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COMMERCIAL METALS Co（CMC）与GRAPHIC PACKAGING HOLDING CO（GPK）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GRAPHIC PACKAGING HOLDING CO的1.0倍（$2.1B vs $2.1B），COMMERCIAL METALS Co净利率更高（8.4% vs 3.4%，领先5.0%），COMMERCIAL METALS Co同比增速更快（11.0% vs 0.2%），过去两年COMMERCIAL METALS Co的营收复合增速更高（7.1% vs -3.5%）
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。
Graphic Packaging Holding是总部位于美国佐治亚州亚特兰大的世界500强企业，专注于设计和生产商用产品包装解决方案，主营纸板及折叠纸盒业务，产品广泛应用于饮料、包装食品等各类热门消费品领域，在美国多州运营采用回收原料的纸板工厂。
CMC vs GPK — 直观对比
营收规模更大
CMC
是对方的1.0倍
$2.1B
营收增速更快
CMC
高出10.8%
0.2%
净利率更高
CMC
高出5.0%
3.4%
两年增速更快
CMC
近两年复合增速
-3.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.1B |
| 净利润 | $177.3M | $71.0M |
| 毛利率 | 19.2% | 14.1% |
| 营业利润率 | 8.6% | 7.4% |
| 净利率 | 8.4% | 3.4% |
| 营收同比 | 11.0% | 0.2% |
| 净利润同比 | 200.9% | -48.6% |
| 每股收益（稀释后） | $1.58 | $0.24 |
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CMCGPK
| Q4 25 | $2.1B | $2.1B | ||
| Q3 25 | $2.1B | $2.2B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | $1.8B | $2.1B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $2.1B | $2.2B | ||
| Q1 24 | $1.8B | $2.3B |
净利润CMCGPK
| Q4 25 | $177.3M | $71.0M | ||
| Q3 25 | $151.8M | $142.0M | ||
| Q2 25 | $83.1M | $104.0M | ||
| Q1 25 | $25.5M | $127.0M | ||
| Q4 24 | $-175.7M | $138.0M | ||
| Q3 24 | $103.9M | $165.0M | ||
| Q2 24 | $119.4M | $190.0M | ||
| Q1 24 | $85.8M | $165.0M |
毛利率CMCGPK
| Q4 25 | 19.2% | 14.1% | ||
| Q3 25 | 18.6% | 19.6% | ||
| Q2 25 | 14.8% | 18.7% | ||
| Q1 25 | 12.5% | 20.6% | ||
| Q4 24 | 16.1% | 21.4% | ||
| Q3 24 | 16.2% | 22.3% | ||
| Q2 24 | 16.4% | 21.2% | ||
| Q1 24 | 16.0% | 23.0% |
营业利润率CMCGPK
| Q4 25 | 8.6% | 7.4% | ||
| Q3 25 | 9.1% | 10.7% | ||
| Q2 25 | 5.4% | 8.8% | ||
| Q1 25 | 2.1% | 10.5% | ||
| Q4 24 | -12.1% | 11.4% | ||
| Q3 24 | 6.7% | 12.6% | ||
| Q2 24 | 7.7% | 14.5% | ||
| Q1 24 | 6.3% | 12.4% |
净利率CMCGPK
| Q4 25 | 8.4% | 3.4% | ||
| Q3 25 | 7.2% | 6.5% | ||
| Q2 25 | 4.1% | 4.7% | ||
| Q1 25 | 1.5% | 6.0% | ||
| Q4 24 | -9.2% | 6.6% | ||
| Q3 24 | 5.2% | 7.5% | ||
| Q2 24 | 5.7% | 8.5% | ||
| Q1 24 | 4.6% | 7.3% |
每股收益（稀释后）CMCGPK
| Q4 25 | $1.58 | $0.24 | ||
| Q3 25 | $1.33 | $0.48 | ||
| Q2 25 | $0.73 | $0.34 | ||
| Q1 25 | $0.22 | $0.42 | ||
| Q4 24 | $-1.54 | $0.46 | ||
| Q3 24 | $0.90 | $0.55 | ||
| Q2 24 | $1.02 | $0.62 | ||
| Q1 24 | $0.73 | $0.53 |
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 | $261.0M |
| 总债务越低越好 | $3.3B | $5.0B |
| 股东权益账面价值 | $4.3B | $3.3B |
| 总资产 | $9.2B | $11.8B |
| 负债/权益比越低杠杆越低 | 0.77× | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资CMCGPK
| Q4 25 | $1.0B | $261.0M | ||
| Q3 25 | $1.0B | $120.0M | ||
| Q2 25 | $893.0M | $120.0M | ||
| Q1 25 | $758.4M | $129.0M | ||
| Q4 24 | $856.1M | $157.0M | ||
| Q3 24 | $857.9M | $126.0M | ||
| Q2 24 | $698.3M | $125.0M | ||
| Q1 24 | $638.3M | $136.0M |
总债务CMCGPK
| Q4 25 | $3.3B | $5.0B | ||
| Q3 25 | $1.3B | $5.5B | ||
| Q2 25 | $1.3B | $5.4B | ||
| Q1 25 | $1.2B | $5.7B | ||
| Q4 24 | $1.1B | $5.1B | ||
| Q3 24 | $1.2B | $5.4B | ||
| Q2 24 | $1.1B | $4.9B | ||
| Q1 24 | $1.1B | $4.9B |
股东权益CMCGPK
| Q4 25 | $4.3B | $3.3B | ||
| Q3 25 | $4.2B | $3.3B | ||
| Q2 25 | $4.1B | $3.2B | ||
| Q1 25 | $4.0B | $3.2B | ||
| Q4 24 | $4.0B | $3.0B | ||
| Q3 24 | $4.3B | $3.0B | ||
| Q2 24 | $4.3B | $2.8B | ||
| Q1 24 | $4.2B | $2.9B |
总资产CMCGPK
| Q4 25 | $9.2B | $11.8B | ||
| Q3 25 | $7.2B | $11.9B | ||
| Q2 25 | $7.0B | $11.8B | ||
| Q1 25 | $6.7B | $11.5B | ||
| Q4 24 | $6.8B | $11.1B | ||
| Q3 24 | $6.8B | $11.2B | ||
| Q2 24 | $6.7B | $10.8B | ||
| Q1 24 | $6.7B | $11.3B |
负债/权益比CMCGPK
| Q4 25 | 0.77× | 1.51× | ||
| Q3 25 | 0.31× | 1.67× | ||
| Q2 25 | 0.32× | 1.68× | ||
| Q1 25 | 0.29× | 1.80× | ||
| Q4 24 | 0.29× | 1.71× | ||
| Q3 24 | 0.27× | 1.79× | ||
| Q2 24 | 0.27× | 1.75× | ||
| Q1 24 | 0.27× | 1.73× |
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 | $521.0M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | — |
| 自由现金流率自由现金流/营收 | 3.7% | — |
| 资本支出强度资本支出/营收 | 5.9% | — |
| 现金转化率经营现金流/净利润 | 1.15× | 7.34× |
| 过去12个月自由现金流最近4个季度 | $296.2M | — |
8季度趋势，按日历期对齐
经营现金流CMCGPK
| Q4 25 | $204.2M | $521.0M | ||
| Q3 25 | $315.2M | $227.0M | ||
| Q2 25 | $154.4M | $267.0M | ||
| Q1 25 | $32.4M | $-174.0M | ||
| Q4 24 | $213.0M | $489.0M | ||
| Q3 24 | $351.8M | $187.0M | ||
| Q2 24 | $197.9M | $161.0M | ||
| Q1 24 | $89.0M | $3.0M |
自由现金流CMCGPK
| Q4 25 | $78.8M | — | ||
| Q3 25 | $206.3M | — | ||
| Q2 25 | $65.0M | — | ||
| Q1 25 | $-53.8M | — | ||
| Q4 24 | $94.8M | — | ||
| Q3 24 | $270.3M | — | ||
| Q2 24 | $115.8M | — | ||
| Q1 24 | $-4.8M | — |
自由现金流率CMCGPK
| Q4 25 | 3.7% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 13.5% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | -0.3% | — |
资本支出强度CMCGPK
| Q4 25 | 5.9% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 4.9% | — | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 5.1% | — |
现金转化率CMCGPK
| Q4 25 | 1.15× | 7.34× | ||
| Q3 25 | 2.08× | 1.60× | ||
| Q2 25 | 1.86× | 2.57× | ||
| Q1 25 | 1.27× | -1.37× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | 3.39× | 1.13× | ||
| Q2 24 | 1.66× | 0.85× | ||
| Q1 24 | 1.04× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
