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洲际交易所（ICE）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的季度营收约是洲际交易所的1.7倍（$5.2B vs $3.1B），洲际交易所净利率更高（27.1% vs 7.7%，领先19.4%），Steel Dynamics同比增速更快（17.9% vs 3.7%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs 5.9%）
洲际交易所（ICE）是2000年成立的美国跨国金融服务企业，运营全球金融交易所与清算所，提供抵押技术、数据及上市服务，位列财富500强、标普500及罗素1000指数成分股，旗下拥有金融及大宗商品市场交易所，运营12家受监管的交易场所，业务覆盖美加欧等多地期货市场。
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。
ICE vs STLD — 直观对比
营收规模更大
STLD
是对方的1.7倍
$3.1B
营收增速更快
STLD
高出14.2%
3.7%
净利率更高
ICE
高出19.4%
7.7%
两年增速更快
STLD
近两年复合增速
5.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $5.2B |
| 净利润 | $851.0M | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | 39.4% | 10.3% |
| 净利率 | 27.1% | 7.7% |
| 营收同比 | 3.7% | 17.9% |
| 净利润同比 | 21.9% | 51.3% |
| 每股收益（稀释后） | $1.49 | $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ICESTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $3.3B | $4.6B | ||
| Q1 25 | $3.2B | $4.4B | ||
| Q4 24 | $3.0B | $3.9B | ||
| Q3 24 | $3.0B | $4.3B | ||
| Q2 24 | $2.9B | $4.6B |
净利润ICESTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $851.0M | $266.0M | ||
| Q3 25 | $816.0M | $403.7M | ||
| Q2 25 | $851.0M | $298.7M | ||
| Q1 25 | $797.0M | $217.2M | ||
| Q4 24 | $698.0M | $207.3M | ||
| Q3 24 | $657.0M | $317.8M | ||
| Q2 24 | $632.0M | $428.0M |
毛利率ICESTLD
| 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ICESTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 39.4% | 7.0% | ||
| Q3 25 | 39.0% | 10.5% | ||
| Q2 25 | 39.8% | 8.4% | ||
| Q1 25 | 37.8% | 6.3% | ||
| Q4 24 | 35.5% | 6.1% | ||
| Q3 24 | 36.4% | 9.1% | ||
| Q2 24 | 36.8% | 12.1% |
净利率ICESTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 27.1% | 6.0% | ||
| Q3 25 | 27.1% | 8.4% | ||
| Q2 25 | 26.1% | 6.5% | ||
| Q1 25 | 24.7% | 5.0% | ||
| Q4 24 | 23.0% | 5.4% | ||
| Q3 24 | 21.7% | 7.3% | ||
| Q2 24 | 21.8% | 9.2% |
每股收益（稀释后）ICESTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $1.49 | $1.80 | ||
| Q3 25 | $1.42 | $2.74 | ||
| Q2 25 | $1.48 | $2.01 | ||
| Q1 25 | $1.38 | $1.44 | ||
| Q4 24 | $1.21 | $1.40 | ||
| Q3 24 | $1.14 | $2.05 | ||
| Q2 24 | $1.10 | $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 | $837.0M | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $28.9B | $9.0B |
| 总资产 | $136.9B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资ICESTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $837.0M | $769.9M | ||
| Q3 25 | $850.0M | $770.4M | ||
| Q2 25 | $1.0B | $497.6M | ||
| Q1 25 | $783.0M | $1.2B | ||
| Q4 24 | $844.0M | $737.3M | ||
| Q3 24 | $755.0M | $1.7B | ||
| Q2 24 | $885.0M | $1.2B |
总债务ICESTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益ICESTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $28.9B | $9.0B | ||
| Q3 25 | $28.6B | $9.0B | ||
| Q2 25 | $28.4B | $8.9B | ||
| Q1 25 | $28.0B | $8.8B | ||
| Q4 24 | $27.6B | $8.9B | ||
| Q3 24 | $27.2B | $9.1B | ||
| Q2 24 | $26.7B | $9.1B |
总资产ICESTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $136.9B | $16.4B | ||
| Q3 25 | $140.9B | $16.0B | ||
| Q2 25 | $144.2B | $15.5B | ||
| Q1 25 | $142.9B | $15.9B | ||
| Q4 24 | $139.4B | $14.9B | ||
| Q3 24 | $135.2B | $15.7B | ||
| Q2 24 | $137.7B | $15.1B |
负债/权益比ICESTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 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 | $1.3B | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 35.3% | — |
| 资本支出强度资本支出/营收 | 5.3% | — |
| 现金转化率经营现金流/净利润 | 1.50× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流ICESTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $1.3B | $272.7M | ||
| Q3 25 | $915.0M | $722.6M | ||
| Q2 25 | $1.5B | $301.6M | ||
| Q1 25 | $966.0M | $152.6M | ||
| Q4 24 | $1.5B | $346.9M | ||
| Q3 24 | $898.0M | $759.9M | ||
| Q2 24 | $1.2B | $382.6M |
自由现金流ICESTLD
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $84.2M | ||
| Q3 25 | $853.0M | $556.9M | ||
| Q2 25 | $1.4B | $13.3M | ||
| Q1 25 | $881.0M | $-152.9M | ||
| Q4 24 | $1.3B | $-106.3M | ||
| Q3 24 | $819.0M | $138.5M | ||
| Q2 24 | $1.1B | $-36.6M |
自由现金流率ICESTLD
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | 1.9% | ||
| Q3 25 | 28.4% | 11.5% | ||
| Q2 25 | 44.3% | 0.3% | ||
| Q1 25 | 27.3% | -3.5% | ||
| Q4 24 | 43.3% | -2.7% | ||
| Q3 24 | 27.0% | 3.2% | ||
| Q2 24 | 38.7% | -0.8% |
资本支出强度ICESTLD
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 4.3% | ||
| Q3 25 | 2.1% | 3.4% | ||
| Q2 25 | 1.8% | 6.3% | ||
| Q1 25 | 2.6% | 7.0% | ||
| Q4 24 | 6.4% | 11.7% | ||
| Q3 24 | 2.6% | 14.3% | ||
| Q2 24 | 2.6% | 9.0% |
现金转化率ICESTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.50× | 1.03× | ||
| Q3 25 | 1.12× | 1.79× | ||
| Q2 25 | 1.77× | 1.01× | ||
| Q1 25 | 1.21× | 0.70× | ||
| Q4 24 | 2.16× | 1.67× | ||
| Q3 24 | 1.37× | 2.39× | ||
| Q2 24 | 1.89× | 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
ICE
| Other | $1.9B | 60% |
| Fixed Income Data And Analytics | $318.0M | 10% |
| Exchange Data | $266.0M | 8% |
| Origination Technology | $188.0M | 6% |
| Financial Futures And Options | $155.0M | 5% |
| Listings | $125.0M | 4% |
| OT Cand Other Transactions | $97.0M | 3% |
| Closing Solutions | $60.0M | 2% |
| Fixed Income Execution | $29.0M | 1% |
| Product And Service Net Interest Income | $26.0M | 1% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
