vs
爱科（AGCO）与Wabtec（WAB）财务数据对比。点击上方公司名可切换其他公司
Wabtec的季度营收约是爱科的1.0倍（$3.0B vs $2.9B），Wabtec净利率更高（12.3% vs 3.3%，领先9.0%），Wabtec同比增速更快（13.0% vs 1.1%），过去两年Wabtec的营收复合增速更高（5.6% vs -0.1%）
AGCO是1990年成立的美国农业机械制造商，总部位于佐治亚州德卢斯。公司主营设计、生产及销售拖拉机、联合收割机、青贮收获机、牧草设备、自走式喷雾机、播种耕作设备等产品，同时提供智慧农业相关技术解决方案。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
AGCO vs WAB — 直观对比
营收规模更大
WAB
是对方的1.0倍
$2.9B
营收增速更快
WAB
高出11.9%
1.1%
净利率更高
WAB
高出9.0%
3.3%
两年增速更快
WAB
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $3.0B |
| 净利润 | $95.5M | $363.0M |
| 毛利率 | 25.4% | 36.0% |
| 营业利润率 | 7.9% | 17.5% |
| 净利率 | 3.3% | 12.3% |
| 营收同比 | 1.1% | 13.0% |
| 净利润同比 | 137.3% | 11.0% |
| 每股收益（稀释后） | $1.30 | $2.12 |
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AGCOWAB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.9B | $3.0B | ||
| Q3 25 | $2.5B | $2.9B | ||
| Q2 25 | $2.6B | $2.7B | ||
| Q1 25 | $2.1B | $2.6B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $2.6B | $2.7B | ||
| Q2 24 | $3.2B | $2.6B |
净利润AGCOWAB
| Q1 26 | — | $363.0M | ||
| Q4 25 | $95.5M | $202.0M | ||
| Q3 25 | $305.7M | $310.0M | ||
| Q2 25 | $314.8M | $336.0M | ||
| Q1 25 | $10.5M | $322.0M | ||
| Q4 24 | $-255.7M | $212.0M | ||
| Q3 24 | $30.0M | $283.0M | ||
| Q2 24 | $-367.1M | $289.0M |
毛利率AGCOWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | 25.4% | 32.6% | ||
| Q3 25 | 26.1% | 34.7% | ||
| Q2 25 | 25.0% | 34.7% | ||
| Q1 25 | 25.4% | 34.5% | ||
| Q4 24 | 23.9% | 30.9% | ||
| Q3 24 | 23.2% | 33.0% | ||
| Q2 24 | 25.8% | 33.1% |
营业利润率AGCOWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | 7.9% | 12.0% | ||
| Q3 25 | 6.1% | 17.0% | ||
| Q2 25 | 6.2% | 17.4% | ||
| Q1 25 | 2.4% | 18.2% | ||
| Q4 24 | -9.3% | 12.9% | ||
| Q3 24 | 4.4% | 16.3% | ||
| Q2 24 | -7.4% | 16.3% |
净利率AGCOWAB
| Q1 26 | — | 12.3% | ||
| Q4 25 | 3.3% | 6.8% | ||
| Q3 25 | 12.3% | 10.7% | ||
| Q2 25 | 11.9% | 12.4% | ||
| Q1 25 | 0.5% | 12.3% | ||
| Q4 24 | -8.9% | 8.2% | ||
| Q3 24 | 1.2% | 10.6% | ||
| Q2 24 | -11.3% | 10.9% |
每股收益（稀释后）AGCOWAB
| Q1 26 | — | $2.12 | ||
| Q4 25 | $1.30 | $1.18 | ||
| Q3 25 | $4.09 | $1.81 | ||
| Q2 25 | $4.22 | $1.96 | ||
| Q1 25 | $0.14 | $1.88 | ||
| Q4 24 | $-3.42 | $1.24 | ||
| Q3 24 | $0.40 | $1.63 | ||
| Q2 24 | $-4.92 | $1.64 |
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 | $861.8M | — |
| 总债务越低越好 | $2.4B | $4.7B |
| 股东权益账面价值 | $4.3B | $11.1B |
| 总资产 | $11.9B | $23.2B |
| 负债/权益比越低杠杆越低 | 0.56× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资AGCOWAB
| Q1 26 | — | — | ||
| Q4 25 | $861.8M | — | ||
| Q3 25 | $884.1M | — | ||
| Q2 25 | $783.9M | — | ||
| Q1 25 | $562.6M | — | ||
| Q4 24 | $612.7M | — | ||
| Q3 24 | $622.6M | — | ||
| Q2 24 | $657.3M | — |
总债务AGCOWAB
| Q1 26 | — | $4.7B | ||
| Q4 25 | $2.4B | $5.5B | ||
| Q3 25 | $2.7B | $5.3B | ||
| Q2 25 | $2.8B | $4.8B | ||
| Q1 25 | $2.8B | $4.0B | ||
| Q4 24 | $2.6B | $4.0B | ||
| Q3 24 | $4.0B | $4.0B | ||
| Q2 24 | $3.9B | $4.0B |
股东权益AGCOWAB
| Q1 26 | — | $11.1B | ||
| Q4 25 | $4.3B | $11.1B | ||
| Q3 25 | $4.5B | $11.0B | ||
| Q2 25 | $4.2B | $10.8B | ||
| Q1 25 | $3.8B | $10.4B | ||
| Q4 24 | $3.7B | $10.1B | ||
| Q3 24 | $4.1B | $10.3B | ||
| Q2 24 | $4.1B | $10.5B |
总资产AGCOWAB
| Q1 26 | — | $23.2B | ||
| Q4 25 | $11.9B | $22.1B | ||
| Q3 25 | $12.5B | $21.5B | ||
| Q2 25 | $12.3B | $20.4B | ||
| Q1 25 | $11.5B | $19.1B | ||
| Q4 24 | $11.2B | $18.7B | ||
| Q3 24 | $13.5B | $18.6B | ||
| Q2 24 | $13.6B | $18.9B |
负债/权益比AGCOWAB
| Q1 26 | — | 0.42× | ||
| Q4 25 | 0.56× | 0.50× | ||
| Q3 25 | 0.61× | 0.48× | ||
| Q2 25 | 0.68× | 0.44× | ||
| Q1 25 | 0.74× | 0.39× | ||
| Q4 24 | 0.68× | 0.39× | ||
| Q3 24 | 0.95× | 0.39× | ||
| Q2 24 | 0.95× | 0.38× |
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 | $763.6M | $199.0M |
| 自由现金流经营现金流 - 资本支出 | $675.0M | — |
| 自由现金流率自由现金流/营收 | 23.1% | — |
| 资本支出强度资本支出/营收 | 3.0% | — |
| 现金转化率经营现金流/净利润 | 8.00× | 0.55× |
| 过去12个月自由现金流最近4个季度 | $740.2M | — |
8季度趋势，按日历期对齐
经营现金流AGCOWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $763.6M | $992.0M | ||
| Q3 25 | $71.0M | $367.0M | ||
| Q2 25 | $365.7M | $209.0M | ||
| Q1 25 | $-212.2M | $191.0M | ||
| Q4 24 | $797.9M | $723.0M | ||
| Q3 24 | $26.5M | $542.0M | ||
| Q2 24 | $235.5M | $235.0M |
自由现金流AGCOWAB
| Q1 26 | — | — | ||
| Q4 25 | $675.0M | $870.0M | ||
| Q3 25 | $2.1M | $312.0M | ||
| Q2 25 | $323.5M | $170.0M | ||
| Q1 25 | $-260.4M | $147.0M | ||
| Q4 24 | $683.9M | $639.0M | ||
| Q3 24 | $-59.8M | $496.0M | ||
| Q2 24 | $137.5M | $189.0M |
自由现金流率AGCOWAB
| Q1 26 | — | — | ||
| Q4 25 | 23.1% | 29.3% | ||
| Q3 25 | 0.1% | 10.8% | ||
| Q2 25 | 12.3% | 6.3% | ||
| Q1 25 | -12.7% | 5.6% | ||
| Q4 24 | 23.7% | 24.7% | ||
| Q3 24 | -2.3% | 18.6% | ||
| Q2 24 | 4.2% | 7.1% |
资本支出强度AGCOWAB
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 4.1% | ||
| Q3 25 | 2.8% | 1.9% | ||
| Q2 25 | 1.6% | 1.4% | ||
| Q1 25 | 2.4% | 1.7% | ||
| Q4 24 | 3.9% | 3.3% | ||
| Q3 24 | 3.3% | 1.7% | ||
| Q2 24 | 3.0% | 1.7% |
现金转化率AGCOWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | 8.00× | 4.91× | ||
| Q3 25 | 0.23× | 1.18× | ||
| Q2 25 | 1.16× | 0.62× | ||
| Q1 25 | -20.21× | 0.59× | ||
| Q4 24 | — | 3.41× | ||
| Q3 24 | 0.88× | 1.92× | ||
| Q2 24 | — | 0.81× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
