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梅西百货（M）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的季度营收约是梅西百货的1.1倍（$5.2B vs $4.7B），Steel Dynamics净利率更高（7.7% vs 0.2%，领先7.5%），Steel Dynamics同比增速更快（17.9% vs -0.6%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs -23.8%）
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
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。
M vs STLD — 直观对比
营收规模更大
STLD
是对方的1.1倍
$4.7B
营收增速更快
STLD
高出18.5%
-0.6%
净利率更高
STLD
高出7.5%
0.2%
两年增速更快
STLD
近两年复合增速
-23.8%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $5.2B |
| 净利润 | $11.0M | $400.1M |
| 毛利率 | 39.4% | 14.7% |
| 营业利润率 | 0.9% | 10.3% |
| 净利率 | 0.2% | 7.7% |
| 营收同比 | -0.6% | 17.9% |
| 净利润同比 | -60.7% | 51.3% |
| 每股收益（稀释后） | $0.04 | $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MSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $4.7B | $4.4B | ||
| Q3 25 | $4.8B | $4.8B | ||
| Q2 25 | $4.6B | $4.6B | ||
| Q1 25 | $7.8B | $4.4B | ||
| Q4 24 | $4.7B | $3.9B | ||
| Q3 24 | $4.9B | $4.3B | ||
| Q2 24 | $4.8B | $4.6B |
净利润MSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $11.0M | $266.0M | ||
| Q3 25 | $87.0M | $403.7M | ||
| Q2 25 | $38.0M | $298.7M | ||
| Q1 25 | $342.0M | $217.2M | ||
| Q4 24 | $28.0M | $207.3M | ||
| Q3 24 | $150.0M | $317.8M | ||
| Q2 24 | $62.0M | $428.0M |
毛利率MSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 39.4% | 12.0% | ||
| Q3 25 | 39.7% | 15.7% | ||
| Q2 25 | 39.2% | 13.5% | ||
| Q1 25 | 35.7% | 11.1% | ||
| Q4 24 | 39.6% | 11.4% | ||
| Q3 24 | 40.5% | 13.9% | ||
| Q2 24 | 39.2% | 16.7% |
营业利润率MSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 0.9% | 7.0% | ||
| Q3 25 | 3.1% | 10.5% | ||
| Q2 25 | 2.0% | 8.4% | ||
| Q1 25 | 6.4% | 6.3% | ||
| Q4 24 | 1.3% | 6.1% | ||
| Q3 24 | 4.5% | 9.1% | ||
| Q2 24 | 2.6% | 12.1% |
净利率MSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 0.2% | 6.0% | ||
| Q3 25 | 1.8% | 8.4% | ||
| Q2 25 | 0.8% | 6.5% | ||
| Q1 25 | 4.4% | 5.0% | ||
| Q4 24 | 0.6% | 5.4% | ||
| Q3 24 | 3.0% | 7.3% | ||
| Q2 24 | 1.3% | 9.2% |
每股收益（稀释后）MSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $0.04 | $1.80 | ||
| Q3 25 | $0.31 | $2.74 | ||
| Q2 25 | $0.13 | $2.01 | ||
| Q1 25 | $1.22 | $1.44 | ||
| Q4 24 | $0.10 | $1.40 | ||
| Q3 24 | $0.53 | $2.05 | ||
| Q2 24 | $0.22 | $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 | $447.0M | $556.5M |
| 总债务越低越好 | $2.4B | $4.2B |
| 股东权益账面价值 | $4.3B | $9.0B |
| 总资产 | $17.1B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.56× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资MSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $447.0M | $769.9M | ||
| Q3 25 | $829.0M | $770.4M | ||
| Q2 25 | $932.0M | $497.6M | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $315.0M | $737.3M | ||
| Q3 24 | $646.0M | $1.7B | ||
| Q2 24 | $876.0M | $1.2B |
总债务MSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.4B | $4.2B | ||
| Q3 25 | $2.4B | $3.8B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.8B | $4.2B | ||
| Q4 24 | $2.8B | $3.2B | ||
| Q3 24 | $3.0B | $3.7B | ||
| Q2 24 | $3.0B | $3.1B |
股东权益MSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $4.3B | $9.0B | ||
| Q3 25 | $4.5B | $9.0B | ||
| Q2 25 | $4.5B | $8.9B | ||
| Q1 25 | $4.6B | $8.8B | ||
| Q4 24 | $4.1B | $8.9B | ||
| Q3 24 | $4.3B | $9.1B | ||
| Q2 24 | $4.2B | $9.1B |
总资产MSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $17.1B | $16.4B | ||
| Q3 25 | $15.6B | $16.0B | ||
| Q2 25 | $16.1B | $15.5B | ||
| Q1 25 | $16.4B | $15.9B | ||
| Q4 24 | $17.3B | $14.9B | ||
| Q3 24 | $15.8B | $15.7B | ||
| Q2 24 | $16.4B | $15.1B |
负债/权益比MSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | 0.56× | 0.47× | ||
| Q3 25 | 0.55× | 0.42× | ||
| Q2 25 | 0.62× | 0.43× | ||
| Q1 25 | 0.61× | 0.48× | ||
| Q4 24 | 0.67× | 0.36× | ||
| Q3 24 | 0.70× | 0.41× | ||
| Q2 24 | 0.72× | 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 | $-8.0M | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $-101.0M | — |
| 自由现金流率自由现金流/营收 | -2.1% | — |
| 资本支出强度资本支出/营收 | 2.0% | — |
| 现金转化率经营现金流/净利润 | -0.73× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流MSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $-8.0M | $272.7M | ||
| Q3 25 | $319.0M | $722.6M | ||
| Q2 25 | $-64.0M | $301.6M | ||
| Q1 25 | $1.3B | $152.6M | ||
| Q4 24 | $-167.0M | $346.9M | ||
| Q3 24 | $8.0M | $759.9M | ||
| Q2 24 | $129.0M | $382.6M |
自由现金流MSTLD
| Q1 26 | — | — | ||
| Q4 25 | $-101.0M | $84.2M | ||
| Q3 25 | $240.0M | $556.9M | ||
| Q2 25 | $-164.0M | $13.3M | ||
| Q1 25 | $1.2B | $-152.9M | ||
| Q4 24 | $-295.0M | $-106.3M | ||
| Q3 24 | $-109.0M | $138.5M | ||
| Q2 24 | $-25.0M | $-36.6M |
自由现金流率MSTLD
| Q1 26 | — | — | ||
| Q4 25 | -2.1% | 1.9% | ||
| Q3 25 | 5.0% | 11.5% | ||
| Q2 25 | -3.6% | 0.3% | ||
| Q1 25 | 15.3% | -3.5% | ||
| Q4 24 | -6.2% | -2.7% | ||
| Q3 24 | -2.2% | 3.2% | ||
| Q2 24 | -0.5% | -0.8% |
资本支出强度MSTLD
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 4.3% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 2.2% | 6.3% | ||
| Q1 25 | 1.5% | 7.0% | ||
| Q4 24 | 2.7% | 11.7% | ||
| Q3 24 | 2.4% | 14.3% | ||
| Q2 24 | 3.2% | 9.0% |
现金转化率MSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | -0.73× | 1.03× | ||
| Q3 25 | 3.67× | 1.79× | ||
| Q2 25 | -1.68× | 1.01× | ||
| Q1 25 | 3.82× | 0.70× | ||
| Q4 24 | -5.96× | 1.67× | ||
| Q3 24 | 0.05× | 2.39× | ||
| Q2 24 | 2.08× | 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
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
