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COMMERCIAL METALS Co（CMC）与RXO, Inc.（RXO）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RXO, Inc.的1.4倍（$2.1B vs $1.5B），COMMERCIAL METALS Co净利率更高（8.4% vs -3.1%，领先11.5%），COMMERCIAL METALS Co同比增速更快（11.0% vs -11.9%），COMMERCIAL METALS Co自由现金流更多（$78.8M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
CMC vs RXO — 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22.9%
-11.9%
净利率更高
CMC
高出11.5%
-3.1%
自由现金流更多
CMC
多$87.8M
$-9.0M
两年增速更快
RXO
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 | $-46.0M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | -2.9% |
| 净利率 | 8.4% | -3.1% |
| 营收同比 | 11.0% | -11.9% |
| 净利润同比 | 200.9% | -84.0% |
| 每股收益（稀释后） | $1.58 | $-0.28 |
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CMCRXO
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $2.0B | $1.0B | ||
| Q2 24 | $2.1B | $930.0M | ||
| Q1 24 | $1.8B | $913.0M |
净利润CMCRXO
| Q4 25 | $177.3M | $-46.0M | ||
| Q3 25 | $151.8M | $-14.0M | ||
| Q2 25 | $83.1M | $-9.0M | ||
| Q1 25 | $25.5M | $-31.0M | ||
| Q4 24 | $-175.7M | $-25.0M | ||
| Q3 24 | $103.9M | $-243.0M | ||
| Q2 24 | $119.4M | $-7.0M | ||
| Q1 24 | $85.8M | $-15.0M |
毛利率CMCRXO
| 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CMCRXO
| Q4 25 | 8.6% | -2.9% | ||
| Q3 25 | 9.1% | -0.5% | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 2.1% | -2.1% | ||
| Q4 24 | -12.1% | -1.4% | ||
| Q3 24 | 6.7% | -1.9% | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 6.3% | -1.3% |
净利率CMCRXO
| Q4 25 | 8.4% | -3.1% | ||
| Q3 25 | 7.2% | -1.0% | ||
| Q2 25 | 4.1% | -0.6% | ||
| Q1 25 | 1.5% | -2.2% | ||
| Q4 24 | -9.2% | -1.5% | ||
| Q3 24 | 5.2% | -23.4% | ||
| Q2 24 | 5.7% | -0.8% | ||
| Q1 24 | 4.6% | -1.6% |
每股收益（稀释后）CMCRXO
| Q4 25 | $1.58 | $-0.28 | ||
| Q3 25 | $1.33 | $-0.08 | ||
| Q2 25 | $0.73 | $-0.05 | ||
| Q1 25 | $0.22 | $-0.18 | ||
| Q4 24 | $-1.54 | $-0.17 | ||
| Q3 24 | $0.90 | $-1.81 | ||
| Q2 24 | $1.02 | $-0.06 | ||
| Q1 24 | $0.73 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $3.3B | $387.0M |
| 股东权益账面价值 | $4.3B | $1.5B |
| 总资产 | $9.2B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.77× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资CMCRXO
| Q4 25 | $1.0B | $17.0M | ||
| Q3 25 | $1.0B | $25.0M | ||
| Q2 25 | $893.0M | $18.0M | ||
| Q1 25 | $758.4M | $16.0M | ||
| Q4 24 | $856.1M | $35.0M | ||
| Q3 24 | $857.9M | $55.0M | ||
| Q2 24 | $698.3M | $7.0M | ||
| Q1 24 | $638.3M | $7.0M |
总债务CMCRXO
| Q4 25 | $3.3B | $387.0M | ||
| Q3 25 | $1.3B | $387.0M | ||
| Q2 25 | $1.3B | $387.0M | ||
| Q1 25 | $1.2B | $387.0M | ||
| Q4 24 | $1.1B | $351.0M | ||
| Q3 24 | $1.2B | $352.0M | ||
| Q2 24 | $1.1B | $370.0M | ||
| Q1 24 | $1.1B | $351.0M |
股东权益CMCRXO
| Q4 25 | $4.3B | $1.5B | ||
| Q3 25 | $4.2B | $1.6B | ||
| Q2 25 | $4.1B | $1.6B | ||
| Q1 25 | $4.0B | $1.6B | ||
| Q4 24 | $4.0B | $1.6B | ||
| Q3 24 | $4.3B | $1.7B | ||
| Q2 24 | $4.3B | $579.0M | ||
| Q1 24 | $4.2B | $582.0M |
总资产CMCRXO
| Q4 25 | $9.2B | $3.3B | ||
| Q3 25 | $7.2B | $3.2B | ||
| Q2 25 | $7.0B | $3.2B | ||
| Q1 25 | $6.7B | $3.3B | ||
| Q4 24 | $6.8B | $3.4B | ||
| Q3 24 | $6.8B | $3.4B | ||
| Q2 24 | $6.7B | $1.8B | ||
| Q1 24 | $6.7B | $1.8B |
负债/权益比CMCRXO
| Q4 25 | 0.77× | 0.25× | ||
| Q3 25 | 0.31× | 0.24× | ||
| Q2 25 | 0.32× | 0.24× | ||
| Q1 25 | 0.29× | 0.24× | ||
| Q4 24 | 0.29× | 0.22× | ||
| Q3 24 | 0.27× | 0.21× | ||
| Q2 24 | 0.27× | 0.64× | ||
| Q1 24 | 0.27× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $-9.0M |
| 自由现金流率自由现金流/营收 | 3.7% | -0.6% |
| 资本支出强度资本支出/营收 | 5.9% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $296.2M | $-8.0M |
8季度趋势，按日历期对齐
经营现金流CMCRXO
| Q4 25 | $204.2M | $7.0M | ||
| Q3 25 | $315.2M | $23.0M | ||
| Q2 25 | $154.4M | $23.0M | ||
| Q1 25 | $32.4M | $-2.0M | ||
| Q4 24 | $213.0M | $-7.0M | ||
| Q3 24 | $351.8M | $-7.0M | ||
| Q2 24 | $197.9M | $-5.0M | ||
| Q1 24 | $89.0M | $7.0M |
自由现金流CMCRXO
| Q4 25 | $78.8M | $-9.0M | ||
| Q3 25 | $206.3M | $9.0M | ||
| Q2 25 | $65.0M | $9.0M | ||
| Q1 25 | $-53.8M | $-17.0M | ||
| Q4 24 | $94.8M | $-19.0M | ||
| Q3 24 | $270.3M | $-18.0M | ||
| Q2 24 | $115.8M | $-16.0M | ||
| Q1 24 | $-4.8M | $-4.0M |
自由现金流率CMCRXO
| Q4 25 | 3.7% | -0.6% | ||
| Q3 25 | 9.8% | 0.6% | ||
| Q2 25 | 3.2% | 0.6% | ||
| Q1 25 | -3.1% | -1.2% | ||
| Q4 24 | 5.0% | -1.1% | ||
| Q3 24 | 13.5% | -1.7% | ||
| Q2 24 | 5.6% | -1.7% | ||
| Q1 24 | -0.3% | -0.4% |
资本支出强度CMCRXO
| Q4 25 | 5.9% | 1.1% | ||
| Q3 25 | 5.2% | 1.0% | ||
| Q2 25 | 4.4% | 1.0% | ||
| Q1 25 | 4.9% | 1.0% | ||
| Q4 24 | 6.2% | 0.7% | ||
| Q3 24 | 4.1% | 1.1% | ||
| Q2 24 | 3.9% | 1.2% | ||
| Q1 24 | 5.1% | 1.2% |
现金转化率CMCRXO
| Q4 25 | 1.15× | — | ||
| Q3 25 | 2.08× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | 1.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.39× | — | ||
| Q2 24 | 1.66× | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
