《財富》美國500強排名依據的是收入，而不是股票收益，這就是為什么每年榜單上都有一些公司沒能回饋投資者，而是給他們帶來了損失。

通過今年的榜單，我們可以部分看出2015年的境況。在這一年中，石油和天然氣價格的下跌讓皮博迪能源公司（Peabody Energy）和切薩皮克能源公司（Chesapeake Energy）受到牽連，他們的股價分別下跌了93%和77%。廣告收入減少和虧損擴大則讓iHeartMedia公司遭了殃。

隨著油價近期出現反彈，表現最糟糕的幾支股票在2016年出現了好轉。在本文中，我們以去年的榜單發布之日為起點，以今年的榜單發布之日為終點（2015年6月4日—2016年6月3日），對《財富》500強企業的股票表現進行了評估。

在下面的表格中，你可以看到這期間里在股市遭遇最慘痛失敗的公司。

TFortune 500 rank: 4The Fortune 500 rankings are based on revenue, not stock returns. That’s why, every year, several companies make the list that have punished their shareholders far more than rewarded them.

This year’s list partly reflects performance in 2015, during which time falling oil and gas prices savaged Peabody Energy BTU 0.00% and Chesapeake Energy CHK 3.33% , which lost 93% and 77%, respectively; while falling ad sales and mounting losses crushed iHeartMedia IHRT 3.81% .

With oil on the rebound recently, the lineup of worst-performing stocks has shifted somewhat in the first half of 2016. For this article, we assessed the Fortune 500 companies based on their stock performance from the time last year’s list came out up to the release of the newest list—June 4, 2015 through June 3, 2016.

1. 皮博迪能源公司

1. Peabody Energy Corporation

《財富》500強排名：458

年度股票表現：下跌97.5%

2016年初至今表現：下跌84.6%

到目前為止，煤業公司皮博迪在《財富》500強里算得上聲名狼藉：它也是我們去年的榜單上股市表現最差的公司，同時還是2015年表現最差的公司。隨著全球轉而采用更加環保的能源，煤礦業已經江河日下。盡管石油和天然氣的價格在過去幾年里大幅跳水，但與煤炭相比它們甚至還更具吸引力一些。煤炭的價格已經太便宜了，想靠挖煤掙錢變得十分困難。這就是皮博迪公司走向毀滅的原因。在連年巨額虧損后，今年4月，公司申請破產。他們在去年虧損了20億美元，成為《財富》500強中虧損最多的公司榜單。在按照聯邦破產法第11章被予以破產保護后，該公司已經從紐約證券交易所除名，這也讓股民心頭的陰影更加濃重。他們如今只能通過場外交易來買賣股票了。

Fortune 500 rank: 458

One-year performance: -97.5%

Year-to-date 2016 performance: -84.6%

By now, coal-mining company Peabody Energy belongs in the Fortune 500 hall of infamy: It was also the worst-performing stock on our list last year, as well as the worst performer in calendar 2015. Coal was already in decline as the world turned to more environmentally-friendly energy sources; when oil and natural gas prices collapsed in the last couple of years, they became even more attractive compared to coal, which is now so cheap that it’s hard to make any money by mining it. That has been the undoing of Peabody, which filed for bankruptcy in April after years of onerous losses. It lost $2 billion last year, placing it on our list of the Fortune 500’s billion-dollar losers. The company was delisted from the New York Stock Exchange after its Chapter 11 filing, further dooming its shareholders, who can now only trade the stock over-the-counter.

2. iHeartMedia公司

F2. iHeartMedia

《財富》500強排名：414

年度股票表現：下跌86.1%

2016年初至今表現：上漲14.4%

由于iHeartMedia的特殊結構，這只股票的波動極大。在2008年，公司有很大一部分通過融資收購被私有化，之后他們就成為了《財富》500強公司里僅有的幾家沒有在大型證券交易所上市的公開交易公司（其他幾家分別是房利美、房地美（Freddie Mac）和現在的皮博迪）。如今，公司只有30%的股份還在公開市場交易，股價近來也遭到打擊。這家之前名為清晰頻道（Clear Channel）的無線電臺運營商和廣告公司，其股價在2015年下跌了88%，成為了榜單上表現第二糟糕的公司。即便是最近公司股價回彈，也只是杯水車薪：從去年的《財富》500強榜單發布以來，他們的股價跌幅依舊超過86%。

由于融資收購，iHeartMedia背負了210億美元的債務。公司在去年因為廣告銷售的疲軟，包括旗下清晰頻道戶外廣告公司（Clear Channel Outdoor Holdings）的表現不佳，最終虧損近7.55億美元，超出了人們的預計。這導致了公司股價出現跳水。iHeartMedia的債權人威脅稱要宣布公司違約，此舉將迫使公司破產，消息傳出后，公司股價跌到了1美元以下。目前，雙方正在法庭上對此進行爭論。

Fortune 500 rank: 414

One-year performance: -86.1%

Year-to-date 2016 performance: 14.4%

iHeartMedia IHRT 3.81% is an especially volatile stock, due to its unusual structure. It's one of the only publicly traded Fortune 500 stocks that isn't listed on a major stock exchange (along with Fannie Mae FNMA 0.12% , Freddie Mac FMCC 0.52% , and now Peabody Energy), after it was largely taken private in a leveraged buyout in 2008. Today, only about 30% of the company trades on the public market, which has lately pummeled its shares. The radio station operator and advertising company, formerly known as Clear Channel, was also the second-worst stock of 2015, falling 88%, and even a recent rally hasn't helped much: The shares are still down more than 86% since last year's Fortune 500 list.

Saddled with nearly $21 billion in debt stemming from its buyout, iHeartMedia reported bigger-than-expected losses of nearly $755 million last year due in part to weak advertising sales, including in its billboard subsidiary Clear Channel Outdoor Holdings CCO 3.78% . That sent its stock off a cliff, and its share price has since hit lows of less than $1 after iHeartMedia's creditors threatened to declare it in default—a move that could force the company into bankruptcy, and which it is currently disputing in court.

3. Community Health Systems公司

3. Community Health Systems

《財富》500強排名：125

年度股票表現：下跌74.6%

2016年初至今表現：下跌48.2%

社區衛生系統公司（Community Health Systems）收購Health Management Associates，建立全美最大的盈利性醫院系統已有兩年時間。在整合公司，獲得這筆近40億美元的交易希望帶來的“協同增效”方面，他們很大程度上失敗了。公司在2015年收治的病人數有所下滑（部分原因在于年底的流感高發季來得不如往常猛烈），同時，收取病人的醫療費用也變得越來越困難，估計會成為“呆賬”的金額增加到1.69億美元。社區衛生系統公司已經在今年4月分拆了38家小型醫院，如今他們試圖剝離更多資產，以減輕167億美元的債務負擔。

Fortune 500 rank: 125

One-year performance: -74.6%

Year-to-date 2016 performance -48.2%

Two years after completing its acquisition of Health Management Associates to create the largest for-profit hospital system in the U.S., Community Health Systems has largely failed to integrate the companies and reap the "synergies" it had hoped for in the nearly $4 billion deal. The company has reported three straight quarters of disappointing earnings that fell short of Wall Street's expectations. It admitted fewer patients to its hospitals in 2015 (thanks in part to a milder flu season at the end of the year), and also warned that it was having a harder time collecting payment from the patients it did treat, increasing its estimate for "doubtful accounts" by $169 million. Community Health Systems is now trying to divest more of its assets to pay down its $16.7 billion debt burden, after already spinning off 38 smaller hospitals in April.

4. 西爾斯控股公司

4. Sears Holdings

《財富》500強排名：111

年度股票表現：下跌70.1%

2016年初至今表現：下跌36.7%

多年以來，投資者一直認為西爾斯控股（Sears Holdings）即將破產。而這家百貨公司最近的慘淡經營進一步增強了這個印象：公司已經走在了停業的邊緣。確實，這十年來，西爾斯的同店銷售額每年都在下降。這家旗下擁有同名連鎖店和凱馬特（Kmart）連鎖店的控股公司也以2015年11億美元的虧損，登上了《財富》500強中虧損最多的公司榜單。公司在過去五年的總虧損達到了80億美元。他們最大的問題在于許多消費者已經喪失了購買公司商品的興趣。早些時候的一份調查發現，女士現在更傾向于在Goodwill二手店買東西，而不是西爾斯。許多投資者不再碰這只股票，他們擔心西爾斯可能會很快著手變賣較小的資產，進行徹底的破產清算。

Fortune 500 rank: 111

One-year performance: -70.1%

Year-to-date 2016 performance: -36.7%

Investors have been on bankruptcy watch for Sears Holdings for years, and recent dismal results for department stores in general have enforced the impression that the company is teetering on the edge of going out of business. Indeed, Sears' same-store sales have fallen every year for a decade. Sears, which operates its eponymous stores as well as the Kmart chain, also landed on our list of the Fortune 500's billion-dollar losers, with losses of $1.1. billion in 2015. That boosted its total losses in the last five years to $8 billion. The company's biggest problem is that many shoppers have lost interest in buying what it sells: One survey earlier this year found that women prefer shopping at Goodwill secondhand stores than at Sears. Many investors won't touch the stock, fearing that Sears may soon move on from selling its smaller assets to fully liquidating its business.

5. 切薩皮克能源公司

5. Chesapeake Energy

《財富》500強排名：223

年度股票表現：下跌68.6%

2016年初至今表現：下跌9.1%

自美國于幾年前開始全面采用水力壓裂技術以來，切薩皮克能源公司就和他們的同行遭遇了一樣的境地。賴以為生的石油和天然氣價格跳水，給他們帶來了沉重的打擊。去年，公司凈虧損達到了150億美元。此外，切薩皮克還因為被懷疑串通投標，遭遇了長達四年的調查，這也讓公司的股票疲軟無力。

切薩皮克的股票是《財富》500強公司里在2015年表現第三糟糕的，下跌了77%。盡管去年公司賠償了2,500萬美元，解決了反壟斷調查帶來的刑事指控，投資者仍在觀望在俄克拉荷馬的另一項調查是否會繼續讓公司蒙受損失。不過切薩皮克的投資者在今年早些時候松了口氣，這次調查只對前任首席執行官奧布里·麥克倫提出了指控，并未宣布公司有任何違法行為。指控第二天，麥克倫在一場嚴重的車禍中身亡，隨后公司股價大漲。

盡管已經從聯邦調查中解脫出來，切薩皮克的股價仍然與能源價格緊緊捆綁在一起。隨著能源價格最近再次回落，公司股價也受到了影響。（財富中文網）

譯者：嚴匡正

Fortune 500 rank: 223

One-year performance: -68.6%

Year-to-date 2016 performance: -9.1%

After going full-bore into the U.S. fracking boom a few years ago, Chesapeake Energy has, like its industry peers, recently been crushed by the collapse in the prices of oil and natural gas, its bread and butter. It reported net losses of almost $15 billion last year. On top of that, the stock has languished under the cloud of a four-year investigation into an alleged bid-rigging conspiracy at the company:

Chesapeake was the third-worst performing stock in the Fortune 500 in calendar 2015, down 77%. While it settled criminal charges from part of the antitrust investigation for $25 million last year, investors were watching and waiting for the other shoe to drop amid an ongoing probe in Oklahoma. But Chesapeake shareholders cheered earlier this year when the investigation only led to charges against ex-CEO Aubrey McClendon, without implicating the company in any wrongdoing. (The company's stock soared higher still after McClendon died in a fiery car crash the very next day.)

Despite being free from the overhang of a federal investigation, Chesapeake's stock price is still closely tied to energy prices, which have retreated again recently, hurting the shares.