vs
AEHR TEST SYSTEMS（AEHR）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
A.O.史密斯的季度营收约是AEHR TEST SYSTEMS的92.3倍（$912.5M vs $9.9M）。A.O.史密斯净利率更高（13.7% vs -32.7%，领先46.4%）。A.O.史密斯同比增速更快（0.0% vs -26.5%）。A.O.史密斯自由现金流更多（$165.5M vs $-1.6M）。过去两年AEHR TEST SYSTEMS的营收复合增速更高（14.3% vs -3.4%）
Aehr Test Systems是全球半导体测试领域供应商，主要设计、生产和销售先进的半导体老化测试设备，服务于芯片制造商、封测厂商及芯片设计企业，产品用于逻辑芯片、存储芯片、功率半导体的可靠性验证，业务覆盖北美、亚洲、欧洲等主要市场。
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。
AEHR vs AOS — 直观对比
营收规模更大
AOS
是对方的92.3倍
$9.9M
营收增速更快
AOS
高出26.5%
-26.5%
净利率更高
AOS
高出46.4%
-32.7%
自由现金流更多
AOS
多$167.1M
$-1.6M
两年增速更快
AEHR
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9M | $912.5M |
| 净利润 | $-3.2M | $125.4M |
| 毛利率 | 25.7% | 38.4% |
| 营业利润率 | -47.0% | 17.9% |
| 净利率 | -32.7% | 13.7% |
| 营收同比 | -26.5% | 0.0% |
| 净利润同比 | -214.2% | 14.3% |
| 每股收益（稀释后） | $-0.11 | $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AEHRAOS
| Q4 25 | $9.9M | $912.5M | ||
| Q3 25 | $11.0M | $942.5M | ||
| Q2 25 | $14.1M | $1.0B | ||
| Q1 25 | $18.3M | $963.9M | ||
| Q4 24 | $13.5M | $912.4M | ||
| Q3 24 | $13.1M | $902.6M | ||
| Q2 24 | $16.6M | $1.0B | ||
| Q1 24 | $7.6M | $978.8M |
净利润AEHRAOS
| Q4 25 | $-3.2M | $125.4M | ||
| Q3 25 | $-2.1M | $132.0M | ||
| Q2 25 | $-2.9M | $152.2M | ||
| Q1 25 | $-643.0K | $136.6M | ||
| Q4 24 | $-1.0M | $109.7M | ||
| Q3 24 | $660.0K | $120.1M | ||
| Q2 24 | $23.9M | $156.2M | ||
| Q1 24 | $-1.5M | $147.6M |
毛利率AEHRAOS
| Q4 25 | 25.7% | 38.4% | ||
| Q3 25 | 33.9% | 38.7% | ||
| Q2 25 | 30.3% | 39.3% | ||
| Q1 25 | 39.2% | 38.9% | ||
| Q4 24 | 40.1% | 37.1% | ||
| Q3 24 | 54.0% | 37.4% | ||
| Q2 24 | 50.9% | 38.7% | ||
| Q1 24 | 41.7% | 39.3% |
营业利润率AEHRAOS
| Q4 25 | -47.0% | 17.9% | ||
| Q3 25 | -37.1% | 18.6% | ||
| Q2 25 | -22.7% | 20.4% | ||
| Q1 25 | -6.1% | 19.1% | ||
| Q4 24 | -11.2% | 10.1% | ||
| Q3 24 | 1.2% | 19.5% | ||
| Q2 24 | 15.3% | 21.9% | ||
| Q1 24 | -27.1% | 22.0% |
净利率AEHRAOS
| Q4 25 | -32.7% | 13.7% | ||
| Q3 25 | -19.0% | 14.0% | ||
| Q2 25 | -20.6% | 15.0% | ||
| Q1 25 | -3.5% | 14.2% | ||
| Q4 24 | -7.6% | 12.0% | ||
| Q3 24 | 5.0% | 13.3% | ||
| Q2 24 | 143.8% | 15.2% | ||
| Q1 24 | -19.4% | 15.1% |
每股收益（稀释后）AEHRAOS
| Q4 25 | $-0.11 | $0.89 | ||
| Q3 25 | $-0.07 | $0.94 | ||
| Q2 25 | $-0.10 | $1.07 | ||
| Q1 25 | $-0.02 | $0.95 | ||
| Q4 24 | $-0.03 | $0.75 | ||
| Q3 24 | $0.02 | $0.82 | ||
| Q2 24 | $0.81 | $1.06 | ||
| Q1 24 | $-0.05 | $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 | $30.8M | $193.2M |
| 总债务越低越好 | — | $155.0M |
| 股东权益账面价值 | $130.8M | $1.9B |
| 总资产 | $148.7M | $3.1B |
| 负债/权益比越低杠杆越低 | — | 0.08× |
8季度趋势，按日历期对齐
现金及短期投资AEHRAOS
| Q4 25 | $30.8M | $193.2M | ||
| Q3 25 | $22.7M | $172.8M | ||
| Q2 25 | $24.5M | $177.9M | ||
| Q1 25 | $29.4M | $200.2M | ||
| Q4 24 | $32.2M | $276.1M | ||
| Q3 24 | $37.8M | $255.6M | ||
| Q2 24 | $49.2M | $233.3M | ||
| Q1 24 | $47.6M | $303.1M |
总债务AEHRAOS
| Q4 25 | — | $155.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $193.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AEHRAOS
| Q4 25 | $130.8M | $1.9B | ||
| Q3 25 | $122.4M | $1.8B | ||
| Q2 25 | $122.9M | $1.8B | ||
| Q1 25 | $124.2M | $1.9B | ||
| Q4 24 | $123.2M | $1.9B | ||
| Q3 24 | $122.5M | $1.9B | ||
| Q2 24 | $111.6M | $1.9B | ||
| Q1 24 | $86.5M | $1.9B |
总资产AEHRAOS
| Q4 25 | $148.7M | $3.1B | ||
| Q3 25 | $144.1M | $3.2B | ||
| Q2 25 | $148.5M | $3.2B | ||
| Q1 25 | $145.6M | $3.3B | ||
| Q4 24 | $142.3M | $3.2B | ||
| Q3 24 | $145.9M | $3.2B | ||
| Q2 24 | $127.9M | $3.2B | ||
| Q1 24 | $101.6M | $3.2B |
负债/权益比AEHRAOS
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-1.2M | $183.1M |
| 自由现金流经营现金流 - 资本支出 | $-1.6M | $165.5M |
| 自由现金流率自由现金流/营收 | -16.6% | 18.1% |
| 资本支出强度资本支出/营收 | 4.7% | 1.9% |
| 现金转化率经营现金流/净利润 | — | 1.46× |
| 过去12个月自由现金流最近4个季度 | $-11.7M | $546.0M |
8季度趋势，按日历期对齐
经营现金流AEHRAOS
| Q4 25 | $-1.2M | $183.1M | ||
| Q3 25 | $-282.0K | $255.4M | ||
| Q2 25 | $-2.3M | $139.6M | ||
| Q1 25 | $-1.6M | $38.7M | ||
| Q4 24 | $-5.9M | $221.9M | ||
| Q3 24 | $2.4M | $195.9M | ||
| Q2 24 | $1.2M | $57.4M | ||
| Q1 24 | $-2.8M | $106.6M |
自由现金流AEHRAOS
| Q4 25 | $-1.6M | $165.5M | ||
| Q3 25 | $-1.7M | $240.6M | ||
| Q2 25 | $-5.1M | $122.5M | ||
| Q1 25 | $-3.3M | $17.4M | ||
| Q4 24 | $-6.2M | $191.3M | ||
| Q3 24 | $2.2M | $163.4M | ||
| Q2 24 | $1.2M | $34.5M | ||
| Q1 24 | $-3.1M | $84.6M |
自由现金流率AEHRAOS
| Q4 25 | -16.6% | 18.1% | ||
| Q3 25 | -15.3% | 25.5% | ||
| Q2 25 | -36.3% | 12.1% | ||
| Q1 25 | -17.8% | 1.8% | ||
| Q4 24 | -46.0% | 21.0% | ||
| Q3 24 | 16.6% | 18.1% | ||
| Q2 24 | 7.1% | 3.4% | ||
| Q1 24 | -40.8% | 8.6% |
资本支出强度AEHRAOS
| Q4 25 | 4.7% | 1.9% | ||
| Q3 25 | 12.7% | 1.6% | ||
| Q2 25 | 20.0% | 1.7% | ||
| Q1 25 | 9.0% | 2.2% | ||
| Q4 24 | 2.4% | 3.4% | ||
| Q3 24 | 1.5% | 3.6% | ||
| Q2 24 | 0.3% | 2.2% | ||
| Q1 24 | 3.5% | 2.2% |
现金转化率AEHRAOS
| Q4 25 | — | 1.46× | ||
| Q3 25 | — | 1.93× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | 2.02× | ||
| Q3 24 | 3.61× | 1.63× | ||
| Q2 24 | 0.05× | 0.37× | ||
| Q1 24 | — | 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
AEHR
| Systems | $5.0M | 50% |
| Contactors | $3.4M | 35% |
| Services | $1.5M | 15% |
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
