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COMMERCIAL METALS Co（CMC）与Fabrinet（FN）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Fabrinet的1.9倍（$2.1B vs $1.1B），Fabrinet净利率更高（9.9% vs 8.4%，领先1.6%），Fabrinet同比增速更快（35.9% vs 11.0%），COMMERCIAL METALS Co自由现金流更多（$78.8M vs $-5.3M），过去两年Fabrinet的营收复合增速更高（24.4% 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。
Fabrinet（股票代码FN）为标普中型股400指数成分股。该指数由标普道琼斯指数公司维护，覆盖400家以美企为主的中等市值企业，若成分企业存在多类流通股，指数的成分股总量有时会超过400只。
CMC vs FN — 直观对比
营收规模更大
CMC
是对方的1.9倍
$1.1B
营收增速更快
FN
高出24.9%
11.0%
净利率更高
FN
高出1.6%
8.4%
自由现金流更多
CMC
多$84.1M
$-5.3M
两年增速更快
FN
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.1B |
| 净利润 | $177.3M | $112.6M |
| 毛利率 | 19.2% | 12.2% |
| 营业利润率 | 8.6% | 10.1% |
| 净利率 | 8.4% | 9.9% |
| 营收同比 | 11.0% | 35.9% |
| 净利润同比 | 200.9% | 30.0% |
| 每股收益（稀释后） | $1.58 | $3.11 |
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CMCFN
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $2.1B | $978.1M | ||
| Q2 25 | $2.0B | $909.7M | ||
| Q1 25 | $1.8B | $871.8M | ||
| Q4 24 | $1.9B | $833.6M | ||
| Q3 24 | $2.0B | $804.2M | ||
| Q2 24 | $2.1B | $753.3M | ||
| Q1 24 | $1.8B | $731.5M |
净利润CMCFN
| Q4 25 | $177.3M | $112.6M | ||
| Q3 25 | $151.8M | $95.9M | ||
| Q2 25 | $83.1M | $87.2M | ||
| Q1 25 | $25.5M | $81.3M | ||
| Q4 24 | $-175.7M | $86.6M | ||
| Q3 24 | $103.9M | $77.4M | ||
| Q2 24 | $119.4M | $81.1M | ||
| Q1 24 | $85.8M | $80.9M |
毛利率CMCFN
| Q4 25 | 19.2% | 12.2% | ||
| Q3 25 | 18.6% | 11.9% | ||
| Q2 25 | 14.8% | 12.2% | ||
| Q1 25 | 12.5% | 11.7% | ||
| Q4 24 | 16.1% | 12.1% | ||
| Q3 24 | 16.2% | 12.3% | ||
| Q2 24 | 16.4% | 12.3% | ||
| Q1 24 | 16.0% | 12.4% |
营业利润率CMCFN
| Q4 25 | 8.6% | 10.1% | ||
| Q3 25 | 9.1% | 9.6% | ||
| Q2 25 | 5.4% | 9.8% | ||
| Q1 25 | 2.1% | 9.0% | ||
| Q4 24 | -12.1% | 9.5% | ||
| Q3 24 | 6.7% | 9.6% | ||
| Q2 24 | 7.7% | 9.7% | ||
| Q1 24 | 6.3% | 9.7% |
净利率CMCFN
| Q4 25 | 8.4% | 9.9% | ||
| Q3 25 | 7.2% | 9.8% | ||
| Q2 25 | 4.1% | 9.6% | ||
| Q1 25 | 1.5% | 9.3% | ||
| Q4 24 | -9.2% | 10.4% | ||
| Q3 24 | 5.2% | 9.6% | ||
| Q2 24 | 5.7% | 10.8% | ||
| Q1 24 | 4.6% | 11.1% |
每股收益（稀释后）CMCFN
| Q4 25 | $1.58 | $3.11 | ||
| Q3 25 | $1.33 | $2.66 | ||
| Q2 25 | $0.73 | $2.41 | ||
| Q1 25 | $0.22 | $2.25 | ||
| Q4 24 | $-1.54 | $2.38 | ||
| Q3 24 | $0.90 | $2.13 | ||
| Q2 24 | $1.02 | $2.22 | ||
| Q1 24 | $0.73 | $2.21 |
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 | $960.8M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $4.3B | $2.2B |
| 总资产 | $9.2B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.77× | — |
8季度趋势，按日历期对齐
现金及短期投资CMCFN
| Q4 25 | $1.0B | $960.8M | ||
| Q3 25 | $1.0B | $968.8M | ||
| Q2 25 | $893.0M | $934.2M | ||
| Q1 25 | $758.4M | $950.7M | ||
| Q4 24 | $856.1M | $934.6M | ||
| Q3 24 | $857.9M | $908.9M | ||
| Q2 24 | $698.3M | $858.6M | ||
| Q1 24 | $638.3M | $794.0M |
总债务CMCFN
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
股东权益CMCFN
| Q4 25 | $4.3B | $2.2B | ||
| Q3 25 | $4.2B | $2.1B | ||
| Q2 25 | $4.1B | $2.0B | ||
| Q1 25 | $4.0B | $1.9B | ||
| Q4 24 | $4.0B | $1.8B | ||
| Q3 24 | $4.3B | $1.8B | ||
| Q2 24 | $4.3B | $1.7B | ||
| Q1 24 | $4.2B | $1.7B |
总资产CMCFN
| Q4 25 | $9.2B | $3.3B | ||
| Q3 25 | $7.2B | $3.0B | ||
| Q2 25 | $7.0B | $2.8B | ||
| Q1 25 | $6.7B | $2.6B | ||
| Q4 24 | $6.8B | $2.5B | ||
| Q3 24 | $6.8B | $2.4B | ||
| Q2 24 | $6.7B | $2.3B | ||
| Q1 24 | $6.7B | $2.2B |
负债/权益比CMCFN
| Q4 25 | 0.77× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.29× | — | ||
| 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 | $46.3M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $-5.3M |
| 自由现金流率自由现金流/营收 | 3.7% | -0.5% |
| 资本支出强度资本支出/营收 | 5.9% | 4.6% |
| 现金转化率经营现金流/净利润 | 1.15× | 0.41× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $102.3M |
8季度趋势，按日历期对齐
经营现金流CMCFN
| Q4 25 | $204.2M | $46.3M | ||
| Q3 25 | $315.2M | $102.6M | ||
| Q2 25 | $154.4M | $55.1M | ||
| Q1 25 | $32.4M | $74.2M | ||
| Q4 24 | $213.0M | $115.9M | ||
| Q3 24 | $351.8M | $83.2M | ||
| Q2 24 | $197.9M | $83.1M | ||
| Q1 24 | $89.0M | $100.9M |
自由现金流CMCFN
| Q4 25 | $78.8M | $-5.3M | ||
| Q3 25 | $206.3M | $57.3M | ||
| Q2 25 | $65.0M | $4.7M | ||
| Q1 25 | $-53.8M | $45.7M | ||
| Q4 24 | $94.8M | $94.0M | ||
| Q3 24 | $270.3M | $62.9M | ||
| Q2 24 | $115.8M | $70.4M | ||
| Q1 24 | $-4.8M | $87.3M |
自由现金流率CMCFN
| Q4 25 | 3.7% | -0.5% | ||
| Q3 25 | 9.8% | 5.9% | ||
| Q2 25 | 3.2% | 0.5% | ||
| Q1 25 | -3.1% | 5.2% | ||
| Q4 24 | 5.0% | 11.3% | ||
| Q3 24 | 13.5% | 7.8% | ||
| Q2 24 | 5.6% | 9.3% | ||
| Q1 24 | -0.3% | 11.9% |
资本支出强度CMCFN
| Q4 25 | 5.9% | 4.6% | ||
| Q3 25 | 5.2% | 4.6% | ||
| Q2 25 | 4.4% | 5.5% | ||
| Q1 25 | 4.9% | 3.3% | ||
| Q4 24 | 6.2% | 2.6% | ||
| Q3 24 | 4.1% | 2.5% | ||
| Q2 24 | 3.9% | 1.7% | ||
| Q1 24 | 5.1% | 1.9% |
现金转化率CMCFN
| Q4 25 | 1.15× | 0.41× | ||
| Q3 25 | 2.08× | 1.07× | ||
| Q2 25 | 1.86× | 0.63× | ||
| Q1 25 | 1.27× | 0.91× | ||
| Q4 24 | — | 1.34× | ||
| Q3 24 | 3.39× | 1.07× | ||
| Q2 24 | 1.66× | 1.02× | ||
| Q1 24 | 1.04× | 1.25× |
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% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
