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Steel Dynamics（STLD）与Targa Resources（TRGP）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Targa Resources的1.3倍（$5.2B vs $4.1B），Targa Resources净利率更高（13.4% vs 7.7%，领先5.8%），Steel Dynamics同比增速更快（17.9% vs -7.9%），过去两年Steel Dynamics的营收复合增速更高（6.0% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
STLD vs TRGP — 直观对比
营收规模更大
STLD
是对方的1.3倍
$4.1B
营收增速更快
STLD
高出25.9%
-7.9%
净利率更高
TRGP
高出5.8%
7.7%
两年增速更快
STLD
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.2B | $4.1B |
| 净利润 | $400.1M | $545.0M |
| 毛利率 | 14.7% | 43.1% |
| 营业利润率 | 10.3% | 22.6% |
| 净利率 | 7.7% | 13.4% |
| 营收同比 | 17.9% | -7.9% |
| 净利润同比 | 51.3% | 55.3% |
| 每股收益（稀释后） | $2.78 | $2.51 |
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STLDTRGP
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.4B | $4.1B | ||
| Q3 25 | $4.8B | $4.2B | ||
| Q2 25 | $4.6B | $4.3B | ||
| Q1 25 | $4.4B | $4.6B | ||
| Q4 24 | $3.9B | $4.4B | ||
| Q3 24 | $4.3B | $3.9B | ||
| Q2 24 | $4.6B | $3.0B |
净利润STLDTRGP
| Q1 26 | $400.1M | — | ||
| Q4 25 | $266.0M | $545.0M | ||
| Q3 25 | $403.7M | $478.4M | ||
| Q2 25 | $298.7M | $629.1M | ||
| Q1 25 | $217.2M | $270.5M | ||
| Q4 24 | $207.3M | $350.9M | ||
| Q3 24 | $317.8M | $387.4M | ||
| Q2 24 | $428.0M | $298.5M |
毛利率STLDTRGP
| Q1 26 | 14.7% | — | ||
| Q4 25 | 12.0% | 43.1% | ||
| Q3 25 | 15.7% | 39.6% | ||
| Q2 25 | 13.5% | 42.8% | ||
| Q1 25 | 11.1% | 28.6% | ||
| Q4 24 | 11.4% | 33.7% | ||
| Q3 24 | 13.9% | 38.6% | ||
| Q2 24 | 16.7% | 27.9% |
营业利润率STLDTRGP
| Q1 26 | 10.3% | — | ||
| Q4 25 | 7.0% | 22.6% | ||
| Q3 25 | 10.5% | 20.2% | ||
| Q2 25 | 8.4% | 24.3% | ||
| Q1 25 | 6.3% | 11.9% | ||
| Q4 24 | 6.1% | 15.9% | ||
| Q3 24 | 9.1% | 18.9% | ||
| Q2 24 | 12.1% | 20.6% |
净利率STLDTRGP
| Q1 26 | 7.7% | — | ||
| Q4 25 | 6.0% | 13.4% | ||
| Q3 25 | 8.4% | 11.5% | ||
| Q2 25 | 6.5% | 14.8% | ||
| Q1 25 | 5.0% | 5.9% | ||
| Q4 24 | 5.4% | 8.0% | ||
| Q3 24 | 7.3% | 10.1% | ||
| Q2 24 | 9.2% | 9.8% |
每股收益（稀释后）STLDTRGP
| Q1 26 | $2.78 | — | ||
| Q4 25 | $1.80 | $2.51 | ||
| Q3 25 | $2.74 | $2.20 | ||
| Q2 25 | $2.01 | $2.87 | ||
| Q1 25 | $1.44 | $0.91 | ||
| Q4 24 | $1.40 | $1.44 | ||
| Q3 24 | $2.05 | $1.75 | ||
| Q2 24 | $2.72 | $1.33 |
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 | $556.5M | $166.1M |
| 总债务越低越好 | $4.2B | $16.7B |
| 股东权益账面价值 | $9.0B | $3.1B |
| 总资产 | $16.7B | $25.2B |
| 负债/权益比越低杠杆越低 | 0.47× | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资STLDTRGP
| Q1 26 | $556.5M | — | ||
| Q4 25 | $769.9M | $166.1M | ||
| Q3 25 | $770.4M | $124.1M | ||
| Q2 25 | $497.6M | $113.1M | ||
| Q1 25 | $1.2B | $151.4M | ||
| Q4 24 | $737.3M | $157.3M | ||
| Q3 24 | $1.7B | $127.2M | ||
| Q2 24 | $1.2B | $166.4M |
总债务STLDTRGP
| Q1 26 | $4.2B | — | ||
| Q4 25 | $4.2B | $16.7B | ||
| Q3 25 | $3.8B | $16.7B | ||
| Q2 25 | $3.8B | $16.1B | ||
| Q1 25 | $4.2B | $15.5B | ||
| Q4 24 | $3.2B | $13.8B | ||
| Q3 24 | $3.7B | $13.6B | ||
| Q2 24 | $3.1B | $13.0B |
股东权益STLDTRGP
| Q1 26 | $9.0B | — | ||
| Q4 25 | $9.0B | $3.1B | ||
| Q3 25 | $9.0B | $2.7B | ||
| Q2 25 | $8.9B | $2.6B | ||
| Q1 25 | $8.8B | $2.5B | ||
| Q4 24 | $8.9B | $2.6B | ||
| Q3 24 | $9.1B | $2.6B | ||
| Q2 24 | $9.1B | $2.5B |
总资产STLDTRGP
| Q1 26 | $16.7B | — | ||
| Q4 25 | $16.4B | $25.2B | ||
| Q3 25 | $16.0B | $24.2B | ||
| Q2 25 | $15.5B | $23.5B | ||
| Q1 25 | $15.9B | $22.8B | ||
| Q4 24 | $14.9B | $22.7B | ||
| Q3 24 | $15.7B | $21.9B | ||
| Q2 24 | $15.1B | $21.3B |
负债/权益比STLDTRGP
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.47× | 5.43× | ||
| Q3 25 | 0.42× | 6.19× | ||
| Q2 25 | 0.43× | 6.21× | ||
| Q1 25 | 0.48× | 6.34× | ||
| Q4 24 | 0.36× | 5.32× | ||
| Q3 24 | 0.41× | 5.28× | ||
| Q2 24 | 0.34× | 5.25× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $542.3M |
| 自由现金流率自由现金流/营收 | — | 13.4% |
| 资本支出强度资本支出/营收 | — | 23.8% |
| 现金转化率经营现金流/净利润 | 0.37× | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $584.1M |
8季度趋势，按日历期对齐
经营现金流STLDTRGP
| Q1 26 | $148.3M | — | ||
| Q4 25 | $272.7M | $1.5B | ||
| Q3 25 | $722.6M | $599.2M | ||
| Q2 25 | $301.6M | $858.3M | ||
| Q1 25 | $152.6M | $954.4M | ||
| Q4 24 | $346.9M | $1.3B | ||
| Q3 24 | $759.9M | $540.9M | ||
| Q2 24 | $382.6M | $904.5M |
自由现金流STLDTRGP
| Q1 26 | — | — | ||
| Q4 25 | $84.2M | $542.3M | ||
| Q3 25 | $556.9M | $-72.6M | ||
| Q2 25 | $13.3M | $-47.8M | ||
| Q1 25 | $-152.9M | $162.2M | ||
| Q4 24 | $-106.3M | $601.0M | ||
| Q3 24 | $138.5M | $-287.9M | ||
| Q2 24 | $-36.6M | $164.2M |
自由现金流率STLDTRGP
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 13.4% | ||
| Q3 25 | 11.5% | -1.7% | ||
| Q2 25 | 0.3% | -1.1% | ||
| Q1 25 | -3.5% | 3.6% | ||
| Q4 24 | -2.7% | 13.6% | ||
| Q3 24 | 3.2% | -7.5% | ||
| Q2 24 | -0.8% | 5.4% |
资本支出强度STLDTRGP
| Q1 26 | — | — | ||
| Q4 25 | 4.3% | 23.8% | ||
| Q3 25 | 3.4% | 16.2% | ||
| Q2 25 | 6.3% | 21.3% | ||
| Q1 25 | 7.0% | 17.4% | ||
| Q4 24 | 11.7% | 16.5% | ||
| Q3 24 | 14.3% | 21.5% | ||
| Q2 24 | 9.0% | 24.3% |
现金转化率STLDTRGP
| Q1 26 | 0.37× | — | ||
| Q4 25 | 1.03× | 2.76× | ||
| Q3 25 | 1.79× | 1.25× | ||
| Q2 25 | 1.01× | 1.36× | ||
| Q1 25 | 0.70× | 3.53× | ||
| Q4 24 | 1.67× | 3.78× | ||
| Q3 24 | 2.39× | 1.40× | ||
| Q2 24 | 0.89× | 3.03× |
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
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
