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自由港麦克莫兰（FCX）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自由港麦克莫兰的1.4倍（$7.4B vs $5.3B），美国合众银行净利率更高（27.8% vs 10.7%，领先17.0%），美国合众银行同比增速更快（5.1% vs -10.4%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
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。
FCX vs USB — 直观对比
营收规模更大
USB
是对方的1.4倍
$5.3B
营收增速更快
USB
高出15.5%
-10.4%
净利率更高
USB
高出17.0%
10.7%
两年增速更快
USB
近两年复合增速
-7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $7.4B |
| 净利润 | $565.0M | $2.0B |
| 毛利率 | 12.4% | — |
| 营业利润率 | 15.4% | 34.4% |
| 净利率 | 10.7% | 27.8% |
| 营收同比 | -10.4% | 5.1% |
| 净利润同比 | -21.6% | 23.0% |
| 每股收益（稀释后） | — | $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FCXUSB
| Q4 25 | $5.3B | $7.4B | ||
| Q3 25 | $6.8B | $7.3B | ||
| Q2 25 | $7.5B | $7.0B | ||
| Q1 25 | $5.6B | $7.0B | ||
| Q4 24 | $5.9B | $7.0B | ||
| Q3 24 | $6.7B | $6.9B | ||
| Q2 24 | $6.4B | $6.9B | ||
| Q1 24 | $6.2B | $6.7B |
净利润FCXUSB
| Q4 25 | $565.0M | $2.0B | ||
| Q3 25 | $1.2B | $2.0B | ||
| Q2 25 | $1.5B | $1.8B | ||
| Q1 25 | $793.0M | $1.7B | ||
| Q4 24 | $721.0M | $1.7B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.2B | $1.3B |
毛利率FCXUSB
| Q4 25 | 12.4% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 24.3% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | 31.5% | — | ||
| Q1 24 | 28.5% | — |
营业利润率FCXUSB
| Q4 25 | 15.4% | 34.4% | ||
| Q3 25 | 28.9% | 34.5% | ||
| Q2 25 | 32.3% | 32.7% | ||
| Q1 25 | 23.4% | 31.0% | ||
| Q4 24 | 21.1% | 30.1% | ||
| Q3 24 | 29.0% | 30.2% | ||
| Q2 24 | 32.0% | 29.9% | ||
| Q1 24 | 26.3% | 24.9% |
净利率FCXUSB
| Q4 25 | 10.7% | 27.8% | ||
| Q3 25 | 18.3% | 27.3% | ||
| Q2 25 | 20.6% | 25.9% | ||
| Q1 25 | 14.2% | 24.6% | ||
| Q4 24 | 12.3% | 23.7% | ||
| Q3 24 | 18.5% | 25.0% | ||
| Q2 24 | 20.0% | 23.3% | ||
| Q1 24 | 18.7% | 19.6% |
每股收益（稀释后）FCXUSB
| Q4 25 | — | $1.26 | ||
| Q3 25 | $0.46 | $1.22 | ||
| Q2 25 | $0.53 | $1.11 | ||
| Q1 25 | $0.24 | $1.03 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | $0.36 | $1.03 | ||
| Q2 24 | $0.42 | $0.97 | ||
| Q1 24 | $0.32 | $0.78 |
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 | — |
| 总债务越低越好 | $9.4B | — |
| 股东权益账面价值 | $18.9B | $65.2B |
| 总资产 | $58.2B | $692.3B |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资FCXUSB
| Q4 25 | $3.8B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.2B | — |
总债务FCXUSB
| Q4 25 | $9.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.4B | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $9.4B | — | ||
| Q1 24 | $9.4B | — |
股东权益FCXUSB
| Q4 25 | $18.9B | $65.2B | ||
| Q3 25 | $18.7B | $63.3B | ||
| Q2 25 | $18.2B | $61.4B | ||
| Q1 25 | $17.7B | $60.1B | ||
| Q4 24 | $17.6B | $58.6B | ||
| Q3 24 | $17.5B | $58.9B | ||
| Q2 24 | $17.4B | $56.4B | ||
| Q1 24 | $17.0B | $55.6B |
总资产FCXUSB
| Q4 25 | $58.2B | $692.3B | ||
| Q3 25 | $56.8B | $695.4B | ||
| Q2 25 | $56.5B | $686.4B | ||
| Q1 25 | $56.0B | $676.5B | ||
| Q4 24 | $54.8B | $678.3B | ||
| Q3 24 | $55.4B | $686.5B | ||
| Q2 24 | $54.6B | $680.1B | ||
| Q1 24 | $54.2B | $683.6B |
负债/权益比FCXUSB
| Q4 25 | 0.50× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
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 | $2.8B |
| 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× | 1.39× |
| 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FCXUSB
| Q4 25 | $693.0M | $2.8B | ||
| Q3 25 | $1.7B | $3.4B | ||
| Q2 25 | $2.2B | $2.0B | ||
| Q1 25 | $1.1B | $-285.0M | ||
| Q4 24 | $1.4B | $4.8B | ||
| Q3 24 | $1.9B | $972.0M | ||
| Q2 24 | $2.0B | $2.9B | ||
| Q1 24 | $1.9B | $2.7B |
自由现金流FCXUSB
| Q4 25 | $-312.0M | — | ||
| Q3 25 | $608.0M | — | ||
| Q2 25 | $934.0M | — | ||
| Q1 25 | $-114.0M | — | ||
| Q4 24 | $197.0M | — | ||
| Q3 24 | $673.0M | — | ||
| Q2 24 | $840.0M | — | ||
| Q1 24 | $642.0M | — |
自由现金流率FCXUSB
| Q4 25 | -5.9% | — | ||
| Q3 25 | 8.9% | — | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | -2.0% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 13.1% | — | ||
| Q1 24 | 10.3% | — |
资本支出强度FCXUSB
| Q4 25 | 19.1% | — | ||
| Q3 25 | 15.5% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 21.0% | — | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 17.9% | — | ||
| Q2 24 | 17.4% | — | ||
| Q1 24 | 20.2% | — |
现金转化率FCXUSB
| Q4 25 | 1.23× | 1.39× | ||
| Q3 25 | 1.33× | 1.69× | ||
| Q2 25 | 1.42× | 1.12× | ||
| Q1 25 | 1.33× | -0.17× | ||
| Q4 24 | 1.99× | 2.87× | ||
| Q3 24 | 1.51× | 0.57× | ||
| Q2 24 | 1.53× | 1.79× | ||
| Q1 24 | 1.63× | 2.02× |
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% |
USB
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