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美国铝业公司（AA）与空气化工产品公司（APD）财务数据对比。点击上方公司名可切换其他公司
美国铝业公司的季度营收约是空气化工产品公司的1.1倍（$3.4B vs $3.1B）。空气化工产品公司净利率更高（21.9% vs 6.2%，领先15.7%）。空气化工产品公司同比增速更快（5.8% vs -1.1%）。美国铝业公司自由现金流更多（$294.0M vs $-350.5M）。过去两年美国铝业公司的营收复合增速更高（15.2% vs 2.9%）
美国铝业公司是美国大型工业企业，为全球规模领先的铝生产商之一，业务布局覆盖10个国家，涵盖铝土矿开采、氧化铝精炼、原铝冶炼、铝制品加工及铝回收利用全产业链，产品广泛应用于全球各工业领域。
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
AA vs APD — 直观对比
营收规模更大
AA
是对方的1.1倍
$3.1B
营收增速更快
APD
高出6.9%
-1.1%
净利率更高
APD
高出15.7%
6.2%
自由现金流更多
AA
多$644.5M
$-350.5M
两年增速更快
AA
近两年复合增速
2.9%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.1B |
| 净利润 | $213.0M | $678.2M |
| 毛利率 | — | 32.1% |
| 营业利润率 | 2.0% | 23.7% |
| 净利率 | 6.2% | 21.9% |
| 营收同比 | -1.1% | 5.8% |
| 净利润同比 | 5.4% | 9.8% |
| 每股收益（稀释后） | $0.80 | $3.04 |
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AAAPD
| Q4 25 | $3.4B | $3.1B | ||
| Q3 25 | $3.0B | $3.2B | ||
| Q2 25 | $3.0B | $3.0B | ||
| Q1 25 | $3.4B | $2.9B | ||
| Q4 24 | $3.5B | $2.9B | ||
| Q3 24 | $2.9B | $3.2B | ||
| Q2 24 | $2.9B | $3.0B | ||
| Q1 24 | $2.6B | $2.9B |
净利润AAAPD
| Q4 25 | $213.0M | $678.2M | ||
| Q3 25 | $232.0M | $4.9M | ||
| Q2 25 | $164.0M | $713.8M | ||
| Q1 25 | $548.0M | $-1.7B | ||
| Q4 24 | $202.0M | $617.4M | ||
| Q3 24 | $90.0M | $1.9B | ||
| Q2 24 | $20.0M | $696.6M | ||
| Q1 24 | $-252.0M | $572.4M |
毛利率AAAPD
| Q4 25 | — | 32.1% | ||
| Q3 25 | — | 32.3% | ||
| Q2 25 | — | 32.5% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 31.2% | ||
| Q3 24 | — | 34.0% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | — | 32.0% |
营业利润率AAAPD
| Q4 25 | 2.0% | 23.7% | ||
| Q3 25 | 5.6% | 0.5% | ||
| Q2 25 | 5.3% | 26.2% | ||
| Q1 25 | 19.8% | -79.8% | ||
| Q4 24 | 9.7% | 22.0% | ||
| Q3 24 | 6.3% | 76.1% | ||
| Q2 24 | 3.2% | 24.7% | ||
| Q1 24 | -12.5% | 21.7% |
净利率AAAPD
| Q4 25 | 6.2% | 21.9% | ||
| Q3 25 | 7.7% | 0.2% | ||
| Q2 25 | 5.4% | 23.6% | ||
| Q1 25 | 16.3% | -59.3% | ||
| Q4 24 | 5.8% | 21.1% | ||
| Q3 24 | 3.1% | 61.2% | ||
| Q2 24 | 0.7% | 23.3% | ||
| Q1 24 | -9.7% | 19.5% |
每股收益（稀释后）AAAPD
| Q4 25 | $0.80 | $3.04 | ||
| Q3 25 | $0.88 | $0.03 | ||
| Q2 25 | $0.62 | $3.20 | ||
| Q1 25 | $2.07 | $-7.77 | ||
| Q4 24 | $1.18 | $2.77 | ||
| Q3 24 | $0.38 | $8.75 | ||
| Q2 24 | $0.11 | $3.13 | ||
| Q1 24 | $-1.41 | $2.57 |
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 | $1.6B | $1.0B |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $6.1B | $15.4B |
| 总资产 | $16.1B | $41.2B |
| 负债/权益比越低杠杆越低 | 0.40× | — |
8季度趋势，按日历期对齐
现金及短期投资AAAPD
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.1B | $2.0B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $1.4B | $2.4B | ||
| Q1 24 | $1.4B | $2.6B |
总债务AAAPD
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益AAAPD
| Q4 25 | $6.1B | $15.4B | ||
| Q3 25 | $6.3B | $15.0B | ||
| Q2 25 | $6.1B | $15.5B | ||
| Q1 25 | $5.8B | $14.7B | ||
| Q4 24 | $5.2B | $16.7B | ||
| Q3 24 | $5.3B | $17.0B | ||
| Q2 24 | $3.9B | $15.1B | ||
| Q1 24 | $4.0B | $14.9B |
总资产AAAPD
| Q4 25 | $16.1B | $41.2B | ||
| Q3 25 | $16.0B | $41.1B | ||
| Q2 25 | $15.0B | $41.7B | ||
| Q1 25 | $14.6B | $38.9B | ||
| Q4 24 | $14.1B | $40.0B | ||
| Q3 24 | $14.5B | $39.6B | ||
| Q2 24 | $14.3B | $37.0B | ||
| Q1 24 | $14.3B | $35.9B |
负债/权益比AAAPD
| Q4 25 | 0.40× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.48× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.62× | — |
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 | $537.0M | $900.7M |
| 自由现金流经营现金流 - 资本支出 | $294.0M | $-350.5M |
| 自由现金流率自由现金流/营收 | 8.5% | -11.3% |
| 资本支出强度资本支出/营收 | 7.0% | 40.3% |
| 现金转化率经营现金流/净利润 | 2.52× | 1.33× |
| 过去12个月自由现金流最近4个季度 | $567.0M | — |
8季度趋势，按日历期对齐
经营现金流AAAPD
| Q4 25 | $537.0M | $900.7M | ||
| Q3 25 | $85.0M | — | ||
| Q2 25 | $488.0M | $855.8M | ||
| Q1 25 | $75.0M | $328.1M | ||
| Q4 24 | $415.0M | $811.7M | ||
| Q3 24 | $143.0M | — | ||
| Q2 24 | $287.0M | $1.3B | ||
| Q1 24 | $-223.0M | $801.7M |
自由现金流AAAPD
| Q4 25 | $294.0M | $-350.5M | ||
| Q3 25 | $-66.0M | — | ||
| Q2 25 | $357.0M | $-640.0M | ||
| Q1 25 | $-18.0M | $-1.6B | ||
| Q4 24 | $246.0M | $-1.3B | ||
| Q3 24 | $-3.0M | — | ||
| Q2 24 | $123.0M | $-345.2M | ||
| Q1 24 | $-324.0M | $-867.7M |
自由现金流率AAAPD
| Q4 25 | 8.5% | -11.3% | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | 11.8% | -21.2% | ||
| Q1 25 | -0.5% | -53.6% | ||
| Q4 24 | 7.1% | -44.5% | ||
| Q3 24 | -0.1% | — | ||
| Q2 24 | 4.2% | -11.6% | ||
| Q1 24 | -12.5% | -29.6% |
资本支出强度AAAPD
| Q4 25 | 7.0% | 40.3% | ||
| Q3 25 | 5.0% | 47.9% | ||
| Q2 25 | 4.3% | 49.5% | ||
| Q1 25 | 2.8% | 64.9% | ||
| Q4 24 | 4.8% | 72.2% | ||
| Q3 24 | 5.0% | 65.1% | ||
| Q2 24 | 5.6% | 53.8% | ||
| Q1 24 | 3.9% | 57.0% |
现金转化率AAAPD
| Q4 25 | 2.52× | 1.33× | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 2.98× | 1.20× | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.05× | 1.31× | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 14.35× | 1.81× | ||
| Q1 24 | — | 1.40× |
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
AA
| Aluminum | $2.5B | 72% |
| Third Party Sales | $979.0M | 28% |
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
