vs
COMMERCIAL METALS Co（CMC）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
COMMERCIAL METALS Co的季度营收约是利氏兄弟拍卖行的1.8倍（$2.1B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 8.4%，领先0.8%），COMMERCIAL METALS Co同比增速更快（11.0% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $78.8M），过去两年COMMERCIAL METALS Co的营收复合增速更高（7.1% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CMC vs RBA — 直观对比
营收规模更大
CMC
是对方的1.8倍
$1.2B
营收增速更快
CMC
高出5.6%
5.4%
净利率更高
RBA
高出0.8%
8.4%
自由现金流更多
RBA
多$107.8M
$78.8M
两年增速更快
CMC
近两年复合增速
6.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $177.3M | $109.7M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | 14.7% |
| 净利率 | 8.4% | 9.1% |
| 营收同比 | 11.0% | 5.4% |
| 净利润同比 | 200.9% | -7.4% |
| 每股收益（稀释后） | $1.58 | $0.53 |
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CMCRBA
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $2.0B | $981.8M | ||
| Q2 24 | $2.1B | $1.1B | ||
| Q1 24 | $1.8B | $1.1B |
净利润CMCRBA
| Q4 25 | $177.3M | $109.7M | ||
| Q3 25 | $151.8M | $95.5M | ||
| Q2 25 | $83.1M | $109.8M | ||
| Q1 25 | $25.5M | $113.4M | ||
| Q4 24 | $-175.7M | $118.5M | ||
| Q3 24 | $103.9M | $76.1M | ||
| Q2 24 | $119.4M | $111.1M | ||
| Q1 24 | $85.8M | $107.4M |
毛利率CMCRBA
| 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CMCRBA
| Q4 25 | 8.6% | 14.7% | ||
| Q3 25 | 9.1% | 14.5% | ||
| Q2 25 | 5.4% | 15.9% | ||
| Q1 25 | 2.1% | 17.1% | ||
| Q4 24 | -12.1% | 18.1% | ||
| Q3 24 | 6.7% | 15.6% | ||
| Q2 24 | 7.7% | 18.4% | ||
| Q1 24 | 6.3% | 18.7% |
净利率CMCRBA
| Q4 25 | 8.4% | 9.1% | ||
| Q3 25 | 7.2% | 8.7% | ||
| Q2 25 | 4.1% | 9.3% | ||
| Q1 25 | 1.5% | 10.2% | ||
| Q4 24 | -9.2% | 10.4% | ||
| Q3 24 | 5.2% | 7.8% | ||
| Q2 24 | 5.7% | 10.1% | ||
| Q1 24 | 4.6% | 10.1% |
每股收益（稀释后）CMCRBA
| Q4 25 | $1.58 | $0.53 | ||
| Q3 25 | $1.33 | $0.43 | ||
| Q2 25 | $0.73 | $0.53 | ||
| Q1 25 | $0.22 | $0.55 | ||
| Q4 24 | $-1.54 | $0.58 | ||
| Q3 24 | $0.90 | $0.36 | ||
| Q2 24 | $1.02 | $0.54 | ||
| 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 | $531.5M |
| 总债务越低越好 | $3.3B | $2.3B |
| 股东权益账面价值 | $4.3B | $5.6B |
| 总资产 | $9.2B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.77× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CMCRBA
| Q4 25 | $1.0B | $531.5M | ||
| Q3 25 | $1.0B | $674.7M | ||
| Q2 25 | $893.0M | $710.2M | ||
| Q1 25 | $758.4M | $578.1M | ||
| Q4 24 | $856.1M | $533.9M | ||
| Q3 24 | $857.9M | $650.7M | ||
| Q2 24 | $698.3M | $599.5M | ||
| Q1 24 | $638.3M | $462.8M |
总债务CMCRBA
| Q4 25 | $3.3B | $2.3B | ||
| Q3 25 | $1.3B | $2.6B | ||
| Q2 25 | $1.3B | $2.6B | ||
| Q1 25 | $1.2B | $2.6B | ||
| Q4 24 | $1.1B | $2.6B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $1.1B | $2.8B | ||
| Q1 24 | $1.1B | $2.9B |
股东权益CMCRBA
| Q4 25 | $4.3B | $5.6B | ||
| Q3 25 | $4.2B | $5.5B | ||
| Q2 25 | $4.1B | $5.5B | ||
| Q1 25 | $4.0B | $5.3B | ||
| Q4 24 | $4.0B | $5.2B | ||
| Q3 24 | $4.3B | $5.2B | ||
| Q2 24 | $4.3B | $5.2B | ||
| Q1 24 | $4.2B | $5.1B |
总资产CMCRBA
| Q4 25 | $9.2B | $12.1B | ||
| Q3 25 | $7.2B | $12.2B | ||
| Q2 25 | $7.0B | $12.2B | ||
| Q1 25 | $6.7B | $11.9B | ||
| Q4 24 | $6.8B | $11.8B | ||
| Q3 24 | $6.8B | $11.9B | ||
| Q2 24 | $6.7B | $12.1B | ||
| Q1 24 | $6.7B | $12.0B |
负债/权益比CMCRBA
| Q4 25 | 0.77× | 0.42× | ||
| Q3 25 | 0.31× | 0.47× | ||
| Q2 25 | 0.32× | 0.47× | ||
| Q1 25 | 0.29× | 0.50× | ||
| Q4 24 | 0.29× | 0.50× | ||
| Q3 24 | 0.27× | 0.52× | ||
| Q2 24 | 0.27× | 0.55× | ||
| Q1 24 | 0.27× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $186.5M |
| 自由现金流率自由现金流/营收 | 3.7% | 15.5% |
| 资本支出强度资本支出/营收 | 5.9% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.15× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $719.2M |
8季度趋势，按日历期对齐
经营现金流CMCRBA
| Q4 25 | $204.2M | $255.2M | ||
| Q3 25 | $315.2M | $239.7M | ||
| Q2 25 | $154.4M | $326.5M | ||
| Q1 25 | $32.4M | $156.8M | ||
| Q4 24 | $213.0M | $184.5M | ||
| Q3 24 | $351.8M | $285.4M | ||
| Q2 24 | $197.9M | $337.3M | ||
| Q1 24 | $89.0M | $124.8M |
自由现金流CMCRBA
| Q4 25 | $78.8M | $186.5M | ||
| Q3 25 | $206.3M | $188.5M | ||
| Q2 25 | $65.0M | $241.7M | ||
| Q1 25 | $-53.8M | $102.5M | ||
| Q4 24 | $94.8M | $127.9M | ||
| Q3 24 | $270.3M | $248.5M | ||
| Q2 24 | $115.8M | $308.6M | ||
| Q1 24 | $-4.8M | $79.6M |
自由现金流率CMCRBA
| Q4 25 | 3.7% | 15.5% | ||
| Q3 25 | 9.8% | 17.3% | ||
| Q2 25 | 3.2% | 20.4% | ||
| Q1 25 | -3.1% | 9.2% | ||
| Q4 24 | 5.0% | 11.2% | ||
| Q3 24 | 13.5% | 25.3% | ||
| Q2 24 | 5.6% | 28.2% | ||
| Q1 24 | -0.3% | 7.5% |
资本支出强度CMCRBA
| Q4 25 | 5.9% | 5.7% | ||
| Q3 25 | 5.2% | 4.7% | ||
| Q2 25 | 4.4% | 7.2% | ||
| Q1 25 | 4.9% | 4.9% | ||
| Q4 24 | 6.2% | 5.0% | ||
| Q3 24 | 4.1% | 3.8% | ||
| Q2 24 | 3.9% | 2.6% | ||
| Q1 24 | 5.1% | 4.2% |
现金转化率CMCRBA
| Q4 25 | 1.15× | 2.33× | ||
| Q3 25 | 2.08× | 2.51× | ||
| Q2 25 | 1.86× | 2.97× | ||
| Q1 25 | 1.27× | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 3.39× | 3.75× | ||
| Q2 24 | 1.66× | 3.04× | ||
| Q1 24 | 1.04× | 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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
