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AES Corporation（AES）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
空气化工产品公司的季度营收约是AES Corporation的1.0倍（$3.1B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 10.3%，领先11.5%），空气化工产品公司同比增速更快（5.8% vs 4.7%），AES Corporation自由现金流更多（$-47.0M vs $-350.5M），过去两年空气化工产品公司的营收复合增速更高（2.9% vs 0.3%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
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。
AES vs APD — 直观对比
营收规模更大
APD
是对方的1.0倍
$3.1B
营收增速更快
APD
高出1.1%
4.7%
净利率更高
APD
高出11.5%
10.3%
自由现金流更多
AES
多$303.5M
$-350.5M
两年增速更快
APD
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $3.1B |
| 净利润 | $320.0M | $678.2M |
| 毛利率 | 18.8% | 32.1% |
| 营业利润率 | -8.7% | 23.7% |
| 净利率 | 10.3% | 21.9% |
| 营收同比 | 4.7% | 5.8% |
| 净利润同比 | -42.9% | 9.8% |
| 每股收益（稀释后） | $0.45 | $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AESAPD
| Q4 25 | $3.1B | $3.1B | ||
| Q3 25 | $3.4B | $3.2B | ||
| Q2 25 | $2.9B | $3.0B | ||
| Q1 25 | $2.9B | $2.9B | ||
| Q4 24 | $3.0B | $2.9B | ||
| Q3 24 | $3.3B | $3.2B | ||
| Q2 24 | $2.9B | $3.0B | ||
| Q1 24 | $3.1B | $2.9B |
净利润AESAPD
| Q4 25 | $320.0M | $678.2M | ||
| Q3 25 | $639.0M | $4.9M | ||
| Q2 25 | $-95.0M | $713.8M | ||
| Q1 25 | $46.0M | $-1.7B | ||
| Q4 24 | $560.0M | $617.4M | ||
| Q3 24 | $502.0M | $1.9B | ||
| Q2 24 | $185.0M | $696.6M | ||
| Q1 24 | $432.0M | $572.4M |
毛利率AESAPD
| Q4 25 | 18.8% | 32.1% | ||
| Q3 25 | 21.9% | 32.3% | ||
| Q2 25 | 15.9% | 32.5% | ||
| Q1 25 | 15.1% | 29.6% | ||
| Q4 24 | 14.2% | 31.2% | ||
| Q3 24 | 22.0% | 34.0% | ||
| Q2 24 | 18.8% | 32.8% | ||
| Q1 24 | 20.1% | 32.0% |
营业利润率AESAPD
| Q4 25 | -8.7% | 23.7% | ||
| Q3 25 | 9.8% | 0.5% | ||
| Q2 25 | 1.4% | 26.2% | ||
| Q1 25 | -0.8% | -79.8% | ||
| Q4 24 | 12.3% | 22.0% | ||
| Q3 24 | 10.0% | 76.1% | ||
| Q2 24 | -2.6% | 24.7% | ||
| Q1 24 | 9.0% | 21.7% |
净利率AESAPD
| Q4 25 | 10.3% | 21.9% | ||
| Q3 25 | 19.1% | 0.2% | ||
| Q2 25 | -3.3% | 23.6% | ||
| Q1 25 | 1.6% | -59.3% | ||
| Q4 24 | 18.9% | 21.1% | ||
| Q3 24 | 15.3% | 61.2% | ||
| Q2 24 | 6.3% | 23.3% | ||
| Q1 24 | 14.0% | 19.5% |
每股收益（稀释后）AESAPD
| Q4 25 | $0.45 | $3.04 | ||
| Q3 25 | $0.89 | $0.03 | ||
| Q2 25 | $-0.15 | $3.20 | ||
| Q1 25 | $0.07 | $-7.77 | ||
| Q4 24 | $0.78 | $2.77 | ||
| Q3 24 | $0.71 | $8.75 | ||
| Q2 24 | $0.27 | $3.13 | ||
| Q1 24 | $0.60 | $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 | — | — |
| 股东权益账面价值 | $4.1B | $15.4B |
| 总资产 | $51.8B | $41.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AESAPD
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.8B | $1.9B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $1.8B | $1.6B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $2.0B | $3.0B | ||
| Q2 24 | $1.8B | $2.4B | ||
| Q1 24 | $2.4B | $2.6B |
股东权益AESAPD
| Q4 25 | $4.1B | $15.4B | ||
| Q3 25 | $3.9B | $15.0B | ||
| Q2 25 | $3.4B | $15.5B | ||
| Q1 25 | $3.5B | $14.7B | ||
| Q4 24 | $3.6B | $16.7B | ||
| Q3 24 | $3.3B | $17.0B | ||
| Q2 24 | $3.1B | $15.1B | ||
| Q1 24 | $2.9B | $14.9B |
总资产AESAPD
| Q4 25 | $51.8B | $41.2B | ||
| Q3 25 | $50.8B | $41.1B | ||
| Q2 25 | $48.5B | $41.7B | ||
| Q1 25 | $48.6B | $38.9B | ||
| Q4 24 | $47.4B | $40.0B | ||
| Q3 24 | $50.1B | $39.6B | ||
| Q2 24 | $47.7B | $37.0B | ||
| Q1 24 | $47.0B | $35.9B |
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 | $1.5B | $900.7M |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $-350.5M |
| 自由现金流率自由现金流/营收 | -1.5% | -11.3% |
| 资本支出强度资本支出/营收 | 49.5% | 40.3% |
| 现金转化率经营现金流/净利润 | 4.65× | 1.33× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | — |
8季度趋势，按日历期对齐
经营现金流AESAPD
| Q4 25 | $1.5B | $900.7M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $976.0M | $855.8M | ||
| Q1 25 | $545.0M | $328.1M | ||
| Q4 24 | $1.1B | $811.7M | ||
| Q3 24 | $985.0M | — | ||
| Q2 24 | $392.0M | $1.3B | ||
| Q1 24 | $287.0M | $801.7M |
自由现金流AESAPD
| Q4 25 | $-47.0M | $-350.5M | ||
| Q3 25 | $-511.0M | — | ||
| Q2 25 | $-356.0M | $-640.0M | ||
| Q1 25 | $-709.0M | $-1.6B | ||
| Q4 24 | $-639.0M | $-1.3B | ||
| Q3 24 | $-847.0M | — | ||
| Q2 24 | $-1.3B | $-345.2M | ||
| Q1 24 | $-1.9B | $-867.7M |
自由现金流率AESAPD
| Q4 25 | -1.5% | -11.3% | ||
| Q3 25 | -15.2% | — | ||
| Q2 25 | -12.5% | -21.2% | ||
| Q1 25 | -24.2% | -53.6% | ||
| Q4 24 | -21.6% | -44.5% | ||
| Q3 24 | -25.8% | — | ||
| Q2 24 | -43.9% | -11.6% | ||
| Q1 24 | -60.3% | -29.6% |
资本支出强度AESAPD
| Q4 25 | 49.5% | 40.3% | ||
| Q3 25 | 54.0% | 47.9% | ||
| Q2 25 | 46.7% | 49.5% | ||
| Q1 25 | 42.9% | 64.9% | ||
| Q4 24 | 58.3% | 72.2% | ||
| Q3 24 | 55.7% | 65.1% | ||
| Q2 24 | 57.3% | 53.8% | ||
| Q1 24 | 69.6% | 57.0% |
现金转化率AESAPD
| Q4 25 | 4.65× | 1.33× | ||
| Q3 25 | 2.03× | — | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | 11.85× | — | ||
| Q4 24 | 1.94× | 1.31× | ||
| Q3 24 | 1.96× | — | ||
| Q2 24 | 2.12× | 1.81× | ||
| Q1 24 | 0.66× | 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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
