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ServiceNow（NOW）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ServiceNow的1.4倍（$5.2B vs $3.8B），ServiceNow净利率更高（12.4% vs 7.7%，领先4.8%），Steel Dynamics同比增速更快（17.9% vs 2.8%），过去两年ServiceNow的营收复合增速更高（19.8% vs 6.0%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
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。
NOW vs STLD — 直观对比
营收规模更大
STLD
是对方的1.4倍
$3.8B
营收增速更快
STLD
高出15.1%
2.8%
净利率更高
NOW
高出4.8%
7.7%
两年增速更快
NOW
近两年复合增速
6.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $5.2B |
| 净利润 | $469.0M | $400.1M |
| 毛利率 | 75.1% | 14.7% |
| 营业利润率 | 13.3% | 10.3% |
| 净利率 | 12.4% | 7.7% |
| 营收同比 | 2.8% | 17.9% |
| 净利润同比 | -53.7% | 51.3% |
| 每股收益（稀释后） | $1.04 | $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NOWSTLD
| Q1 26 | $3.8B | $5.2B | ||
| Q4 25 | $3.6B | $4.4B | ||
| Q3 25 | $3.4B | $4.8B | ||
| Q2 25 | $3.2B | $4.6B | ||
| Q1 25 | $3.1B | $4.4B | ||
| Q4 24 | $3.0B | $3.9B | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.6B | $4.6B |
净利润NOWSTLD
| Q1 26 | $469.0M | $400.1M | ||
| Q4 25 | $401.0M | $266.0M | ||
| Q3 25 | $502.0M | $403.7M | ||
| Q2 25 | $385.0M | $298.7M | ||
| Q1 25 | $460.0M | $217.2M | ||
| Q4 24 | $384.0M | $207.3M | ||
| Q3 24 | $432.0M | $317.8M | ||
| Q2 24 | $262.0M | $428.0M |
毛利率NOWSTLD
| Q1 26 | 75.1% | 14.7% | ||
| Q4 25 | 76.6% | 12.0% | ||
| Q3 25 | 77.3% | 15.7% | ||
| Q2 25 | 77.5% | 13.5% | ||
| Q1 25 | 78.9% | 11.1% | ||
| Q4 24 | 78.7% | 11.4% | ||
| Q3 24 | 79.1% | 13.9% | ||
| Q2 24 | 79.0% | 16.7% |
营业利润率NOWSTLD
| Q1 26 | 13.3% | 10.3% | ||
| Q4 25 | 12.4% | 7.0% | ||
| Q3 25 | 16.8% | 10.5% | ||
| Q2 25 | 11.1% | 8.4% | ||
| Q1 25 | 14.6% | 6.3% | ||
| Q4 24 | 12.6% | 6.1% | ||
| Q3 24 | 14.9% | 9.1% | ||
| Q2 24 | 9.1% | 12.1% |
净利率NOWSTLD
| Q1 26 | 12.4% | 7.7% | ||
| Q4 25 | 11.2% | 6.0% | ||
| Q3 25 | 14.7% | 8.4% | ||
| Q2 25 | 12.0% | 6.5% | ||
| Q1 25 | 14.9% | 5.0% | ||
| Q4 24 | 13.0% | 5.4% | ||
| Q3 24 | 15.4% | 7.3% | ||
| Q2 24 | 10.0% | 9.2% |
每股收益（稀释后）NOWSTLD
| Q1 26 | $1.04 | $2.78 | ||
| Q4 25 | $-4.77 | $1.80 | ||
| Q3 25 | $2.40 | $2.74 | ||
| Q2 25 | $1.84 | $2.01 | ||
| Q1 25 | $2.20 | $1.44 | ||
| Q4 24 | $1.84 | $1.40 | ||
| Q3 24 | $2.07 | $2.05 | ||
| Q2 24 | $1.26 | $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 | $2.7B | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $11.7B | $9.0B |
| 总资产 | $24.4B | $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NOWSTLD
| Q1 26 | $2.7B | $556.5M | ||
| Q4 25 | $3.7B | $769.9M | ||
| Q3 25 | $2.7B | $770.4M | ||
| Q2 25 | $3.1B | $497.6M | ||
| Q1 25 | $3.4B | $1.2B | ||
| Q4 24 | $2.3B | $737.3M | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $2.2B | $1.2B |
总债务NOWSTLD
| 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NOWSTLD
| Q1 26 | $11.7B | $9.0B | ||
| Q4 25 | $13.0B | $9.0B | ||
| Q3 25 | $11.3B | $9.0B | ||
| Q2 25 | $10.9B | $8.9B | ||
| Q1 25 | $10.1B | $8.8B | ||
| Q4 24 | $9.6B | $8.9B | ||
| Q3 24 | $9.3B | $9.1B | ||
| Q2 24 | $8.7B | $9.1B |
总资产NOWSTLD
| Q1 26 | $24.4B | $16.7B | ||
| Q4 25 | $26.0B | $16.4B | ||
| Q3 25 | $21.8B | $16.0B | ||
| Q2 25 | $22.1B | $15.5B | ||
| Q1 25 | $21.0B | $15.9B | ||
| Q4 24 | $20.4B | $14.9B | ||
| Q3 24 | $18.4B | $15.7B | ||
| Q2 24 | $18.2B | $15.1B |
负债/权益比NOWSTLD
| 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 | $1.7B | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | — |
| 自由现金流率自由现金流/营收 | 44.2% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.56× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $4.8B | — |
8季度趋势，按日历期对齐
经营现金流NOWSTLD
| Q1 26 | $1.7B | $148.3M | ||
| Q4 25 | $2.2B | $272.7M | ||
| Q3 25 | $813.0M | $722.6M | ||
| Q2 25 | $716.0M | $301.6M | ||
| Q1 25 | $1.7B | $152.6M | ||
| Q4 24 | $1.6B | $346.9M | ||
| Q3 24 | $671.0M | $759.9M | ||
| Q2 24 | $620.0M | $382.6M |
自由现金流NOWSTLD
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $84.2M | ||
| Q3 25 | $578.0M | $556.9M | ||
| Q2 25 | $526.0M | $13.3M | ||
| Q1 25 | $1.5B | $-152.9M | ||
| Q4 24 | $1.4B | $-106.3M | ||
| Q3 24 | $469.0M | $138.5M | ||
| Q2 24 | $358.0M | $-36.6M |
自由现金流率NOWSTLD
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 1.9% | ||
| Q3 25 | 17.0% | 11.5% | ||
| Q2 25 | 16.4% | 0.3% | ||
| Q1 25 | 47.7% | -3.5% | ||
| Q4 24 | 46.7% | -2.7% | ||
| Q3 24 | 16.8% | 3.2% | ||
| Q2 24 | 13.6% | -0.8% |
资本支出强度NOWSTLD
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 4.3% | ||
| Q3 25 | 6.9% | 3.4% | ||
| Q2 25 | 5.9% | 6.3% | ||
| Q1 25 | 6.6% | 7.0% | ||
| Q4 24 | 8.6% | 11.7% | ||
| Q3 24 | 7.2% | 14.3% | ||
| Q2 24 | 10.0% | 9.0% |
现金转化率NOWSTLD
| Q1 26 | 3.56× | 0.37× | ||
| Q4 25 | 5.58× | 1.03× | ||
| Q3 25 | 1.62× | 1.79× | ||
| Q2 25 | 1.86× | 1.01× | ||
| Q1 25 | 3.65× | 0.70× | ||
| Q4 24 | 4.26× | 1.67× | ||
| Q3 24 | 1.55× | 2.39× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
