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Steel Dynamics（STLD）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
Steel Dynamics的季度营收约是德事隆的1.2倍（$5.2B vs $4.2B），Steel Dynamics净利率更高（7.7% vs 5.6%，领先2.1%），Steel Dynamics同比增速更快（17.9% vs 15.6%），过去两年德事隆的营收复合增速更高（15.4% vs 6.0%）
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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
STLD vs TXT — 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2.4%
15.6%
净利率更高
STLD
高出2.1%
5.6%
两年增速更快
TXT
近两年复合增速
6.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.2B | $4.2B |
| 净利润 | $400.1M | $235.0M |
| 毛利率 | 14.7% | — |
| 营业利润率 | 10.3% | — |
| 净利率 | 7.7% | 5.6% |
| 营收同比 | 17.9% | 15.6% |
| 净利润同比 | 51.3% | 66.7% |
| 每股收益（稀释后） | $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STLDTXT
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.4B | $4.2B | ||
| Q3 25 | $4.8B | $3.6B | ||
| Q2 25 | $4.6B | $3.7B | ||
| Q1 25 | $4.4B | $3.3B | ||
| Q4 24 | $3.9B | $3.6B | ||
| Q3 24 | $4.3B | $3.4B | ||
| Q2 24 | $4.6B | $3.5B |
净利润STLDTXT
| Q1 26 | $400.1M | — | ||
| Q4 25 | $266.0M | $235.0M | ||
| Q3 25 | $403.7M | $234.0M | ||
| Q2 25 | $298.7M | $245.0M | ||
| Q1 25 | $217.2M | $207.0M | ||
| Q4 24 | $207.3M | $141.0M | ||
| Q3 24 | $317.8M | $223.0M | ||
| Q2 24 | $428.0M | $259.0M |
毛利率STLDTXT
| 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STLDTXT
| Q1 26 | 10.3% | — | ||
| Q4 25 | 7.0% | — | ||
| Q3 25 | 10.5% | — | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 6.1% | 3.6% | ||
| Q3 24 | 9.1% | 7.4% | ||
| Q2 24 | 12.1% | 9.2% |
净利率STLDTXT
| Q1 26 | 7.7% | — | ||
| Q4 25 | 6.0% | 5.6% | ||
| Q3 25 | 8.4% | 6.5% | ||
| Q2 25 | 6.5% | 6.6% | ||
| Q1 25 | 5.0% | 6.3% | ||
| Q4 24 | 5.4% | 3.9% | ||
| Q3 24 | 7.3% | 6.5% | ||
| Q2 24 | 9.2% | 7.3% |
每股收益（稀释后）STLDTXT
| Q1 26 | $2.78 | — | ||
| Q4 25 | $1.80 | — | ||
| Q3 25 | $2.74 | — | ||
| Q2 25 | $2.01 | — | ||
| Q1 25 | $1.44 | $1.13 | ||
| Q4 24 | $1.40 | — | ||
| Q3 24 | $2.05 | — | ||
| Q2 24 | $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 | $556.5M | — |
| 总债务越低越好 | $4.2B | — |
| 股东权益账面价值 | $9.0B | — |
| 总资产 | $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STLDTXT
| Q1 26 | $556.5M | — | ||
| Q4 25 | $769.9M | — | ||
| Q3 25 | $770.4M | — | ||
| Q2 25 | $497.6M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $737.3M | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.2B | — |
总债务STLDTXT
| 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STLDTXT
| Q1 26 | $9.0B | — | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $9.0B | $7.5B | ||
| Q2 25 | $8.9B | $7.4B | ||
| Q1 25 | $8.8B | $7.3B | ||
| Q4 24 | $8.9B | $7.2B | ||
| Q3 24 | $9.1B | $7.0B | ||
| Q2 24 | $9.1B | $6.9B |
总资产STLDTXT
| Q1 26 | $16.7B | — | ||
| Q4 25 | $16.4B | — | ||
| Q3 25 | $16.0B | $17.4B | ||
| Q2 25 | $15.5B | $17.1B | ||
| Q1 25 | $15.9B | $16.9B | ||
| Q4 24 | $14.9B | $16.8B | ||
| Q3 24 | $15.7B | $16.5B | ||
| Q2 24 | $15.1B | $16.4B |
负债/权益比STLDTXT
| 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 | $148.3M | $700.0M |
| 自由现金流经营现金流 - 资本支出 | — | $527.0M |
| 自由现金流率自由现金流/营收 | — | 12.6% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | 0.37× | 2.98× |
| 过去12个月自由现金流最近4个季度 | — | $929.0M |
8季度趋势，按日历期对齐
经营现金流STLDTXT
| Q1 26 | $148.3M | — | ||
| Q4 25 | $272.7M | $700.0M | ||
| Q3 25 | $722.6M | $349.0M | ||
| Q2 25 | $301.6M | $387.0M | ||
| Q1 25 | $152.6M | $-124.0M | ||
| Q4 24 | $346.9M | $446.0M | ||
| Q3 24 | $759.9M | $208.0M | ||
| Q2 24 | $382.6M | $367.0M |
自由现金流STLDTXT
| Q1 26 | — | — | ||
| Q4 25 | $84.2M | $527.0M | ||
| Q3 25 | $556.9M | $273.0M | ||
| Q2 25 | $13.3M | $309.0M | ||
| Q1 25 | $-152.9M | $-180.0M | ||
| Q4 24 | $-106.3M | $293.0M | ||
| Q3 24 | $138.5M | $137.0M | ||
| Q2 24 | $-36.6M | $293.0M |
自由现金流率STLDTXT
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 12.6% | ||
| Q3 25 | 11.5% | 7.6% | ||
| Q2 25 | 0.3% | 8.3% | ||
| Q1 25 | -3.5% | -5.4% | ||
| Q4 24 | -2.7% | 8.1% | ||
| Q3 24 | 3.2% | 4.0% | ||
| Q2 24 | -0.8% | 8.3% |
资本支出强度STLDTXT
| Q1 26 | — | — | ||
| Q4 25 | 4.3% | 4.1% | ||
| Q3 25 | 3.4% | 2.1% | ||
| Q2 25 | 6.3% | 2.1% | ||
| Q1 25 | 7.0% | 1.7% | ||
| Q4 24 | 11.7% | 4.2% | ||
| Q3 24 | 14.3% | 2.1% | ||
| Q2 24 | 9.0% | 2.1% |
现金转化率STLDTXT
| Q1 26 | 0.37× | — | ||
| Q4 25 | 1.03× | 2.98× | ||
| Q3 25 | 1.79× | 1.49× | ||
| Q2 25 | 1.01× | 1.58× | ||
| Q1 25 | 0.70× | -0.60× | ||
| Q4 24 | 1.67× | 3.16× | ||
| Q3 24 | 2.39× | 0.93× | ||
| Q2 24 | 0.89× | 1.42× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
