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COMFORT SYSTEMS USA INC（FIX）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COMFORT SYSTEMS USA INC的2.0倍（$5.2B vs $2.6B），COMFORT SYSTEMS USA INC净利率更高（12.5% vs 7.7%，领先4.8%），COMFORT SYSTEMS USA INC同比增速更快（41.7% vs 17.9%），过去两年COMFORT SYSTEMS USA INC的营收复合增速更高（31.2% vs 6.0%）
Comfort Systems USA Inc.是一家美国企业，主营机电工程承包服务，核心业务覆盖暖通空调、给排水、管道工程、控制系统、场外预制建造、监测服务、消防系统，以及电气系统的安装与运维，为各类客户提供一体化机电设施解决方案。
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。
FIX vs STLD — 直观对比
营收规模更大
STLD
是对方的2.0倍
$2.6B
营收增速更快
FIX
高出23.8%
17.9%
净利率更高
FIX
高出4.8%
7.7%
两年增速更快
FIX
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $5.2B |
| 净利润 | $330.8M | $400.1M |
| 毛利率 | 25.5% | 14.7% |
| 营业利润率 | 16.1% | 10.3% |
| 净利率 | 12.5% | 7.7% |
| 营收同比 | 41.7% | 17.9% |
| 净利润同比 | 126.8% | 51.3% |
| 每股收益（稀释后） | $9.35 | $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FIXSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $2.6B | $4.4B | ||
| Q3 25 | $2.5B | $4.8B | ||
| Q2 25 | $2.2B | $4.6B | ||
| Q1 25 | $1.8B | $4.4B | ||
| Q4 24 | $1.9B | $3.9B | ||
| Q3 24 | $1.8B | $4.3B | ||
| Q2 24 | $1.8B | $4.6B |
净利润FIXSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $330.8M | $266.0M | ||
| Q3 25 | $291.6M | $403.7M | ||
| Q2 25 | $230.8M | $298.7M | ||
| Q1 25 | $169.3M | $217.2M | ||
| Q4 24 | $145.9M | $207.3M | ||
| Q3 24 | $146.2M | $317.8M | ||
| Q2 24 | $134.0M | $428.0M |
毛利率FIXSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 25.5% | 12.0% | ||
| Q3 25 | 24.8% | 15.7% | ||
| Q2 25 | 23.5% | 13.5% | ||
| Q1 25 | 22.0% | 11.1% | ||
| Q4 24 | 23.2% | 11.4% | ||
| Q3 24 | 21.1% | 13.9% | ||
| Q2 24 | 20.1% | 16.7% |
营业利润率FIXSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 16.1% | 7.0% | ||
| Q3 25 | 15.5% | 10.5% | ||
| Q2 25 | 13.8% | 8.4% | ||
| Q1 25 | 11.4% | 6.3% | ||
| Q4 24 | 12.1% | 6.1% | ||
| Q3 24 | 11.2% | 9.1% | ||
| Q2 24 | 10.2% | 12.1% |
净利率FIXSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 12.5% | 6.0% | ||
| Q3 25 | 11.9% | 8.4% | ||
| Q2 25 | 10.6% | 6.5% | ||
| Q1 25 | 9.2% | 5.0% | ||
| Q4 24 | 7.8% | 5.4% | ||
| Q3 24 | 8.1% | 7.3% | ||
| Q2 24 | 7.4% | 9.2% |
每股收益（稀释后）FIXSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $9.35 | $1.80 | ||
| Q3 25 | $8.25 | $2.74 | ||
| Q2 25 | $6.53 | $2.01 | ||
| Q1 25 | $4.75 | $1.44 | ||
| Q4 24 | $4.08 | $1.40 | ||
| Q3 24 | $4.09 | $2.05 | ||
| Q2 24 | $3.74 | $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 | $981.9M | $556.5M |
| 总债务越低越好 | $145.2M | $4.2B |
| 股东权益账面价值 | $2.4B | $9.0B |
| 总资产 | $6.4B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.06× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资FIXSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $981.9M | $769.9M | ||
| Q3 25 | $860.5M | $770.4M | ||
| Q2 25 | $331.7M | $497.6M | ||
| Q1 25 | $204.8M | $1.2B | ||
| Q4 24 | $549.9M | $737.3M | ||
| Q3 24 | $415.6M | $1.7B | ||
| Q2 24 | $199.4M | $1.2B |
总债务FIXSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $145.2M | $4.2B | ||
| Q3 25 | $136.0M | $3.8B | ||
| Q2 25 | $73.0M | $3.8B | ||
| Q1 25 | $67.8M | $4.2B | ||
| Q4 24 | $68.3M | $3.2B | ||
| Q3 24 | $62.3M | $3.7B | ||
| Q2 24 | $73.4M | $3.1B |
股东权益FIXSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $2.4B | $9.0B | ||
| Q3 25 | $2.2B | $9.0B | ||
| Q2 25 | $2.0B | $8.9B | ||
| Q1 25 | $1.8B | $8.8B | ||
| Q4 24 | $1.7B | $8.9B | ||
| Q3 24 | $1.6B | $9.1B | ||
| Q2 24 | $1.5B | $9.1B |
总资产FIXSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $6.4B | $16.4B | ||
| Q3 25 | $5.8B | $16.0B | ||
| Q2 25 | $5.1B | $15.5B | ||
| Q1 25 | $4.6B | $15.9B | ||
| Q4 24 | $4.7B | $14.9B | ||
| Q3 24 | $4.4B | $15.7B | ||
| Q2 24 | $4.2B | $15.1B |
负债/权益比FIXSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 0.06× | 0.47× | ||
| Q3 25 | 0.06× | 0.42× | ||
| Q2 25 | 0.04× | 0.43× | ||
| Q1 25 | 0.04× | 0.48× | ||
| Q4 24 | 0.04× | 0.36× | ||
| Q3 24 | 0.04× | 0.41× | ||
| Q2 24 | 0.05× | 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 | $468.5M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $402.4M | — |
| 自由现金流率自由现金流/营收 | 15.2% | — |
| 资本支出强度资本支出/营收 | 2.5% | — |
| 现金转化率经营现金流/净利润 | 1.42× | 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FIXSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $468.5M | $272.7M | ||
| Q3 25 | $553.3M | $722.6M | ||
| Q2 25 | $252.5M | $301.6M | ||
| Q1 25 | $-88.0M | $152.6M | ||
| Q4 24 | $210.5M | $346.9M | ||
| Q3 24 | $302.2M | $759.9M | ||
| Q2 24 | $189.9M | $382.6M |
自由现金流FIXSTLD
| Q1 26 | — | — | ||
| Q4 25 | $402.4M | $84.2M | ||
| Q3 25 | $517.9M | $556.9M | ||
| Q2 25 | $221.2M | $13.3M | ||
| Q1 25 | $-110.2M | $-152.9M | ||
| Q4 24 | $169.8M | $-106.3M | ||
| Q3 24 | $280.1M | $138.5M | ||
| Q2 24 | $166.5M | $-36.6M |
自由现金流率FIXSTLD
| Q1 26 | — | — | ||
| Q4 25 | 15.2% | 1.9% | ||
| Q3 25 | 21.1% | 11.5% | ||
| Q2 25 | 10.2% | 0.3% | ||
| Q1 25 | -6.0% | -3.5% | ||
| Q4 24 | 9.1% | -2.7% | ||
| Q3 24 | 15.5% | 3.2% | ||
| Q2 24 | 9.2% | -0.8% |
资本支出强度FIXSTLD
| Q1 26 | — | — | ||
| Q4 25 | 2.5% | 4.3% | ||
| Q3 25 | 1.4% | 3.4% | ||
| Q2 25 | 1.4% | 6.3% | ||
| Q1 25 | 1.2% | 7.0% | ||
| Q4 24 | 2.2% | 11.7% | ||
| Q3 24 | 1.2% | 14.3% | ||
| Q2 24 | 1.3% | 9.0% |
现金转化率FIXSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.42× | 1.03× | ||
| Q3 25 | 1.90× | 1.79× | ||
| Q2 25 | 1.09× | 1.01× | ||
| Q1 25 | -0.52× | 0.70× | ||
| Q4 24 | 1.44× | 1.67× | ||
| Q3 24 | 2.07× | 2.39× | ||
| Q2 24 | 1.42× | 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
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
