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ADT Inc.（ADT）与A.O.史密斯（AOS）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是A.O.史密斯的1.4倍（$1.3B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 11.4%，领先2.3%）。ADT Inc.同比增速更快（2.9% vs 0.0%）。ADT Inc.自由现金流更多（$323.5M vs $165.5M）。过去两年ADT Inc.的营收复合增速更高（2.7% vs -3.4%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
A.O.史密斯是美国知名的家用及商用热水器、锅炉生产商，也是北美规模最大的热水器制造销售商，在亚洲市场还供应水处理和净化产品。公司在全球共有27个站点，包括北美5座生产基地，以及位于印度班加罗尔、中国南京、荷兰费尔德霍芬的工厂。
ADT vs AOS — 直观对比
营收规模更大
ADT
是对方的1.4倍
$912.5M
营收增速更快
ADT
高出2.8%
0.0%
净利率更高
AOS
高出2.3%
11.4%
自由现金流更多
ADT
多$158.0M
$165.5M
两年增速更快
ADT
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $912.5M |
| 净利润 | $145.4M | $125.4M |
| 毛利率 | — | 38.4% |
| 营业利润率 | 26.1% | 17.9% |
| 净利率 | 11.4% | 13.7% |
| 营收同比 | 2.9% | 0.0% |
| 净利润同比 | -23.5% | 14.3% |
| 每股收益（稀释后） | — | $0.89 |
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ADTAOS
| Q4 25 | $1.3B | $912.5M | ||
| Q3 25 | $1.3B | $942.5M | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.3B | $963.9M | ||
| Q4 24 | $1.2B | $912.4M | ||
| Q3 24 | $1.2B | $902.6M | ||
| Q2 24 | $1.2B | $1.0B | ||
| Q1 24 | $1.2B | $978.8M |
净利润ADTAOS
| Q4 25 | $145.4M | $125.4M | ||
| Q3 25 | $145.1M | $132.0M | ||
| Q2 25 | $165.2M | $152.2M | ||
| Q1 25 | $140.2M | $136.6M | ||
| Q4 24 | $190.0M | $109.7M | ||
| Q3 24 | $127.2M | $120.1M | ||
| Q2 24 | $92.4M | $156.2M | ||
| Q1 24 | $91.6M | $147.6M |
毛利率ADTAOS
| Q4 25 | — | 38.4% | ||
| Q3 25 | — | 38.7% | ||
| Q2 25 | — | 39.3% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 37.1% | ||
| Q3 24 | — | 37.4% | ||
| Q2 24 | — | 38.7% | ||
| Q1 24 | — | 39.3% |
营业利润率ADTAOS
| Q4 25 | 26.1% | 17.9% | ||
| Q3 25 | 24.3% | 18.6% | ||
| Q2 25 | 26.6% | 20.4% | ||
| Q1 25 | 25.2% | 19.1% | ||
| Q4 24 | 32.4% | 10.1% | ||
| Q3 24 | 26.2% | 19.5% | ||
| Q2 24 | 23.6% | 21.9% | ||
| Q1 24 | 16.2% | 22.0% |
净利率ADTAOS
| Q4 25 | 11.4% | 13.7% | ||
| Q3 25 | 11.2% | 14.0% | ||
| Q2 25 | 12.8% | 15.0% | ||
| Q1 25 | 11.1% | 14.2% | ||
| Q4 24 | 15.3% | 12.0% | ||
| Q3 24 | 10.2% | 13.3% | ||
| Q2 24 | 7.7% | 15.2% | ||
| Q1 24 | 7.6% | 15.1% |
每股收益（稀释后）ADTAOS
| Q4 25 | — | $0.89 | ||
| Q3 25 | — | $0.94 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.95 | ||
| Q4 24 | — | $0.75 | ||
| Q3 24 | — | $0.82 | ||
| Q2 24 | — | $1.06 | ||
| Q1 24 | — | $1.00 |
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 | $80.8M | $193.2M |
| 总债务越低越好 | $7.4B | $155.0M |
| 股东权益账面价值 | $3.8B | $1.9B |
| 总资产 | $15.8B | $3.1B |
| 负债/权益比越低杠杆越低 | 1.95× | 0.08× |
8季度趋势，按日历期对齐
现金及短期投资ADTAOS
| Q4 25 | $80.8M | $193.2M | ||
| Q3 25 | $62.8M | $172.8M | ||
| Q2 25 | $45.2M | $177.9M | ||
| Q1 25 | $3.7M | $200.2M | ||
| Q4 24 | $96.2M | $276.1M | ||
| Q3 24 | $95.3M | $255.6M | ||
| Q2 24 | $37.9M | $233.3M | ||
| Q1 24 | $4.0M | $303.1M |
总债务ADTAOS
| Q4 25 | $7.4B | $155.0M | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | $193.2M | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTAOS
| Q4 25 | $3.8B | $1.9B | ||
| Q3 25 | $3.7B | $1.8B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.6B | $1.9B | ||
| Q4 24 | $3.8B | $1.9B | ||
| Q3 24 | $3.9B | $1.9B | ||
| Q2 24 | $3.8B | $1.9B | ||
| Q1 24 | $3.7B | $1.9B |
总资产ADTAOS
| Q4 25 | $15.8B | $3.1B | ||
| Q3 25 | $16.0B | $3.2B | ||
| Q2 25 | $16.0B | $3.2B | ||
| Q1 25 | $15.8B | $3.3B | ||
| Q4 24 | $16.1B | $3.2B | ||
| Q3 24 | $16.1B | $3.2B | ||
| Q2 24 | $16.0B | $3.2B | ||
| Q1 24 | $15.9B | $3.2B |
负债/权益比ADTAOS
| Q4 25 | 1.95× | 0.08× | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | 0.10× | ||
| Q3 24 | 1.93× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.03× | — |
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 | $373.6M | $183.1M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $165.5M |
| 自由现金流率自由现金流/营收 | 25.4% | 18.1% |
| 资本支出强度资本支出/营收 | 3.9% | 1.9% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.46× |
| 过去12个月自由现金流最近4个季度 | $1.7B | $546.0M |
8季度趋势，按日历期对齐
经营现金流ADTAOS
| Q4 25 | $373.6M | $183.1M | ||
| Q3 25 | $480.1M | $255.4M | ||
| Q2 25 | $563.9M | $139.6M | ||
| Q1 25 | $466.6M | $38.7M | ||
| Q4 24 | $459.7M | $221.9M | ||
| Q3 24 | $498.2M | $195.9M | ||
| Q2 24 | $563.2M | $57.4M | ||
| Q1 24 | $363.8M | $106.6M |
自由现金流ADTAOS
| Q4 25 | $323.5M | $165.5M | ||
| Q3 25 | $437.4M | $240.6M | ||
| Q2 25 | $526.3M | $122.5M | ||
| Q1 25 | $421.2M | $17.4M | ||
| Q4 24 | $426.0M | $191.3M | ||
| Q3 24 | $455.5M | $163.4M | ||
| Q2 24 | $516.5M | $34.5M | ||
| Q1 24 | $323.1M | $84.6M |
自由现金流率ADTAOS
| Q4 25 | 25.4% | 18.1% | ||
| Q3 25 | 33.7% | 25.5% | ||
| Q2 25 | 40.9% | 12.1% | ||
| Q1 25 | 33.2% | 1.8% | ||
| Q4 24 | 34.3% | 21.0% | ||
| Q3 24 | 36.6% | 18.1% | ||
| Q2 24 | 42.9% | 3.4% | ||
| Q1 24 | 26.7% | 8.6% |
资本支出强度ADTAOS
| Q4 25 | 3.9% | 1.9% | ||
| Q3 25 | 3.3% | 1.6% | ||
| Q2 25 | 2.9% | 1.7% | ||
| Q1 25 | 3.6% | 2.2% | ||
| Q4 24 | 2.7% | 3.4% | ||
| Q3 24 | 3.4% | 3.6% | ||
| Q2 24 | 3.9% | 2.2% | ||
| Q1 24 | 3.4% | 2.2% |
现金转化率ADTAOS
| Q4 25 | 2.57× | 1.46× | ||
| Q3 25 | 3.31× | 1.93× | ||
| Q2 25 | 3.41× | 0.92× | ||
| Q1 25 | 3.33× | 0.28× | ||
| Q4 24 | 2.42× | 2.02× | ||
| Q3 24 | 3.92× | 1.63× | ||
| Q2 24 | 6.10× | 0.37× | ||
| Q1 24 | 3.97× | 0.72× |
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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Amortization Of Deferred Subscriber Acquisition Revenue | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
