vs
CNH Industrial N.V.（CNH）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是CNH Industrial N.V.的1.9倍（$7.4B vs $3.8B），美国合众银行净利率更高（27.8% vs 0.3%，领先27.5%），美国合众银行同比增速更快（5.1% vs 0.6%），过去两年美国合众银行的营收复合增速更高（4.7% vs -10.7%）
CNH Industrial是意美跨国企业，全球总部位于英国巴西尔登，由跨国投资公司Exor控股，实际控制方为阿涅利家族。公司核心业务涵盖农业机械、工程设备的设计、生产及销售，覆盖全球所有主要市场，目前正重点拓展高增长市场的业务布局。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
CNH vs USB — 直观对比
营收规模更大
USB
是对方的1.9倍
$3.8B
营收增速更快
USB
高出4.5%
0.6%
净利率更高
USB
高出27.5%
0.3%
两年增速更快
USB
近两年复合增速
-10.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $7.4B |
| 净利润 | $10.0M | $2.0B |
| 毛利率 | 31.9% | — |
| 营业利润率 | 0.3% | 34.4% |
| 净利率 | 0.3% | 27.8% |
| 营收同比 | 0.6% | 5.1% |
| 净利润同比 | -17.8% | 23.0% |
| 每股收益（稀释后） | $0.01 | $1.26 |
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CNHUSB
| Q1 26 | $3.8B | — | ||
| Q4 25 | $4.5B | $7.4B | ||
| Q3 25 | $3.7B | $7.3B | ||
| Q2 25 | $4.0B | $7.0B | ||
| Q1 25 | $3.2B | $7.0B | ||
| Q4 24 | $4.1B | $7.0B | ||
| Q3 24 | $4.0B | $6.9B | ||
| Q2 24 | $4.8B | $6.9B |
净利润CNHUSB
| Q1 26 | $10.0M | — | ||
| Q4 25 | $86.0M | $2.0B | ||
| Q3 25 | $80.0M | $2.0B | ||
| Q2 25 | $213.0M | $1.8B | ||
| Q1 25 | $131.0M | $1.7B | ||
| Q4 24 | $106.0M | $1.7B | ||
| Q3 24 | $306.0M | $1.7B | ||
| Q2 24 | $433.0M | $1.6B |
毛利率CNHUSB
| Q1 26 | 31.9% | — | ||
| Q4 25 | 18.4% | — | ||
| Q3 25 | 19.1% | — | ||
| Q2 25 | 20.6% | — | ||
| Q1 25 | 19.0% | — | ||
| Q4 24 | 19.5% | — | ||
| Q3 24 | 21.7% | — | ||
| Q2 24 | 22.9% | — |
营业利润率CNHUSB
| Q1 26 | 0.3% | — | ||
| Q4 25 | 3.0% | 34.4% | ||
| Q3 25 | 1.4% | 34.5% | ||
| Q2 25 | 6.8% | 32.7% | ||
| Q1 25 | 5.1% | 31.0% | ||
| Q4 24 | 5.8% | 30.1% | ||
| Q3 24 | 9.6% | 30.2% | ||
| Q2 24 | 11.1% | 29.9% |
净利率CNHUSB
| Q1 26 | 0.3% | — | ||
| Q4 25 | 1.9% | 27.8% | ||
| Q3 25 | 2.2% | 27.3% | ||
| Q2 25 | 5.3% | 25.9% | ||
| Q1 25 | 4.1% | 24.6% | ||
| Q4 24 | 2.6% | 23.7% | ||
| Q3 24 | 7.7% | 25.0% | ||
| Q2 24 | 9.0% | 23.3% |
每股收益（稀释后）CNHUSB
| Q1 26 | $0.01 | — | ||
| Q4 25 | $0.08 | $1.26 | ||
| Q3 25 | $0.06 | $1.22 | ||
| Q2 25 | $0.17 | $1.11 | ||
| Q1 25 | $0.10 | $1.03 | ||
| Q4 24 | $0.10 | $1.01 | ||
| Q3 24 | $0.24 | $1.03 | ||
| Q2 24 | $0.34 | $0.97 |
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 | $1.6M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.8M | $65.2B |
| 总资产 | $42.0M | $692.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CNHUSB
| Q1 26 | $1.6M | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $2.0B | — |
股东权益CNHUSB
| Q1 26 | $7.8M | — | ||
| Q4 25 | $7.8B | $65.2B | ||
| Q3 25 | $7.8B | $63.3B | ||
| Q2 25 | $7.8B | $61.4B | ||
| Q1 25 | $7.9B | $60.1B | ||
| Q4 24 | $7.7B | $58.6B | ||
| Q3 24 | $7.7B | $58.9B | ||
| Q2 24 | $7.6B | $56.4B |
总资产CNHUSB
| Q1 26 | $42.0M | — | ||
| Q4 25 | $42.7B | $692.3B | ||
| Q3 25 | $43.3B | $695.4B | ||
| Q2 25 | $43.7B | $686.4B | ||
| Q1 25 | $42.1B | $676.5B | ||
| Q4 24 | $42.9B | $678.3B | ||
| Q3 24 | $44.0B | $686.5B | ||
| Q2 24 | $44.0B | $680.1B |
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 | $35.0M | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $-589.0M | — |
| 自由现金流率自由现金流/营收 | -15.4% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.50× | 1.39× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CNHUSB
| Q1 26 | $35.0M | — | ||
| Q4 25 | $945.0M | $2.8B | ||
| Q3 25 | $659.0M | $3.4B | ||
| Q2 25 | $772.0M | $2.0B | ||
| Q1 25 | $162.0M | $-285.0M | ||
| Q4 24 | $1.7B | $4.8B | ||
| Q3 24 | $791.0M | $972.0M | ||
| Q2 24 | $379.0M | $2.9B |
自由现金流CNHUSB
| Q1 26 | $-589.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
自由现金流率CNHUSB
| Q1 26 | -15.4% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率CNHUSB
| Q1 26 | 3.50× | — | ||
| Q4 25 | 10.99× | 1.39× | ||
| Q3 25 | 8.24× | 1.69× | ||
| Q2 25 | 3.62× | 1.12× | ||
| Q1 25 | 1.24× | -0.17× | ||
| Q4 24 | 15.96× | 2.87× | ||
| Q3 24 | 2.58× | 0.57× | ||
| Q2 24 | 0.88× | 1.79× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
