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CLEVELAND-CLIFFS INC.（CLF）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是CLEVELAND-CLIFFS INC.的1.1倍（$4.8B vs $4.3B），Vistra Corp.净利率更高（4.8% vs -5.6%，领先10.4%），Vistra Corp.同比增速更快（31.2% vs -0.3%），Vistra Corp.自由现金流更多（$596.0M vs $-153.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
CLF vs VST — 直观对比
营收规模更大
VST
是对方的1.1倍
$4.3B
营收增速更快
VST
高出31.5%
-0.3%
净利率更高
VST
高出10.4%
-5.6%
自由现金流更多
VST
多$749.0M
$-153.0M
两年增速更快
VST
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.8B |
| 净利润 | $-241.0M | $233.0M |
| 毛利率 | -5.0% | — |
| 营业利润率 | -7.9% | 9.9% |
| 净利率 | -5.6% | 4.8% |
| 营收同比 | -0.3% | 31.2% |
| 净利润同比 | 46.1% | -47.2% |
| 每股收益（稀释后） | — | $0.55 |
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CLFVST
| Q4 25 | $4.3B | $4.8B | ||
| Q3 25 | $4.7B | $4.8B | ||
| Q2 25 | $4.9B | $3.8B | ||
| Q1 25 | $4.6B | $4.3B | ||
| Q4 24 | $4.3B | $3.7B | ||
| Q3 24 | $4.6B | $4.3B | ||
| Q2 24 | $5.1B | $3.6B | ||
| Q1 24 | $5.2B | $3.2B |
净利润CLFVST
| Q4 25 | $-241.0M | $233.0M | ||
| Q3 25 | $-251.0M | $652.0M | ||
| Q2 25 | $-470.0M | $327.0M | ||
| Q1 25 | $-483.0M | $-268.0M | ||
| Q4 24 | $-447.0M | $441.0M | ||
| Q3 24 | $-242.0M | $1.9B | ||
| Q2 24 | $2.0M | $365.0M | ||
| Q1 24 | $-67.0M | $-35.0M |
毛利率CLFVST
| 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CLFVST
| Q4 25 | -7.9% | 9.9% | ||
| Q3 25 | -4.3% | 21.7% | ||
| Q2 25 | -10.1% | 13.7% | ||
| Q1 25 | -11.6% | -2.8% | ||
| Q4 24 | -10.8% | 16.4% | ||
| Q3 24 | -5.7% | 59.6% | ||
| Q2 24 | 0.1% | 22.5% | ||
| Q1 24 | -0.7% | 2.7% |
净利率CLFVST
| Q4 25 | -5.6% | 4.8% | ||
| Q3 25 | -5.3% | 13.6% | ||
| Q2 25 | -9.5% | 8.7% | ||
| Q1 25 | -10.4% | -6.3% | ||
| Q4 24 | -10.3% | 12.0% | ||
| Q3 24 | -5.3% | 43.5% | ||
| Q2 24 | 0.0% | 10.1% | ||
| Q1 24 | -1.3% | -1.1% |
每股收益（稀释后）CLFVST
| Q4 25 | — | $0.55 | ||
| Q3 25 | $-0.51 | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | $-0.91 | $1.09 | ||
| Q3 24 | $-0.52 | $5.25 | ||
| Q2 24 | $0.00 | $0.90 | ||
| Q1 24 | $-0.14 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $7.3B | $15.8B |
| 股东权益账面价值 | $6.1B | $5.1B |
| 总资产 | $20.0B | $41.5B |
| 负债/权益比越低杠杆越低 | 1.19× | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资CLFVST
| Q4 25 | $57.0M | $785.0M | ||
| Q3 25 | $66.0M | $602.0M | ||
| Q2 25 | $61.0M | $458.0M | ||
| Q1 25 | $57.0M | $561.0M | ||
| Q4 24 | $54.0M | $1.2B | ||
| Q3 24 | $39.0M | $905.0M | ||
| Q2 24 | $110.0M | $1.6B | ||
| Q1 24 | $30.0M | $1.1B |
总债务CLFVST
| Q4 25 | $7.3B | $15.8B | ||
| Q3 25 | $8.0B | $15.8B | ||
| Q2 25 | $7.7B | $15.5B | ||
| Q1 25 | $7.6B | $15.4B | ||
| Q4 24 | $7.1B | $15.4B | ||
| Q3 24 | $3.8B | $13.9B | ||
| Q2 24 | $3.5B | $13.9B | ||
| Q1 24 | $3.7B | $14.7B |
股东权益CLFVST
| Q4 25 | $6.1B | $5.1B | ||
| Q3 25 | $5.5B | $5.2B | ||
| Q2 25 | $5.8B | $4.8B | ||
| Q1 25 | $6.3B | $4.8B | ||
| Q4 24 | $6.7B | $5.6B | ||
| Q3 24 | $6.9B | $5.4B | ||
| Q2 24 | $7.1B | $5.6B | ||
| Q1 24 | $7.2B | $5.7B |
总资产CLFVST
| Q4 25 | $20.0B | $41.5B | ||
| Q3 25 | $20.3B | $38.0B | ||
| Q2 25 | $20.5B | $38.1B | ||
| Q1 25 | $20.8B | $38.2B | ||
| Q4 24 | $20.9B | $37.8B | ||
| Q3 24 | $16.8B | $37.9B | ||
| Q2 24 | $16.9B | $39.1B | ||
| Q1 24 | $17.2B | $38.2B |
负债/权益比CLFVST
| Q4 25 | 1.19× | 3.11× | ||
| Q3 25 | 1.47× | 3.02× | ||
| Q2 25 | 1.33× | 3.22× | ||
| Q1 25 | 1.22× | 3.20× | ||
| Q4 24 | 1.06× | 2.77× | ||
| Q3 24 | 0.55× | 2.56× | ||
| Q2 24 | 0.49× | 2.49× | ||
| Q1 24 | 0.51× | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $596.0M |
| 自由现金流率自由现金流/营收 | -3.5% | 12.4% |
| 资本支出强度资本支出/营收 | 3.2% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $1.3B |
8季度趋势，按日历期对齐
经营现金流CLFVST
| Q4 25 | $-13.0M | $1.4B | ||
| Q3 25 | $-143.0M | $1.5B | ||
| Q2 25 | $45.0M | $572.0M | ||
| Q1 25 | $-351.0M | $599.0M | ||
| Q4 24 | $-472.0M | $1.4B | ||
| Q3 24 | $-84.0M | $1.7B | ||
| Q2 24 | $519.0M | $1.2B | ||
| Q1 24 | $142.0M | $312.0M |
自由现金流CLFVST
| Q4 25 | $-153.0M | $596.0M | ||
| Q3 25 | $-300.0M | $1.0B | ||
| Q2 25 | $-67.0M | $-118.0M | ||
| Q1 25 | $-503.0M | $-169.0M | ||
| Q4 24 | $-677.0M | $923.0M | ||
| Q3 24 | $-235.0M | $1.0B | ||
| Q2 24 | $362.0M | $698.0M | ||
| Q1 24 | $-40.0M | $-153.0M |
自由现金流率CLFVST
| Q4 25 | -3.5% | 12.4% | ||
| Q3 25 | -6.3% | 21.1% | ||
| Q2 25 | -1.4% | -3.1% | ||
| Q1 25 | -10.9% | -4.0% | ||
| Q4 24 | -15.7% | 25.2% | ||
| Q3 24 | -5.1% | 23.4% | ||
| Q2 24 | 7.1% | 19.4% | ||
| Q1 24 | -0.8% | -4.8% |
资本支出强度CLFVST
| Q4 25 | 3.2% | 17.4% | ||
| Q3 25 | 3.3% | 9.6% | ||
| Q2 25 | 2.3% | 18.4% | ||
| Q1 25 | 3.3% | 18.1% | ||
| Q4 24 | 4.7% | 11.7% | ||
| Q3 24 | 3.3% | 15.8% | ||
| Q2 24 | 3.1% | 13.8% | ||
| Q1 24 | 3.5% | 14.7% |
现金转化率CLFVST
| Q4 25 | — | 6.15× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 259.50× | 3.28× | ||
| Q1 24 | — | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
