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COMMERCIAL METALS Co（CMC）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是COMMERCIAL METALS Co的1.8倍（$3.8B vs $2.1B），ServiceNow净利率更高（12.4% vs 8.4%，领先4.1%），COMMERCIAL METALS Co同比增速更快（11.0% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $78.8M），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
CMC vs NOW — 直观对比
营收规模更大
NOW
是对方的1.8倍
$2.1B
营收增速更快
CMC
高出8.3%
2.8%
净利率更高
NOW
高出4.1%
8.4%
自由现金流更多
NOW
多$1.6B
$78.8M
两年增速更快
NOW
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.8B |
| 净利润 | $177.3M | $469.0M |
| 毛利率 | 19.2% | 75.1% |
| 营业利润率 | 8.6% | 13.3% |
| 净利率 | 8.4% | 12.4% |
| 营收同比 | 11.0% | 2.8% |
| 净利润同比 | 200.9% | -53.7% |
| 每股收益（稀释后） | $1.58 | $1.04 |
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CMCNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.4B | ||
| Q2 25 | $2.0B | $3.2B | ||
| Q1 25 | $1.8B | $3.1B | ||
| Q4 24 | $1.9B | $3.0B | ||
| Q3 24 | $2.0B | $2.8B | ||
| Q2 24 | $2.1B | $2.6B |
净利润CMCNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $177.3M | $401.0M | ||
| Q3 25 | $151.8M | $502.0M | ||
| Q2 25 | $83.1M | $385.0M | ||
| Q1 25 | $25.5M | $460.0M | ||
| Q4 24 | $-175.7M | $384.0M | ||
| Q3 24 | $103.9M | $432.0M | ||
| Q2 24 | $119.4M | $262.0M |
毛利率CMCNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 19.2% | 76.6% | ||
| Q3 25 | 18.6% | 77.3% | ||
| Q2 25 | 14.8% | 77.5% | ||
| Q1 25 | 12.5% | 78.9% | ||
| Q4 24 | 16.1% | 78.7% | ||
| Q3 24 | 16.2% | 79.1% | ||
| Q2 24 | 16.4% | 79.0% |
营业利润率CMCNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 8.6% | 12.4% | ||
| Q3 25 | 9.1% | 16.8% | ||
| Q2 25 | 5.4% | 11.1% | ||
| Q1 25 | 2.1% | 14.6% | ||
| Q4 24 | -12.1% | 12.6% | ||
| Q3 24 | 6.7% | 14.9% | ||
| Q2 24 | 7.7% | 9.1% |
净利率CMCNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 8.4% | 11.2% | ||
| Q3 25 | 7.2% | 14.7% | ||
| Q2 25 | 4.1% | 12.0% | ||
| Q1 25 | 1.5% | 14.9% | ||
| Q4 24 | -9.2% | 13.0% | ||
| Q3 24 | 5.2% | 15.4% | ||
| Q2 24 | 5.7% | 10.0% |
每股收益（稀释后）CMCNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $1.58 | $-4.77 | ||
| Q3 25 | $1.33 | $2.40 | ||
| Q2 25 | $0.73 | $1.84 | ||
| Q1 25 | $0.22 | $2.20 | ||
| Q4 24 | $-1.54 | $1.84 | ||
| Q3 24 | $0.90 | $2.07 | ||
| Q2 24 | $1.02 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $4.3B | $11.7B |
| 总资产 | $9.2B | $24.4B |
| 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CMCNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.0B | $3.7B | ||
| Q3 25 | $1.0B | $2.7B | ||
| Q2 25 | $893.0M | $3.1B | ||
| Q1 25 | $758.4M | $3.4B | ||
| Q4 24 | $856.1M | $2.3B | ||
| Q3 24 | $857.9M | $1.9B | ||
| Q2 24 | $698.3M | $2.2B |
总债务CMCNOW
| Q1 26 | — | — | ||
| 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 | — |
股东权益CMCNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $4.3B | $13.0B | ||
| Q3 25 | $4.2B | $11.3B | ||
| Q2 25 | $4.1B | $10.9B | ||
| Q1 25 | $4.0B | $10.1B | ||
| Q4 24 | $4.0B | $9.6B | ||
| Q3 24 | $4.3B | $9.3B | ||
| Q2 24 | $4.3B | $8.7B |
总资产CMCNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $9.2B | $26.0B | ||
| Q3 25 | $7.2B | $21.8B | ||
| Q2 25 | $7.0B | $22.1B | ||
| Q1 25 | $6.7B | $21.0B | ||
| Q4 24 | $6.8B | $20.4B | ||
| Q3 24 | $6.8B | $18.4B | ||
| Q2 24 | $6.7B | $18.2B |
负债/权益比CMCNOW
| Q1 26 | — | — | ||
| 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× | — |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $1.7B |
| 自由现金流率自由现金流/营收 | 3.7% | 44.2% |
| 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× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $4.8B |
8季度趋势，按日历期对齐
经营现金流CMCNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $204.2M | $2.2B | ||
| Q3 25 | $315.2M | $813.0M | ||
| Q2 25 | $154.4M | $716.0M | ||
| Q1 25 | $32.4M | $1.7B | ||
| Q4 24 | $213.0M | $1.6B | ||
| Q3 24 | $351.8M | $671.0M | ||
| Q2 24 | $197.9M | $620.0M |
自由现金流CMCNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $78.8M | $2.0B | ||
| Q3 25 | $206.3M | $578.0M | ||
| Q2 25 | $65.0M | $526.0M | ||
| Q1 25 | $-53.8M | $1.5B | ||
| Q4 24 | $94.8M | $1.4B | ||
| Q3 24 | $270.3M | $469.0M | ||
| Q2 24 | $115.8M | $358.0M |
自由现金流率CMCNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 3.7% | 56.1% | ||
| Q3 25 | 9.8% | 17.0% | ||
| Q2 25 | 3.2% | 16.4% | ||
| Q1 25 | -3.1% | 47.7% | ||
| Q4 24 | 5.0% | 46.7% | ||
| Q3 24 | 13.5% | 16.8% | ||
| Q2 24 | 5.6% | 13.6% |
资本支出强度CMCNOW
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | 6.7% | ||
| Q3 25 | 5.2% | 6.9% | ||
| Q2 25 | 4.4% | 5.9% | ||
| Q1 25 | 4.9% | 6.6% | ||
| Q4 24 | 6.2% | 8.6% | ||
| Q3 24 | 4.1% | 7.2% | ||
| Q2 24 | 3.9% | 10.0% |
现金转化率CMCNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 1.15× | 5.58× | ||
| Q3 25 | 2.08× | 1.62× | ||
| Q2 25 | 1.86× | 1.86× | ||
| Q1 25 | 1.27× | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 3.39× | 1.55× | ||
| Q2 24 | 1.66× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
