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COMMERCIAL METALS Co（CMC）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
摩托罗拉解决方案的季度营收约是COMMERCIAL METALS Co的1.6倍（$3.4B vs $2.1B），摩托罗拉解决方案净利率更高（19.2% vs 8.4%，领先10.8%），摩托罗拉解决方案同比增速更快（12.3% vs 11.0%），摩托罗拉解决方案自由现金流更多（$1.1B vs $78.8M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% 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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
CMC vs MSI — 直观对比
营收规模更大
MSI
是对方的1.6倍
$2.1B
营收增速更快
MSI
高出1.3%
11.0%
净利率更高
MSI
高出10.8%
8.4%
自由现金流更多
MSI
多$1.1B
$78.8M
两年增速更快
MSI
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.4B |
| 净利润 | $177.3M | $649.0M |
| 毛利率 | 19.2% | 52.3% |
| 营业利润率 | 8.6% | 27.9% |
| 净利率 | 8.4% | 19.2% |
| 营收同比 | 11.0% | 12.3% |
| 净利润同比 | 200.9% | 6.2% |
| 每股收益（稀释后） | $1.58 | $3.85 |
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CMCMSI
| Q4 25 | $2.1B | $3.4B | ||
| Q3 25 | $2.1B | $3.0B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | $1.8B | $2.5B | ||
| Q4 24 | $1.9B | $3.0B | ||
| Q3 24 | $2.0B | $2.8B | ||
| Q2 24 | $2.1B | $2.6B | ||
| Q1 24 | $1.8B | $2.4B |
净利润CMCMSI
| Q4 25 | $177.3M | $649.0M | ||
| Q3 25 | $151.8M | $562.0M | ||
| Q2 25 | $83.1M | $513.0M | ||
| Q1 25 | $25.5M | $430.0M | ||
| Q4 24 | $-175.7M | $611.0M | ||
| Q3 24 | $103.9M | $562.0M | ||
| Q2 24 | $119.4M | $443.0M | ||
| Q1 24 | $85.8M | $-39.0M |
毛利率CMCMSI
| Q4 25 | 19.2% | 52.3% | ||
| Q3 25 | 18.6% | 51.6% | ||
| Q2 25 | 14.8% | 51.1% | ||
| Q1 25 | 12.5% | 51.4% | ||
| Q4 24 | 16.1% | 51.4% | ||
| Q3 24 | 16.2% | 51.4% | ||
| Q2 24 | 16.4% | 51.0% | ||
| Q1 24 | 16.0% | 49.9% |
营业利润率CMCMSI
| Q4 25 | 8.6% | 27.9% | ||
| Q3 25 | 9.1% | 25.6% | ||
| Q2 25 | 5.4% | 25.0% | ||
| Q1 25 | 2.1% | 23.0% | ||
| Q4 24 | -12.1% | 27.0% | ||
| Q3 24 | 6.7% | 25.5% | ||
| Q2 24 | 7.7% | 24.5% | ||
| Q1 24 | 6.3% | 21.7% |
净利率CMCMSI
| Q4 25 | 8.4% | 19.2% | ||
| Q3 25 | 7.2% | 18.7% | ||
| Q2 25 | 4.1% | 18.6% | ||
| Q1 25 | 1.5% | 17.0% | ||
| Q4 24 | -9.2% | 20.3% | ||
| Q3 24 | 5.2% | 20.1% | ||
| Q2 24 | 5.7% | 16.9% | ||
| Q1 24 | 4.6% | -1.6% |
每股收益（稀释后）CMCMSI
| Q4 25 | $1.58 | $3.85 | ||
| Q3 25 | $1.33 | $3.33 | ||
| Q2 25 | $0.73 | $3.04 | ||
| Q1 25 | $0.22 | $2.53 | ||
| Q4 24 | $-1.54 | $3.57 | ||
| Q3 24 | $0.90 | $3.29 | ||
| Q2 24 | $1.02 | $2.60 | ||
| Q1 24 | $0.73 | $-0.23 |
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 | $1.2B |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $4.3B | $2.4B |
| 总资产 | $9.2B | $19.4B |
| 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CMCMSI
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $894.0M | ||
| Q2 25 | $893.0M | $3.2B | ||
| Q1 25 | $758.4M | $1.6B | ||
| Q4 24 | $856.1M | $2.1B | ||
| Q3 24 | $857.9M | $1.4B | ||
| Q2 24 | $698.3M | $1.4B | ||
| Q1 24 | $638.3M | $1.5B |
总债务CMCMSI
| 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CMCMSI
| Q4 25 | $4.3B | $2.4B | ||
| Q3 25 | $4.2B | $2.3B | ||
| Q2 25 | $4.1B | $2.0B | ||
| Q1 25 | $4.0B | $1.6B | ||
| Q4 24 | $4.0B | $1.7B | ||
| Q3 24 | $4.3B | $1.3B | ||
| Q2 24 | $4.3B | $802.0M | ||
| Q1 24 | $4.2B | $521.0M |
总资产CMCMSI
| Q4 25 | $9.2B | $19.4B | ||
| Q3 25 | $7.2B | $18.8B | ||
| Q2 25 | $7.0B | $16.4B | ||
| Q1 25 | $6.7B | $14.4B | ||
| Q4 24 | $6.8B | $14.6B | ||
| Q3 24 | $6.8B | $13.9B | ||
| Q2 24 | $6.7B | $13.3B | ||
| Q1 24 | $6.7B | $13.3B |
负债/权益比CMCMSI
| 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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $1.1B |
| 自由现金流率自由现金流/营收 | 3.7% | 33.8% |
| 资本支出强度资本支出/营收 | 5.9% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $2.6B |
8季度趋势，按日历期对齐
经营现金流CMCMSI
| Q4 25 | $204.2M | $1.3B | ||
| Q3 25 | $315.2M | $798.0M | ||
| Q2 25 | $154.4M | $273.0M | ||
| Q1 25 | $32.4M | $510.0M | ||
| Q4 24 | $213.0M | $1.1B | ||
| Q3 24 | $351.8M | $759.0M | ||
| Q2 24 | $197.9M | $180.0M | ||
| Q1 24 | $89.0M | $382.0M |
自由现金流CMCMSI
| Q4 25 | $78.8M | $1.1B | ||
| Q3 25 | $206.3M | $732.0M | ||
| Q2 25 | $65.0M | $225.0M | ||
| Q1 25 | $-53.8M | $473.0M | ||
| Q4 24 | $94.8M | $984.0M | ||
| Q3 24 | $270.3M | $702.0M | ||
| Q2 24 | $115.8M | $112.0M | ||
| Q1 24 | $-4.8M | $336.0M |
自由现金流率CMCMSI
| Q4 25 | 3.7% | 33.8% | ||
| Q3 25 | 9.8% | 24.3% | ||
| Q2 25 | 3.2% | 8.1% | ||
| Q1 25 | -3.1% | 18.7% | ||
| Q4 24 | 5.0% | 32.7% | ||
| Q3 24 | 13.5% | 25.2% | ||
| Q2 24 | 5.6% | 4.3% | ||
| Q1 24 | -0.3% | 14.1% |
资本支出强度CMCMSI
| Q4 25 | 5.9% | 3.4% | ||
| Q3 25 | 5.2% | 2.2% | ||
| Q2 25 | 4.4% | 1.7% | ||
| Q1 25 | 4.9% | 1.5% | ||
| Q4 24 | 6.2% | 2.9% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 3.9% | 2.6% | ||
| Q1 24 | 5.1% | 1.9% |
现金转化率CMCMSI
| Q4 25 | 1.15× | 1.94× | ||
| Q3 25 | 2.08× | 1.42× | ||
| Q2 25 | 1.86× | 0.53× | ||
| Q1 25 | 1.27× | 1.19× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | 3.39× | 1.35× | ||
| Q2 24 | 1.66× | 0.41× | ||
| Q1 24 | 1.04× | — |
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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
