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COMMERCIAL METALS Co（CMC）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是COMMERCIAL METALS Co的2.0倍（$4.2B vs $2.1B），COMMERCIAL METALS Co净利率更高（8.4% vs 7.8%，领先0.6%），COMMERCIAL METALS Co同比增速更快（11.0% vs -3.5%），Leidos自由现金流更多（$452.0M vs $78.8M），过去两年COMMERCIAL METALS Co的营收复合增速更高（7.1% vs 3.1%）
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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
CMC vs LDOS — 直观对比
营收规模更大
LDOS
是对方的2.0倍
$2.1B
营收增速更快
CMC
高出14.5%
-3.5%
净利率更高
CMC
高出0.6%
7.8%
自由现金流更多
LDOS
多$373.3M
$78.8M
两年增速更快
CMC
近两年复合增速
3.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $4.2B |
| 净利润 | $177.3M | $327.0M |
| 毛利率 | 19.2% | 17.4% |
| 营业利润率 | 8.6% | 11.3% |
| 净利率 | 8.4% | 7.8% |
| 营收同比 | 11.0% | -3.5% |
| 净利润同比 | 200.9% | 15.1% |
| 每股收益（稀释后） | $1.58 | $2.54 |
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CMCLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.1B | $4.4B | ||
| Q3 25 | $2.1B | $4.2B | ||
| Q2 25 | $2.0B | $4.2B | ||
| Q1 25 | $1.8B | $4.3B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | $4.2B | ||
| Q2 24 | $2.1B | $4.1B |
净利润CMCLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $177.3M | $367.0M | ||
| Q3 25 | $151.8M | $391.0M | ||
| Q2 25 | $83.1M | $363.0M | ||
| Q1 25 | $25.5M | $284.0M | ||
| Q4 24 | $-175.7M | — | ||
| Q3 24 | $103.9M | $364.0M | ||
| Q2 24 | $119.4M | $322.0M |
毛利率CMCLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 19.2% | 18.0% | ||
| Q3 25 | 18.6% | 18.0% | ||
| Q2 25 | 14.8% | 17.5% | ||
| Q1 25 | 12.5% | 15.6% | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 16.2% | 17.8% | ||
| Q2 24 | 16.4% | 16.6% |
营业利润率CMCLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 8.6% | 12.0% | ||
| Q3 25 | 9.1% | 13.5% | ||
| Q2 25 | 5.4% | 12.5% | ||
| Q1 25 | 2.1% | 9.7% | ||
| Q4 24 | -12.1% | — | ||
| Q3 24 | 6.7% | 12.4% | ||
| Q2 24 | 7.7% | 11.6% |
净利率CMCLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 8.4% | 8.2% | ||
| Q3 25 | 7.2% | 9.2% | ||
| Q2 25 | 4.1% | 8.6% | ||
| Q1 25 | 1.5% | 6.5% | ||
| Q4 24 | -9.2% | — | ||
| Q3 24 | 5.2% | 8.7% | ||
| Q2 24 | 5.7% | 7.8% |
每股收益（稀释后）CMCLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $1.58 | $2.82 | ||
| Q3 25 | $1.33 | $3.01 | ||
| Q2 25 | $0.73 | $2.77 | ||
| Q1 25 | $0.22 | $2.10 | ||
| Q4 24 | $-1.54 | — | ||
| Q3 24 | $0.90 | $2.68 | ||
| Q2 24 | $1.02 | $2.37 |
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 | $1.1B |
| 总债务越低越好 | $3.3B | $4.6B |
| 股东权益账面价值 | $4.3B | $4.9B |
| 总资产 | $9.2B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.77× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资CMCLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.0B | $974.0M | ||
| Q3 25 | $1.0B | $930.0M | ||
| Q2 25 | $893.0M | $842.0M | ||
| Q1 25 | $758.4M | $943.0M | ||
| Q4 24 | $856.1M | — | ||
| Q3 24 | $857.9M | $1.2B | ||
| Q2 24 | $698.3M | $823.0M |
总债务CMCLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | $3.3B | $4.6B | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | $1.3B | $5.0B | ||
| Q1 25 | $1.2B | $4.1B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $4.1B | ||
| Q2 24 | $1.1B | $4.1B |
股东权益CMCLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $4.3B | $4.9B | ||
| Q3 25 | $4.2B | $4.7B | ||
| Q2 25 | $4.1B | $4.3B | ||
| Q1 25 | $4.0B | $4.4B | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $4.3B | $4.6B | ||
| Q2 24 | $4.3B | $4.5B |
总资产CMCLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $9.2B | $13.5B | ||
| Q3 25 | $7.2B | $13.5B | ||
| Q2 25 | $7.0B | $13.2B | ||
| Q1 25 | $6.7B | $13.1B | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $6.8B | $13.3B | ||
| Q2 24 | $6.7B | $12.9B |
负债/权益比CMCLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | 0.77× | 0.94× | ||
| Q3 25 | 0.31× | 1.07× | ||
| Q2 25 | 0.32× | 1.18× | ||
| Q1 25 | 0.29× | 0.92× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.27× | 0.88× | ||
| Q2 24 | 0.27× | 0.92× |
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 | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $452.0M |
| 自由现金流率自由现金流/营收 | 3.7% | 10.8% |
| 资本支出强度资本支出/营收 | 5.9% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.51× |
| 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CMCLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $204.2M | — | ||
| Q3 25 | $315.2M | $711.0M | ||
| Q2 25 | $154.4M | $58.0M | ||
| Q1 25 | $32.4M | $299.0M | ||
| Q4 24 | $213.0M | — | ||
| Q3 24 | $351.8M | $656.0M | ||
| Q2 24 | $197.9M | $374.0M |
自由现金流CMCLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $78.8M | — | ||
| Q3 25 | $206.3M | $680.0M | ||
| Q2 25 | $65.0M | $36.0M | ||
| Q1 25 | $-53.8M | $213.0M | ||
| Q4 24 | $94.8M | — | ||
| Q3 24 | $270.3M | $633.0M | ||
| Q2 24 | $115.8M | $351.0M |
自由现金流率CMCLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 9.8% | 16.1% | ||
| Q2 25 | 3.2% | 0.9% | ||
| Q1 25 | -3.1% | 4.9% | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 13.5% | 15.2% | ||
| Q2 24 | 5.6% | 8.5% |
资本支出强度CMCLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 5.9% | — | ||
| Q3 25 | 5.2% | 0.7% | ||
| Q2 25 | 4.4% | 0.5% | ||
| Q1 25 | 4.9% | 2.0% | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 4.1% | 0.6% | ||
| Q2 24 | 3.9% | 0.6% |
现金转化率CMCLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 1.15× | — | ||
| Q3 25 | 2.08× | 1.82× | ||
| Q2 25 | 1.86× | 0.16× | ||
| Q1 25 | 1.27× | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.39× | 1.80× | ||
| Q2 24 | 1.66× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
