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COMMERCIAL METALS Co（CMC）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.7倍（$2.1B vs $1.2B），COMMERCIAL METALS Co同比增速更快（11.0% vs -2.2%），COMMERCIAL METALS Co自由现金流更多（$78.8M vs $43.0M），过去两年COMMERCIAL METALS Co的营收复合增速更高（7.1% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CMC vs TNET — 直观对比
营收规模更大
CMC
是对方的1.7倍
$1.2B
营收增速更快
CMC
高出13.2%
-2.2%
自由现金流更多
CMC
多$35.8M
$43.0M
两年增速更快
CMC
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $177.3M | — |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | 0.1% |
| 净利率 | 8.4% | — |
| 营收同比 | 11.0% | -2.2% |
| 净利润同比 | 200.9% | — |
| 每股收益（稀释后） | $1.58 | $0.02 |
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CMCTNET
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $2.0B | $1.2B | ||
| Q2 24 | $2.1B | $1.2B | ||
| Q1 24 | $1.8B | $1.3B |
净利润CMCTNET
| Q4 25 | $177.3M | — | ||
| Q3 25 | $151.8M | $34.0M | ||
| Q2 25 | $83.1M | $37.0M | ||
| Q1 25 | $25.5M | $85.0M | ||
| Q4 24 | $-175.7M | — | ||
| Q3 24 | $103.9M | $45.0M | ||
| Q2 24 | $119.4M | $60.0M | ||
| Q1 24 | $85.8M | $91.0M |
毛利率CMCTNET
| 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CMCTNET
| Q4 25 | 8.6% | 0.1% | ||
| Q3 25 | 9.1% | 4.1% | ||
| Q2 25 | 5.4% | 4.1% | ||
| Q1 25 | 2.1% | 8.9% | ||
| Q4 24 | -12.1% | -2.9% | ||
| Q3 24 | 6.7% | 4.7% | ||
| Q2 24 | 7.7% | 6.5% | ||
| Q1 24 | 6.3% | 9.7% |
净利率CMCTNET
| Q4 25 | 8.4% | — | ||
| Q3 25 | 7.2% | 2.8% | ||
| Q2 25 | 4.1% | 3.0% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | -9.2% | — | ||
| Q3 24 | 5.2% | 3.6% | ||
| Q2 24 | 5.7% | 4.9% | ||
| Q1 24 | 4.6% | 7.2% |
每股收益（稀释后）CMCTNET
| Q4 25 | $1.58 | $0.02 | ||
| Q3 25 | $1.33 | $0.70 | ||
| Q2 25 | $0.73 | $0.77 | ||
| Q1 25 | $0.22 | $1.71 | ||
| Q4 24 | $-1.54 | $-0.44 | ||
| Q3 24 | $0.90 | $0.89 | ||
| Q2 24 | $1.02 | $1.20 | ||
| Q1 24 | $0.73 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $4.3B | $54.0M |
| 总资产 | $9.2B | $3.8B |
| 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CMCTNET
| Q4 25 | $1.0B | $287.0M | ||
| Q3 25 | $1.0B | $321.0M | ||
| Q2 25 | $893.0M | $407.0M | ||
| Q1 25 | $758.4M | $349.0M | ||
| Q4 24 | $856.1M | $360.0M | ||
| Q3 24 | $857.9M | $301.0M | ||
| Q2 24 | $698.3M | $249.0M | ||
| Q1 24 | $638.3M | $383.0M |
总债务CMCTNET
| 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CMCTNET
| Q4 25 | $4.3B | $54.0M | ||
| Q3 25 | $4.2B | $110.0M | ||
| Q2 25 | $4.1B | $107.0M | ||
| Q1 25 | $4.0B | $63.0M | ||
| Q4 24 | $4.0B | $69.0M | ||
| Q3 24 | $4.3B | $129.0M | ||
| Q2 24 | $4.3B | $100.0M | ||
| Q1 24 | $4.2B | $143.0M |
总资产CMCTNET
| Q4 25 | $9.2B | $3.8B | ||
| Q3 25 | $7.2B | $3.4B | ||
| Q2 25 | $7.0B | $3.7B | ||
| Q1 25 | $6.7B | $3.8B | ||
| Q4 24 | $6.8B | $4.1B | ||
| Q3 24 | $6.8B | $3.7B | ||
| Q2 24 | $6.7B | $3.7B | ||
| Q1 24 | $6.7B | $4.0B |
负债/权益比CMCTNET
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $43.0M |
| 自由现金流率自由现金流/营收 | 3.7% | 3.4% |
| 资本支出强度资本支出/营收 | 5.9% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流CMCTNET
| Q4 25 | $204.2M | $61.0M | ||
| Q3 25 | $315.2M | $72.0M | ||
| Q2 25 | $154.4M | $75.0M | ||
| Q1 25 | $32.4M | $95.0M | ||
| Q4 24 | $213.0M | $65.0M | ||
| Q3 24 | $351.8M | $84.0M | ||
| Q2 24 | $197.9M | $39.0M | ||
| Q1 24 | $89.0M | $91.0M |
自由现金流CMCTNET
| Q4 25 | $78.8M | $43.0M | ||
| Q3 25 | $206.3M | $55.0M | ||
| Q2 25 | $65.0M | $57.0M | ||
| Q1 25 | $-53.8M | $79.0M | ||
| Q4 24 | $94.8M | $47.0M | ||
| Q3 24 | $270.3M | $59.0M | ||
| Q2 24 | $115.8M | $22.0M | ||
| Q1 24 | $-4.8M | $73.0M |
自由现金流率CMCTNET
| Q4 25 | 3.7% | 3.4% | ||
| Q3 25 | 9.8% | 4.5% | ||
| Q2 25 | 3.2% | 4.6% | ||
| Q1 25 | -3.1% | 6.1% | ||
| Q4 24 | 5.0% | 3.7% | ||
| Q3 24 | 13.5% | 4.8% | ||
| Q2 24 | 5.6% | 1.8% | ||
| Q1 24 | -0.3% | 5.8% |
资本支出强度CMCTNET
| Q4 25 | 5.9% | 1.4% | ||
| Q3 25 | 5.2% | 1.4% | ||
| Q2 25 | 4.4% | 1.5% | ||
| Q1 25 | 4.9% | 1.2% | ||
| Q4 24 | 6.2% | 1.4% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 3.9% | 1.4% | ||
| Q1 24 | 5.1% | 1.4% |
现金转化率CMCTNET
| Q4 25 | 1.15× | — | ||
| Q3 25 | 2.08× | 2.12× | ||
| Q2 25 | 1.86× | 2.03× | ||
| Q1 25 | 1.27× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.39× | 1.87× | ||
| Q2 24 | 1.66× | 0.65× | ||
| Q1 24 | 1.04× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
