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A.O.史密斯（AOS）与BENCHMARK ELECTRONICS INC（BHE）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BENCHMARK ELECTRONICS INC的1.3倍（$912.5M vs $725.8M），BENCHMARK ELECTRONICS INC同比增速更快（6.2% vs 0.0%），A.O.史密斯自由现金流更多（$165.5M vs $48.2M），过去两年BENCHMARK ELECTRONICS INC的营收复合增速更高（1.1% vs -3.4%）
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。
Benchmark Electronics Inc是总部位于美国亚利桑那州坦佩市的电子制造服务（EMS）、原始设计制造（ODM）及原始设备制造（OEM）企业，为客户提供专业的合同制造服务，业务覆盖全球多个区域的电子产业链需求。
AOS vs BHE — 直观对比
营收规模更大
AOS
是对方的1.3倍
$725.8M
营收增速更快
BHE
高出6.2%
0.0%
自由现金流更多
AOS
多$117.3M
$48.2M
两年增速更快
BHE
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $725.8M |
| 净利润 | $125.4M | — |
| 毛利率 | 38.4% | 10.2% |
| 营业利润率 | 17.9% | 2.8% |
| 净利率 | 13.7% | — |
| 营收同比 | 0.0% | 6.2% |
| 净利润同比 | 14.3% | — |
| 每股收益（稀释后） | $0.89 | $0.16 |
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AOSBHE
| Q4 25 | $912.5M | $725.8M | ||
| Q3 25 | $942.5M | $702.6M | ||
| Q2 25 | $1.0B | $665.7M | ||
| Q1 25 | $963.9M | $654.6M | ||
| Q4 24 | $912.4M | $683.6M | ||
| Q3 24 | $902.6M | $680.0M | ||
| Q2 24 | $1.0B | $686.7M | ||
| Q1 24 | $978.8M | $710.6M |
净利润AOSBHE
| Q4 25 | $125.4M | — | ||
| Q3 25 | $132.0M | $14.3M | ||
| Q2 25 | $152.2M | $972.0K | ||
| Q1 25 | $136.6M | $3.6M | ||
| Q4 24 | $109.7M | — | ||
| Q3 24 | $120.1M | $15.4M | ||
| Q2 24 | $156.2M | $15.5M | ||
| Q1 24 | $147.6M | $14.0M |
毛利率AOSBHE
| Q4 25 | 38.4% | 10.2% | ||
| Q3 25 | 38.7% | 9.7% | ||
| Q2 25 | 39.3% | 9.7% | ||
| Q1 25 | 38.9% | 9.7% | ||
| Q4 24 | 37.1% | 9.9% | ||
| Q3 24 | 37.4% | 9.8% | ||
| Q2 24 | 38.7% | 9.9% | ||
| Q1 24 | 39.3% | 9.5% |
营业利润率AOSBHE
| Q4 25 | 17.9% | 2.8% | ||
| Q3 25 | 18.6% | 3.4% | ||
| Q2 25 | 20.4% | 3.1% | ||
| Q1 25 | 19.1% | 1.8% | ||
| Q4 24 | 10.1% | 4.2% | ||
| Q3 24 | 19.5% | 4.1% | ||
| Q2 24 | 21.9% | 4.0% | ||
| Q1 24 | 22.0% | 3.6% |
净利率AOSBHE
| Q4 25 | 13.7% | — | ||
| Q3 25 | 14.0% | 2.0% | ||
| Q2 25 | 15.0% | 0.1% | ||
| Q1 25 | 14.2% | 0.6% | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 13.3% | 2.3% | ||
| Q2 24 | 15.2% | 2.3% | ||
| Q1 24 | 15.1% | 2.0% |
每股收益（稀释后）AOSBHE
| Q4 25 | $0.89 | $0.16 | ||
| Q3 25 | $0.94 | $0.39 | ||
| Q2 25 | $1.07 | $0.03 | ||
| Q1 25 | $0.95 | $0.10 | ||
| Q4 24 | $0.75 | $0.43 | ||
| Q3 24 | $0.82 | $0.42 | ||
| Q2 24 | $1.06 | $0.43 | ||
| Q1 24 | $1.00 | $0.38 |
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 | $322.1M |
| 总债务越低越好 | $155.0M | $206.8M |
| 股东权益账面价值 | $1.9B | $1.1B |
| 总资产 | $3.1B | $2.1B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资AOSBHE
| Q4 25 | $193.2M | $322.1M | ||
| Q3 25 | $172.8M | $285.4M | ||
| Q2 25 | $177.9M | $264.6M | ||
| Q1 25 | $200.2M | $355.3M | ||
| Q4 24 | $276.1M | $315.2M | ||
| Q3 24 | $255.6M | $324.4M | ||
| Q2 24 | $233.3M | $309.3M | ||
| Q1 24 | $303.1M | $296.1M |
总债务AOSBHE
| Q4 25 | $155.0M | $206.8M | ||
| Q3 25 | — | $212.6M | ||
| Q2 25 | — | $203.4M | ||
| Q1 25 | — | $268.9M | ||
| Q4 24 | $193.2M | $250.5M | ||
| Q3 24 | — | $272.0M | ||
| Q2 24 | — | $283.6M | ||
| Q1 24 | — | $310.1M |
股东权益AOSBHE
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.9B | $1.1B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $1.9B | $1.1B |
总资产AOSBHE
| Q4 25 | $3.1B | $2.1B | ||
| Q3 25 | $3.2B | $2.1B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.3B | $2.1B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $3.2B | $2.1B | ||
| Q2 24 | $3.2B | $2.2B | ||
| Q1 24 | $3.2B | $2.2B |
负债/权益比AOSBHE
| Q4 25 | 0.08× | 0.19× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 0.10× | 0.23× | ||
| Q3 24 | — | 0.25× | ||
| Q2 24 | — | 0.26× | ||
| Q1 24 | — | 0.29× |
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 | $58.7M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $48.2M |
| 自由现金流率自由现金流/营收 | 18.1% | 6.6% |
| 资本支出强度资本支出/营收 | 1.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $546.0M | $88.4M |
8季度趋势，按日历期对齐
经营现金流AOSBHE
| Q4 25 | $183.1M | $58.7M | ||
| Q3 25 | $255.4M | $36.6M | ||
| Q2 25 | $139.6M | $-2.8M | ||
| Q1 25 | $38.7M | $31.5M | ||
| Q4 24 | $221.9M | $45.9M | ||
| Q3 24 | $195.9M | $39.0M | ||
| Q2 24 | $57.4M | $55.8M | ||
| Q1 24 | $106.6M | $48.5M |
自由现金流AOSBHE
| Q4 25 | $165.5M | $48.2M | ||
| Q3 25 | $240.6M | $25.8M | ||
| Q2 25 | $122.5M | $-13.8M | ||
| Q1 25 | $17.4M | $28.1M | ||
| Q4 24 | $191.3M | $37.2M | ||
| Q3 24 | $163.4M | $29.2M | ||
| Q2 24 | $34.5M | $48.2M | ||
| Q1 24 | $84.6M | $43.3M |
自由现金流率AOSBHE
| Q4 25 | 18.1% | 6.6% | ||
| Q3 25 | 25.5% | 3.7% | ||
| Q2 25 | 12.1% | -2.1% | ||
| Q1 25 | 1.8% | 4.3% | ||
| Q4 24 | 21.0% | 5.4% | ||
| Q3 24 | 18.1% | 4.3% | ||
| Q2 24 | 3.4% | 7.0% | ||
| Q1 24 | 8.6% | 6.1% |
资本支出强度AOSBHE
| Q4 25 | 1.9% | 1.4% | ||
| Q3 25 | 1.6% | 1.5% | ||
| Q2 25 | 1.7% | 1.7% | ||
| Q1 25 | 2.2% | 0.5% | ||
| Q4 24 | 3.4% | 1.3% | ||
| Q3 24 | 3.6% | 1.4% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 2.2% | 0.7% |
现金转化率AOSBHE
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 2.57× | ||
| Q2 25 | 0.92× | -2.90× | ||
| Q1 25 | 0.28× | 8.65× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 2.54× | ||
| Q2 24 | 0.37× | 3.59× | ||
| Q1 24 | 0.72× | 3.46× |
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% |
BHE
| Other | $384.9M | 53% |
| Aerospace And Defense Sector | $107.6M | 15% |
| Healthcare Sector | $81.7M | 11% |
| Advanced Computing And Communications Sector | $70.0M | 10% |
| Semi Cap Sector | $45.4M | 6% |
| Industrial Sector | $25.2M | 3% |
| Intersegment Sales | $11.0M | 2% |
