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CONSTELLIUM SE（CSTM）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
CONSTELLIUM SE的季度营收约是华纳音乐集团的1.2倍（$2.2B vs $1.8B），华纳音乐集团净利率更高（9.6% vs 5.1%，领先4.5%），华纳音乐集团自由现金流更多（$420.0M vs $109.0M）
康士励（Constellium SE）是一家源自美瑞、总部位于法国的全球铝制品制造商，主营各类先进合金制成的铝轧制产品、挤压材及结构件，旗下C-TEC研发中心在先进铝合金技术研发领域成果斐然，核心服务航空航天、汽车、包装三大领域，客户涵盖梅赛德斯-奔驰、奥迪、宝马、福特、空客、波音等知名企业。
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。
CSTM vs WMG — 直观对比
营收规模更大
CSTM
是对方的1.2倍
$1.8B
净利率更高
WMG
高出4.5%
5.1%
自由现金流更多
WMG
多$311.0M
$109.0M
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.8B |
| 净利润 | $112.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 7.5% | 15.7% |
| 净利率 | 5.1% | 9.6% |
| 营收同比 | — | 10.4% |
| 净利润同比 | — | -25.4% |
| 每股收益（稀释后） | $0.79 | — |
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CSTMWMG
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.2B | $1.9B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | — | $1.5B |
净利润CSTMWMG
| Q4 25 | $112.0M | $176.0M | ||
| Q3 25 | $88.0M | $109.0M | ||
| Q2 25 | $36.0M | $-16.0M | ||
| Q1 25 | $37.0M | $36.0M | ||
| Q4 24 | — | $236.0M | ||
| Q3 24 | — | $41.0M | ||
| Q2 24 | $76.0M | $139.0M | ||
| Q1 24 | — | $96.0M |
毛利率CSTMWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率CSTMWMG
| Q4 25 | 7.5% | 15.7% | ||
| Q3 25 | 5.8% | 7.7% | ||
| Q2 25 | 2.7% | 10.0% | ||
| Q1 25 | 3.1% | 11.3% | ||
| Q4 24 | — | 12.8% | ||
| Q3 24 | — | 8.8% | ||
| Q2 24 | 5.4% | 13.3% | ||
| Q1 24 | — | 8.0% |
净利率CSTMWMG
| Q4 25 | 5.1% | 9.6% | ||
| Q3 25 | 4.1% | 5.8% | ||
| Q2 25 | 1.7% | -0.9% | ||
| Q1 25 | 1.9% | 2.4% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | 3.9% | 8.9% | ||
| Q1 24 | — | 6.4% |
每股收益（稀释后）CSTMWMG
| Q4 25 | $0.79 | — | ||
| Q3 25 | $0.62 | — | ||
| Q2 25 | $0.25 | — | ||
| Q1 25 | $0.26 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $0.51 | — | ||
| Q1 24 | — | — |
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 | $120.0M | $751.0M |
| 总债务越低越好 | $1.9B | $4.4B |
| 股东权益账面价值 | $952.0M | $720.0M |
| 总资产 | $5.4B | $10.0B |
| 负债/权益比越低杠杆越低 | 2.00× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资CSTMWMG
| Q4 25 | $120.0M | $751.0M | ||
| Q3 25 | $122.0M | $532.0M | ||
| Q2 25 | $133.0M | $527.0M | ||
| Q1 25 | $118.0M | $637.0M | ||
| Q4 24 | — | $802.0M | ||
| Q3 24 | — | $694.0M | ||
| Q2 24 | — | $607.0M | ||
| Q1 24 | — | $587.0M |
总债务CSTMWMG
| Q4 25 | $1.9B | $4.4B | ||
| Q3 25 | $2.0B | $4.4B | ||
| Q2 25 | $2.0B | $4.4B | ||
| Q1 25 | $1.9B | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益CSTMWMG
| Q4 25 | $952.0M | $720.0M | ||
| Q3 25 | $845.0M | $647.0M | ||
| Q2 25 | $780.0M | $589.0M | ||
| Q1 25 | $745.0M | $567.0M | ||
| Q4 24 | — | $545.0M | ||
| Q3 24 | — | $518.0M | ||
| Q2 24 | $796.0M | $483.0M | ||
| Q1 24 | — | $433.0M |
总资产CSTMWMG
| Q4 25 | $5.4B | $10.0B | ||
| Q3 25 | $5.4B | $9.8B | ||
| Q2 25 | $5.4B | $9.8B | ||
| Q1 25 | $5.2B | $9.6B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | — | $9.2B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | — | $8.7B |
负债/权益比CSTMWMG
| Q4 25 | 2.00× | 6.07× | ||
| Q3 25 | 2.34× | 6.75× | ||
| Q2 25 | 2.53× | 7.41× | ||
| Q1 25 | 2.56× | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 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 | $218.0M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $109.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 22.8% |
| 资本支出强度资本支出/营收 | 5.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.95× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $159.0M | $663.0M |
8季度趋势，按日历期对齐
经营现金流CSTMWMG
| Q4 25 | $218.0M | $440.0M | ||
| Q3 25 | $99.0M | $231.0M | ||
| Q2 25 | $114.0M | $46.0M | ||
| Q1 25 | $58.0M | $69.0M | ||
| Q4 24 | — | $332.0M | ||
| Q3 24 | — | $304.0M | ||
| Q2 24 | $138.0M | $188.0M | ||
| Q1 24 | — | $-31.0M |
自由现金流CSTMWMG
| Q4 25 | $109.0M | $420.0M | ||
| Q3 25 | $24.0M | $203.0M | ||
| Q2 25 | $37.0M | $7.0M | ||
| Q1 25 | $-11.0M | $33.0M | ||
| Q4 24 | — | $296.0M | ||
| Q3 24 | — | $271.0M | ||
| Q2 24 | $54.0M | $160.0M | ||
| Q1 24 | — | $-57.0M |
自由现金流率CSTMWMG
| Q4 25 | 5.0% | 22.8% | ||
| Q3 25 | 1.1% | 10.9% | ||
| Q2 25 | 1.8% | 0.4% | ||
| Q1 25 | -0.6% | 2.2% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | 2.8% | 10.3% | ||
| Q1 24 | — | -3.8% |
资本支出强度CSTMWMG
| Q4 25 | 5.0% | 1.1% | ||
| Q3 25 | 3.5% | 1.5% | ||
| Q2 25 | 3.7% | 2.3% | ||
| Q1 25 | 3.5% | 2.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | 4.3% | 1.8% | ||
| Q1 24 | — | 1.7% |
现金转化率CSTMWMG
| Q4 25 | 1.95× | 2.50× | ||
| Q3 25 | 1.13× | 2.12× | ||
| Q2 25 | 3.17× | — | ||
| Q1 25 | 1.57× | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 7.41× | ||
| Q2 24 | 1.82× | 1.35× | ||
| Q1 24 | — | -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
CSTM
| Packaging Rolled Products | $1.0B | 46% |
| Automotive Rolled Products | $318.0M | 14% |
| Aerospace Rolled Products | $270.0M | 12% |
| Transportation Industry Defense And Other Rolled Products | $232.0M | 11% |
| Automotive Extruded Products | $220.0M | 10% |
| Other Extruded Products | $132.0M | 6% |
| Specialty And Other Thin Rolled Products | $22.0M | 1% |
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% |
