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FirstEnergy（FE）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
Steel Dynamics的季度营收约是FirstEnergy的1.4倍（$5.2B vs $3.8B），Steel Dynamics净利率更高（7.7% vs -1.3%，领先9.0%），FirstEnergy同比增速更快（19.6% vs 17.9%），过去两年FirstEnergy的营收复合增速更高（7.5% vs 6.0%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
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。
FE vs STLD — 直观对比
营收规模更大
STLD
是对方的1.4倍
$3.8B
营收增速更快
FE
高出1.6%
17.9%
净利率更高
STLD
高出9.0%
-1.3%
两年增速更快
FE
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $5.2B |
| 净利润 | $-49.0M | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | -0.6% | 10.3% |
| 净利率 | -1.3% | 7.7% |
| 营收同比 | 19.6% | 17.9% |
| 净利润同比 | -118.8% | 51.3% |
| 每股收益（稀释后） | $-0.08 | $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FESTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $3.8B | $4.4B | ||
| Q3 25 | $4.1B | $4.8B | ||
| Q2 25 | $3.4B | $4.6B | ||
| Q1 25 | $3.8B | $4.4B | ||
| Q4 24 | $3.2B | $3.9B | ||
| Q3 24 | $3.7B | $4.3B | ||
| Q2 24 | $3.3B | $4.6B |
净利润FESTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $-49.0M | $266.0M | ||
| Q3 25 | $441.0M | $403.7M | ||
| Q2 25 | $268.0M | $298.7M | ||
| Q1 25 | $360.0M | $217.2M | ||
| Q4 24 | $261.0M | $207.3M | ||
| Q3 24 | $419.0M | $317.8M | ||
| Q2 24 | $45.0M | $428.0M |
毛利率FESTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 16.7% |
营业利润率FESTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | -0.6% | 7.0% | ||
| Q3 25 | 20.0% | 10.5% | ||
| Q2 25 | 19.1% | 8.4% | ||
| Q1 25 | 20.0% | 6.3% | ||
| Q4 24 | 19.3% | 6.1% | ||
| Q3 24 | 19.5% | 9.1% | ||
| Q2 24 | 12.9% | 12.1% |
净利率FESTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | -1.3% | 6.0% | ||
| Q3 25 | 10.6% | 8.4% | ||
| Q2 25 | 7.9% | 6.5% | ||
| Q1 25 | 9.6% | 5.0% | ||
| Q4 24 | 8.2% | 5.4% | ||
| Q3 24 | 11.2% | 7.3% | ||
| Q2 24 | 1.4% | 9.2% |
每股收益（稀释后）FESTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $-0.08 | $1.80 | ||
| Q3 25 | $0.76 | $2.74 | ||
| Q2 25 | $0.46 | $2.01 | ||
| Q1 25 | $0.62 | $1.44 | ||
| Q4 24 | $0.45 | $1.40 | ||
| Q3 24 | $0.73 | $2.05 | ||
| Q2 24 | $0.08 | $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 | $57.0M | $556.5M |
| 总债务越低越好 | $25.5B | $4.2B |
| 股东权益账面价值 | $12.5B | $9.0B |
| 总资产 | $55.9B | $16.7B |
| 负债/权益比越低杠杆越低 | 2.04× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资FESTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $57.0M | $769.9M | ||
| Q3 25 | $1.4B | $770.4M | ||
| Q2 25 | $569.0M | $497.6M | ||
| Q1 25 | $132.0M | $1.2B | ||
| Q4 24 | $111.0M | $737.3M | ||
| Q3 24 | $439.0M | $1.7B | ||
| Q2 24 | $60.0M | $1.2B |
总债务FESTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $25.5B | $4.2B | ||
| Q3 25 | $25.5B | $3.8B | ||
| Q2 25 | $23.7B | $3.8B | ||
| Q1 25 | $21.2B | $4.2B | ||
| Q4 24 | $22.5B | $3.2B | ||
| Q3 24 | $21.6B | $3.7B | ||
| Q2 24 | $20.8B | $3.1B |
股东权益FESTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $12.5B | $9.0B | ||
| Q3 25 | $12.8B | $9.0B | ||
| Q2 25 | $12.9B | $8.9B | ||
| Q1 25 | $12.6B | $8.8B | ||
| Q4 24 | $12.5B | $8.9B | ||
| Q3 24 | $12.4B | $9.1B | ||
| Q2 24 | $12.5B | $9.1B |
总资产FESTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $55.9B | $16.4B | ||
| Q3 25 | $55.9B | $16.0B | ||
| Q2 25 | $54.2B | $15.5B | ||
| Q1 25 | $52.8B | $15.9B | ||
| Q4 24 | $52.0B | $14.9B | ||
| Q3 24 | $50.8B | $15.7B | ||
| Q2 24 | $51.0B | $15.1B |
负债/权益比FESTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 2.04× | 0.47× | ||
| Q3 25 | 1.99× | 0.42× | ||
| Q2 25 | 1.85× | 0.43× | ||
| Q1 25 | 1.69× | 0.48× | ||
| Q4 24 | 1.81× | 0.36× | ||
| Q3 24 | 1.74× | 0.41× | ||
| Q2 24 | 1.67× | 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 | $1.1B | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | — |
| 自由现金流率自由现金流/营收 | -0.8% | — |
| 资本支出强度资本支出/营收 | 30.7% | — |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | — |
8季度趋势，按日历期对齐
经营现金流FESTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $1.1B | $272.7M | ||
| Q3 25 | $845.0M | $722.6M | ||
| Q2 25 | $1.1B | $301.6M | ||
| Q1 25 | $637.0M | $152.6M | ||
| Q4 24 | $1.0B | $346.9M | ||
| Q3 24 | $775.0M | $759.9M | ||
| Q2 24 | $1.1B | $382.6M |
自由现金流FESTLD
| Q1 26 | — | — | ||
| Q4 25 | $-30.0M | $84.2M | ||
| Q3 25 | $-471.0M | $556.9M | ||
| Q2 25 | $-136.0M | $13.3M | ||
| Q1 25 | $-368.0M | $-152.9M | ||
| Q4 24 | $-250.0M | $-106.3M | ||
| Q3 24 | $-229.0M | $138.5M | ||
| Q2 24 | $170.0M | $-36.6M |
自由现金流率FESTLD
| Q1 26 | — | — | ||
| Q4 25 | -0.8% | 1.9% | ||
| Q3 25 | -11.4% | 11.5% | ||
| Q2 25 | -4.0% | 0.3% | ||
| Q1 25 | -9.8% | -3.5% | ||
| Q4 24 | -7.9% | -2.7% | ||
| Q3 24 | -6.1% | 3.2% | ||
| Q2 24 | 5.2% | -0.8% |
资本支出强度FESTLD
| Q1 26 | — | — | ||
| Q4 25 | 30.7% | 4.3% | ||
| Q3 25 | 31.7% | 3.4% | ||
| Q2 25 | 36.0% | 6.3% | ||
| Q1 25 | 26.7% | 7.0% | ||
| Q4 24 | 40.7% | 11.7% | ||
| Q3 24 | 26.9% | 14.3% | ||
| Q2 24 | 28.7% | 9.0% |
现金转化率FESTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | 1.92× | 1.79× | ||
| Q2 25 | 4.04× | 1.01× | ||
| Q1 25 | 1.77× | 0.70× | ||
| Q4 24 | 4.00× | 1.67× | ||
| Q3 24 | 1.85× | 2.39× | ||
| Q2 24 | 24.71× | 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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
