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COMMERCIAL METALS Co（CMC）与Chipotle Mexican Grill（CMG）财务数据对比。点击上方公司名可切换其他公司
Chipotle Mexican Grill的季度营收约是COMMERCIAL METALS Co的1.4倍（$3.0B vs $2.1B），Chipotle Mexican Grill净利率更高（11.1% vs 8.4%，领先2.7%），COMMERCIAL METALS Co同比增速更快（11.0% vs 4.9%），Chipotle Mexican Grill自由现金流更多（$228.4M vs $78.8M），过去两年COMMERCIAL METALS Co的营收复合增速更高（7.1% vs 5.1%）
商业金属公司（CMC）总部位于美国得克萨斯州欧文市，主营钢筋及相关建筑材料，与纽柯公司同为美国房屋、桥梁、道路等基础设施领域混凝土加固用钢材的两大核心供应商，旗下还拥有地基系统生产商Tensar，产品可用于道路、公共基建及工业设施建设。
Chipotle Mexican Grill（常简称为Chipotle）是源自美国的跨国休闲快餐连锁品牌，主营现点现做的碗餐、塔可、墨西哥卷饼等风味餐食，餐品制作过程全程向顾客公开。截至2025年12月，品牌全球门店数量已达4000家，品牌名来源于纳瓦特尔语中烟熏干哈拉佩尼奥辣椒的称谓。
CMC vs CMG — 直观对比
营收规模更大
CMG
是对方的1.4倍
$2.1B
营收增速更快
CMC
高出6.2%
4.9%
净利率更高
CMG
高出2.7%
8.4%
自由现金流更多
CMG
多$149.6M
$78.8M
两年增速更快
CMC
近两年复合增速
5.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.0B |
| 净利润 | $177.3M | $330.9M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | 14.1% |
| 净利率 | 8.4% | 11.1% |
| 营收同比 | 11.0% | 4.9% |
| 净利润同比 | 200.9% | -0.3% |
| 每股收益（稀释后） | $1.58 | $0.25 |
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CMCCMG
| Q4 25 | $2.1B | $3.0B | ||
| Q3 25 | $2.1B | $3.0B | ||
| Q2 25 | $2.0B | $3.1B | ||
| Q1 25 | $1.8B | $2.9B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $2.0B | $2.8B | ||
| Q2 24 | $2.1B | $3.0B | ||
| Q1 24 | $1.8B | $2.7B |
净利润CMCCMG
| Q4 25 | $177.3M | $330.9M | ||
| Q3 25 | $151.8M | $382.1M | ||
| Q2 25 | $83.1M | $436.1M | ||
| Q1 25 | $25.5M | $386.6M | ||
| Q4 24 | $-175.7M | $331.8M | ||
| Q3 24 | $103.9M | $387.4M | ||
| Q2 24 | $119.4M | $455.7M | ||
| Q1 24 | $85.8M | $359.3M |
毛利率CMCCMG
| Q4 25 | 19.2% | — | ||
| Q3 25 | 18.6% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 16.4% | — | ||
| Q1 24 | 16.0% | — |
营业利润率CMCCMG
| Q4 25 | 8.6% | 14.1% | ||
| Q3 25 | 9.1% | 15.9% | ||
| Q2 25 | 5.4% | 18.2% | ||
| Q1 25 | 2.1% | 16.7% | ||
| Q4 24 | -12.1% | 14.6% | ||
| Q3 24 | 6.7% | 16.9% | ||
| Q2 24 | 7.7% | 19.7% | ||
| Q1 24 | 6.3% | 16.3% |
净利率CMCCMG
| Q4 25 | 8.4% | 11.1% | ||
| Q3 25 | 7.2% | 12.7% | ||
| Q2 25 | 4.1% | 14.2% | ||
| Q1 25 | 1.5% | 13.4% | ||
| Q4 24 | -9.2% | 11.7% | ||
| Q3 24 | 5.2% | 13.9% | ||
| Q2 24 | 5.7% | 15.3% | ||
| Q1 24 | 4.6% | 13.3% |
每股收益（稀释后）CMCCMG
| Q4 25 | $1.58 | $0.25 | ||
| Q3 25 | $1.33 | $0.29 | ||
| Q2 25 | $0.73 | $0.32 | ||
| Q1 25 | $0.22 | $0.28 | ||
| Q4 24 | $-1.54 | $-12.51 | ||
| Q3 24 | $0.90 | $0.28 | ||
| Q2 24 | $1.02 | $0.33 | ||
| Q1 24 | $0.73 | $13.01 |
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 | $1.0B | $1.0B |
| 总债务越低越好 | $3.3B | $0 |
| 股东权益账面价值 | $4.3B | $2.8B |
| 总资产 | $9.2B | $9.0B |
| 负债/权益比越低杠杆越低 | 0.77× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资CMCCMG
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $893.0M | $1.5B | ||
| Q1 25 | $758.4M | $1.4B | ||
| Q4 24 | $856.1M | $1.4B | ||
| Q3 24 | $857.9M | $1.4B | ||
| Q2 24 | $698.3M | $1.5B | ||
| Q1 24 | $638.3M | $1.4B |
总债务CMCCMG
| Q4 25 | $3.3B | $0 | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | $0 | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
股东权益CMCCMG
| Q4 25 | $4.3B | $2.8B | ||
| Q3 25 | $4.2B | $3.2B | ||
| Q2 25 | $4.1B | $3.5B | ||
| Q1 25 | $4.0B | $3.5B | ||
| Q4 24 | $4.0B | $3.7B | ||
| Q3 24 | $4.3B | $3.6B | ||
| Q2 24 | $4.3B | $3.7B | ||
| Q1 24 | $4.2B | $3.4B |
总资产CMCCMG
| Q4 25 | $9.2B | $9.0B | ||
| Q3 25 | $7.2B | $9.3B | ||
| Q2 25 | $7.0B | $9.3B | ||
| Q1 25 | $6.7B | $9.0B | ||
| Q4 24 | $6.8B | $9.2B | ||
| Q3 24 | $6.8B | $9.0B | ||
| Q2 24 | $6.7B | $8.9B | ||
| Q1 24 | $6.7B | $8.4B |
负债/权益比CMCCMG
| Q4 25 | 0.77× | 0.00× | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.29× | 0.00× | ||
| Q3 24 | 0.27× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.27× | — |
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 | $204.2M | $425.8M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $228.4M |
| 自由现金流率自由现金流/营收 | 3.7% | 7.7% |
| 资本支出强度资本支出/营收 | 5.9% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.29× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $1.4B |
8季度趋势，按日历期对齐
经营现金流CMCCMG
| Q4 25 | $204.2M | $425.8M | ||
| Q3 25 | $315.2M | $569.7M | ||
| Q2 25 | $154.4M | $561.3M | ||
| Q1 25 | $32.4M | $557.1M | ||
| Q4 24 | $213.0M | $526.8M | ||
| Q3 24 | $351.8M | $446.5M | ||
| Q2 24 | $197.9M | $562.6M | ||
| Q1 24 | $89.0M | $569.2M |
自由现金流CMCCMG
| Q4 25 | $78.8M | $228.4M | ||
| Q3 25 | $206.3M | $406.2M | ||
| Q2 25 | $65.0M | $400.7M | ||
| Q1 25 | $-53.8M | $412.3M | ||
| Q4 24 | $94.8M | $353.9M | ||
| Q3 24 | $270.3M | $299.0M | ||
| Q2 24 | $115.8M | $422.1M | ||
| Q1 24 | $-4.8M | $436.5M |
自由现金流率CMCCMG
| Q4 25 | 3.7% | 7.7% | ||
| Q3 25 | 9.8% | 13.5% | ||
| Q2 25 | 3.2% | 13.1% | ||
| Q1 25 | -3.1% | 14.3% | ||
| Q4 24 | 5.0% | 12.4% | ||
| Q3 24 | 13.5% | 10.7% | ||
| Q2 24 | 5.6% | 14.2% | ||
| Q1 24 | -0.3% | 16.2% |
资本支出强度CMCCMG
| Q4 25 | 5.9% | 6.6% | ||
| Q3 25 | 5.2% | 5.4% | ||
| Q2 25 | 4.4% | 5.2% | ||
| Q1 25 | 4.9% | 5.0% | ||
| Q4 24 | 6.2% | 6.1% | ||
| Q3 24 | 4.1% | 5.3% | ||
| Q2 24 | 3.9% | 4.7% | ||
| Q1 24 | 5.1% | 4.9% |
现金转化率CMCCMG
| Q4 25 | 1.15× | 1.29× | ||
| Q3 25 | 2.08× | 1.49× | ||
| Q2 25 | 1.86× | 1.29× | ||
| Q1 25 | 1.27× | 1.44× | ||
| Q4 24 | — | 1.59× | ||
| Q3 24 | 3.39× | 1.15× | ||
| Q2 24 | 1.66× | 1.23× | ||
| Q1 24 | 1.04× | 1.58× |
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
CMC
| Steel Products | $670.8M | 32% |
| Downstream Products | $505.3M | 24% |
| Construction Solutions Group | $314.4M | 15% |
| Europe Steel Group | $200.0M | 9% |
| Precast Products | $141.6M | 7% |
| Construction Products | $78.4M | 4% |
| Foley Products Company LLC | $75.1M | 4% |
| Concrete Pipe And Precast LLC | $69.4M | 3% |
| Ground Stabilization Products | $49.9M | 2% |
CMG
| U.S.Segment | $2.9B | 98% |
| Chipotle Rewards | $46.1M | 2% |
| Delivery Service | $14.3M | 0% |
