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COMMERCIAL METALS Co（CMC）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是COMMERCIAL METALS Co的1.1倍（$2.4B vs $2.1B），硕腾净利率更高（25.3% vs 8.4%，领先16.9%），COMMERCIAL METALS Co同比增速更快（11.0% vs 3.0%），硕腾自由现金流更多（$732.0M vs $78.8M），过去两年COMMERCIAL METALS Co的营收复合增速更高（7.1% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
CMC vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.1倍
$2.1B
营收增速更快
CMC
高出8.0%
3.0%
净利率更高
ZTS
高出16.9%
8.4%
自由现金流更多
ZTS
多$653.3M
$78.8M
两年增速更快
CMC
近两年复合增速
4.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $177.3M | $603.0M |
| 毛利率 | 19.2% | 70.2% |
| 营业利润率 | 8.6% | 31.9% |
| 净利率 | 8.4% | 25.3% |
| 营收同比 | 11.0% | 3.0% |
| 净利润同比 | 200.9% | 3.8% |
| 每股收益（稀释后） | $1.58 | $1.37 |
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CMCZTS
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.1B | $2.4B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $1.8B | $2.2B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $2.0B | $2.4B | ||
| Q2 24 | $2.1B | $2.4B | ||
| Q1 24 | $1.8B | $2.2B |
净利润CMCZTS
| Q4 25 | $177.3M | $603.0M | ||
| Q3 25 | $151.8M | $721.0M | ||
| Q2 25 | $83.1M | $718.0M | ||
| Q1 25 | $25.5M | $631.0M | ||
| Q4 24 | $-175.7M | $581.0M | ||
| Q3 24 | $103.9M | $682.0M | ||
| Q2 24 | $119.4M | $624.0M | ||
| Q1 24 | $85.8M | $599.0M |
毛利率CMCZTS
| Q4 25 | 19.2% | 70.2% | ||
| Q3 25 | 18.6% | 71.5% | ||
| Q2 25 | 14.8% | 73.6% | ||
| Q1 25 | 12.5% | 72.0% | ||
| Q4 24 | 16.1% | 69.5% | ||
| Q3 24 | 16.2% | 70.6% | ||
| Q2 24 | 16.4% | 71.7% | ||
| Q1 24 | 16.0% | 70.6% |
营业利润率CMCZTS
| Q4 25 | 8.6% | 31.9% | ||
| Q3 25 | 9.1% | 37.0% | ||
| Q2 25 | 5.4% | 36.7% | ||
| Q1 25 | 2.1% | 36.5% | ||
| Q4 24 | -12.1% | 31.6% | ||
| Q3 24 | 6.7% | 36.6% | ||
| Q2 24 | 7.7% | 33.0% | ||
| Q1 24 | 6.3% | 34.1% |
净利率CMCZTS
| Q4 25 | 8.4% | 25.3% | ||
| Q3 25 | 7.2% | 30.0% | ||
| Q2 25 | 4.1% | 29.2% | ||
| Q1 25 | 1.5% | 28.4% | ||
| Q4 24 | -9.2% | 25.1% | ||
| Q3 24 | 5.2% | 28.6% | ||
| Q2 24 | 5.7% | 26.4% | ||
| Q1 24 | 4.6% | 27.4% |
每股收益（稀释后）CMCZTS
| Q4 25 | $1.58 | $1.37 | ||
| Q3 25 | $1.33 | $1.63 | ||
| Q2 25 | $0.73 | $1.61 | ||
| Q1 25 | $0.22 | $1.41 | ||
| Q4 24 | $-1.54 | $1.29 | ||
| Q3 24 | $0.90 | $1.50 | ||
| Q2 24 | $1.02 | $1.37 | ||
| Q1 24 | $0.73 | $1.31 |
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 | — |
| 股东权益账面价值 | $4.3B | $3.3B |
| 总资产 | $9.2B | $15.5B |
| 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CMCZTS
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | $893.0M | $1.4B | ||
| Q1 25 | $758.4M | $1.7B | ||
| Q4 24 | $856.1M | $2.0B | ||
| Q3 24 | $857.9M | $1.7B | ||
| Q2 24 | $698.3M | $1.6B | ||
| Q1 24 | $638.3M | $2.0B |
总债务CMCZTS
| 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CMCZTS
| Q4 25 | $4.3B | $3.3B | ||
| Q3 25 | $4.2B | $5.4B | ||
| Q2 25 | $4.1B | $5.0B | ||
| Q1 25 | $4.0B | $4.7B | ||
| Q4 24 | $4.0B | $4.8B | ||
| Q3 24 | $4.3B | $5.2B | ||
| Q2 24 | $4.3B | $5.0B | ||
| Q1 24 | $4.2B | $5.1B |
总资产CMCZTS
| Q4 25 | $9.2B | $15.5B | ||
| Q3 25 | $7.2B | $15.2B | ||
| Q2 25 | $7.0B | $14.5B | ||
| Q1 25 | $6.7B | $14.1B | ||
| Q4 24 | $6.8B | $14.2B | ||
| Q3 24 | $6.8B | $14.4B | ||
| Q2 24 | $6.7B | $14.2B | ||
| Q1 24 | $6.7B | $14.3B |
负债/权益比CMCZTS
| 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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $78.8M | $732.0M |
| 自由现金流率自由现金流/营收 | 3.7% | 30.7% |
| 资本支出强度资本支出/营收 | 5.9% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $296.2M | $2.3B |
8季度趋势，按日历期对齐
经营现金流CMCZTS
| Q4 25 | $204.2M | $893.0M | ||
| Q3 25 | $315.2M | $938.0M | ||
| Q2 25 | $154.4M | $486.0M | ||
| Q1 25 | $32.4M | $587.0M | ||
| Q4 24 | $213.0M | $905.0M | ||
| Q3 24 | $351.8M | $951.0M | ||
| Q2 24 | $197.9M | $502.0M | ||
| Q1 24 | $89.0M | $595.0M |
自由现金流CMCZTS
| Q4 25 | $78.8M | $732.0M | ||
| Q3 25 | $206.3M | $805.0M | ||
| Q2 25 | $65.0M | $308.0M | ||
| Q1 25 | $-53.8M | $438.0M | ||
| Q4 24 | $94.8M | $689.0M | ||
| Q3 24 | $270.3M | $784.0M | ||
| Q2 24 | $115.8M | $370.0M | ||
| Q1 24 | $-4.8M | $455.0M |
自由现金流率CMCZTS
| Q4 25 | 3.7% | 30.7% | ||
| Q3 25 | 9.8% | 33.5% | ||
| Q2 25 | 3.2% | 12.5% | ||
| Q1 25 | -3.1% | 19.7% | ||
| Q4 24 | 5.0% | 29.7% | ||
| Q3 24 | 13.5% | 32.8% | ||
| Q2 24 | 5.6% | 15.7% | ||
| Q1 24 | -0.3% | 20.8% |
资本支出强度CMCZTS
| Q4 25 | 5.9% | 6.7% | ||
| Q3 25 | 5.2% | 5.5% | ||
| Q2 25 | 4.4% | 7.2% | ||
| Q1 25 | 4.9% | 6.7% | ||
| Q4 24 | 6.2% | 9.3% | ||
| Q3 24 | 4.1% | 7.0% | ||
| Q2 24 | 3.9% | 5.6% | ||
| Q1 24 | 5.1% | 6.4% |
现金转化率CMCZTS
| Q4 25 | 1.15× | 1.48× | ||
| Q3 25 | 2.08× | 1.30× | ||
| Q2 25 | 1.86× | 0.68× | ||
| Q1 25 | 1.27× | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 3.39× | 1.39× | ||
| Q2 24 | 1.66× | 0.80× | ||
| Q1 24 | 1.04× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
