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COMMERCIAL METALS Co（CMC）与Core Natural Resources, Inc.（CNR）财务数据对比。点击上方公司名可切换其他公司
COMMERCIAL METALS Co的季度营收约是Core Natural Resources, Inc.的2.0倍（$2.1B vs $1.0B），COMMERCIAL METALS Co净利率更高（8.4% vs -7.6%，领先15.9%），Core Natural Resources, Inc.同比增速更快（81.8% vs 11.0%），COMMERCIAL METALS Co自由现金流更多（$78.8M vs $26.0M），过去两年Core Natural Resources, Inc.的营收复合增速更高（38.1% vs 7.1%）
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。
Arch Resources（原阿奇煤炭）曾是美国煤炭开采加工企业，为美国第二大煤炭供应商，仅次于皮博迪能源，2011年占据美国国内15%的市场份额，主营低硫烟煤、次烟煤的开采、加工与销售，客户以发电企业为主。
CMC vs CNR — 直观对比
营收规模更大
CMC
是对方的2.0倍
$1.0B
营收增速更快
CNR
高出70.7%
11.0%
净利率更高
CMC
高出15.9%
-7.6%
自由现金流更多
CMC
多$52.7M
$26.0M
两年增速更快
CNR
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.0B |
| 净利润 | $177.3M | $-79.0M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | -9.3% |
| 净利率 | 8.4% | -7.6% |
| 营收同比 | 11.0% | 81.8% |
| 净利润同比 | 200.9% | -356.3% |
| 每股收益（稀释后） | $1.58 | $-1.51 |
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CMCCNR
| Q4 25 | $2.1B | $1.0B | ||
| Q3 25 | $2.1B | $1.0B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.8B | $1.0B | ||
| Q4 24 | $1.9B | $573.6M | ||
| Q3 24 | $2.0B | $553.4M | ||
| Q2 24 | $2.1B | $490.7M | ||
| Q1 24 | $1.8B | $546.7M |
净利润CMCCNR
| Q4 25 | $177.3M | $-79.0M | ||
| Q3 25 | $151.8M | $31.6M | ||
| Q2 25 | $83.1M | $-36.6M | ||
| Q1 25 | $25.5M | $-69.3M | ||
| Q4 24 | $-175.7M | $30.8M | ||
| Q3 24 | $103.9M | $95.6M | ||
| Q2 24 | $119.4M | $58.1M | ||
| Q1 24 | $85.8M | $101.9M |
毛利率CMCCNR
| 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CMCCNR
| Q4 25 | 8.6% | -9.3% | ||
| Q3 25 | 9.1% | -1.2% | ||
| Q2 25 | 5.4% | -1.7% | ||
| Q1 25 | 2.1% | -5.3% | ||
| Q4 24 | -12.1% | 6.6% | ||
| Q3 24 | 6.7% | 21.2% | ||
| Q2 24 | 7.7% | 14.6% | ||
| Q1 24 | 6.3% | 22.7% |
净利率CMCCNR
| Q4 25 | 8.4% | -7.6% | ||
| Q3 25 | 7.2% | 3.2% | ||
| Q2 25 | 4.1% | -3.3% | ||
| Q1 25 | 1.5% | -6.8% | ||
| Q4 24 | -9.2% | 5.4% | ||
| Q3 24 | 5.2% | 17.3% | ||
| Q2 24 | 5.7% | 11.8% | ||
| Q1 24 | 4.6% | 18.6% |
每股收益（稀释后）CMCCNR
| Q4 25 | $1.58 | $-1.51 | ||
| Q3 25 | $1.33 | $0.61 | ||
| Q2 25 | $0.73 | $-0.70 | ||
| Q1 25 | $0.22 | $-1.38 | ||
| Q4 24 | $-1.54 | $1.04 | ||
| Q3 24 | $0.90 | $3.22 | ||
| Q2 24 | $1.02 | $1.96 | ||
| Q1 24 | $0.73 | $3.39 |
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 | $432.2M |
| 总债务越低越好 | $3.3B | $354.2M |
| 股东权益账面价值 | $4.3B | $3.7B |
| 总资产 | $9.2B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.77× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资CMCCNR
| Q4 25 | $1.0B | $432.2M | ||
| Q3 25 | $1.0B | $444.7M | ||
| Q2 25 | $893.0M | $413.2M | ||
| Q1 25 | $758.4M | $388.5M | ||
| Q4 24 | $856.1M | $460.2M | ||
| Q3 24 | $857.9M | $331.7M | ||
| Q2 24 | $698.3M | $216.1M | ||
| Q1 24 | $638.3M | $172.6M |
总债务CMCCNR
| Q4 25 | $3.3B | $354.2M | ||
| Q3 25 | $1.3B | $334.5M | ||
| Q2 25 | $1.3B | $334.0M | ||
| Q1 25 | $1.2B | $329.8M | ||
| Q4 24 | $1.1B | $94.8M | ||
| Q3 24 | $1.2B | $83.7M | ||
| Q2 24 | $1.1B | $184.9M | ||
| Q1 24 | $1.1B | $185.5M |
股东权益CMCCNR
| Q4 25 | $4.3B | $3.7B | ||
| Q3 25 | $4.2B | $3.8B | ||
| Q2 25 | $4.1B | $3.8B | ||
| Q1 25 | $4.0B | $3.9B | ||
| Q4 24 | $4.0B | $1.6B | ||
| Q3 24 | $4.3B | $1.5B | ||
| Q2 24 | $4.3B | $1.4B | ||
| Q1 24 | $4.2B | $1.4B |
总资产CMCCNR
| Q4 25 | $9.2B | $6.1B | ||
| Q3 25 | $7.2B | $6.2B | ||
| Q2 25 | $7.0B | $6.2B | ||
| Q1 25 | $6.7B | $6.3B | ||
| Q4 24 | $6.8B | $2.9B | ||
| Q3 24 | $6.8B | $2.8B | ||
| Q2 24 | $6.7B | $2.7B | ||
| Q1 24 | $6.7B | $2.7B |
负债/权益比CMCCNR
| Q4 25 | 0.77× | 0.10× | ||
| Q3 25 | 0.31× | 0.09× | ||
| Q2 25 | 0.32× | 0.09× | ||
| Q1 25 | 0.29× | 0.08× | ||
| Q4 24 | 0.29× | 0.06× | ||
| Q3 24 | 0.27× | 0.05× | ||
| Q2 24 | 0.27× | 0.13× | ||
| Q1 24 | 0.27× | 0.13× |
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 | $107.3M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $26.0M |
| 自由现金流率自由现金流/营收 | 3.7% | 2.5% |
| 资本支出强度资本支出/营收 | 5.9% | 7.8% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $296.2M | $21.2M |
8季度趋势，按日历期对齐
经营现金流CMCCNR
| Q4 25 | $204.2M | $107.3M | ||
| Q3 25 | $315.2M | $87.9M | ||
| Q2 25 | $154.4M | $220.2M | ||
| Q1 25 | $32.4M | $-109.6M | ||
| Q4 24 | $213.0M | $121.3M | ||
| Q3 24 | $351.8M | $161.3M | ||
| Q2 24 | $197.9M | $116.3M | ||
| Q1 24 | $89.0M | $77.5M |
自由现金流CMCCNR
| Q4 25 | $78.8M | $26.0M | ||
| Q3 25 | $206.3M | $38.6M | ||
| Q2 25 | $65.0M | $131.0M | ||
| Q1 25 | $-53.8M | $-174.5M | ||
| Q4 24 | $94.8M | $80.5M | ||
| Q3 24 | $270.3M | $121.9M | ||
| Q2 24 | $115.8M | $60.9M | ||
| Q1 24 | $-4.8M | $35.1M |
自由现金流率CMCCNR
| Q4 25 | 3.7% | 2.5% | ||
| Q3 25 | 9.8% | 3.9% | ||
| Q2 25 | 3.2% | 11.9% | ||
| Q1 25 | -3.1% | -17.1% | ||
| Q4 24 | 5.0% | 14.0% | ||
| Q3 24 | 13.5% | 22.0% | ||
| Q2 24 | 5.6% | 12.4% | ||
| Q1 24 | -0.3% | 6.4% |
资本支出强度CMCCNR
| Q4 25 | 5.9% | 7.8% | ||
| Q3 25 | 5.2% | 4.9% | ||
| Q2 25 | 4.4% | 8.1% | ||
| Q1 25 | 4.9% | 6.4% | ||
| Q4 24 | 6.2% | 7.1% | ||
| Q3 24 | 4.1% | 7.1% | ||
| Q2 24 | 3.9% | 11.3% | ||
| Q1 24 | 5.1% | 7.7% |
现金转化率CMCCNR
| Q4 25 | 1.15× | — | ||
| Q3 25 | 2.08× | 2.78× | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | 1.27× | — | ||
| Q4 24 | — | 3.94× | ||
| Q3 24 | 3.39× | 1.69× | ||
| Q2 24 | 1.66× | 2.00× | ||
| Q1 24 | 1.04× | 0.76× |
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% |
CNR
| Other | $397.4M | 38% |
| Power Generation | $376.5M | 36% |
| PRB | $183.0M | 18% |
| Metallurgical | $42.0M | 4% |
| Industrial | $34.1M | 3% |
| Terminal Revenue | $6.4M | 1% |
| Other Revenue | $3.0M | 0% |
