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金德摩根（KMI）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的季度营收约是金德摩根的1.1倍（$5.2B vs $4.8B），金德摩根净利率更高（20.7% vs 7.7%，领先13.0%），Steel Dynamics同比增速更快（17.9% vs 13.8%），过去两年金德摩根的营收复合增速更高（22.6% vs 6.0%）
金德摩根是北美规模最大的能源基础设施企业之一，核心业务为油气管道、能源储运终端的持有与运营管理，服务网络覆盖北美主要油气产区及消费市场，为能源产业提供稳定可靠的基础设施配套服务。
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。
KMI vs STLD — 直观对比
营收规模更大
STLD
是对方的1.1倍
$4.8B
营收增速更快
STLD
高出4.1%
13.8%
净利率更高
KMI
高出13.0%
7.7%
两年增速更快
KMI
近两年复合增速
6.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $5.2B |
| 净利润 | $1.0B | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | 29.9% | 10.3% |
| 净利率 | 20.7% | 7.7% |
| 营收同比 | 13.8% | 17.9% |
| 净利润同比 | 34.7% | 51.3% |
| 每股收益（稀释后） | $0.44 | $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KMISTLD
| Q1 26 | $4.8B | $5.2B | ||
| Q4 25 | $4.0B | $4.4B | ||
| Q3 25 | $3.7B | $4.8B | ||
| Q2 25 | $3.6B | $4.6B | ||
| Q1 25 | $3.9B | $4.4B | ||
| Q4 24 | $3.6B | $3.9B | ||
| Q3 24 | $3.3B | $4.3B | ||
| Q2 24 | $3.2B | $4.6B |
净利润KMISTLD
| Q1 26 | $1.0B | $400.1M | ||
| Q4 25 | $996.0M | $266.0M | ||
| Q3 25 | $628.0M | $403.7M | ||
| Q2 25 | $715.0M | $298.7M | ||
| Q1 25 | $717.0M | $217.2M | ||
| Q4 24 | $667.0M | $207.3M | ||
| Q3 24 | $625.0M | $317.8M | ||
| Q2 24 | $575.0M | $428.0M |
毛利率KMISTLD
| 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KMISTLD
| Q1 26 | 29.9% | 10.3% | ||
| Q4 25 | 34.0% | 7.0% | ||
| Q3 25 | 28.6% | 10.5% | ||
| Q2 25 | 31.9% | 8.4% | ||
| Q1 25 | 29.6% | 6.3% | ||
| Q4 24 | 31.0% | 6.1% | ||
| Q3 24 | 30.9% | 9.1% | ||
| Q2 24 | 32.3% | 12.1% |
净利率KMISTLD
| Q1 26 | 20.7% | 7.7% | ||
| Q4 25 | 24.8% | 6.0% | ||
| Q3 25 | 16.9% | 8.4% | ||
| Q2 25 | 19.8% | 6.5% | ||
| Q1 25 | 18.6% | 5.0% | ||
| Q4 24 | 18.7% | 5.4% | ||
| Q3 24 | 19.0% | 7.3% | ||
| Q2 24 | 17.9% | 9.2% |
每股收益（稀释后）KMISTLD
| Q1 26 | $0.44 | $2.78 | ||
| Q4 25 | $0.45 | $1.80 | ||
| Q3 25 | $0.28 | $2.74 | ||
| Q2 25 | $0.32 | $2.01 | ||
| Q1 25 | $0.32 | $1.44 | ||
| Q4 24 | $0.30 | $1.40 | ||
| Q3 24 | $0.28 | $2.05 | ||
| Q2 24 | $0.26 | $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 | $72.0M | $556.5M |
| 总债务越低越好 | $31.9B | $4.2B |
| 股东权益账面价值 | $32.6B | $9.0B |
| 总资产 | $73.1B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.98× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资KMISTLD
| Q1 26 | $72.0M | $556.5M | ||
| Q4 25 | $63.0M | $769.9M | ||
| Q3 25 | $71.0M | $770.4M | ||
| Q2 25 | $82.0M | $497.6M | ||
| Q1 25 | $80.0M | $1.2B | ||
| Q4 24 | $88.0M | $737.3M | ||
| Q3 24 | $108.0M | $1.7B | ||
| Q2 24 | $98.0M | $1.2B |
总债务KMISTLD
| Q1 26 | $31.9B | $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KMISTLD
| Q1 26 | $32.6B | $9.0B | ||
| Q4 25 | $31.2B | $9.0B | ||
| Q3 25 | $30.7B | $9.0B | ||
| Q2 25 | $30.8B | $8.9B | ||
| Q1 25 | $30.6B | $8.8B | ||
| Q4 24 | $30.5B | $8.9B | ||
| Q3 24 | $30.4B | $9.1B | ||
| Q2 24 | $30.3B | $9.1B |
总资产KMISTLD
| Q1 26 | $73.1B | $16.7B | ||
| Q4 25 | $72.7B | $16.4B | ||
| Q3 25 | $72.3B | $16.0B | ||
| Q2 25 | $72.4B | $15.5B | ||
| Q1 25 | $72.3B | $15.9B | ||
| Q4 24 | $71.4B | $14.9B | ||
| Q3 24 | $70.9B | $15.7B | ||
| Q2 24 | $70.7B | $15.1B |
负债/权益比KMISTLD
| Q1 26 | 0.98× | 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 | — | $148.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 16.7% | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流KMISTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $1.7B | $272.7M | ||
| Q3 25 | $1.4B | $722.6M | ||
| Q2 25 | $1.6B | $301.6M | ||
| Q1 25 | $1.2B | $152.6M | ||
| Q4 24 | $1.5B | $346.9M | ||
| Q3 24 | $1.2B | $759.9M | ||
| Q2 24 | $1.7B | $382.6M |
自由现金流KMISTLD
| Q1 26 | — | — | ||
| Q4 25 | $872.0M | $84.2M | ||
| Q3 25 | $621.0M | $556.9M | ||
| Q2 25 | $1.0B | $13.3M | ||
| Q1 25 | $396.0M | $-152.9M | ||
| Q4 24 | $738.0M | $-106.3M | ||
| Q3 24 | $592.0M | $138.5M | ||
| Q2 24 | $1.1B | $-36.6M |
自由现金流率KMISTLD
| Q1 26 | — | — | ||
| Q4 25 | 21.7% | 1.9% | ||
| Q3 25 | 16.7% | 11.5% | ||
| Q2 25 | 27.8% | 0.3% | ||
| Q1 25 | 10.3% | -3.5% | ||
| Q4 24 | 20.7% | -2.7% | ||
| Q3 24 | 18.0% | 3.2% | ||
| Q2 24 | 34.4% | -0.8% |
资本支出强度KMISTLD
| Q1 26 | 16.7% | — | ||
| Q4 25 | 20.4% | 4.3% | ||
| Q3 25 | 21.3% | 3.4% | ||
| Q2 25 | 17.9% | 6.3% | ||
| Q1 25 | 19.8% | 7.0% | ||
| Q4 24 | 21.6% | 11.7% | ||
| Q3 24 | 20.0% | 14.3% | ||
| Q2 24 | 18.1% | 9.0% |
现金转化率KMISTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.70× | 1.03× | ||
| Q3 25 | 2.25× | 1.79× | ||
| Q2 25 | 2.31× | 1.01× | ||
| Q1 25 | 1.62× | 0.70× | ||
| Q4 24 | 2.26× | 1.67× | ||
| Q3 24 | 2.00× | 2.39× | ||
| Q2 24 | 2.93× | 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
KMI
暂无分部数据
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
