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豪瑞（AMRZ）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
豪瑞的季度营收约是空气化工产品公司的1.2倍（$3.7B vs $3.1B）。空气化工产品公司净利率更高（21.9% vs 14.8%，领先7.0%）。豪瑞同比增速更快（6.6% vs 5.8%）。豪瑞自由现金流更多（$669.0M vs $-350.5M）
豪瑞是总部位于瑞士的全球领先建筑材料及骨料供应商，为豪瑞集团旗下核心业务板块。原公司于2015年7月10日与拉法基合并组建拉法基豪瑞，2021年正式更名为豪瑞集团，合并完成后豪瑞品牌仍在集团内正常运营。
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。
AMRZ vs APD — 直观对比
营收规模更大
AMRZ
是对方的1.2倍
$3.1B
营收增速更快
AMRZ
高出0.8%
5.8%
净利率更高
APD
高出7.0%
14.8%
自由现金流更多
AMRZ
多$1.0B
$-350.5M
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $3.1B |
| 净利润 | $545.0M | $678.2M |
| 毛利率 | 29.6% | 32.1% |
| 营业利润率 | 21.2% | 23.7% |
| 净利率 | 14.8% | 21.9% |
| 营收同比 | 6.6% | 5.8% |
| 净利润同比 | -1.4% | 9.8% |
| 每股收益（稀释后） | $0.98 | $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AMRZAPD
| Q4 25 | — | $3.1B | ||
| Q3 25 | $3.7B | $3.2B | ||
| Q2 25 | $3.2B | $3.0B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $3.4B | $3.2B | ||
| Q2 24 | $3.2B | $3.0B | ||
| Q1 24 | — | $2.9B |
净利润AMRZAPD
| Q4 25 | — | $678.2M | ||
| Q3 25 | $545.0M | $4.9M | ||
| Q2 25 | $429.0M | $713.8M | ||
| Q1 25 | — | $-1.7B | ||
| Q4 24 | — | $617.4M | ||
| Q3 24 | $553.0M | $1.9B | ||
| Q2 24 | $474.0M | $696.6M | ||
| Q1 24 | — | $572.4M |
毛利率AMRZAPD
| Q4 25 | — | 32.1% | ||
| Q3 25 | 29.6% | 32.3% | ||
| Q2 25 | 30.0% | 32.5% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 31.2% | ||
| Q3 24 | 30.2% | 34.0% | ||
| Q2 24 | 30.2% | 32.8% | ||
| Q1 24 | — | 32.0% |
营业利润率AMRZAPD
| Q4 25 | — | 23.7% | ||
| Q3 25 | 21.2% | 0.5% | ||
| Q2 25 | 20.8% | 26.2% | ||
| Q1 25 | — | -79.8% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | 24.5% | 76.1% | ||
| Q2 24 | 23.3% | 24.7% | ||
| Q1 24 | — | 21.7% |
净利率AMRZAPD
| Q4 25 | — | 21.9% | ||
| Q3 25 | 14.8% | 0.2% | ||
| Q2 25 | 13.3% | 23.6% | ||
| Q1 25 | — | -59.3% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | 16.0% | 61.2% | ||
| Q2 24 | 14.6% | 23.3% | ||
| Q1 24 | — | 19.5% |
每股收益（稀释后）AMRZAPD
| Q4 25 | — | $3.04 | ||
| Q3 25 | $0.98 | $0.03 | ||
| Q2 25 | $0.78 | $3.20 | ||
| Q1 25 | — | $-7.77 | ||
| Q4 24 | — | $2.77 | ||
| Q3 24 | $1.00 | $8.75 | ||
| Q2 24 | $0.86 | $3.13 | ||
| Q1 24 | — | $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 | $826.0M | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $12.9B | $15.4B |
| 总资产 | $24.0B | $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AMRZAPD
| Q4 25 | — | $1.0B | ||
| Q3 25 | $826.0M | $1.9B | ||
| Q2 25 | $601.0M | $2.3B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.6B |
股东权益AMRZAPD
| Q4 25 | — | $15.4B | ||
| Q3 25 | $12.9B | $15.0B | ||
| Q2 25 | $12.4B | $15.5B | ||
| Q1 25 | — | $14.7B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | $9.8B | $17.0B | ||
| Q2 24 | $9.3B | $15.1B | ||
| Q1 24 | — | $14.9B |
总资产AMRZAPD
| Q4 25 | — | $41.2B | ||
| Q3 25 | $24.0B | $41.1B | ||
| Q2 25 | $23.8B | $41.7B | ||
| Q1 25 | — | $38.9B | ||
| Q4 24 | — | $40.0B | ||
| Q3 24 | — | $39.6B | ||
| Q2 24 | — | $37.0B | ||
| Q1 24 | — | $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 | $854.0M | $900.7M |
| 自由现金流经营现金流 - 资本支出 | $669.0M | $-350.5M |
| 自由现金流率自由现金流/营收 | 18.2% | -11.3% |
| 资本支出强度资本支出/营收 | 5.0% | 40.3% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.33× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AMRZAPD
| Q4 25 | — | $900.7M | ||
| Q3 25 | $854.0M | — | ||
| Q2 25 | — | $855.8M | ||
| Q1 25 | — | $328.1M | ||
| Q4 24 | — | $811.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $801.7M |
自由现金流AMRZAPD
| Q4 25 | — | $-350.5M | ||
| Q3 25 | $669.0M | — | ||
| Q2 25 | — | $-640.0M | ||
| Q1 25 | — | $-1.6B | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-345.2M | ||
| Q1 24 | — | $-867.7M |
自由现金流率AMRZAPD
| Q4 25 | — | -11.3% | ||
| Q3 25 | 18.2% | — | ||
| Q2 25 | — | -21.2% | ||
| Q1 25 | — | -53.6% | ||
| Q4 24 | — | -44.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -11.6% | ||
| Q1 24 | — | -29.6% |
资本支出强度AMRZAPD
| Q4 25 | — | 40.3% | ||
| Q3 25 | 5.0% | 47.9% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | — | 64.9% | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 53.8% | ||
| Q1 24 | — | 57.0% |
现金转化率AMRZAPD
| Q4 25 | — | 1.33× | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 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
AMRZ
| Building Materials | $2.8B | 75% |
| Building Envelope | $901.0M | 25% |
| Equity Method Investee | $5.0M | 0% |
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
