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A.O.史密斯（AOS）与CNH Industrial N.V.（CNH）财务数据对比。点击上方公司名可切换其他公司
CNH Industrial N.V.的季度营收约是A.O.史密斯的4.9倍（$4.5B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 1.9%，领先11.8%）。CNH Industrial N.V.同比增速更快（7.8% vs 0.0%）。过去两年CNH Industrial N.V.的营收复合增速更高（3.8% 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。
CNH Industrial是意美跨国企业，全球总部位于英国巴西尔登，由跨国投资公司Exor控股，实际控制方为阿涅利家族。公司核心业务涵盖农业机械、工程设备的设计、生产及销售，覆盖全球所有主要市场，目前正重点拓展高增长市场的业务布局。
AOS vs CNH — 直观对比
营收规模更大
CNH
是对方的4.9倍
$912.5M
营收增速更快
CNH
高出7.8%
0.0%
净利率更高
AOS
高出11.8%
1.9%
两年增速更快
CNH
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $4.5B |
| 净利润 | $125.4M | $86.0M |
| 毛利率 | 38.4% | 18.4% |
| 营业利润率 | 17.9% | 3.0% |
| 净利率 | 13.7% | 1.9% |
| 营收同比 | 0.0% | 7.8% |
| 净利润同比 | 14.3% | -18.9% |
| 每股收益（稀释后） | $0.89 | $0.08 |
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AOSCNH
| Q4 25 | $912.5M | $4.5B | ||
| Q3 25 | $942.5M | $3.7B | ||
| Q2 25 | $1.0B | $4.0B | ||
| Q1 25 | $963.9M | $3.2B | ||
| Q4 24 | $912.4M | $4.1B | ||
| Q3 24 | $902.6M | $4.0B | ||
| Q2 24 | $1.0B | $4.8B | ||
| Q1 24 | $978.8M | $4.1B |
净利润AOSCNH
| Q4 25 | $125.4M | $86.0M | ||
| Q3 25 | $132.0M | $80.0M | ||
| Q2 25 | $152.2M | $213.0M | ||
| Q1 25 | $136.6M | $131.0M | ||
| Q4 24 | $109.7M | $106.0M | ||
| Q3 24 | $120.1M | $306.0M | ||
| Q2 24 | $156.2M | $433.0M | ||
| Q1 24 | $147.6M | $401.0M |
毛利率AOSCNH
| Q4 25 | 38.4% | 18.4% | ||
| Q3 25 | 38.7% | 19.1% | ||
| Q2 25 | 39.3% | 20.6% | ||
| Q1 25 | 38.9% | 19.0% | ||
| Q4 24 | 37.1% | 19.5% | ||
| Q3 24 | 37.4% | 21.7% | ||
| Q2 24 | 38.7% | 22.9% | ||
| Q1 24 | 39.3% | 22.7% |
营业利润率AOSCNH
| Q4 25 | 17.9% | 3.0% | ||
| Q3 25 | 18.6% | 1.4% | ||
| Q2 25 | 20.4% | 6.8% | ||
| Q1 25 | 19.1% | 5.1% | ||
| Q4 24 | 10.1% | 5.8% | ||
| Q3 24 | 19.5% | 9.6% | ||
| Q2 24 | 21.9% | 11.1% | ||
| Q1 24 | 22.0% | 11.6% |
净利率AOSCNH
| Q4 25 | 13.7% | 1.9% | ||
| Q3 25 | 14.0% | 2.2% | ||
| Q2 25 | 15.0% | 5.3% | ||
| Q1 25 | 14.2% | 4.1% | ||
| Q4 24 | 12.0% | 2.6% | ||
| Q3 24 | 13.3% | 7.7% | ||
| Q2 24 | 15.2% | 9.0% | ||
| Q1 24 | 15.1% | 9.7% |
每股收益（稀释后）AOSCNH
| Q4 25 | $0.89 | $0.08 | ||
| Q3 25 | $0.94 | $0.06 | ||
| Q2 25 | $1.07 | $0.17 | ||
| Q1 25 | $0.95 | $0.10 | ||
| Q4 24 | $0.75 | $0.10 | ||
| Q3 24 | $0.82 | $0.24 | ||
| Q2 24 | $1.06 | $0.34 | ||
| Q1 24 | $1.00 | $0.31 |
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 | $2.6B |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $7.8B |
| 总资产 | $3.1B | $42.7B |
| 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AOSCNH
| Q4 25 | $193.2M | $2.6B | ||
| Q3 25 | $172.8M | $2.3B | ||
| Q2 25 | $177.9M | $2.5B | ||
| Q1 25 | $200.2M | $1.7B | ||
| Q4 24 | $276.1M | $3.2B | ||
| Q3 24 | $255.6M | $1.8B | ||
| Q2 24 | $233.3M | $2.0B | ||
| Q1 24 | $303.1M | $3.2B |
总债务AOSCNH
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSCNH
| Q4 25 | $1.9B | $7.8B | ||
| Q3 25 | $1.8B | $7.8B | ||
| Q2 25 | $1.8B | $7.8B | ||
| Q1 25 | $1.9B | $7.9B | ||
| Q4 24 | $1.9B | $7.7B | ||
| Q3 24 | $1.9B | $7.7B | ||
| Q2 24 | $1.9B | $7.6B | ||
| Q1 24 | $1.9B | $8.0B |
总资产AOSCNH
| Q4 25 | $3.1B | $42.7B | ||
| Q3 25 | $3.2B | $43.3B | ||
| Q2 25 | $3.2B | $43.7B | ||
| Q1 25 | $3.3B | $42.1B | ||
| Q4 24 | $3.2B | $42.9B | ||
| Q3 24 | $3.2B | $44.0B | ||
| Q2 24 | $3.2B | $44.0B | ||
| Q1 24 | $3.2B | $45.7B |
负债/权益比AOSCNH
| 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 | $945.0M |
| 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× | 10.99× |
| 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AOSCNH
| Q4 25 | $183.1M | $945.0M | ||
| Q3 25 | $255.4M | $659.0M | ||
| Q2 25 | $139.6M | $772.0M | ||
| Q1 25 | $38.7M | $162.0M | ||
| Q4 24 | $221.9M | $1.7B | ||
| Q3 24 | $195.9M | $791.0M | ||
| Q2 24 | $57.4M | $379.0M | ||
| Q1 24 | $106.6M | $-894.0M |
自由现金流AOSCNH
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | — | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $17.4M | — | ||
| Q4 24 | $191.3M | — | ||
| Q3 24 | $163.4M | — | ||
| Q2 24 | $34.5M | — | ||
| Q1 24 | $84.6M | — |
自由现金流率AOSCNH
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | — | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 21.0% | — | ||
| Q3 24 | 18.1% | — | ||
| Q2 24 | 3.4% | — | ||
| Q1 24 | 8.6% | — |
资本支出强度AOSCNH
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 2.2% | — |
现金转化率AOSCNH
| Q4 25 | 1.46× | 10.99× | ||
| Q3 25 | 1.93× | 8.24× | ||
| Q2 25 | 0.92× | 3.62× | ||
| Q1 25 | 0.28× | 1.24× | ||
| Q4 24 | 2.02× | 15.96× | ||
| Q3 24 | 1.63× | 2.58× | ||
| Q2 24 | 0.37× | 0.88× | ||
| Q1 24 | 0.72× | -2.23× |
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% |
CNH
| Agricultural Equipment Segment | $3.6B | 81% |
| Construction Equipment Segment | $853.0M | 19% |
| Services | $18.0M | 0% |
