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A.O.史密斯（AOS）与CLEAN HARBORS INC（CLH）财务数据对比。点击上方公司名可切换其他公司
CLEAN HARBORS INC的季度营收约是A.O.史密斯的1.6倍（$1.5B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 5.8%，领先8.0%）。CLEAN HARBORS INC同比增速更快（4.8% vs 0.0%）。CLEAN HARBORS INC自由现金流更多（$233.3M vs $165.5M）。过去两年CLEAN HARBORS INC的营收复合增速更高（4.4% 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。
总部位于美国马萨诸塞州诺韦尔的Clean Harbors是专业的商业客户废弃物管理与工业服务提供商，主营危险废弃物的收集、运输、处理及处置业务，同时提供非危险废弃物相关服务，目前在美加两国拥有870个运营网点，及包含焚烧厂、填埋场在内的100余座废弃物处置设施。
AOS vs CLH — 直观对比
营收规模更大
CLH
是对方的1.6倍
$912.5M
营收增速更快
CLH
高出4.8%
0.0%
净利率更高
AOS
高出8.0%
5.8%
自由现金流更多
CLH
多$67.8M
$165.5M
两年增速更快
CLH
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.5B |
| 净利润 | $125.4M | $86.6M |
| 毛利率 | 38.4% | 30.6% |
| 营业利润率 | 17.9% | 10.6% |
| 净利率 | 13.7% | 5.8% |
| 营收同比 | 0.0% | 4.8% |
| 净利润同比 | 14.3% | 3.1% |
| 每股收益（稀释后） | $0.89 | $1.62 |
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AOSCLH
| Q4 25 | $912.5M | $1.5B | ||
| Q3 25 | $942.5M | $1.5B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $963.9M | $1.4B | ||
| Q4 24 | $912.4M | $1.4B | ||
| Q3 24 | $902.6M | $1.5B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $978.8M | $1.4B |
净利润AOSCLH
| Q4 25 | $125.4M | $86.6M | ||
| Q3 25 | $132.0M | $118.8M | ||
| Q2 25 | $152.2M | $126.9M | ||
| Q1 25 | $136.6M | $58.7M | ||
| Q4 24 | $109.7M | $84.0M | ||
| Q3 24 | $120.1M | $115.2M | ||
| Q2 24 | $156.2M | $133.3M | ||
| Q1 24 | $147.6M | $69.8M |
毛利率AOSCLH
| Q4 25 | 38.4% | 30.6% | ||
| Q3 25 | 38.7% | 32.3% | ||
| Q2 25 | 39.3% | 33.3% | ||
| Q1 25 | 38.9% | 28.6% | ||
| Q4 24 | 37.1% | 29.9% | ||
| Q3 24 | 37.4% | 31.0% | ||
| Q2 24 | 38.7% | 33.3% | ||
| Q1 24 | 39.3% | 29.5% |
营业利润率AOSCLH
| Q4 25 | 17.9% | 10.6% | ||
| Q3 25 | 18.6% | 12.5% | ||
| Q2 25 | 20.4% | 13.6% | ||
| Q1 25 | 19.1% | 7.8% | ||
| Q4 24 | 10.1% | 9.6% | ||
| Q3 24 | 19.5% | 12.6% | ||
| Q2 24 | 21.9% | 13.9% | ||
| Q1 24 | 22.0% | 9.1% |
净利率AOSCLH
| Q4 25 | 13.7% | 5.8% | ||
| Q3 25 | 14.0% | 7.7% | ||
| Q2 25 | 15.0% | 8.2% | ||
| Q1 25 | 14.2% | 4.1% | ||
| Q4 24 | 12.0% | 5.9% | ||
| Q3 24 | 13.3% | 7.5% | ||
| Q2 24 | 15.2% | 8.6% | ||
| Q1 24 | 15.1% | 5.1% |
每股收益（稀释后）AOSCLH
| Q4 25 | $0.89 | $1.62 | ||
| Q3 25 | $0.94 | $2.21 | ||
| Q2 25 | $1.07 | $2.36 | ||
| Q1 25 | $0.95 | $1.09 | ||
| Q4 24 | $0.75 | $1.55 | ||
| Q3 24 | $0.82 | $2.12 | ||
| Q2 24 | $1.06 | $2.46 | ||
| Q1 24 | $1.00 | $1.29 |
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 | $127.4M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $2.7B |
| 总资产 | $3.1B | $7.6B |
| 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AOSCLH
| Q4 25 | $193.2M | $127.4M | ||
| Q3 25 | $172.8M | $91.2M | ||
| Q2 25 | $177.9M | $98.9M | ||
| Q1 25 | $200.2M | $105.9M | ||
| Q4 24 | $276.1M | $102.6M | ||
| Q3 24 | $255.6M | $82.4M | ||
| Q2 24 | $233.3M | $91.3M | ||
| Q1 24 | $303.1M | $104.8M |
总债务AOSCLH
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSCLH
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.8B | $2.8B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | $1.9B | $2.6B | ||
| Q3 24 | $1.9B | $2.5B | ||
| Q2 24 | $1.9B | $2.4B | ||
| Q1 24 | $1.9B | $2.3B |
总资产AOSCLH
| Q4 25 | $3.1B | $7.6B | ||
| Q3 25 | $3.2B | $7.5B | ||
| Q2 25 | $3.2B | $7.4B | ||
| Q1 25 | $3.3B | $7.2B | ||
| Q4 24 | $3.2B | $7.4B | ||
| Q3 24 | $3.2B | $7.3B | ||
| Q2 24 | $3.2B | $7.1B | ||
| Q1 24 | $3.2B | $6.9B |
负债/权益比AOSCLH
| 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 | $355.1M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $233.3M |
| 自由现金流率自由现金流/营收 | 18.1% | 15.6% |
| 资本支出强度资本支出/营收 | 1.9% | 8.1% |
| 现金转化率经营现金流/净利润 | 1.46× | 4.10× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $441.8M |
8季度趋势，按日历期对齐
经营现金流AOSCLH
| Q4 25 | $183.1M | $355.1M | ||
| Q3 25 | $255.4M | $302.0M | ||
| Q2 25 | $139.6M | $208.0M | ||
| Q1 25 | $38.7M | $1.6M | ||
| Q4 24 | $221.9M | $303.9M | ||
| Q3 24 | $195.9M | $239.2M | ||
| Q2 24 | $57.4M | $216.0M | ||
| Q1 24 | $106.6M | $18.5M |
自由现金流AOSCLH
| Q4 25 | $165.5M | $233.3M | ||
| Q3 25 | $240.6M | $207.5M | ||
| Q2 25 | $122.5M | $118.0M | ||
| Q1 25 | $17.4M | $-117.1M | ||
| Q4 24 | $191.3M | $241.5M | ||
| Q3 24 | $163.4M | $142.4M | ||
| Q2 24 | $34.5M | $80.9M | ||
| Q1 24 | $84.6M | $-119.4M |
自由现金流率AOSCLH
| Q4 25 | 18.1% | 15.6% | ||
| Q3 25 | 25.5% | 13.4% | ||
| Q2 25 | 12.1% | 7.6% | ||
| Q1 25 | 1.8% | -8.2% | ||
| Q4 24 | 21.0% | 16.9% | ||
| Q3 24 | 18.1% | 9.3% | ||
| Q2 24 | 3.4% | 5.2% | ||
| Q1 24 | 8.6% | -8.7% |
资本支出强度AOSCLH
| Q4 25 | 1.9% | 8.1% | ||
| Q3 25 | 1.6% | 6.1% | ||
| Q2 25 | 1.7% | 5.8% | ||
| Q1 25 | 2.2% | 8.3% | ||
| Q4 24 | 3.4% | 4.4% | ||
| Q3 24 | 3.6% | 6.3% | ||
| Q2 24 | 2.2% | 8.7% | ||
| Q1 24 | 2.2% | 10.0% |
现金转化率AOSCLH
| Q4 25 | 1.46× | 4.10× | ||
| Q3 25 | 1.93× | 2.54× | ||
| Q2 25 | 0.92× | 1.64× | ||
| Q1 25 | 0.28× | 0.03× | ||
| Q4 24 | 2.02× | 3.62× | ||
| Q3 24 | 1.63× | 2.08× | ||
| Q2 24 | 0.37× | 1.62× | ||
| Q1 24 | 0.72× | 0.27× |
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% |
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
