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COMMERCIAL METALS Co（CMC）与Sunrun Inc.（RUN）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Sunrun Inc.的1.8倍（$2.1B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 8.4%，领先0.6%），Sunrun Inc.同比增速更快（123.5% vs 11.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CMC vs RUN — 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
RUN
高出112.5%
11.0%
净利率更高
RUN
高出0.6%
8.4%
两年增速更快
RUN
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $177.3M | $103.6M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | 8.4% |
| 净利率 | 8.4% | 8.9% |
| 营收同比 | 11.0% | 123.5% |
| 净利润同比 | 200.9% | 103.7% |
| 每股收益（稀释后） | $1.58 | $0.38 |
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CMCRUN
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.1B | $724.6M | ||
| Q2 25 | $2.0B | $569.3M | ||
| Q1 25 | $1.8B | $504.3M | ||
| Q4 24 | $1.9B | $518.5M | ||
| Q3 24 | $2.0B | $537.2M | ||
| Q2 24 | $2.1B | $523.9M | ||
| Q1 24 | $1.8B | $458.2M |
净利润CMCRUN
| Q4 25 | $177.3M | $103.6M | ||
| Q3 25 | $151.8M | $16.6M | ||
| Q2 25 | $83.1M | $279.8M | ||
| Q1 25 | $25.5M | $50.0M | ||
| Q4 24 | $-175.7M | $-2.8B | ||
| Q3 24 | $103.9M | $-83.8M | ||
| Q2 24 | $119.4M | $139.1M | ||
| Q1 24 | $85.8M | $-87.8M |
毛利率CMCRUN
| 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CMCRUN
| Q4 25 | 8.6% | 8.4% | ||
| Q3 25 | 9.1% | 0.5% | ||
| Q2 25 | 5.4% | -19.7% | ||
| Q1 25 | 2.1% | -22.8% | ||
| Q4 24 | -12.1% | -628.0% | ||
| Q3 24 | 6.7% | -23.8% | ||
| Q2 24 | 7.7% | -24.4% | ||
| Q1 24 | 6.3% | -40.0% |
净利率CMCRUN
| Q4 25 | 8.4% | 8.9% | ||
| Q3 25 | 7.2% | 2.3% | ||
| Q2 25 | 4.1% | 49.1% | ||
| Q1 25 | 1.5% | 9.9% | ||
| Q4 24 | -9.2% | -542.7% | ||
| Q3 24 | 5.2% | -15.6% | ||
| Q2 24 | 5.7% | 26.5% | ||
| Q1 24 | 4.6% | -19.2% |
每股收益（稀释后）CMCRUN
| Q4 25 | $1.58 | $0.38 | ||
| Q3 25 | $1.33 | $0.06 | ||
| Q2 25 | $0.73 | $1.07 | ||
| Q1 25 | $0.22 | $0.20 | ||
| Q4 24 | $-1.54 | $-12.59 | ||
| Q3 24 | $0.90 | $-0.37 | ||
| Q2 24 | $1.02 | $0.55 | ||
| Q1 24 | $0.73 | $-0.40 |
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 | — |
| 总债务越低越好 | $3.3B | $14.7B |
| 股东权益账面价值 | $4.3B | $3.1B |
| 总资产 | $9.2B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.77× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CMCRUN
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $893.0M | — | ||
| Q1 25 | $758.4M | — | ||
| Q4 24 | $856.1M | — | ||
| Q3 24 | $857.9M | — | ||
| Q2 24 | $698.3M | — | ||
| Q1 24 | $638.3M | — |
总债务CMCRUN
| Q4 25 | $3.3B | $14.7B | ||
| Q3 25 | $1.3B | $14.6B | ||
| Q2 25 | $1.3B | $14.0B | ||
| Q1 25 | $1.2B | $13.6B | ||
| Q4 24 | $1.1B | $12.9B | ||
| Q3 24 | $1.2B | $12.5B | ||
| Q2 24 | $1.1B | $12.0B | ||
| Q1 24 | $1.1B | $11.1B |
股东权益CMCRUN
| Q4 25 | $4.3B | $3.1B | ||
| Q3 25 | $4.2B | $3.0B | ||
| Q2 25 | $4.1B | $2.9B | ||
| Q1 25 | $4.0B | $2.6B | ||
| Q4 24 | $4.0B | $2.6B | ||
| Q3 24 | $4.3B | $5.3B | ||
| Q2 24 | $4.3B | $5.4B | ||
| Q1 24 | $4.2B | $5.2B |
总资产CMCRUN
| Q4 25 | $9.2B | $22.6B | ||
| Q3 25 | $7.2B | $22.2B | ||
| Q2 25 | $7.0B | $21.2B | ||
| Q1 25 | $6.7B | $20.4B | ||
| Q4 24 | $6.8B | $19.9B | ||
| Q3 24 | $6.8B | $22.1B | ||
| Q2 24 | $6.7B | $21.4B | ||
| Q1 24 | $6.7B | $20.8B |
负债/权益比CMCRUN
| Q4 25 | 0.77× | 4.69× | ||
| Q3 25 | 0.31× | 4.90× | ||
| Q2 25 | 0.32× | 4.80× | ||
| Q1 25 | 0.29× | 5.19× | ||
| Q4 24 | 0.29× | 5.05× | ||
| Q3 24 | 0.27× | 2.36× | ||
| Q2 24 | 0.27× | 2.23× | ||
| Q1 24 | 0.27× | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | — |
| 自由现金流率自由现金流/营收 | 3.7% | — |
| 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× | 0.94× |
| 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CMCRUN
| Q4 25 | $204.2M | $96.9M | ||
| Q3 25 | $315.2M | $-121.5M | ||
| Q2 25 | $154.4M | $-292.7M | ||
| Q1 25 | $32.4M | $-104.2M | ||
| Q4 24 | $213.0M | $-258.4M | ||
| Q3 24 | $351.8M | $-156.2M | ||
| Q2 24 | $197.9M | $-208.5M | ||
| Q1 24 | $89.0M | $-143.1M |
自由现金流CMCRUN
| Q4 25 | $78.8M | — | ||
| Q3 25 | $206.3M | — | ||
| Q2 25 | $65.0M | — | ||
| Q1 25 | $-53.8M | — | ||
| Q4 24 | $94.8M | — | ||
| Q3 24 | $270.3M | $-156.4M | ||
| Q2 24 | $115.8M | — | ||
| Q1 24 | $-4.8M | — |
自由现金流率CMCRUN
| Q4 25 | 3.7% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 13.5% | -29.1% | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | -0.3% | — |
资本支出强度CMCRUN
| Q4 25 | 5.9% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 4.9% | — | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 4.1% | 0.0% | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 5.1% | — |
现金转化率CMCRUN
| Q4 25 | 1.15× | 0.94× | ||
| Q3 25 | 2.08× | -7.33× | ||
| Q2 25 | 1.86× | -1.05× | ||
| Q1 25 | 1.27× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.39× | — | ||
| Q2 24 | 1.66× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
