vs
Core Natural Resources, Inc.（CNR）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Core Natural Resources, Inc.的1.2倍（$1.2B vs $1.0B），利氏兄弟拍卖行净利率更高（9.1% vs -7.6%，领先16.7%），Core Natural Resources, Inc.同比增速更快（81.8% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $26.0M），过去两年Core Natural Resources, Inc.的营收复合增速更高（38.1% vs 6.3%）
Arch Resources（原阿奇煤炭）曾是美国煤炭开采加工企业，为美国第二大煤炭供应商，仅次于皮博迪能源，2011年占据美国国内15%的市场份额，主营低硫烟煤、次烟煤的开采、加工与销售，客户以发电企业为主。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CNR vs RBA — 直观对比
营收规模更大
RBA
是对方的1.2倍
$1.0B
营收增速更快
CNR
高出76.3%
5.4%
净利率更高
RBA
高出16.7%
-7.6%
自由现金流更多
RBA
多$160.5M
$26.0M
两年增速更快
CNR
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-79.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | -9.3% | 14.7% |
| 净利率 | -7.6% | 9.1% |
| 营收同比 | 81.8% | 5.4% |
| 净利润同比 | -356.3% | -7.4% |
| 每股收益（稀释后） | $-1.51 | $0.53 |
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CNRRBA
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $573.6M | $1.1B | ||
| Q3 24 | $553.4M | $981.8M | ||
| Q2 24 | $490.7M | $1.1B | ||
| Q1 24 | $546.7M | $1.1B |
净利润CNRRBA
| Q4 25 | $-79.0M | $109.7M | ||
| Q3 25 | $31.6M | $95.5M | ||
| Q2 25 | $-36.6M | $109.8M | ||
| Q1 25 | $-69.3M | $113.4M | ||
| Q4 24 | $30.8M | $118.5M | ||
| Q3 24 | $95.6M | $76.1M | ||
| Q2 24 | $58.1M | $111.1M | ||
| Q1 24 | $101.9M | $107.4M |
营业利润率CNRRBA
| Q4 25 | -9.3% | 14.7% | ||
| Q3 25 | -1.2% | 14.5% | ||
| Q2 25 | -1.7% | 15.9% | ||
| Q1 25 | -5.3% | 17.1% | ||
| Q4 24 | 6.6% | 18.1% | ||
| Q3 24 | 21.2% | 15.6% | ||
| Q2 24 | 14.6% | 18.4% | ||
| Q1 24 | 22.7% | 18.7% |
净利率CNRRBA
| Q4 25 | -7.6% | 9.1% | ||
| Q3 25 | 3.2% | 8.7% | ||
| Q2 25 | -3.3% | 9.3% | ||
| Q1 25 | -6.8% | 10.2% | ||
| Q4 24 | 5.4% | 10.4% | ||
| Q3 24 | 17.3% | 7.8% | ||
| Q2 24 | 11.8% | 10.1% | ||
| Q1 24 | 18.6% | 10.1% |
每股收益（稀释后）CNRRBA
| Q4 25 | $-1.51 | $0.53 | ||
| Q3 25 | $0.61 | $0.43 | ||
| Q2 25 | $-0.70 | $0.53 | ||
| Q1 25 | $-1.38 | $0.55 | ||
| Q4 24 | $1.04 | $0.58 | ||
| Q3 24 | $3.22 | $0.36 | ||
| Q2 24 | $1.96 | $0.54 | ||
| Q1 24 | $3.39 | $0.53 |
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 | $432.2M | $531.5M |
| 总债务越低越好 | $354.2M | $2.3B |
| 股东权益账面价值 | $3.7B | $5.6B |
| 总资产 | $6.1B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.10× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CNRRBA
| Q4 25 | $432.2M | $531.5M | ||
| Q3 25 | $444.7M | $674.7M | ||
| Q2 25 | $413.2M | $710.2M | ||
| Q1 25 | $388.5M | $578.1M | ||
| Q4 24 | $460.2M | $533.9M | ||
| Q3 24 | $331.7M | $650.7M | ||
| Q2 24 | $216.1M | $599.5M | ||
| Q1 24 | $172.6M | $462.8M |
总债务CNRRBA
| Q4 25 | $354.2M | $2.3B | ||
| Q3 25 | $334.5M | $2.6B | ||
| Q2 25 | $334.0M | $2.6B | ||
| Q1 25 | $329.8M | $2.6B | ||
| Q4 24 | $94.8M | $2.6B | ||
| Q3 24 | $83.7M | $2.7B | ||
| Q2 24 | $184.9M | $2.8B | ||
| Q1 24 | $185.5M | $2.9B |
股东权益CNRRBA
| Q4 25 | $3.7B | $5.6B | ||
| Q3 25 | $3.8B | $5.5B | ||
| Q2 25 | $3.8B | $5.5B | ||
| Q1 25 | $3.9B | $5.3B | ||
| Q4 24 | $1.6B | $5.2B | ||
| Q3 24 | $1.5B | $5.2B | ||
| Q2 24 | $1.4B | $5.2B | ||
| Q1 24 | $1.4B | $5.1B |
总资产CNRRBA
| Q4 25 | $6.1B | $12.1B | ||
| Q3 25 | $6.2B | $12.2B | ||
| Q2 25 | $6.2B | $12.2B | ||
| Q1 25 | $6.3B | $11.9B | ||
| Q4 24 | $2.9B | $11.8B | ||
| Q3 24 | $2.8B | $11.9B | ||
| Q2 24 | $2.7B | $12.1B | ||
| Q1 24 | $2.7B | $12.0B |
负债/权益比CNRRBA
| Q4 25 | 0.10× | 0.42× | ||
| Q3 25 | 0.09× | 0.47× | ||
| Q2 25 | 0.09× | 0.47× | ||
| Q1 25 | 0.08× | 0.50× | ||
| Q4 24 | 0.06× | 0.50× | ||
| Q3 24 | 0.05× | 0.52× | ||
| Q2 24 | 0.13× | 0.55× | ||
| Q1 24 | 0.13× | 0.58× |
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 | $107.3M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $26.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 2.5% | 15.5% |
| 资本支出强度资本支出/营收 | 7.8% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $21.2M | $719.2M |
8季度趋势，按日历期对齐
经营现金流CNRRBA
| Q4 25 | $107.3M | $255.2M | ||
| Q3 25 | $87.9M | $239.7M | ||
| Q2 25 | $220.2M | $326.5M | ||
| Q1 25 | $-109.6M | $156.8M | ||
| Q4 24 | $121.3M | $184.5M | ||
| Q3 24 | $161.3M | $285.4M | ||
| Q2 24 | $116.3M | $337.3M | ||
| Q1 24 | $77.5M | $124.8M |
自由现金流CNRRBA
| Q4 25 | $26.0M | $186.5M | ||
| Q3 25 | $38.6M | $188.5M | ||
| Q2 25 | $131.0M | $241.7M | ||
| Q1 25 | $-174.5M | $102.5M | ||
| Q4 24 | $80.5M | $127.9M | ||
| Q3 24 | $121.9M | $248.5M | ||
| Q2 24 | $60.9M | $308.6M | ||
| Q1 24 | $35.1M | $79.6M |
自由现金流率CNRRBA
| Q4 25 | 2.5% | 15.5% | ||
| Q3 25 | 3.9% | 17.3% | ||
| Q2 25 | 11.9% | 20.4% | ||
| Q1 25 | -17.1% | 9.2% | ||
| Q4 24 | 14.0% | 11.2% | ||
| Q3 24 | 22.0% | 25.3% | ||
| Q2 24 | 12.4% | 28.2% | ||
| Q1 24 | 6.4% | 7.5% |
资本支出强度CNRRBA
| Q4 25 | 7.8% | 5.7% | ||
| Q3 25 | 4.9% | 4.7% | ||
| Q2 25 | 8.1% | 7.2% | ||
| Q1 25 | 6.4% | 4.9% | ||
| Q4 24 | 7.1% | 5.0% | ||
| Q3 24 | 7.1% | 3.8% | ||
| Q2 24 | 11.3% | 2.6% | ||
| Q1 24 | 7.7% | 4.2% |
现金转化率CNRRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | 2.78× | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 3.94× | 1.56× | ||
| Q3 24 | 1.69× | 3.75× | ||
| Q2 24 | 2.00× | 3.04× | ||
| Q1 24 | 0.76× | 1.16× |
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
CNR
| Other | $397.4M | 38% |
| Power Generation | $376.5M | 36% |
| PRB | $183.0M | 18% |
| Metallurgical | $42.0M | 4% |
| Industrial | $34.1M | 3% |
| Terminal Revenue | $6.4M | 1% |
| Other Revenue | $3.0M | 0% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
