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A.O.史密斯（AOS）与AZZ INC（AZZ）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AZZ INC的2.4倍（$912.5M vs $385.1M）。A.O.史密斯净利率更高（13.7% vs 4.1%，领先9.6%）。A.O.史密斯同比增速更快（0.0% vs -75.6%）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -3.5%）
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。
AZZ公司是全球领先的金属防护解决方案供应商，主营热浸镀锌、表面涂层处理服务及特种电气、工业零部件，主要服务于北美及其他核心国际市场的建筑、能源、基建、制造等下游领域。
AOS vs AZZ — 直观对比
营收规模更大
AOS
是对方的2.4倍
$385.1M
营收增速更快
AOS
高出75.6%
-75.6%
净利率更高
AOS
高出9.6%
4.1%
两年增速更快
AOS
近两年复合增速
-3.5%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $385.1M |
| 净利润 | $125.4M | $15.9M |
| 毛利率 | 38.4% | 22.7% |
| 营业利润率 | 17.9% | 14.8% |
| 净利率 | 13.7% | 4.1% |
| 营收同比 | 0.0% | -75.6% |
| 净利润同比 | 14.3% | -21.2% |
| 每股收益（稀释后） | $0.89 | $0.53 |
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AOSAZZ
| Q4 26 | — | $385.1M | ||
| Q4 25 | $912.5M | $425.7M | ||
| Q3 25 | $942.5M | $417.3M | ||
| Q2 25 | $1.0B | $422.0M | ||
| Q1 25 | $963.9M | $351.9M | ||
| Q4 24 | $912.4M | $403.7M | ||
| Q3 24 | $902.6M | $409.0M | ||
| Q2 24 | $1.0B | $413.2M |
净利润AOSAZZ
| Q4 26 | — | $15.9M | ||
| Q4 25 | $125.4M | $41.1M | ||
| Q3 25 | $132.0M | $89.3M | ||
| Q2 25 | $152.2M | $170.9M | ||
| Q1 25 | $136.6M | $20.2M | ||
| Q4 24 | $109.7M | $33.6M | ||
| Q3 24 | $120.1M | $35.4M | ||
| Q2 24 | $156.2M | $39.6M |
毛利率AOSAZZ
| Q4 26 | — | 22.7% | ||
| Q4 25 | 38.4% | 23.9% | ||
| Q3 25 | 38.7% | 24.3% | ||
| Q2 25 | 39.3% | 24.7% | ||
| Q1 25 | 38.9% | 22.4% | ||
| Q4 24 | 37.1% | 24.2% | ||
| Q3 24 | 37.4% | 25.3% | ||
| Q2 24 | 38.7% | 24.8% |
营业利润率AOSAZZ
| Q4 26 | — | 14.8% | ||
| Q4 25 | 17.9% | 16.3% | ||
| Q3 25 | 18.6% | 16.4% | ||
| Q2 25 | 20.4% | 16.5% | ||
| Q1 25 | 19.1% | 11.5% | ||
| Q4 24 | 10.1% | 14.5% | ||
| Q3 24 | 19.5% | 16.5% | ||
| Q2 24 | 21.9% | 16.9% |
净利率AOSAZZ
| Q4 26 | — | 4.1% | ||
| Q4 25 | 13.7% | 9.6% | ||
| Q3 25 | 14.0% | 21.4% | ||
| Q2 25 | 15.0% | 40.5% | ||
| Q1 25 | 14.2% | 5.7% | ||
| Q4 24 | 12.0% | 8.3% | ||
| Q3 24 | 13.3% | 8.7% | ||
| Q2 24 | 15.2% | 9.6% |
每股收益（稀释后）AOSAZZ
| Q4 26 | — | $0.53 | ||
| Q4 25 | $0.89 | $1.36 | ||
| Q3 25 | $0.94 | $2.95 | ||
| Q2 25 | $1.07 | $5.66 | ||
| Q1 25 | $0.95 | $0.87 | ||
| Q4 24 | $0.75 | $1.12 | ||
| Q3 24 | $0.82 | $1.18 | ||
| Q2 24 | $1.06 | $-1.38 |
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 | $193.2M | — |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $1.3B |
| 总资产 | $3.1B | $2.2B |
| 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AOSAZZ
| Q4 26 | — | — | ||
| Q4 25 | $193.2M | $623.0K | ||
| Q3 25 | $172.8M | $897.0K | ||
| Q2 25 | $177.9M | $3.0M | ||
| Q1 25 | $200.2M | $1.5M | ||
| Q4 24 | $276.1M | $1.5M | ||
| Q3 24 | $255.6M | $2.2M | ||
| Q2 24 | $233.3M | $10.5M |
总债务AOSAZZ
| Q4 26 | — | — | ||
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益AOSAZZ
| Q4 26 | — | $1.3B | ||
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.9B | $1.0B | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.9B | $999.8M | ||
| Q2 24 | $1.9B | $967.2M |
总资产AOSAZZ
| Q4 26 | — | $2.2B | ||
| Q4 25 | $3.1B | $2.2B | ||
| Q3 25 | $3.2B | $2.2B | ||
| Q2 25 | $3.2B | $2.2B | ||
| Q1 25 | $3.3B | $2.2B | ||
| Q4 24 | $3.2B | $2.2B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.2B | $2.2B |
负债/权益比AOSAZZ
| Q4 26 | — | — | ||
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $183.1M | $525.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | — |
| 自由现金流率自由现金流/营收 | 18.1% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 1.46× | 32.98× |
| 过去12个月自由现金流最近4个季度 | $546.0M | — |
8季度趋势，按日历期对齐
经营现金流AOSAZZ
| Q4 26 | — | $525.4M | ||
| Q4 25 | $183.1M | $79.7M | ||
| Q3 25 | $255.4M | $58.4M | ||
| Q2 25 | $139.6M | $314.8M | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $221.9M | $66.2M | ||
| Q3 24 | $195.9M | $47.5M | ||
| Q2 24 | $57.4M | $71.9M |
自由现金流AOSAZZ
| Q4 26 | — | — | ||
| Q4 25 | $165.5M | $61.2M | ||
| Q3 25 | $240.6M | $39.1M | ||
| Q2 25 | $122.5M | $293.9M | ||
| Q1 25 | $17.4M | — | ||
| Q4 24 | $191.3M | $39.7M | ||
| Q3 24 | $163.4M | $15.4M | ||
| Q2 24 | $34.5M | $44.5M |
自由现金流率AOSAZZ
| Q4 26 | — | — | ||
| Q4 25 | 18.1% | 14.4% | ||
| Q3 25 | 25.5% | 9.4% | ||
| Q2 25 | 12.1% | 69.6% | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 21.0% | 9.8% | ||
| Q3 24 | 18.1% | 3.8% | ||
| Q2 24 | 3.4% | 10.8% |
资本支出强度AOSAZZ
| Q4 26 | — | — | ||
| Q4 25 | 1.9% | 4.4% | ||
| Q3 25 | 1.6% | 4.6% | ||
| Q2 25 | 1.7% | 5.0% | ||
| Q1 25 | 2.2% | 8.5% | ||
| Q4 24 | 3.4% | 6.6% | ||
| Q3 24 | 3.6% | 7.8% | ||
| Q2 24 | 2.2% | 6.6% |
现金转化率AOSAZZ
| Q4 26 | — | 32.98× | ||
| Q4 25 | 1.46× | 1.94× | ||
| Q3 25 | 1.93× | 0.65× | ||
| Q2 25 | 0.92× | 1.84× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 1.97× | ||
| Q3 24 | 1.63× | 1.34× | ||
| Q2 24 | 0.37× | 1.82× |
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
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
AZZ
| Precoat Metals | $203.5M | 53% |
| Metal Coatings | $186.5M | 48% |
