 25 | $-251.0M | $125.8M | ||
| Q2 25 | $-470.0M | $135.2M | ||
| Q1 25 | $-483.0M | $-551.0K | ||
| Q4 24 | $-447.0M | $-1.8M | ||
| Q3 24 | $-242.0M | $90.0M | ||
| Q2 24 | $2.0M | $114.5M | ||
| Q1 24 | $-67.0M | $7.2M |
毛利率CLFTHO
| Q4 25 | -5.0% | 13.4% | ||
| Q3 25 | -1.0% | 14.7% | ||
| Q2 25 | -4.2% | 15.3% | ||
| Q1 25 | -8.4% | 12.1% | ||
| Q4 24 | -6.3% | 13.1% | ||
| Q3 24 | -2.3% | 15.8% | ||
| Q2 24 | 3.2% | 15.1% | ||
| Q1 24 | 5.5% | 12.3% |
营业利润率CLFTHO
| Q4 25 | -7.9% | 1.4% | ||
| Q3 25 | -4.3% | 5.7% | ||
| Q2 25 | -10.1% | 5.4% | ||
| Q1 25 | -11.6% | -0.1% | ||
| Q4 24 | -10.8% | -0.1% | ||
| Q3 24 | -5.7% | 5.0% | ||
| Q2 24 | 0.1% | 5.1% | ||
| Q1 24 | -0.7% | 0.3% |
净利率CLFTHO
| Q4 25 | -5.6% | 0.9% | ||
| Q3 25 | -5.3% | 5.0% | ||
| Q2 25 | -9.5% | 4.7% | ||
| Q1 25 | -10.4% | -0.0% | ||
| Q4 24 | -10.3% | -0.1% | ||
| Q3 24 | -5.3% | 3.6% | ||
| Q2 24 | 0.0% | 4.1% | ||
| Q1 24 | -1.3% | 0.3% |
每股收益（稀释后）CLFTHO
| Q4 25 | — | $0.41 | ||
| Q3 25 | $-0.51 | $2.35 | ||
| Q2 25 | — | $2.53 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | $-0.91 | $-0.03 | ||
| Q3 24 | $-0.52 | $1.69 | ||
| Q2 24 | $0.00 | $2.13 | ||
| Q1 24 | $-0.14 | $0.13 |
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 | $509.9M |
| 总债务越低越好 | $7.3B | $916.0M |
| 股东权益账面价值 | $6.1B | $4.3B |
| 总资产 | $20.0B | $7.0B |
| 负债/权益比越低杠杆越低 | 1.19× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资CLFTHO
| Q4 25 | $57.0M | $509.9M | ||
| Q3 25 | $66.0M | $586.6M | ||
| Q2 25 | $61.0M | $508.3M | ||
| Q1 25 | $57.0M | $373.8M | ||
| Q4 24 | $54.0M | $445.2M | ||
| Q3 24 | $39.0M | $501.3M | ||
| Q2 24 | $110.0M | $371.8M | ||
| Q1 24 | $30.0M | $340.2M |
总债务CLFTHO
| Q4 25 | $7.3B | $916.0M | ||
| Q3 25 | $8.0B | $923.0M | ||
| Q2 25 | $7.7B | $1.0B | ||
| Q1 25 | $7.6B | $1.0B | ||
| Q4 24 | $7.1B | $1.1B | ||
| Q3 24 | $3.8B | $1.1B | ||
| Q2 24 | $3.5B | $1.2B | ||
| Q1 24 | $3.7B | $1.4B |
股东权益CLFTHO
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $5.5B | $4.3B | ||
| Q2 25 | $5.8B | $4.2B | ||
| Q1 25 | $6.3B | $4.0B | ||
| Q4 24 | $6.7B | $4.1B | ||
| Q3 24 | $6.9B | $4.1B | ||
| Q2 24 | $7.1B | $4.0B | ||
| Q1 24 | $7.2B | $3.9B |
总资产CLFTHO
| Q4 25 | $20.0B | $7.0B | ||
| Q3 25 | $20.3B | $7.1B | ||
| Q2 25 | $20.5B | $7.2B | ||
| Q1 25 | $20.8B | $6.7B | ||
| Q4 24 | $20.9B | $6.9B | ||
| Q3 24 | $16.8B | $7.0B | ||
| Q2 24 | $16.9B | $7.2B | ||
| Q1 24 | $17.2B | $7.2B |
负债/权益比CLFTHO
| Q4 25 | 1.19× | 0.21× | ||
| Q3 25 | 1.47× | 0.22× | ||
| Q2 25 | 1.33× | 0.24× | ||
| Q1 25 | 1.22× | 0.26× | ||
| Q4 24 | 1.06× | 0.27× | ||
| Q3 24 | 0.55× | 0.28× | ||
| Q2 24 | 0.49× | 0.31× | ||
| Q1 24 | 0.51× | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-74.8M |
| 自由现金流率自由现金流/营收 | -3.5% | -3.1% |
| 资本支出强度资本支出/营收 | 3.2% | 1.3% |
| 现金转化率经营现金流/净利润 | — | -2.07× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $375.1M |
8季度趋势，按日历期对齐
经营现金流CLFTHO
| Q4 25 | $-13.0M | $-44.9M | ||
| Q3 25 | $-143.0M | $258.7M | ||
| Q2 25 | $45.0M | $257.7M | ||
| Q1 25 | $-351.0M | $30.8M | ||
| Q4 24 | $-472.0M | $30.7M | ||
| Q3 24 | $-84.0M | $338.0M | ||
| Q2 24 | $519.0M | $251.7M | ||
| Q1 24 | $142.0M | $-103.9M |
自由现金流CLFTHO
| Q4 25 | $-153.0M | $-74.8M | ||
| Q3 25 | $-300.0M | $221.6M | ||
| Q2 25 | $-67.0M | $222.5M | ||
| Q1 25 | $-503.0M | $5.8M | ||
| Q4 24 | $-677.0M | $6.4M | ||
| Q3 24 | $-235.0M | $301.3M | ||
| Q2 24 | $362.0M | $225.4M | ||
| Q1 24 | $-40.0M | $-140.2M |
自由现金流率CLFTHO
| Q4 25 | -3.5% | -3.1% | ||
| Q3 25 | -6.3% | 8.8% | ||
| Q2 25 | -1.4% | 7.7% | ||
| Q1 25 | -10.9% | 0.3% | ||
| Q4 24 | -15.7% | 0.3% | ||
| Q3 24 | -5.1% | 11.9% | ||
| Q2 24 | 7.1% | 8.0% | ||
| Q1 24 | -0.8% | -6.4% |
资本支出强度CLFTHO
| Q4 25 | 3.2% | 1.3% | ||
| Q3 25 | 3.3% | 1.5% | ||
| Q2 25 | 2.3% | 1.2% | ||
| Q1 25 | 3.3% | 1.2% | ||
| Q4 24 | 4.7% | 1.1% | ||
| Q3 24 | 3.3% | 1.4% | ||
| Q2 24 | 3.1% | 0.9% | ||
| Q1 24 | 3.5% | 1.6% |
现金转化率CLFTHO
| Q4 25 | — | -2.07× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.76× | ||
| Q2 24 | 259.50× | 2.20× | ||
| Q1 24 | — | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
