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A.O.史密斯（AOS）与Blue Bird Corp（BLBD）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Blue Bird Corp的2.7倍（$912.5M vs $333.1M）。A.O.史密斯净利率更高（13.7% vs 9.2%，领先4.5%）。Blue Bird Corp同比增速更快（6.1% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $31.1M）。过去两年Blue Bird Corp的营收复合增速更高（-1.9% 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。
蓝鸟公司是美国知名客车制造企业，总部位于佐治亚州福特瓦利，主打产品为校车，同时业务覆盖多种客车类型的生产，包括城市公交、旅居房车，以及移动图书馆、流动警务指挥中心等特种车辆。
AOS vs BLBD — 直观对比
营收规模更大
AOS
是对方的2.7倍
$333.1M
营收增速更快
BLBD
高出6.1%
0.0%
净利率更高
AOS
高出4.5%
9.2%
自由现金流更多
AOS
多$134.4M
$31.1M
两年增速更快
BLBD
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $333.1M |
| 净利润 | $125.4M | $30.8M |
| 毛利率 | 38.4% | 21.4% |
| 营业利润率 | 17.9% | 11.3% |
| 净利率 | 13.7% | 9.2% |
| 营收同比 | 0.0% | 6.1% |
| 净利润同比 | 14.3% | 7.1% |
| 每股收益（稀释后） | $0.89 | $0.94 |
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AOSBLBD
| Q4 25 | $912.5M | $333.1M | ||
| Q3 25 | $942.5M | $409.4M | ||
| Q2 25 | $1.0B | $398.0M | ||
| Q1 25 | $963.9M | $358.9M | ||
| Q4 24 | $912.4M | $313.9M | ||
| Q3 24 | $902.6M | $350.2M | ||
| Q2 24 | $1.0B | $333.4M | ||
| Q1 24 | $978.8M | $345.9M |
净利润AOSBLBD
| Q4 25 | $125.4M | $30.8M | ||
| Q3 25 | $132.0M | $36.5M | ||
| Q2 25 | $152.2M | $36.5M | ||
| Q1 25 | $136.6M | $26.0M | ||
| Q4 24 | $109.7M | $28.7M | ||
| Q3 24 | $120.1M | $24.7M | ||
| Q2 24 | $156.2M | $28.7M | ||
| Q1 24 | $147.6M | $26.0M |
毛利率AOSBLBD
| Q4 25 | 38.4% | 21.4% | ||
| Q3 25 | 38.7% | 21.1% | ||
| Q2 25 | 39.3% | 21.6% | ||
| Q1 25 | 38.9% | 19.7% | ||
| Q4 24 | 37.1% | 19.2% | ||
| Q3 24 | 37.4% | 17.0% | ||
| Q2 24 | 38.7% | 20.8% | ||
| Q1 24 | 39.3% | 18.4% |
营业利润率AOSBLBD
| Q4 25 | 17.9% | 11.3% | ||
| Q3 25 | 18.6% | 12.3% | ||
| Q2 25 | 20.4% | 12.6% | ||
| Q1 25 | 19.1% | 9.4% | ||
| Q4 24 | 10.1% | 10.5% | ||
| Q3 24 | 19.5% | 7.3% | ||
| Q2 24 | 21.9% | 11.9% | ||
| Q1 24 | 22.0% | 10.4% |
净利率AOSBLBD
| Q4 25 | 13.7% | 9.2% | ||
| Q3 25 | 14.0% | 8.9% | ||
| Q2 25 | 15.0% | 9.2% | ||
| Q1 25 | 14.2% | 7.3% | ||
| Q4 24 | 12.0% | 9.2% | ||
| Q3 24 | 13.3% | 7.0% | ||
| Q2 24 | 15.2% | 8.6% | ||
| Q1 24 | 15.1% | 7.5% |
每股收益（稀释后）AOSBLBD
| Q4 25 | $0.89 | $0.94 | ||
| Q3 25 | $0.94 | $1.11 | ||
| Q2 25 | $1.07 | $1.12 | ||
| Q1 25 | $0.95 | $0.79 | ||
| Q4 24 | $0.75 | $0.86 | ||
| Q3 24 | $0.82 | $0.71 | ||
| Q2 24 | $1.06 | $0.85 | ||
| Q1 24 | $1.00 | $0.79 |
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 | $241.7M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $271.4M |
| 总资产 | $3.1B | $642.3M |
| 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AOSBLBD
| Q4 25 | $193.2M | $241.7M | ||
| Q3 25 | $172.8M | $229.3M | ||
| Q2 25 | $177.9M | $173.1M | ||
| Q1 25 | $200.2M | $130.7M | ||
| Q4 24 | $276.1M | $136.1M | ||
| Q3 24 | $255.6M | $127.7M | ||
| Q2 24 | $233.3M | $88.4M | ||
| Q1 24 | $303.1M | $93.1M |
总债务AOSBLBD
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSBLBD
| Q4 25 | $1.9B | $271.4M | ||
| Q3 25 | $1.8B | $255.4M | ||
| Q2 25 | $1.8B | $221.8M | ||
| Q1 25 | $1.9B | $190.4M | ||
| Q4 24 | $1.9B | $179.7M | ||
| Q3 24 | $1.9B | $159.6M | ||
| Q2 24 | $1.9B | $137.3M | ||
| Q1 24 | $1.9B | $105.8M |
总资产AOSBLBD
| Q4 25 | $3.1B | $642.3M | ||
| Q3 25 | $3.2B | $625.3M | ||
| Q2 25 | $3.2B | $575.5M | ||
| Q1 25 | $3.3B | $543.7M | ||
| Q4 24 | $3.2B | $535.2M | ||
| Q3 24 | $3.2B | $524.9M | ||
| Q2 24 | $3.2B | $468.1M | ||
| Q1 24 | $3.2B | $456.5M |
负债/权益比AOSBLBD
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $36.6M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $31.1M |
| 自由现金流率自由现金流/营收 | 18.1% | 9.3% |
| 资本支出强度资本支出/营收 | 1.9% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.19× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $162.6M |
8季度趋势，按日历期对齐
经营现金流AOSBLBD
| Q4 25 | $183.1M | $36.6M | ||
| Q3 25 | $255.4M | $65.1M | ||
| Q2 25 | $139.6M | $56.9M | ||
| Q1 25 | $38.7M | $27.8M | ||
| Q4 24 | $221.9M | $26.4M | ||
| Q3 24 | $195.9M | $55.4M | ||
| Q2 24 | $57.4M | $989.0K | ||
| Q1 24 | $106.6M | $54.6M |
自由现金流AOSBLBD
| Q4 25 | $165.5M | $31.1M | ||
| Q3 25 | $240.6M | $60.5M | ||
| Q2 25 | $122.5M | $52.3M | ||
| Q1 25 | $17.4M | $18.7M | ||
| Q4 24 | $191.3M | $21.8M | ||
| Q3 24 | $163.4M | $50.2M | ||
| Q2 24 | $34.5M | $-3.5M | ||
| Q1 24 | $84.6M | $51.8M |
自由现金流率AOSBLBD
| Q4 25 | 18.1% | 9.3% | ||
| Q3 25 | 25.5% | 14.8% | ||
| Q2 25 | 12.1% | 13.1% | ||
| Q1 25 | 1.8% | 5.2% | ||
| Q4 24 | 21.0% | 7.0% | ||
| Q3 24 | 18.1% | 14.3% | ||
| Q2 24 | 3.4% | -1.1% | ||
| Q1 24 | 8.6% | 15.0% |
资本支出强度AOSBLBD
| Q4 25 | 1.9% | 1.6% | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.7% | 1.2% | ||
| Q1 25 | 2.2% | 2.5% | ||
| Q4 24 | 3.4% | 1.5% | ||
| Q3 24 | 3.6% | 1.5% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 2.2% | 0.8% |
现金转化率AOSBLBD
| Q4 25 | 1.46× | 1.19× | ||
| Q3 25 | 1.93× | 1.78× | ||
| Q2 25 | 0.92× | 1.56× | ||
| Q1 25 | 0.28× | 1.07× | ||
| Q4 24 | 2.02× | 0.92× | ||
| Q3 24 | 1.63× | 2.24× | ||
| Q2 24 | 0.37× | 0.03× | ||
| Q1 24 | 0.72× | 2.10× |
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% |
BLBD
| Alternative Fuel Buses | $151.4M | 45% |
| Diesel Buses | $144.9M | 43% |
| Parts | $24.8M | 7% |
| Other | $12.1M | 4% |
