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COMMERCIAL METALS Co（CMC）与Ventas（VTR）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Ventas的1.3倍（$2.1B vs $1.7B），COMMERCIAL METALS Co净利率更高（8.4% vs 3.6%，领先4.8%），Ventas同比增速更快（22.0% vs 11.0%），过去两年Ventas的营收复合增速更高（17.5% 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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
CMC vs VTR — 直观对比
营收规模更大
CMC
是对方的1.3倍
$1.7B
营收增速更快
VTR
高出11.0%
11.0%
净利率更高
CMC
高出4.8%
3.6%
两年增速更快
VTR
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.7B |
| 净利润 | $177.3M | $59.0M |
| 毛利率 | 19.2% | — |
| 营业利润率 | 8.6% | — |
| 净利率 | 8.4% | 3.6% |
| 营收同比 | 11.0% | 22.0% |
| 净利润同比 | 200.9% | 19.0% |
| 每股收益（稀释后） | $1.58 | — |
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CMCVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.1B | $1.6B | ||
| 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 | $1.2B | ||
| Q2 24 | $2.1B | $1.2B |
净利润CMCVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | $177.3M | $73.0M | ||
| Q3 25 | $151.8M | $68.7M | ||
| Q2 25 | $83.1M | $71.5M | ||
| Q1 25 | $25.5M | $48.4M | ||
| Q4 24 | $-175.7M | $58.7M | ||
| Q3 24 | $103.9M | $21.0M | ||
| Q2 24 | $119.4M | $21.2M |
毛利率CMCVTR
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | 8.6% | 4.9% | ||
| Q3 25 | 9.1% | 3.0% | ||
| Q2 25 | 5.4% | 3.0% | ||
| Q1 25 | 2.1% | 3.0% | ||
| Q4 24 | -12.1% | -0.0% | ||
| Q3 24 | 6.7% | 1.5% | ||
| Q2 24 | 7.7% | -1.6% |
净利率CMCVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | 8.4% | 4.7% | ||
| Q3 25 | 7.2% | 4.6% | ||
| Q2 25 | 4.1% | 5.0% | ||
| Q1 25 | 1.5% | 3.6% | ||
| Q4 24 | -9.2% | 4.6% | ||
| Q3 24 | 5.2% | 1.7% | ||
| Q2 24 | 5.7% | 1.8% |
每股收益（稀释后）CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | $1.58 | $0.15 | ||
| Q3 25 | $1.33 | $0.14 | ||
| Q2 25 | $0.73 | $0.15 | ||
| Q1 25 | $0.22 | $0.10 | ||
| Q4 24 | $-1.54 | $0.13 | ||
| Q3 24 | $0.90 | $0.05 | ||
| Q2 24 | $1.02 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $4.3B | $13.2B |
| 总资产 | $9.2B | $27.7B |
| 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CMCVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $1.0B | $741.1M | ||
| Q3 25 | $1.0B | $188.6M | ||
| Q2 25 | $893.0M | $614.2M | ||
| Q1 25 | $758.4M | $182.3M | ||
| Q4 24 | $856.1M | $897.9M | ||
| Q3 24 | $857.9M | $1.1B | ||
| Q2 24 | $698.3M | $557.1M |
总债务CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $13.0B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | $13.5B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — |
股东权益CMCVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $4.3B | $12.5B | ||
| Q3 25 | $4.2B | $12.4B | ||
| Q2 25 | $4.1B | $11.5B | ||
| Q1 25 | $4.0B | $11.5B | ||
| Q4 24 | $4.0B | $10.8B | ||
| Q3 24 | $4.3B | $9.8B | ||
| Q2 24 | $4.3B | $9.6B |
总资产CMCVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $9.2B | $27.6B | ||
| Q3 25 | $7.2B | $26.9B | ||
| Q2 25 | $7.0B | $26.5B | ||
| Q1 25 | $6.7B | $26.0B | ||
| Q4 24 | $6.8B | $26.2B | ||
| Q3 24 | $6.8B | $25.3B | ||
| Q2 24 | $6.7B | $24.5B |
负债/权益比CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.77× | 1.04× | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.29× | 1.26× | ||
| Q3 24 | 0.27× | — | ||
| Q2 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 | — |
| 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× | — |
| 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CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | $204.2M | $471.7M | ||
| Q3 25 | $315.2M | $378.6M | ||
| Q2 25 | $154.4M | $475.3M | ||
| Q1 25 | $32.4M | $321.1M | ||
| Q4 24 | $213.0M | $373.6M | ||
| Q3 24 | $351.8M | $353.7M | ||
| Q2 24 | $197.9M | $335.9M |
自由现金流CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | $78.8M | — | ||
| Q3 25 | $206.3M | — | ||
| Q2 25 | $65.0M | — | ||
| Q1 25 | $-53.8M | — | ||
| Q4 24 | $94.8M | — | ||
| Q3 24 | $270.3M | — | ||
| Q2 24 | $115.8M | — |
自由现金流率CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 13.5% | — | ||
| Q2 24 | 5.6% | — |
资本支出强度CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | 5.9% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 4.9% | — | ||
| Q4 24 | 6.2% | — | ||
| Q3 24 | 4.1% | — | ||
| Q2 24 | 3.9% | — |
现金转化率CMCVTR
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 6.46× | ||
| Q3 25 | 2.08× | 5.51× | ||
| Q2 25 | 1.86× | 6.65× | ||
| Q1 25 | 1.27× | 6.64× | ||
| Q4 24 | — | 6.36× | ||
| Q3 24 | 3.39× | 16.84× | ||
| Q2 24 | 1.66× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
