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自由港麦克莫兰（FCX）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
自由港麦克莫兰的季度营收约是Steel Dynamics的1.0倍（$5.3B vs $5.2B），自由港麦克莫兰净利率更高（10.7% vs 7.7%，领先3.0%），Steel Dynamics同比增速更快（17.9% vs -10.4%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs -7.9%）
自由港麦克莫兰是总部位于美国亚利桑那州凤凰城的矿业企业，是全球最大的钼生产商、主要铜生产商之一，运营着坐落于印度尼西亚巴布亚省的世界最大金矿格拉斯伯格矿。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
FCX vs STLD — 直观对比
营收规模更大
FCX
是对方的1.0倍
$5.2B
营收增速更快
STLD
高出28.3%
-10.4%
净利率更高
FCX
高出3.0%
7.7%
两年增速更快
STLD
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $5.2B |
| 净利润 | $565.0M | $400.1M |
| 毛利率 | 12.4% | 14.7% |
| 营业利润率 | 15.4% | 10.3% |
| 净利率 | 10.7% | 7.7% |
| 营收同比 | -10.4% | 17.9% |
| 净利润同比 | -21.6% | 51.3% |
| 每股收益（稀释后） | — | $2.78 |
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FCXSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $5.3B | $4.4B | ||
| Q3 25 | $6.8B | $4.8B | ||
| Q2 25 | $7.5B | $4.6B | ||
| Q1 25 | $5.6B | $4.4B | ||
| Q4 24 | $5.9B | $3.9B | ||
| Q3 24 | $6.7B | $4.3B | ||
| Q2 24 | $6.4B | $4.6B |
净利润FCXSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $565.0M | $266.0M | ||
| Q3 25 | $1.2B | $403.7M | ||
| Q2 25 | $1.5B | $298.7M | ||
| Q1 25 | $793.0M | $217.2M | ||
| Q4 24 | $721.0M | $207.3M | ||
| Q3 24 | $1.2B | $317.8M | ||
| Q2 24 | $1.3B | $428.0M |
毛利率FCXSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 12.4% | 12.0% | ||
| Q3 25 | 29.2% | 15.7% | ||
| Q2 25 | 34.2% | 13.5% | ||
| Q1 25 | 24.3% | 11.1% | ||
| Q4 24 | 27.0% | 11.4% | ||
| Q3 24 | 30.0% | 13.9% | ||
| Q2 24 | 31.5% | 16.7% |
营业利润率FCXSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 15.4% | 7.0% | ||
| Q3 25 | 28.9% | 10.5% | ||
| Q2 25 | 32.3% | 8.4% | ||
| Q1 25 | 23.4% | 6.3% | ||
| Q4 24 | 21.1% | 6.1% | ||
| Q3 24 | 29.0% | 9.1% | ||
| Q2 24 | 32.0% | 12.1% |
净利率FCXSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 10.7% | 6.0% | ||
| Q3 25 | 18.3% | 8.4% | ||
| Q2 25 | 20.6% | 6.5% | ||
| Q1 25 | 14.2% | 5.0% | ||
| Q4 24 | 12.3% | 5.4% | ||
| Q3 24 | 18.5% | 7.3% | ||
| Q2 24 | 20.0% | 9.2% |
每股收益（稀释后）FCXSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | — | $1.80 | ||
| Q3 25 | $0.46 | $2.74 | ||
| Q2 25 | $0.53 | $2.01 | ||
| Q1 25 | $0.24 | $1.44 | ||
| Q4 24 | — | $1.40 | ||
| Q3 24 | $0.36 | $2.05 | ||
| Q2 24 | $0.42 | $2.72 |
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 | $3.8B | $556.5M |
| 总债务越低越好 | $9.4B | $4.2B |
| 股东权益账面价值 | $18.9B | $9.0B |
| 总资产 | $58.2B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资FCXSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $3.8B | $769.9M | ||
| Q3 25 | $4.3B | $770.4M | ||
| Q2 25 | $4.5B | $497.6M | ||
| Q1 25 | $4.4B | $1.2B | ||
| Q4 24 | $3.9B | $737.3M | ||
| Q3 24 | $5.0B | $1.7B | ||
| Q2 24 | $5.3B | $1.2B |
总债务FCXSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $9.4B | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | $9.4B | $4.2B | ||
| Q4 24 | $8.9B | $3.2B | ||
| Q3 24 | $9.7B | $3.7B | ||
| Q2 24 | $9.4B | $3.1B |
股东权益FCXSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $18.9B | $9.0B | ||
| Q3 25 | $18.7B | $9.0B | ||
| Q2 25 | $18.2B | $8.9B | ||
| Q1 25 | $17.7B | $8.8B | ||
| Q4 24 | $17.6B | $8.9B | ||
| Q3 24 | $17.5B | $9.1B | ||
| Q2 24 | $17.4B | $9.1B |
总资产FCXSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $58.2B | $16.4B | ||
| Q3 25 | $56.8B | $16.0B | ||
| Q2 25 | $56.5B | $15.5B | ||
| Q1 25 | $56.0B | $15.9B | ||
| Q4 24 | $54.8B | $14.9B | ||
| Q3 24 | $55.4B | $15.7B | ||
| Q2 24 | $54.6B | $15.1B |
负债/权益比FCXSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 0.50× | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | 0.53× | 0.48× | ||
| Q4 24 | 0.51× | 0.36× | ||
| Q3 24 | 0.55× | 0.41× | ||
| Q2 24 | 0.54× | 0.34× |
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 | $693.0M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $-312.0M | — |
| 自由现金流率自由现金流/营收 | -5.9% | — |
| 资本支出强度资本支出/营收 | 19.1% | — |
| 现金转化率经营现金流/净利润 | 1.23× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流FCXSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $693.0M | $272.7M | ||
| Q3 25 | $1.7B | $722.6M | ||
| Q2 25 | $2.2B | $301.6M | ||
| Q1 25 | $1.1B | $152.6M | ||
| Q4 24 | $1.4B | $346.9M | ||
| Q3 24 | $1.9B | $759.9M | ||
| Q2 24 | $2.0B | $382.6M |
自由现金流FCXSTLD
| Q1 26 | — | — | ||
| Q4 25 | $-312.0M | $84.2M | ||
| Q3 25 | $608.0M | $556.9M | ||
| Q2 25 | $934.0M | $13.3M | ||
| Q1 25 | $-114.0M | $-152.9M | ||
| Q4 24 | $197.0M | $-106.3M | ||
| Q3 24 | $673.0M | $138.5M | ||
| Q2 24 | $840.0M | $-36.6M |
自由现金流率FCXSTLD
| Q1 26 | — | — | ||
| Q4 25 | -5.9% | 1.9% | ||
| Q3 25 | 8.9% | 11.5% | ||
| Q2 25 | 12.4% | 0.3% | ||
| Q1 25 | -2.0% | -3.5% | ||
| Q4 24 | 3.4% | -2.7% | ||
| Q3 24 | 10.1% | 3.2% | ||
| Q2 24 | 13.1% | -0.8% |
资本支出强度FCXSTLD
| Q1 26 | — | — | ||
| Q4 25 | 19.1% | 4.3% | ||
| Q3 25 | 15.5% | 3.4% | ||
| Q2 25 | 16.8% | 6.3% | ||
| Q1 25 | 21.0% | 7.0% | ||
| Q4 24 | 21.1% | 11.7% | ||
| Q3 24 | 17.9% | 14.3% | ||
| Q2 24 | 17.4% | 9.0% |
现金转化率FCXSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.23× | 1.03× | ||
| Q3 25 | 1.33× | 1.79× | ||
| Q2 25 | 1.42× | 1.01× | ||
| Q1 25 | 1.33× | 0.70× | ||
| Q4 24 | 1.99× | 1.67× | ||
| Q3 24 | 1.51× | 2.39× | ||
| Q2 24 | 1.53× | 0.89× |
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
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
