vs
COMMERCIAL METALS Co（CMC）与Realty Income（O）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Realty Income的1.4倍（$2.1B vs $1.5B），Realty Income净利率更高（19.9% vs 8.4%，领先11.5%），COMMERCIAL METALS Co同比增速更快（11.0% vs 11.0%），Realty Income自由现金流更多（$1.2B vs $78.8M），过去两年Realty Income的营收复合增速更高（8.6% 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。
Realty Income是一家房地产投资信托企业，投资范围覆盖美国、英国及欧洲其他六个国家的独立单租户商业地产，旗下物业普遍采用三重净租约模式。公司注册地为美国马里兰州，总部位于加利福尼亚州圣迭戈市。
CMC vs O — 直观对比
营收规模更大
CMC
是对方的1.4倍
$1.5B
营收增速更快
CMC
高出0.0%
11.0%
净利率更高
O
高出11.5%
8.4%
自由现金流更多
O
多$1.1B
$78.8M
两年增速更快
O
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $177.3M | $296.1M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | 21.7% |
| 净利率 | 8.4% | 19.9% |
| 营收同比 | 11.0% | 11.0% |
| 净利润同比 | 200.9% | 48.3% |
| 每股收益（稀释后） | $1.58 | $0.32 |
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CMCO
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.1B | $1.3B | ||
| Q1 24 | $1.8B | $1.3B |
净利润CMCO
| Q4 25 | $177.3M | $296.1M | ||
| Q3 25 | $151.8M | $315.8M | ||
| Q2 25 | $83.1M | $196.9M | ||
| Q1 25 | $25.5M | $249.8M | ||
| Q4 24 | $-175.7M | $199.6M | ||
| Q3 24 | $103.9M | $269.5M | ||
| Q2 24 | $119.4M | $259.4M | ||
| Q1 24 | $85.8M | $132.3M |
毛利率CMCO
| Q4 25 | 19.2% | — | ||
| Q3 25 | 18.6% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 16.4% | — | ||
| Q1 24 | 16.0% | — |
营业利润率CMCO
| Q4 25 | 8.6% | 21.7% | ||
| Q3 25 | 9.1% | 23.2% | ||
| Q2 25 | 5.4% | 15.8% | ||
| Q1 25 | 2.1% | 19.3% | ||
| Q4 24 | -12.1% | 16.5% | ||
| Q3 24 | 6.7% | 21.5% | ||
| Q2 24 | 7.7% | 20.7% | ||
| Q1 24 | 6.3% | 11.9% |
净利率CMCO
| Q4 25 | 8.4% | 19.9% | ||
| Q3 25 | 7.2% | 21.5% | ||
| Q2 25 | 4.1% | 14.0% | ||
| Q1 25 | 1.5% | 18.1% | ||
| Q4 24 | -9.2% | 14.9% | ||
| Q3 24 | 5.2% | 20.2% | ||
| Q2 24 | 5.7% | 19.4% | ||
| Q1 24 | 4.6% | 10.5% |
每股收益（稀释后）CMCO
| Q4 25 | $1.58 | $0.32 | ||
| Q3 25 | $1.33 | $0.35 | ||
| Q2 25 | $0.73 | $0.22 | ||
| Q1 25 | $0.22 | $0.28 | ||
| Q4 24 | $-1.54 | $0.23 | ||
| Q3 24 | $0.90 | $0.30 | ||
| Q2 24 | $1.02 | $0.29 | ||
| Q1 24 | $0.73 | $0.16 |
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 | $434.8M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $4.3B | $39.4B |
| 总资产 | $9.2B | $72.8B |
| 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CMCO
| Q4 25 | $1.0B | $434.8M | ||
| Q3 25 | $1.0B | $417.2M | ||
| Q2 25 | $893.0M | $800.4M | ||
| Q1 25 | $758.4M | $319.0M | ||
| Q4 24 | $856.1M | $445.0M | ||
| Q3 24 | $857.9M | $397.0M | ||
| Q2 24 | $698.3M | $442.8M | ||
| Q1 24 | $638.3M | $680.2M |
总债务CMCO
| 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CMCO
| Q4 25 | $4.3B | $39.4B | ||
| Q3 25 | $4.2B | $39.1B | ||
| Q2 25 | $4.1B | $39.2B | ||
| Q1 25 | $4.0B | $39.0B | ||
| Q4 24 | $4.0B | $38.8B | ||
| Q3 24 | $4.3B | $38.5B | ||
| Q2 24 | $4.3B | $38.6B | ||
| Q1 24 | $4.2B | $39.0B |
总资产CMCO
| Q4 25 | $9.2B | $72.8B | ||
| Q3 25 | $7.2B | $71.3B | ||
| Q2 25 | $7.0B | $71.4B | ||
| Q1 25 | $6.7B | $69.8B | ||
| Q4 24 | $6.8B | $68.8B | ||
| Q3 24 | $6.8B | $68.5B | ||
| Q2 24 | $6.7B | $68.1B | ||
| Q1 24 | $6.7B | $68.3B |
负债/权益比CMCO
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $1.2B |
| 自由现金流率自由现金流/营收 | 3.7% | 77.6% |
| 资本支出强度资本支出/营收 | 5.9% | 3.3% |
| 现金转化率经营现金流/净利润 | 1.15× | 4.06× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $3.9B |
8季度趋势，按日历期对齐
经营现金流CMCO
| Q4 25 | $204.2M | $1.2B | ||
| Q3 25 | $315.2M | $943.1M | ||
| Q2 25 | $154.4M | $1.1B | ||
| Q1 25 | $32.4M | $787.5M | ||
| Q4 24 | $213.0M | $972.0M | ||
| Q3 24 | $351.8M | $841.5M | ||
| Q2 24 | $197.9M | $981.2M | ||
| Q1 24 | $89.0M | $778.7M |
自由现金流CMCO
| Q4 25 | $78.8M | $1.2B | ||
| Q3 25 | $206.3M | $909.9M | ||
| Q2 25 | $65.0M | $1.0B | ||
| Q1 25 | $-53.8M | $764.6M | ||
| Q4 24 | $94.8M | $935.8M | ||
| Q3 24 | $270.3M | $807.9M | ||
| Q2 24 | $115.8M | $939.2M | ||
| Q1 24 | $-4.8M | $769.0M |
自由现金流率CMCO
| Q4 25 | 3.7% | 77.6% | ||
| Q3 25 | 9.8% | 61.9% | ||
| Q2 25 | 3.2% | 73.3% | ||
| Q1 25 | -3.1% | 55.4% | ||
| Q4 24 | 5.0% | 69.8% | ||
| Q3 24 | 13.5% | 60.7% | ||
| Q2 24 | 5.6% | 70.1% | ||
| Q1 24 | -0.3% | 61.0% |
资本支出强度CMCO
| Q4 25 | 5.9% | 3.3% | ||
| Q3 25 | 5.2% | 2.3% | ||
| Q2 25 | 4.4% | 1.9% | ||
| Q1 25 | 4.9% | 1.7% | ||
| Q4 24 | 6.2% | 2.7% | ||
| Q3 24 | 4.1% | 2.5% | ||
| Q2 24 | 3.9% | 3.1% | ||
| Q1 24 | 5.1% | 0.8% |
现金转化率CMCO
| Q4 25 | 1.15× | 4.06× | ||
| Q3 25 | 2.08× | 2.99× | ||
| Q2 25 | 1.86× | 5.39× | ||
| Q1 25 | 1.27× | 3.15× | ||
| Q4 24 | — | 4.87× | ||
| Q3 24 | 3.39× | 3.12× | ||
| Q2 24 | 1.66× | 3.78× | ||
| Q1 24 | 1.04× | 5.89× |
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% |
O
| Product And Service Retail | $900.8M | 61% |
| Other | $531.5M | 36% |
