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A.O.史密斯（AOS）与唐纳森（DCI）财务数据对比。点击上方公司名可切换其他公司
唐纳森的季度营收约是A.O.史密斯的1.0倍（$935.4M vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 12.2%，领先1.6%）。唐纳森同比增速更快（3.9% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $111.2M）。过去两年唐纳森的营收复合增速更高（3.3% 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。
唐纳森是全球知名的过滤解决方案提供商，主要生产销售适配工商业、航空航天、化工、新能源（风电）、食品饮料、医药等多领域的过滤产品，其位于明尼苏达州明尼阿波利斯的研发部门也参与多项军事应用相关的国防项目。
AOS vs DCI — 直观对比
营收规模更大
DCI
是对方的1.0倍
$912.5M
营收增速更快
DCI
高出3.9%
0.0%
净利率更高
AOS
高出1.6%
12.2%
自由现金流更多
AOS
多$54.3M
$111.2M
两年增速更快
DCI
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $935.4M |
| 净利润 | $125.4M | $113.9M |
| 毛利率 | 38.4% | 35.2% |
| 营业利润率 | 17.9% | 16.0% |
| 净利率 | 13.7% | 12.2% |
| 营收同比 | 0.0% | 3.9% |
| 净利润同比 | 14.3% | 15.1% |
| 每股收益（稀释后） | $0.89 | $0.97 |
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AOSDCI
| Q4 25 | $912.5M | $935.4M | ||
| Q3 25 | $942.5M | $980.7M | ||
| Q2 25 | $1.0B | $940.1M | ||
| Q1 25 | $963.9M | $870.0M | ||
| Q4 24 | $912.4M | $900.1M | ||
| Q3 24 | $902.6M | $935.4M | ||
| Q2 24 | $1.0B | $927.9M | ||
| Q1 24 | $978.8M | $876.7M |
净利润AOSDCI
| Q4 25 | $125.4M | $113.9M | ||
| Q3 25 | $132.0M | $114.3M | ||
| Q2 25 | $152.2M | $57.8M | ||
| Q1 25 | $136.6M | $95.9M | ||
| Q4 24 | $109.7M | $99.0M | ||
| Q3 24 | $120.1M | $109.7M | ||
| Q2 24 | $156.2M | $113.5M | ||
| Q1 24 | $147.6M | $98.7M |
毛利率AOSDCI
| Q4 25 | 38.4% | 35.2% | ||
| Q3 25 | 38.7% | 34.5% | ||
| Q2 25 | 39.3% | 34.2% | ||
| Q1 25 | 38.9% | 35.2% | ||
| Q4 24 | 37.1% | 35.5% | ||
| Q3 24 | 37.4% | 35.8% | ||
| Q2 24 | 38.7% | 35.6% | ||
| Q1 24 | 39.3% | 35.2% |
营业利润率AOSDCI
| Q4 25 | 17.9% | 16.0% | ||
| Q3 25 | 18.6% | 15.5% | ||
| Q2 25 | 20.4% | 9.3% | ||
| Q1 25 | 19.1% | 14.4% | ||
| Q4 24 | 10.1% | 14.5% | ||
| Q3 24 | 19.5% | 15.6% | ||
| Q2 24 | 21.9% | 15.5% | ||
| Q1 24 | 22.0% | 14.8% |
净利率AOSDCI
| Q4 25 | 13.7% | 12.2% | ||
| Q3 25 | 14.0% | 11.7% | ||
| Q2 25 | 15.0% | 6.1% | ||
| Q1 25 | 14.2% | 11.0% | ||
| Q4 24 | 12.0% | 11.0% | ||
| Q3 24 | 13.3% | 11.7% | ||
| Q2 24 | 15.2% | 12.2% | ||
| Q1 24 | 15.1% | 11.3% |
每股收益（稀释后）AOSDCI
| Q4 25 | $0.89 | $0.97 | ||
| Q3 25 | $0.94 | $0.97 | ||
| Q2 25 | $1.07 | $0.48 | ||
| Q1 25 | $0.95 | $0.79 | ||
| Q4 24 | $0.75 | $0.81 | ||
| Q3 24 | $0.82 | $0.90 | ||
| Q2 24 | $1.06 | $0.92 | ||
| Q1 24 | $1.00 | $0.81 |
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 | $210.7M |
| 总债务越低越好 | $155.0M | $671.5M |
| 股东权益账面价值 | $1.9B | $1.5B |
| 总资产 | $3.1B | $3.0B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资AOSDCI
| Q4 25 | $193.2M | $210.7M | ||
| Q3 25 | $172.8M | $180.4M | ||
| Q2 25 | $177.9M | $178.5M | ||
| Q1 25 | $200.2M | $189.1M | ||
| Q4 24 | $276.1M | $221.2M | ||
| Q3 24 | $255.6M | $232.7M | ||
| Q2 24 | $233.3M | $223.7M | ||
| Q1 24 | $303.1M | $193.8M |
总债务AOSDCI
| Q4 25 | $155.0M | $671.5M | ||
| Q3 25 | — | $630.4M | ||
| Q2 25 | — | $638.8M | ||
| Q1 25 | — | $514.7M | ||
| Q4 24 | $193.2M | $538.6M | ||
| Q3 24 | — | $483.4M | ||
| Q2 24 | — | $481.8M | ||
| Q1 24 | — | $352.0M |
股东权益AOSDCI
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $1.9B | $1.5B | ||
| Q1 24 | $1.9B | $1.4B |
总资产AOSDCI
| Q4 25 | $3.1B | $3.0B | ||
| Q3 25 | $3.2B | $3.0B | ||
| Q2 25 | $3.2B | $3.0B | ||
| Q1 25 | $3.3B | $3.0B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.2B | $2.9B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.2B | $2.8B |
负债/权益比AOSDCI
| Q4 25 | 0.08× | 0.44× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | 0.10× | 0.35× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.26× |
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 | $125.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $111.2M |
| 自由现金流率自由现金流/营收 | 18.1% | 11.9% |
| 资本支出强度资本支出/营收 | 1.9% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.10× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $403.2M |
8季度趋势，按日历期对齐
经营现金流AOSDCI
| Q4 25 | $183.1M | $125.4M | ||
| Q3 25 | $255.4M | $167.8M | ||
| Q2 25 | $139.6M | $87.7M | ||
| Q1 25 | $38.7M | $90.4M | ||
| Q4 24 | $221.9M | $72.9M | ||
| Q3 24 | $195.9M | $126.0M | ||
| Q2 24 | $57.4M | $141.5M | ||
| Q1 24 | $106.6M | $87.0M |
自由现金流AOSDCI
| Q4 25 | $165.5M | $111.2M | ||
| Q3 25 | $240.6M | $147.5M | ||
| Q2 25 | $122.5M | $73.0M | ||
| Q1 25 | $17.4M | $71.5M | ||
| Q4 24 | $191.3M | $47.9M | ||
| Q3 24 | $163.4M | $106.2M | ||
| Q2 24 | $34.5M | $120.2M | ||
| Q1 24 | $84.6M | $65.7M |
自由现金流率AOSDCI
| Q4 25 | 18.1% | 11.9% | ||
| Q3 25 | 25.5% | 15.0% | ||
| Q2 25 | 12.1% | 7.8% | ||
| Q1 25 | 1.8% | 8.2% | ||
| Q4 24 | 21.0% | 5.3% | ||
| Q3 24 | 18.1% | 11.4% | ||
| Q2 24 | 3.4% | 13.0% | ||
| Q1 24 | 8.6% | 7.5% |
资本支出强度AOSDCI
| Q4 25 | 1.9% | 1.5% | ||
| Q3 25 | 1.6% | 2.1% | ||
| Q2 25 | 1.7% | 1.6% | ||
| Q1 25 | 2.2% | 2.2% | ||
| Q4 24 | 3.4% | 2.8% | ||
| Q3 24 | 3.6% | 2.1% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 2.2% | 2.4% |
现金转化率AOSDCI
| Q4 25 | 1.46× | 1.10× | ||
| Q3 25 | 1.93× | 1.47× | ||
| Q2 25 | 0.92× | 1.52× | ||
| Q1 25 | 0.28× | 0.94× | ||
| Q4 24 | 2.02× | 0.74× | ||
| Q3 24 | 1.63× | 1.15× | ||
| Q2 24 | 0.37× | 1.25× | ||
| Q1 24 | 0.72× | 0.88× |
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% |
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 2% |
