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Leidos（LDOS）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Leidos的1.2倍（$5.2B vs $4.2B），Leidos净利率更高（7.8% vs 7.7%，领先0.1%），Steel Dynamics同比增速更快（17.9% vs -3.5%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs 3.1%）
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
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。
LDOS vs STLD — 直观对比
营收规模更大
STLD
是对方的1.2倍
$4.2B
营收增速更快
STLD
高出21.4%
-3.5%
净利率更高
LDOS
高出0.1%
7.7%
两年增速更快
STLD
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $5.2B |
| 净利润 | $327.0M | $400.1M |
| 毛利率 | 17.4% | 14.7% |
| 营业利润率 | 11.3% | 10.3% |
| 净利率 | 7.8% | 7.7% |
| 营收同比 | -3.5% | 17.9% |
| 净利润同比 | 15.1% | 51.3% |
| 每股收益（稀释后） | $2.54 | $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LDOSSTLD
| Q1 26 | $4.2B | $5.2B | ||
| Q4 25 | $4.4B | $4.4B | ||
| Q3 25 | $4.2B | $4.8B | ||
| Q2 25 | $4.2B | $4.6B | ||
| Q1 25 | $4.3B | $4.4B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | $4.2B | $4.3B | ||
| Q2 24 | $4.1B | $4.6B |
净利润LDOSSTLD
| Q1 26 | $327.0M | $400.1M | ||
| Q4 25 | $367.0M | $266.0M | ||
| Q3 25 | $391.0M | $403.7M | ||
| Q2 25 | $363.0M | $298.7M | ||
| Q1 25 | $284.0M | $217.2M | ||
| Q4 24 | — | $207.3M | ||
| Q3 24 | $364.0M | $317.8M | ||
| Q2 24 | $322.0M | $428.0M |
毛利率LDOSSTLD
| Q1 26 | 17.4% | 14.7% | ||
| Q4 25 | 18.0% | 12.0% | ||
| Q3 25 | 18.0% | 15.7% | ||
| Q2 25 | 17.5% | 13.5% | ||
| Q1 25 | 15.6% | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | 17.8% | 13.9% | ||
| Q2 24 | 16.6% | 16.7% |
营业利润率LDOSSTLD
| Q1 26 | 11.3% | 10.3% | ||
| Q4 25 | 12.0% | 7.0% | ||
| Q3 25 | 13.5% | 10.5% | ||
| Q2 25 | 12.5% | 8.4% | ||
| Q1 25 | 9.7% | 6.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | 12.4% | 9.1% | ||
| Q2 24 | 11.6% | 12.1% |
净利率LDOSSTLD
| Q1 26 | 7.8% | 7.7% | ||
| Q4 25 | 8.2% | 6.0% | ||
| Q3 25 | 9.2% | 8.4% | ||
| Q2 25 | 8.6% | 6.5% | ||
| Q1 25 | 6.5% | 5.0% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | 8.7% | 7.3% | ||
| Q2 24 | 7.8% | 9.2% |
每股收益（稀释后）LDOSSTLD
| Q1 26 | $2.54 | $2.78 | ||
| Q4 25 | $2.82 | $1.80 | ||
| Q3 25 | $3.01 | $2.74 | ||
| Q2 25 | $2.77 | $2.01 | ||
| Q1 25 | $2.10 | $1.44 | ||
| Q4 24 | — | $1.40 | ||
| Q3 24 | $2.68 | $2.05 | ||
| Q2 24 | $2.37 | $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 | $1.1B | $556.5M |
| 总债务越低越好 | $4.6B | $4.2B |
| 股东权益账面价值 | $4.9B | $9.0B |
| 总资产 | $13.5B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.94× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资LDOSSTLD
| Q1 26 | $1.1B | $556.5M | ||
| Q4 25 | $974.0M | $769.9M | ||
| Q3 25 | $930.0M | $770.4M | ||
| Q2 25 | $842.0M | $497.6M | ||
| Q1 25 | $943.0M | $1.2B | ||
| Q4 24 | — | $737.3M | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $823.0M | $1.2B |
总债务LDOSSTLD
| Q1 26 | $4.6B | $4.2B | ||
| Q4 25 | $4.6B | $4.2B | ||
| Q3 25 | $5.0B | $3.8B | ||
| Q2 25 | $5.0B | $3.8B | ||
| Q1 25 | $4.1B | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $4.1B | $3.7B | ||
| Q2 24 | $4.1B | $3.1B |
股东权益LDOSSTLD
| Q1 26 | $4.9B | $9.0B | ||
| Q4 25 | $4.9B | $9.0B | ||
| Q3 25 | $4.7B | $9.0B | ||
| Q2 25 | $4.3B | $8.9B | ||
| Q1 25 | $4.4B | $8.8B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | $4.6B | $9.1B | ||
| Q2 24 | $4.5B | $9.1B |
总资产LDOSSTLD
| Q1 26 | $13.5B | $16.7B | ||
| Q4 25 | $13.5B | $16.4B | ||
| Q3 25 | $13.5B | $16.0B | ||
| Q2 25 | $13.2B | $15.5B | ||
| Q1 25 | $13.1B | $15.9B | ||
| Q4 24 | — | $14.9B | ||
| Q3 24 | $13.3B | $15.7B | ||
| Q2 24 | $12.9B | $15.1B |
负债/权益比LDOSSTLD
| Q1 26 | 0.94× | 0.47× | ||
| Q4 25 | 0.94× | 0.47× | ||
| Q3 25 | 1.07× | 0.42× | ||
| Q2 25 | 1.18× | 0.43× | ||
| Q1 25 | 0.92× | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | 0.88× | 0.41× | ||
| Q2 24 | 0.92× | 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 | $495.0M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $452.0M | — |
| 自由现金流率自由现金流/营收 | 10.8% | — |
| 资本支出强度资本支出/营收 | 1.0% | — |
| 现金转化率经营现金流/净利润 | 1.51× | 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LDOSSTLD
| Q1 26 | $495.0M | $148.3M | ||
| Q4 25 | — | $272.7M | ||
| Q3 25 | $711.0M | $722.6M | ||
| Q2 25 | $58.0M | $301.6M | ||
| Q1 25 | $299.0M | $152.6M | ||
| Q4 24 | — | $346.9M | ||
| Q3 24 | $656.0M | $759.9M | ||
| Q2 24 | $374.0M | $382.6M |
自由现金流LDOSSTLD
| Q1 26 | $452.0M | — | ||
| Q4 25 | — | $84.2M | ||
| Q3 25 | $680.0M | $556.9M | ||
| Q2 25 | $36.0M | $13.3M | ||
| Q1 25 | $213.0M | $-152.9M | ||
| Q4 24 | — | $-106.3M | ||
| Q3 24 | $633.0M | $138.5M | ||
| Q2 24 | $351.0M | $-36.6M |
自由现金流率LDOSSTLD
| Q1 26 | 10.8% | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | 16.1% | 11.5% | ||
| Q2 25 | 0.9% | 0.3% | ||
| Q1 25 | 4.9% | -3.5% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | 15.2% | 3.2% | ||
| Q2 24 | 8.5% | -0.8% |
资本支出强度LDOSSTLD
| Q1 26 | 1.0% | — | ||
| Q4 25 | — | 4.3% | ||
| Q3 25 | 0.7% | 3.4% | ||
| Q2 25 | 0.5% | 6.3% | ||
| Q1 25 | 2.0% | 7.0% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 0.6% | 14.3% | ||
| Q2 24 | 0.6% | 9.0% |
现金转化率LDOSSTLD
| Q1 26 | 1.51× | 0.37× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | 1.82× | 1.79× | ||
| Q2 25 | 0.16× | 1.01× | ||
| Q1 25 | 1.05× | 0.70× | ||
| Q4 24 | — | 1.67× | ||
| Q3 24 | 1.80× | 2.39× | ||
| Q2 24 | 1.16× | 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
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
