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艾里逊变速箱控股公司（ALSN）与博格华纳（BWA）财务数据对比。点击上方公司名可切换其他公司
博格华纳的季度营收约是艾里逊变速箱控股公司的4.8倍（$3.6B vs $737.0M）。艾里逊变速箱控股公司净利率更高（13.4% vs -7.3%，领先20.8%）。博格华纳同比增速更快（3.9% vs -7.4%）。博格华纳自由现金流更多（$457.0M vs $169.0M）。过去两年博格华纳的营收复合增速更高（-0.3% vs -3.4%）
艾里逊变速箱控股公司是美国商用自动变速箱及混合动力推进系统生产商，产品获全球250余家整车厂商指定采用，广泛应用于公交、环卫、消防、工程建设、物流配送、军工等多个领域及特种作业场景。
博格华纳是总部位于美国密歇根州奥本山的汽车及电动出行零部件供应商，位列全球前25大汽车供应商之列。截至2023年，公司在24个国家设有92处生产基地，年营收142亿美元，员工约3.99万人，2025年2月起由约瑟夫·法杜尔担任首席执行官。
ALSN vs BWA — 直观对比
营收规模更大
BWA
是对方的4.8倍
$737.0M
营收增速更快
BWA
高出11.3%
-7.4%
净利率更高
ALSN
高出20.8%
-7.3%
自由现金流更多
BWA
多$288.0M
$169.0M
两年增速更快
BWA
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $737.0M | $3.6B |
| 净利润 | $99.0M | $-262.0M |
| 毛利率 | 48.0% | 20.5% |
| 营业利润率 | 23.2% | -6.7% |
| 净利率 | 13.4% | -7.3% |
| 营收同比 | -7.4% | 3.9% |
| 净利润同比 | -43.4% | 35.3% |
| 每股收益（稀释后） | $1.18 | $-1.20 |
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ALSNBWA
| Q4 25 | $737.0M | $3.6B | ||
| Q3 25 | $693.0M | $3.6B | ||
| Q2 25 | $814.0M | $3.6B | ||
| Q1 25 | $766.0M | $3.5B | ||
| Q4 24 | $796.0M | $3.4B | ||
| Q3 24 | $824.0M | $3.4B | ||
| Q2 24 | $816.0M | $3.6B | ||
| Q1 24 | $789.0M | $3.6B |
净利润ALSNBWA
| Q4 25 | $99.0M | $-262.0M | ||
| Q3 25 | $137.0M | $158.0M | ||
| Q2 25 | $195.0M | $224.0M | ||
| Q1 25 | $192.0M | $157.0M | ||
| Q4 24 | $175.0M | $-405.0M | ||
| Q3 24 | $200.0M | $234.0M | ||
| Q2 24 | $187.0M | $303.0M | ||
| Q1 24 | $169.0M | $206.0M |
毛利率ALSNBWA
| Q4 25 | 48.0% | 20.5% | ||
| Q3 25 | 47.5% | 18.5% | ||
| Q2 25 | 49.4% | 17.6% | ||
| Q1 25 | 49.3% | 18.2% | ||
| Q4 24 | 46.9% | 19.9% | ||
| Q3 24 | 48.1% | 18.4% | ||
| Q2 24 | 48.3% | 19.0% | ||
| Q1 24 | 46.4% | 17.9% |
营业利润率ALSNBWA
| Q4 25 | 23.2% | -6.7% | ||
| Q3 25 | 29.4% | 6.9% | ||
| Q2 25 | 31.4% | 7.9% | ||
| Q1 25 | 32.5% | 6.7% | ||
| Q4 24 | 29.5% | -9.2% | ||
| Q3 24 | 31.6% | 7.8% | ||
| Q2 24 | 32.2% | 8.2% | ||
| Q1 24 | 29.7% | 8.2% |
净利率ALSNBWA
| Q4 25 | 13.4% | -7.3% | ||
| Q3 25 | 19.8% | 4.4% | ||
| Q2 25 | 24.0% | 6.2% | ||
| Q1 25 | 25.1% | 4.5% | ||
| Q4 24 | 22.0% | -11.8% | ||
| Q3 24 | 24.3% | 6.8% | ||
| Q2 24 | 22.9% | 8.4% | ||
| Q1 24 | 21.4% | 5.7% |
每股收益（稀释后）ALSNBWA
| Q4 25 | $1.18 | $-1.20 | ||
| Q3 25 | $1.63 | $0.73 | ||
| Q2 25 | $2.29 | $1.03 | ||
| Q1 25 | $2.23 | $0.72 | ||
| Q4 24 | $2.01 | $-1.78 | ||
| Q3 24 | $2.27 | $1.04 | ||
| Q2 24 | $2.13 | $1.34 | ||
| Q1 24 | $1.90 | $0.90 |
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 | $1.5B | — |
| 总债务越低越好 | $2.9B | $3.9B |
| 股东权益账面价值 | $1.9B | $5.4B |
| 总资产 | $6.1B | $13.8B |
| 负债/权益比越低杠杆越低 | 1.56× | 0.72× |
8季度趋势，按日历期对齐
现金及短期投资ALSNBWA
| Q4 25 | $1.5B | — | ||
| Q3 25 | $902.0M | — | ||
| Q2 25 | $778.0M | — | ||
| Q1 25 | $753.0M | — | ||
| Q4 24 | $781.0M | — | ||
| Q3 24 | $788.0M | — | ||
| Q2 24 | $648.0M | — | ||
| Q1 24 | $551.0M | — |
总债务ALSNBWA
| Q4 25 | $2.9B | $3.9B | ||
| Q3 25 | $2.4B | $3.9B | ||
| Q2 25 | $2.4B | $3.9B | ||
| Q1 25 | $2.4B | $3.8B | ||
| Q4 24 | $2.4B | $3.8B | ||
| Q3 24 | $2.4B | $4.2B | ||
| Q2 24 | $2.4B | $3.3B | ||
| Q1 24 | $2.4B | $3.3B |
股东权益ALSNBWA
| Q4 25 | $1.9B | $5.4B | ||
| Q3 25 | $1.8B | $6.0B | ||
| Q2 25 | $1.8B | $5.9B | ||
| Q1 25 | $1.7B | $5.7B | ||
| Q4 24 | $1.7B | $5.5B | ||
| Q3 24 | $1.6B | $6.2B | ||
| Q2 24 | $1.5B | $6.1B | ||
| Q1 24 | $1.3B | $5.8B |
总资产ALSNBWA
| Q4 25 | $6.1B | $13.8B | ||
| Q3 25 | $5.5B | $14.5B | ||
| Q2 25 | $5.4B | $14.4B | ||
| Q1 25 | $5.4B | $13.8B | ||
| Q4 24 | $5.3B | $14.0B | ||
| Q3 24 | $5.4B | $15.1B | ||
| Q2 24 | $5.2B | $14.1B | ||
| Q1 24 | $5.1B | $14.1B |
负债/权益比ALSNBWA
| Q4 25 | 1.56× | 0.72× | ||
| Q3 25 | 1.31× | 0.65× | ||
| Q2 25 | 1.38× | 0.66× | ||
| Q1 25 | 1.45× | 0.66× | ||
| Q4 24 | 1.46× | 0.68× | ||
| Q3 24 | 1.49× | 0.68× | ||
| Q2 24 | 1.63× | 0.54× | ||
| Q1 24 | 1.80× | 0.56× |
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 | $243.0M | $619.0M |
| 自由现金流经营现金流 - 资本支出 | $169.0M | $457.0M |
| 自由现金流率自由现金流/营收 | 22.9% | 12.8% |
| 资本支出强度资本支出/营收 | 10.0% | 4.5% |
| 现金转化率经营现金流/净利润 | 2.45× | — |
| 过去12个月自由现金流最近4个季度 | $661.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ALSNBWA
| Q4 25 | $243.0M | $619.0M | ||
| Q3 25 | $228.0M | $368.0M | ||
| Q2 25 | $184.0M | $579.0M | ||
| Q1 25 | $181.0M | $82.0M | ||
| Q4 24 | $211.0M | $682.0M | ||
| Q3 24 | $246.0M | $356.0M | ||
| Q2 24 | $171.0M | $462.0M | ||
| Q1 24 | $173.0M | $-118.0M |
自由现金流ALSNBWA
| Q4 25 | $169.0M | $457.0M | ||
| Q3 25 | $184.0M | $257.0M | ||
| Q2 25 | $153.0M | $502.0M | ||
| Q1 25 | $155.0M | $-37.0M | ||
| Q4 24 | $136.0M | $521.0M | ||
| Q3 24 | $210.0M | $201.0M | ||
| Q2 24 | $150.0M | $297.0M | ||
| Q1 24 | $162.0M | $-308.0M |
自由现金流率ALSNBWA
| Q4 25 | 22.9% | 12.8% | ||
| Q3 25 | 26.6% | 7.2% | ||
| Q2 25 | 18.8% | 13.8% | ||
| Q1 25 | 20.2% | -1.1% | ||
| Q4 24 | 17.1% | 15.1% | ||
| Q3 24 | 25.5% | 5.8% | ||
| Q2 24 | 18.4% | 8.2% | ||
| Q1 24 | 20.5% | -8.6% |
资本支出强度ALSNBWA
| Q4 25 | 10.0% | 4.5% | ||
| Q3 25 | 6.3% | 3.1% | ||
| Q2 25 | 3.8% | 2.1% | ||
| Q1 25 | 3.4% | 3.4% | ||
| Q4 24 | 9.4% | 4.7% | ||
| Q3 24 | 4.4% | 4.5% | ||
| Q2 24 | 2.6% | 4.6% | ||
| Q1 24 | 1.4% | 5.3% |
现金转化率ALSNBWA
| Q4 25 | 2.45× | — | ||
| Q3 25 | 1.66× | 2.33× | ||
| Q2 25 | 0.94× | 2.58× | ||
| Q1 25 | 0.94× | 0.52× | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.23× | 1.52× | ||
| Q2 24 | 0.91× | 1.52× | ||
| Q1 24 | 1.02× | -0.57× |
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
ALSN
| North America On Highway | $361.0M | 49% |
| Service Parts Support Equipment And Other | $160.0M | 22% |
| Outside North America On Highway | $131.0M | 18% |
| Defense | $73.0M | 10% |
| Global Off-Highway | $12.0M | 2% |
BWA
| Foundational Products | $2.9B | 81% |
| Drivetrain Morse Systems | $506.0M | 14% |
| Power Drive Systems | $112.0M | 3% |
| Battery Charging Systems | $64.0M | 2% |
