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COMMERCIAL METALS Co（CMC）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
COMMERCIAL METALS Co的季度营收约是华纳音乐集团的1.2倍（$2.1B vs $1.8B），华纳音乐集团净利率更高（9.6% vs 8.4%，领先1.2%），COMMERCIAL METALS Co同比增速更快（11.0% vs 10.4%），华纳音乐集团自由现金流更多（$420.0M vs $78.8M），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
CMC vs WMG — 直观对比
营收规模更大
CMC
是对方的1.2倍
$1.8B
营收增速更快
CMC
高出0.6%
10.4%
净利率更高
WMG
高出1.2%
8.4%
自由现金流更多
WMG
多$341.3M
$78.8M
两年增速更快
WMG
近两年复合增速
7.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.8B |
| 净利润 | $177.3M | $176.0M |
| 毛利率 | 19.2% | 46.4% |
| 营业利润率 | 8.6% | 15.7% |
| 净利率 | 8.4% | 9.6% |
| 营收同比 | 11.0% | 10.4% |
| 净利润同比 | 200.9% | -25.4% |
| 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CMCWMG
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.1B | $1.9B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $2.1B | $1.6B | ||
| Q1 24 | $1.8B | $1.5B |
净利润CMCWMG
| Q4 25 | $177.3M | $176.0M | ||
| Q3 25 | $151.8M | $109.0M | ||
| Q2 25 | $83.1M | $-16.0M | ||
| Q1 25 | $25.5M | $36.0M | ||
| Q4 24 | $-175.7M | $236.0M | ||
| Q3 24 | $103.9M | $41.0M | ||
| Q2 24 | $119.4M | $139.0M | ||
| Q1 24 | $85.8M | $96.0M |
毛利率CMCWMG
| Q4 25 | 19.2% | 46.4% | ||
| Q3 25 | 18.6% | 44.6% | ||
| Q2 25 | 14.8% | 45.9% | ||
| Q1 25 | 12.5% | 46.7% | ||
| Q4 24 | 16.1% | 46.3% | ||
| Q3 24 | 16.2% | 47.6% | ||
| Q2 24 | 16.4% | 46.6% | ||
| Q1 24 | 16.0% | 47.1% |
营业利润率CMCWMG
| Q4 25 | 8.6% | 15.7% | ||
| Q3 25 | 9.1% | 7.7% | ||
| Q2 25 | 5.4% | 10.0% | ||
| Q1 25 | 2.1% | 11.3% | ||
| Q4 24 | -12.1% | 12.8% | ||
| Q3 24 | 6.7% | 8.8% | ||
| Q2 24 | 7.7% | 13.3% | ||
| Q1 24 | 6.3% | 8.0% |
净利率CMCWMG
| Q4 25 | 8.4% | 9.6% | ||
| Q3 25 | 7.2% | 5.8% | ||
| Q2 25 | 4.1% | -0.9% | ||
| Q1 25 | 1.5% | 2.4% | ||
| Q4 24 | -9.2% | 14.2% | ||
| Q3 24 | 5.2% | 2.5% | ||
| Q2 24 | 5.7% | 8.9% | ||
| Q1 24 | 4.6% | 6.4% |
每股收益（稀释后）CMCWMG
| Q4 25 | $1.58 | — | ||
| Q3 25 | $1.33 | — | ||
| Q2 25 | $0.73 | — | ||
| Q1 25 | $0.22 | — | ||
| Q4 24 | $-1.54 | — | ||
| Q3 24 | $0.90 | — | ||
| Q2 24 | $1.02 | — | ||
| Q1 24 | $0.73 | — |
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 | $751.0M |
| 总债务越低越好 | $3.3B | $4.4B |
| 股东权益账面价值 | $4.3B | $720.0M |
| 总资产 | $9.2B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.77× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资CMCWMG
| Q4 25 | $1.0B | $751.0M | ||
| Q3 25 | $1.0B | $532.0M | ||
| Q2 25 | $893.0M | $527.0M | ||
| Q1 25 | $758.4M | $637.0M | ||
| Q4 24 | $856.1M | $802.0M | ||
| Q3 24 | $857.9M | $694.0M | ||
| Q2 24 | $698.3M | $607.0M | ||
| Q1 24 | $638.3M | $587.0M |
总债务CMCWMG
| Q4 25 | $3.3B | $4.4B | ||
| Q3 25 | $1.3B | $4.4B | ||
| Q2 25 | $1.3B | $4.4B | ||
| Q1 25 | $1.2B | $4.3B | ||
| Q4 24 | $1.1B | $4.0B | ||
| Q3 24 | $1.2B | $4.0B | ||
| Q2 24 | $1.1B | $4.0B | ||
| Q1 24 | $1.1B | $4.0B |
股东权益CMCWMG
| Q4 25 | $4.3B | $720.0M | ||
| Q3 25 | $4.2B | $647.0M | ||
| Q2 25 | $4.1B | $589.0M | ||
| Q1 25 | $4.0B | $567.0M | ||
| Q4 24 | $4.0B | $545.0M | ||
| Q3 24 | $4.3B | $518.0M | ||
| Q2 24 | $4.3B | $483.0M | ||
| Q1 24 | $4.2B | $433.0M |
总资产CMCWMG
| Q4 25 | $9.2B | $10.0B | ||
| Q3 25 | $7.2B | $9.8B | ||
| Q2 25 | $7.0B | $9.8B | ||
| Q1 25 | $6.7B | $9.6B | ||
| Q4 24 | $6.8B | $9.1B | ||
| Q3 24 | $6.8B | $9.2B | ||
| Q2 24 | $6.7B | $8.8B | ||
| Q1 24 | $6.7B | $8.7B |
负债/权益比CMCWMG
| Q4 25 | 0.77× | 6.07× | ||
| Q3 25 | 0.31× | 6.75× | ||
| Q2 25 | 0.32× | 7.41× | ||
| Q1 25 | 0.29× | 7.57× | ||
| Q4 24 | 0.29× | 7.26× | ||
| Q3 24 | 0.27× | 7.75× | ||
| Q2 24 | 0.27× | 8.24× | ||
| Q1 24 | 0.27× | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $420.0M |
| 自由现金流率自由现金流/营收 | 3.7% | 22.8% |
| 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× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $663.0M |
8季度趋势，按日历期对齐
经营现金流CMCWMG
| Q4 25 | $204.2M | $440.0M | ||
| Q3 25 | $315.2M | $231.0M | ||
| Q2 25 | $154.4M | $46.0M | ||
| Q1 25 | $32.4M | $69.0M | ||
| Q4 24 | $213.0M | $332.0M | ||
| Q3 24 | $351.8M | $304.0M | ||
| Q2 24 | $197.9M | $188.0M | ||
| Q1 24 | $89.0M | $-31.0M |
自由现金流CMCWMG
| Q4 25 | $78.8M | $420.0M | ||
| Q3 25 | $206.3M | $203.0M | ||
| Q2 25 | $65.0M | $7.0M | ||
| Q1 25 | $-53.8M | $33.0M | ||
| Q4 24 | $94.8M | $296.0M | ||
| Q3 24 | $270.3M | $271.0M | ||
| Q2 24 | $115.8M | $160.0M | ||
| Q1 24 | $-4.8M | $-57.0M |
自由现金流率CMCWMG
| Q4 25 | 3.7% | 22.8% | ||
| Q3 25 | 9.8% | 10.9% | ||
| Q2 25 | 3.2% | 0.4% | ||
| Q1 25 | -3.1% | 2.2% | ||
| Q4 24 | 5.0% | 17.8% | ||
| Q3 24 | 13.5% | 16.6% | ||
| Q2 24 | 5.6% | 10.3% | ||
| Q1 24 | -0.3% | -3.8% |
资本支出强度CMCWMG
| Q4 25 | 5.9% | 1.1% | ||
| Q3 25 | 5.2% | 1.5% | ||
| Q2 25 | 4.4% | 2.3% | ||
| Q1 25 | 4.9% | 2.4% | ||
| Q4 24 | 6.2% | 2.2% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 3.9% | 1.8% | ||
| Q1 24 | 5.1% | 1.7% |
现金转化率CMCWMG
| Q4 25 | 1.15× | 2.50× | ||
| Q3 25 | 2.08× | 2.12× | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | 1.27× | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 3.39× | 7.41× | ||
| Q2 24 | 1.66× | 1.35× | ||
| Q1 24 | 1.04× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
