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康明斯（CMI）与哈里伯顿（HAL）财务数据对比。点击上方公司名可切换其他公司
康明斯的季度营收约是哈里伯顿的1.6倍（$8.5B vs $5.4B），哈里伯顿净利率更高（8.6% vs 7.3%，领先1.3%），康明斯同比增速更快（1.1% vs -4.5%），康明斯自由现金流更多（$990.0M vs $123.0M），过去两年康明斯的营收复合增速更高（0.8% vs -3.8%）
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
哈里伯顿是源自美国的跨国企业，为全球第二大油田服务提供商，承接了全球绝大多数水力压裂作业项目。公司在美国注册，设有休斯敦与迪拜双总部，业务覆盖全球主要油气开采市场。
CMI vs HAL — 直观对比
营收规模更大
CMI
是对方的1.6倍
$5.4B
营收增速更快
CMI
高出5.6%
-4.5%
净利率更高
HAL
高出1.3%
7.3%
自由现金流更多
CMI
多$867.0M
$123.0M
两年增速更快
CMI
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.5B | $5.4B |
| 净利润 | $620.0M | $464.0M |
| 毛利率 | 22.9% | — |
| 营业利润率 | 9.5% | 12.6% |
| 净利率 | 7.3% | 8.6% |
| 营收同比 | 1.1% | -4.5% |
| 净利润同比 | 39.3% | -21.2% |
| 每股收益（稀释后） | $4.25 | $0.55 |
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CMIHAL
| Q1 26 | — | $5.4B | ||
| Q4 25 | $8.5B | $5.7B | ||
| Q3 25 | $8.3B | $5.6B | ||
| Q2 25 | $8.6B | $5.5B | ||
| Q1 25 | $8.2B | $5.4B | ||
| Q4 24 | $8.4B | $5.6B | ||
| Q3 24 | $8.5B | $5.7B | ||
| Q2 24 | $8.8B | $5.8B |
净利润CMIHAL
| Q1 26 | — | $464.0M | ||
| Q4 25 | $620.0M | $589.0M | ||
| Q3 25 | $559.0M | $18.0M | ||
| Q2 25 | $928.0M | $472.0M | ||
| Q1 25 | $850.0M | $204.0M | ||
| Q4 24 | $445.0M | $615.0M | ||
| Q3 24 | $843.0M | $571.0M | ||
| Q2 24 | $752.0M | $709.0M |
毛利率CMIHAL
| Q1 26 | — | — | ||
| Q4 25 | 22.9% | — | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 26.4% | — | ||
| Q1 25 | 26.4% | — | ||
| Q4 24 | 24.1% | — | ||
| Q3 24 | 25.7% | — | ||
| Q2 24 | 24.9% | — |
营业利润率CMIHAL
| Q1 26 | — | 12.6% | ||
| Q4 25 | 9.5% | 13.2% | ||
| Q3 25 | 10.2% | 6.4% | ||
| Q2 25 | 14.2% | 13.2% | ||
| Q1 25 | 13.9% | 8.0% | ||
| Q4 24 | 8.7% | 16.6% | ||
| Q3 24 | 12.4% | 15.3% | ||
| Q2 24 | 11.9% | 17.7% |
净利率CMIHAL
| Q1 26 | — | 8.6% | ||
| Q4 25 | 7.3% | 10.4% | ||
| Q3 25 | 6.7% | 0.3% | ||
| Q2 25 | 10.7% | 8.6% | ||
| Q1 25 | 10.4% | 3.8% | ||
| Q4 24 | 5.3% | 11.0% | ||
| Q3 24 | 10.0% | 10.0% | ||
| Q2 24 | 8.5% | 12.2% |
每股收益（稀释后）CMIHAL
| Q1 26 | — | $0.55 | ||
| Q4 25 | $4.25 | — | ||
| Q3 25 | $3.86 | $0.02 | ||
| Q2 25 | $6.43 | $0.55 | ||
| Q1 25 | $5.96 | $0.24 | ||
| Q4 24 | $3.22 | — | ||
| Q3 24 | $5.86 | $650000.00 | ||
| Q2 24 | $5.26 | $800000.00 |
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 | $4.4B | $2.0M |
| 总债务越低越好 | $6.8B | $7.2M |
| 股东权益账面价值 | $12.3B | $10.8M |
| 总资产 | $34.0B | $25.1M |
| 负债/权益比越低杠杆越低 | 0.55× | 0.66× |
8季度趋势，按日历期对齐
现金及短期投资CMIHAL
| Q1 26 | — | $2.0M | ||
| Q4 25 | $4.4B | $2.2B | ||
| Q3 25 | $3.2B | $2.0B | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | $2.6B | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
总债务CMIHAL
| Q1 26 | — | $7.2M | ||
| Q4 25 | $6.8B | $7.2B | ||
| Q3 25 | $6.8B | $7.2B | ||
| Q2 25 | $6.8B | $7.2B | ||
| Q1 25 | $4.8B | $7.2B | ||
| Q4 24 | $4.8B | $7.2B | ||
| Q3 24 | $4.9B | $7.6B | ||
| Q2 24 | $5.4B | $7.6B |
股东权益CMIHAL
| Q1 26 | — | $10.8M | ||
| Q4 25 | $12.3B | $10.5B | ||
| Q3 25 | $12.1B | $10.2B | ||
| Q2 25 | $11.8B | $10.5B | ||
| Q1 25 | $10.9B | $10.4B | ||
| Q4 24 | $10.3B | $10.5B | ||
| Q3 24 | $10.3B | $10.3B | ||
| Q2 24 | $9.6B | $10.0B |
总资产CMIHAL
| Q1 26 | — | $25.1M | ||
| Q4 25 | $34.0B | $25.0B | ||
| Q3 25 | $33.6B | $25.2B | ||
| Q2 25 | $34.3B | $25.4B | ||
| Q1 25 | $32.5B | $25.2B | ||
| Q4 24 | $31.5B | $25.6B | ||
| Q3 24 | $32.1B | $25.3B | ||
| Q2 24 | $31.3B | $25.2B |
负债/权益比CMIHAL
| Q1 26 | — | 0.66× | ||
| Q4 25 | 0.55× | 0.68× | ||
| Q3 25 | 0.57× | 0.70× | ||
| Q2 25 | 0.58× | 0.68× | ||
| Q1 25 | 0.44× | 0.69× | ||
| Q4 24 | 0.47× | 0.68× | ||
| Q3 24 | 0.47× | 0.74× | ||
| Q2 24 | 0.57× | 0.76× |
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 | $1.5B | — |
| 自由现金流经营现金流 - 资本支出 | $990.0M | $123.0M |
| 自由现金流率自由现金流/营收 | 11.6% | 2.3% |
| 资本支出强度资本支出/营收 | 6.4% | 3.6% |
| 现金转化率经营现金流/净利润 | 2.47× | — |
| 过去12个月自由现金流最近4个季度 | $2.4B | $1.7B |
8季度趋势，按日历期对齐
经营现金流CMIHAL
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.3B | $488.0M | ||
| Q2 25 | $785.0M | $896.0M | ||
| Q1 25 | $-3.0M | $377.0M | ||
| Q4 24 | $1.4B | $1.5B | ||
| Q3 24 | $640.0M | $841.0M | ||
| Q2 24 | $-851.0M | $1.1B |
自由现金流CMIHAL
| Q1 26 | — | $123.0M | ||
| Q4 25 | $990.0M | $828.0M | ||
| Q3 25 | $1.0B | $227.0M | ||
| Q2 25 | $554.0M | $542.0M | ||
| Q1 25 | $-165.0M | $75.0M | ||
| Q4 24 | $882.0M | $1.0B | ||
| Q3 24 | $381.0M | $502.0M | ||
| Q2 24 | $-1.1B | $734.0M |
自由现金流率CMIHAL
| Q1 26 | — | 2.3% | ||
| Q4 25 | 11.6% | 14.6% | ||
| Q3 25 | 12.1% | 4.1% | ||
| Q2 25 | 6.4% | 9.8% | ||
| Q1 25 | -2.0% | 1.4% | ||
| Q4 24 | 10.4% | 18.4% | ||
| Q3 24 | 4.5% | 8.8% | ||
| Q2 24 | -12.4% | 12.6% |
资本支出强度CMIHAL
| Q1 26 | — | 3.6% | ||
| Q4 25 | 6.4% | 6.0% | ||
| Q3 25 | 3.6% | 4.7% | ||
| Q2 25 | 2.7% | 6.4% | ||
| Q1 25 | 2.0% | 5.6% | ||
| Q4 24 | 6.4% | 7.6% | ||
| Q3 24 | 3.1% | 6.0% | ||
| Q2 24 | 2.7% | 5.9% |
现金转化率CMIHAL
| Q1 26 | — | — | ||
| Q4 25 | 2.47× | 1.98× | ||
| Q3 25 | 2.33× | 27.11× | ||
| Q2 25 | 0.85× | 1.90× | ||
| Q1 25 | -0.00× | 1.85× | ||
| Q4 24 | 3.20× | 2.37× | ||
| Q3 24 | 0.76× | 1.47× | ||
| Q2 24 | -1.13× | 1.52× |
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
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
HAL
| Completion and Production | $3.0B | 56% |
| Middle East/Asia | $1.3B | 24% |
| Europe/Africa/CIS | $858.0M | 16% |
| Other | $210.0M | 4% |
