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A.O.史密斯（AOS）与礼蓝动物保健（ELAN）财务数据对比。点击上方公司名可切换其他公司
礼蓝动物保健的季度营收约是A.O.史密斯的1.3倍（$1.1B vs $912.5M），A.O.史密斯净利率更高（13.7% vs -24.1%，领先37.9%），礼蓝动物保健同比增速更快（12.2% vs 0.0%），A.O.史密斯自由现金流更多（$165.5M vs $46.0M），过去两年礼蓝动物保健的营收复合增速更高（-2.6% 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。
礼蓝动物保健是一家美国动物保健制药企业，专注于生产宠物及家畜用药品与疫苗。该公司原为礼来公司旗下子公司，2019年完成分拆独立，目前是全球第三大动物保健企业。
AOS vs ELAN — 直观对比
营收规模更大
ELAN
是对方的1.3倍
$912.5M
营收增速更快
ELAN
高出12.1%
0.0%
净利率更高
AOS
高出37.9%
-24.1%
自由现金流更多
AOS
多$119.5M
$46.0M
两年增速更快
ELAN
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.1B |
| 净利润 | $125.4M | $-276.0M |
| 毛利率 | 38.4% | 51.5% |
| 营业利润率 | 17.9% | -22.6% |
| 净利率 | 13.7% | -24.1% |
| 营收同比 | 0.0% | 12.2% |
| 净利润同比 | 14.3% | -3350.0% |
| 每股收益（稀释后） | $0.89 | $-0.55 |
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AOSELAN
| Q4 25 | $912.5M | $1.1B | ||
| Q3 25 | $942.5M | $1.1B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $963.9M | $1.2B | ||
| Q4 24 | $912.4M | $1.0B | ||
| Q3 24 | $902.6M | $1.0B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $978.8M | $1.2B |
净利润AOSELAN
| Q4 25 | $125.4M | $-276.0M | ||
| Q3 25 | $132.0M | $-34.0M | ||
| Q2 25 | $152.2M | $11.0M | ||
| Q1 25 | $136.6M | $67.0M | ||
| Q4 24 | $109.7M | $-8.0M | ||
| Q3 24 | $120.1M | $364.0M | ||
| Q2 24 | $156.2M | $-50.0M | ||
| Q1 24 | $147.6M | $32.0M |
毛利率AOSELAN
| Q4 25 | 38.4% | 51.5% | ||
| Q3 25 | 38.7% | 53.4% | ||
| Q2 25 | 39.3% | 57.5% | ||
| Q1 25 | 38.9% | 57.3% | ||
| Q4 24 | 37.1% | 50.9% | ||
| Q3 24 | 37.4% | 52.2% | ||
| Q2 24 | 38.7% | 58.2% | ||
| Q1 24 | 39.3% | 57.3% |
营业利润率AOSELAN
| Q4 25 | 17.9% | -22.6% | ||
| Q3 25 | 18.6% | -4.4% | ||
| Q2 25 | 20.4% | 2.0% | ||
| Q1 25 | 19.1% | 5.0% | ||
| Q4 24 | 10.1% | -5.0% | ||
| Q3 24 | 19.5% | 54.3% | ||
| Q2 24 | 21.9% | -2.7% | ||
| Q1 24 | 22.0% | 1.0% |
净利率AOSELAN
| Q4 25 | 13.7% | -24.1% | ||
| Q3 25 | 14.0% | -3.0% | ||
| Q2 25 | 15.0% | 0.9% | ||
| Q1 25 | 14.2% | 5.6% | ||
| Q4 24 | 12.0% | -0.8% | ||
| Q3 24 | 13.3% | 35.3% | ||
| Q2 24 | 15.2% | -4.2% | ||
| Q1 24 | 15.1% | 2.7% |
每股收益（稀释后）AOSELAN
| Q4 25 | $0.89 | $-0.55 | ||
| Q3 25 | $0.94 | $-0.07 | ||
| Q2 25 | $1.07 | $0.02 | ||
| Q1 25 | $0.95 | $0.13 | ||
| Q4 24 | $0.75 | $-0.01 | ||
| Q3 24 | $0.82 | $0.73 | ||
| Q2 24 | $1.06 | $-0.10 | ||
| Q1 24 | $1.00 | $0.06 |
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 | $545.0M |
| 总债务越低越好 | $155.0M | $3.9B |
| 股东权益账面价值 | $1.9B | $6.5B |
| 总资产 | $3.1B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资AOSELAN
| Q4 25 | $193.2M | $545.0M | ||
| Q3 25 | $172.8M | $505.0M | ||
| Q2 25 | $177.9M | $539.0M | ||
| Q1 25 | $200.2M | $487.0M | ||
| Q4 24 | $276.1M | $468.0M | ||
| Q3 24 | $255.6M | $490.0M | ||
| Q2 24 | $233.3M | $416.0M | ||
| Q1 24 | $303.1M | $345.0M |
总债务AOSELAN
| Q4 25 | $155.0M | $3.9B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | $193.2M | $4.3B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.8B |
股东权益AOSELAN
| Q4 25 | $1.9B | $6.5B | ||
| Q3 25 | $1.8B | $6.7B | ||
| Q2 25 | $1.8B | $6.8B | ||
| Q1 25 | $1.9B | $6.4B | ||
| Q4 24 | $1.9B | $6.1B | ||
| Q3 24 | $1.9B | $6.5B | ||
| Q2 24 | $1.9B | $5.9B | ||
| Q1 24 | $1.9B | $6.1B |
总资产AOSELAN
| Q4 25 | $3.1B | $13.4B | ||
| Q3 25 | $3.2B | $13.6B | ||
| Q2 25 | $3.2B | $13.7B | ||
| Q1 25 | $3.3B | $12.9B | ||
| Q4 24 | $3.2B | $12.6B | ||
| Q3 24 | $3.2B | $13.3B | ||
| Q2 24 | $3.2B | $13.8B | ||
| Q1 24 | $3.2B | $14.0B |
负债/权益比AOSELAN
| Q4 25 | 0.08× | 0.60× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 0.10× | 0.70× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.95× |
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 | $108.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $46.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 4.0% |
| 资本支出强度资本支出/营收 | 1.9% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $546.0M | $284.0M |
8季度趋势，按日历期对齐
经营现金流AOSELAN
| Q4 25 | $183.1M | $108.0M | ||
| Q3 25 | $255.4M | $219.0M | ||
| Q2 25 | $139.6M | $237.0M | ||
| Q1 25 | $38.7M | $-4.0M | ||
| Q4 24 | $221.9M | $177.0M | ||
| Q3 24 | $195.9M | $162.0M | ||
| Q2 24 | $57.4M | $200.0M | ||
| Q1 24 | $106.6M | $2.0M |
自由现金流AOSELAN
| Q4 25 | $165.5M | $46.0M | ||
| Q3 25 | $240.6M | $127.0M | ||
| Q2 25 | $122.5M | $180.0M | ||
| Q1 25 | $17.4M | $-69.0M | ||
| Q4 24 | $191.3M | $130.0M | ||
| Q3 24 | $163.4M | $120.0M | ||
| Q2 24 | $34.5M | $166.0M | ||
| Q1 24 | $84.6M | $-22.0M |
自由现金流率AOSELAN
| Q4 25 | 18.1% | 4.0% | ||
| Q3 25 | 25.5% | 11.2% | ||
| Q2 25 | 12.1% | 14.5% | ||
| Q1 25 | 1.8% | -5.8% | ||
| Q4 24 | 21.0% | 12.7% | ||
| Q3 24 | 18.1% | 11.7% | ||
| Q2 24 | 3.4% | 14.0% | ||
| Q1 24 | 8.6% | -1.8% |
资本支出强度AOSELAN
| Q4 25 | 1.9% | 5.4% | ||
| Q3 25 | 1.6% | 8.1% | ||
| Q2 25 | 1.7% | 4.6% | ||
| Q1 25 | 2.2% | 5.4% | ||
| Q4 24 | 3.4% | 4.6% | ||
| Q3 24 | 3.6% | 4.1% | ||
| Q2 24 | 2.2% | 2.9% | ||
| Q1 24 | 2.2% | 2.0% |
现金转化率AOSELAN
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | 21.55× | ||
| Q1 25 | 0.28× | -0.06× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 0.45× | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | 0.06× |
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% |
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
