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Steel Dynamics（STLD）与Waste Management（WM）财务数据对比。点击上方公司名可切换其他公司
Waste Management的季度营收约是Steel Dynamics的1.2倍（$6.2B vs $5.2B），Waste Management净利率更高（11.6% vs 7.7%，领先3.9%），Steel Dynamics同比增速更快（17.9% vs 3.5%），过去两年Waste Management的营收复合增速更高（7.4% 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。
Waste Management是专业的废弃物管理服务提供商，业务覆盖废弃物从产生到最终处置的全流程，包含垃圾收集、运输、处理、处置等核心环节，同时涉及废弃物管理流程监督、相关法规合规、技术应用及商业机制优化等相关业务。
STLD vs WM — 直观对比
营收规模更大
WM
是对方的1.2倍
$5.2B
营收增速更快
STLD
高出14.4%
3.5%
净利率更高
WM
高出3.9%
7.7%
两年增速更快
WM
近两年复合增速
6.0%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.2B | $6.2B |
| 净利润 | $400.1M | $723.0M |
| 毛利率 | 14.7% | — |
| 营业利润率 | 10.3% | 17.9% |
| 净利率 | 7.7% | 11.6% |
| 营收同比 | 17.9% | 3.5% |
| 净利润同比 | 51.3% | 13.5% |
| 每股收益（稀释后） | $2.78 | $1.79 |
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STLDWM
| Q1 26 | $5.2B | $6.2B | ||
| Q4 25 | $4.4B | $6.3B | ||
| Q3 25 | $4.8B | $6.4B | ||
| Q2 25 | $4.6B | $6.4B | ||
| Q1 25 | $4.4B | $6.0B | ||
| Q4 24 | $3.9B | $5.9B | ||
| Q3 24 | $4.3B | $5.6B | ||
| Q2 24 | $4.6B | $5.4B |
净利润STLDWM
| Q1 26 | $400.1M | $723.0M | ||
| Q4 25 | $266.0M | $742.0M | ||
| Q3 25 | $403.7M | $603.0M | ||
| Q2 25 | $298.7M | $726.0M | ||
| Q1 25 | $217.2M | $637.0M | ||
| Q4 24 | $207.3M | $598.0M | ||
| Q3 24 | $317.8M | $760.0M | ||
| Q2 24 | $428.0M | $680.0M |
毛利率STLDWM
| Q1 26 | 14.7% | — | ||
| Q4 25 | 12.0% | 41.5% | ||
| Q3 25 | 15.7% | 40.5% | ||
| Q2 25 | 13.5% | 40.3% | ||
| Q1 25 | 11.1% | 39.4% | ||
| Q4 24 | 11.4% | 39.7% | ||
| Q3 24 | 13.9% | 39.4% | ||
| Q2 24 | 16.7% | 39.1% |
营业利润率STLDWM
| Q1 26 | 10.3% | 17.9% | ||
| Q4 25 | 7.0% | 18.3% | ||
| Q3 25 | 10.5% | 15.3% | ||
| Q2 25 | 8.4% | 17.9% | ||
| Q1 25 | 6.3% | 16.8% | ||
| Q4 24 | 6.1% | 15.6% | ||
| Q3 24 | 9.1% | 20.0% | ||
| Q2 24 | 12.1% | 18.7% |
净利率STLDWM
| Q1 26 | 7.7% | 11.6% | ||
| Q4 25 | 6.0% | 11.8% | ||
| Q3 25 | 8.4% | 9.4% | ||
| Q2 25 | 6.5% | 11.3% | ||
| Q1 25 | 5.0% | 10.6% | ||
| Q4 24 | 5.4% | 10.1% | ||
| Q3 24 | 7.3% | 13.5% | ||
| Q2 24 | 9.2% | 12.6% |
每股收益（稀释后）STLDWM
| Q1 26 | $2.78 | $1.79 | ||
| Q4 25 | $1.80 | $1.83 | ||
| Q3 25 | $2.74 | $1.49 | ||
| Q2 25 | $2.01 | $1.80 | ||
| Q1 25 | $1.44 | $1.58 | ||
| Q4 24 | $1.40 | $1.49 | ||
| Q3 24 | $2.05 | $1.88 | ||
| Q2 24 | $2.72 | $1.69 |
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 | $158.0M |
| 总债务越低越好 | $4.2B | $22.9B |
| 股东权益账面价值 | $9.0B | $10.0B |
| 总资产 | $16.7B | $45.7B |
| 负债/权益比越低杠杆越低 | 0.47× | 2.28× |
8季度趋势，按日历期对齐
现金及短期投资STLDWM
| Q1 26 | $556.5M | $158.0M | ||
| Q4 25 | $769.9M | $201.0M | ||
| Q3 25 | $770.4M | $175.0M | ||
| Q2 25 | $497.6M | $440.0M | ||
| Q1 25 | $1.2B | $216.0M | ||
| Q4 24 | $737.3M | $414.0M | ||
| Q3 24 | $1.7B | $614.0M | ||
| Q2 24 | $1.2B | $172.0M |
总债务STLDWM
| Q1 26 | $4.2B | $22.9B | ||
| Q4 25 | $4.2B | $22.2B | ||
| Q3 25 | $3.8B | $22.5B | ||
| Q2 25 | $3.8B | $23.1B | ||
| Q1 25 | $4.2B | $22.9B | ||
| Q4 24 | $3.2B | $22.5B | ||
| Q3 24 | $3.7B | $16.0B | ||
| Q2 24 | $3.1B | $16.5B |
股东权益STLDWM
| Q1 26 | $9.0B | $10.0B | ||
| Q4 25 | $9.0B | $10.0B | ||
| Q3 25 | $9.0B | $9.5B | ||
| Q2 25 | $8.9B | $9.2B | ||
| Q1 25 | $8.8B | $8.7B | ||
| Q4 24 | $8.9B | $8.3B | ||
| Q3 24 | $9.1B | $8.0B | ||
| Q2 24 | $9.1B | $7.5B |
总资产STLDWM
| Q1 26 | $16.7B | $45.7B | ||
| Q4 25 | $16.4B | $45.8B | ||
| Q3 25 | $16.0B | $45.6B | ||
| Q2 25 | $15.5B | $45.7B | ||
| Q1 25 | $15.9B | $44.5B | ||
| Q4 24 | $14.9B | $44.6B | ||
| Q3 24 | $15.7B | $34.7B | ||
| Q2 24 | $15.1B | $34.0B |
负债/权益比STLDWM
| Q1 26 | 0.47× | 2.28× | ||
| Q4 25 | 0.47× | 2.22× | ||
| Q3 25 | 0.42× | 2.36× | ||
| Q2 25 | 0.43× | 2.51× | ||
| Q1 25 | 0.48× | 2.65× | ||
| Q4 24 | 0.36× | 2.73× | ||
| Q3 24 | 0.41× | 2.00× | ||
| Q2 24 | 0.34× | 2.21× |
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 | — | $981.0M |
| 自由现金流率自由现金流/营收 | — | 15.8% |
| 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 | 0.37× | 2.08× |
| 过去12个月自由现金流最近4个季度 | — | $3.4B |
8季度趋势，按日历期对齐
经营现金流STLDWM
| Q1 26 | $148.3M | $1.5B | ||
| Q4 25 | $272.7M | $1.7B | ||
| Q3 25 | $722.6M | $1.6B | ||
| Q2 25 | $301.6M | $1.5B | ||
| Q1 25 | $152.6M | $1.2B | ||
| Q4 24 | $346.9M | $1.5B | ||
| Q3 24 | $759.9M | $1.4B | ||
| Q2 24 | $382.6M | $1.2B |
自由现金流STLDWM
| Q1 26 | — | $981.0M | ||
| Q4 25 | $84.2M | $810.0M | ||
| Q3 25 | $556.9M | $816.0M | ||
| Q2 25 | $13.3M | $813.0M | ||
| Q1 25 | $-152.9M | $377.0M | ||
| Q4 24 | $-106.3M | $396.0M | ||
| Q3 24 | $138.5M | $577.0M | ||
| Q2 24 | $-36.6M | $487.0M |
自由现金流率STLDWM
| Q1 26 | — | 15.8% | ||
| Q4 25 | 1.9% | 12.8% | ||
| Q3 25 | 11.5% | 12.7% | ||
| Q2 25 | 0.3% | 12.6% | ||
| Q1 25 | -3.5% | 6.3% | ||
| Q4 24 | -2.7% | 6.7% | ||
| Q3 24 | 3.2% | 10.3% | ||
| Q2 24 | -0.8% | 9.0% |
资本支出强度STLDWM
| Q1 26 | — | — | ||
| Q4 25 | 4.3% | 14.1% | ||
| Q3 25 | 3.4% | 12.0% | ||
| Q2 25 | 6.3% | 11.4% | ||
| Q1 25 | 7.0% | 13.8% | ||
| Q4 24 | 11.7% | 18.9% | ||
| Q3 24 | 14.3% | 13.9% | ||
| Q2 24 | 9.0% | 12.3% |
现金转化率STLDWM
| Q1 26 | 0.37× | 2.08× | ||
| Q4 25 | 1.03× | 2.29× | ||
| Q3 25 | 1.79× | 2.64× | ||
| Q2 25 | 1.01× | 2.13× | ||
| Q1 25 | 0.70× | 1.90× | ||
| Q4 24 | 1.67× | 2.53× | ||
| Q3 24 | 2.39× | 1.79× | ||
| Q2 24 | 0.89× | 1.70× |
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% |
WM
暂无分部数据
