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A.O.史密斯（AOS）与Delek Logistics Partners, LP（DKL）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Delek Logistics Partners, LP的3.6倍（$912.5M vs $255.8M）。Delek Logistics Partners, LP净利率更高（18.5% vs 13.7%，领先4.7%）。Delek Logistics Partners, LP同比增速更快（21.9% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $12.6M）。过去两年Delek Logistics Partners, LP的营收复合增速更高（0.7% 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。
Delek Logistics Partners, LP是一家总部位于美国的中游能源物流企业，主要提供原油、成品油及可再生燃料的存储、运输与配送服务，客户覆盖美国墨西哥湾沿岸及东南部地区的下游能源运营商、零售燃油网络和工业客户。
AOS vs DKL — 直观对比
营收规模更大
AOS
是对方的3.6倍
$255.8M
营收增速更快
DKL
高出21.9%
0.0%
净利率更高
DKL
高出4.7%
13.7%
自由现金流更多
AOS
多$152.9M
$12.6M
两年增速更快
DKL
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $255.8M |
| 净利润 | $125.4M | $47.3M |
| 毛利率 | 38.4% | 17.2% |
| 营业利润率 | 17.9% | 14.2% |
| 净利率 | 13.7% | 18.5% |
| 营收同比 | 0.0% | 21.9% |
| 净利润同比 | 14.3% | 34.0% |
| 每股收益（稀释后） | $0.89 | — |
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AOSDKL
| Q4 25 | $912.5M | $255.8M | ||
| Q3 25 | $942.5M | $261.3M | ||
| Q2 25 | $1.0B | $246.3M | ||
| Q1 25 | $963.9M | $249.9M | ||
| Q4 24 | $912.4M | $209.9M | ||
| Q3 24 | $902.6M | $214.1M | ||
| Q2 24 | $1.0B | $264.6M | ||
| Q1 24 | $978.8M | $252.1M |
净利润AOSDKL
| Q4 25 | $125.4M | $47.3M | ||
| Q3 25 | $132.0M | $45.6M | ||
| Q2 25 | $152.2M | $44.6M | ||
| Q1 25 | $136.6M | $39.0M | ||
| Q4 24 | $109.7M | $35.3M | ||
| Q3 24 | $120.1M | $33.7M | ||
| Q2 24 | $156.2M | $41.1M | ||
| Q1 24 | $147.6M | $32.6M |
毛利率AOSDKL
| Q4 25 | 38.4% | 17.2% | ||
| Q3 25 | 38.7% | 20.6% | ||
| Q2 25 | 39.3% | 25.8% | ||
| Q1 25 | 38.9% | 21.5% | ||
| Q4 24 | 37.1% | 23.4% | ||
| Q3 24 | 37.4% | 22.8% | ||
| Q2 24 | 38.7% | 28.1% | ||
| Q1 24 | 39.3% | 28.4% |
营业利润率AOSDKL
| Q4 25 | 17.9% | 14.2% | ||
| Q3 25 | 18.6% | 17.4% | ||
| Q2 25 | 20.4% | 21.3% | ||
| Q1 25 | 19.1% | 19.0% | ||
| Q4 24 | 10.1% | 18.1% | ||
| Q3 24 | 19.5% | 14.9% | ||
| Q2 24 | 21.9% | 25.9% | ||
| Q1 24 | 22.0% | 25.6% |
净利率AOSDKL
| Q4 25 | 13.7% | 18.5% | ||
| Q3 25 | 14.0% | 17.4% | ||
| Q2 25 | 15.0% | 18.1% | ||
| Q1 25 | 14.2% | 15.6% | ||
| Q4 24 | 12.0% | 16.8% | ||
| Q3 24 | 13.3% | 15.7% | ||
| Q2 24 | 15.2% | 15.5% | ||
| Q1 24 | 15.1% | 13.0% |
每股收益（稀释后）AOSDKL
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | — | ||
| Q2 25 | $1.07 | — | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $0.75 | — | ||
| Q3 24 | $0.82 | — | ||
| Q2 24 | $1.06 | — | ||
| Q1 24 | $1.00 | — |
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 | $10.9M |
| 总债务越低越好 | $155.0M | $2.3B |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $3.1B | $2.8B |
| 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AOSDKL
| Q4 25 | $193.2M | $10.9M | ||
| Q3 25 | $172.8M | $6.9M | ||
| Q2 25 | $177.9M | $1.4M | ||
| Q1 25 | $200.2M | $2.1M | ||
| Q4 24 | $276.1M | $5.4M | ||
| Q3 24 | $255.6M | $7.3M | ||
| Q2 24 | $233.3M | $5.1M | ||
| Q1 24 | $303.1M | $9.7M |
总债务AOSDKL
| Q4 25 | $155.0M | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $193.2M | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益AOSDKL
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总资产AOSDKL
| Q4 25 | $3.1B | $2.8B | ||
| Q3 25 | $3.2B | $2.7B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.3B | $2.4B | ||
| Q4 24 | $3.2B | $2.0B | ||
| Q3 24 | $3.2B | $2.0B | ||
| Q2 24 | $3.2B | $1.6B | ||
| Q1 24 | $3.2B | $1.7B |
负债/权益比AOSDKL
| 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 | $43.2M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $12.6M |
| 自由现金流率自由现金流/营收 | 18.1% | 4.9% |
| 资本支出强度资本支出/营收 | 1.9% | 12.0% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.91× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $-30.6M |
8季度趋势，按日历期对齐
经营现金流AOSDKL
| Q4 25 | $183.1M | $43.2M | ||
| Q3 25 | $255.4M | $54.9M | ||
| Q2 25 | $139.6M | $107.4M | ||
| Q1 25 | $38.7M | $31.6M | ||
| Q4 24 | $221.9M | $49.9M | ||
| Q3 24 | $195.9M | $24.9M | ||
| Q2 24 | $57.4M | $87.6M | ||
| Q1 24 | $106.6M | $43.9M |
自由现金流AOSDKL
| Q4 25 | $165.5M | $12.6M | ||
| Q3 25 | $240.6M | $-12.3M | ||
| Q2 25 | $122.5M | $-7.1M | ||
| Q1 25 | $17.4M | $-23.9M | ||
| Q4 24 | $191.3M | $3.9M | ||
| Q3 24 | $163.4M | $-31.7M | ||
| Q2 24 | $34.5M | $72.5M | ||
| Q1 24 | $84.6M | $32.6M |
自由现金流率AOSDKL
| Q4 25 | 18.1% | 4.9% | ||
| Q3 25 | 25.5% | -4.7% | ||
| Q2 25 | 12.1% | -2.9% | ||
| Q1 25 | 1.8% | -9.6% | ||
| Q4 24 | 21.0% | 1.8% | ||
| Q3 24 | 18.1% | -14.8% | ||
| Q2 24 | 3.4% | 27.4% | ||
| Q1 24 | 8.6% | 12.9% |
资本支出强度AOSDKL
| Q4 25 | 1.9% | 12.0% | ||
| Q3 25 | 1.6% | 25.7% | ||
| Q2 25 | 1.7% | 46.5% | ||
| Q1 25 | 2.2% | 22.2% | ||
| Q4 24 | 3.4% | 21.9% | ||
| Q3 24 | 3.6% | 26.4% | ||
| Q2 24 | 2.2% | 5.7% | ||
| Q1 24 | 2.2% | 4.5% |
现金转化率AOSDKL
| Q4 25 | 1.46× | 0.91× | ||
| Q3 25 | 1.93× | 1.21× | ||
| Q2 25 | 0.92× | 2.41× | ||
| Q1 25 | 0.28× | 0.81× | ||
| Q4 24 | 2.02× | 1.41× | ||
| Q3 24 | 1.63× | 0.74× | ||
| Q2 24 | 0.37× | 2.13× | ||
| Q1 24 | 0.72× | 1.34× |
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% |
DKL
| Wholesale Marketing And Terminalling | $101.6M | 40% |
| Product Revenue Third Party | $69.5M | 27% |
| Storage And Transportation | $24.7M | 10% |
| Gravity Water Holdings LLC | $22.5M | 9% |
| Service Revenue Third Party | $18.5M | 7% |
| Other | $12.3M | 5% |
| Service Revenue Affiliate | $6.7M | 3% |
