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A.O.史密斯（AOS）与Evolent Health, Inc.（EVH）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Evolent Health, Inc.的1.9倍（$912.5M vs $468.7M）。A.O.史密斯净利率更高（13.7% vs -91.6%，领先105.3%）。A.O.史密斯同比增速更快（0.0% vs -27.5%）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -14.4%）
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。
马奎尔健康是一家美国营利性医疗管理企业，目前为森特里奇旗下子公司，核心服务对象为特殊群体，业务聚焦医疗领域多个细分赛道。客户群体涵盖健康保险计划、其他管理式医疗机构、企业、工会、各类军事与政府机构以及第三方管理机构，2021年位列财富美国500强第390名。
AOS vs EVH — 直观对比
营收规模更大
AOS
是对方的1.9倍
$468.7M
营收增速更快
AOS
高出27.5%
-27.5%
净利率更高
AOS
高出105.3%
-91.6%
两年增速更快
AOS
近两年复合增速
-14.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $468.7M |
| 净利润 | $125.4M | $-429.1M |
| 毛利率 | 38.4% | 20.7% |
| 营业利润率 | 17.9% | -87.1% |
| 净利率 | 13.7% | -91.6% |
| 营收同比 | 0.0% | -27.5% |
| 净利润同比 | 14.3% | -1782.0% |
| 每股收益（稀释后） | $0.89 | $-3.76 |
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AOSEVH
| Q4 25 | $912.5M | $468.7M | ||
| Q3 25 | $942.5M | $479.5M | ||
| Q2 25 | $1.0B | $444.3M | ||
| Q1 25 | $963.9M | $483.6M | ||
| Q4 24 | $912.4M | $646.5M | ||
| Q3 24 | $902.6M | $621.4M | ||
| Q2 24 | $1.0B | $647.1M | ||
| Q1 24 | $978.8M | $639.7M |
净利润AOSEVH
| Q4 25 | $125.4M | $-429.1M | ||
| Q3 25 | $132.0M | $-20.9M | ||
| Q2 25 | $152.2M | $-19.9M | ||
| Q1 25 | $136.6M | $-64.6M | ||
| Q4 24 | $109.7M | $-22.8M | ||
| Q3 24 | $120.1M | $-23.1M | ||
| Q2 24 | $156.2M | $1.6M | ||
| Q1 24 | $147.6M | $-17.3M |
毛利率AOSEVH
| Q4 25 | 38.4% | 20.7% | ||
| Q3 25 | 38.7% | 20.8% | ||
| Q2 25 | 39.3% | 22.6% | ||
| Q1 25 | 38.9% | 21.2% | ||
| Q4 24 | 37.1% | 11.7% | ||
| Q3 24 | 37.4% | 13.0% | ||
| Q2 24 | 38.7% | 16.5% | ||
| Q1 24 | 39.3% | 16.3% |
营业利润率AOSEVH
| Q4 25 | 17.9% | -87.1% | ||
| Q3 25 | 18.6% | 0.2% | ||
| Q2 25 | 20.4% | -0.3% | ||
| Q1 25 | 19.1% | -0.3% | ||
| Q4 24 | 10.1% | -2.9% | ||
| Q3 24 | 19.5% | -2.6% | ||
| Q2 24 | 21.9% | 1.2% | ||
| Q1 24 | 22.0% | -2.1% |
净利率AOSEVH
| Q4 25 | 13.7% | -91.6% | ||
| Q3 25 | 14.0% | -4.4% | ||
| Q2 25 | 15.0% | -4.5% | ||
| Q1 25 | 14.2% | -13.4% | ||
| Q4 24 | 12.0% | -3.5% | ||
| Q3 24 | 13.3% | -3.7% | ||
| Q2 24 | 15.2% | 0.2% | ||
| Q1 24 | 15.1% | -2.7% |
每股收益（稀释后）AOSEVH
| Q4 25 | $0.89 | $-3.76 | ||
| Q3 25 | $0.94 | $-0.24 | ||
| Q2 25 | $1.07 | $-0.44 | ||
| Q1 25 | $0.95 | $-0.63 | ||
| Q4 24 | $0.75 | $-0.26 | ||
| Q3 24 | $0.82 | $-0.27 | ||
| Q2 24 | $1.06 | $-0.06 | ||
| Q1 24 | $1.00 | $-0.22 |
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 | $151.9M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $415.2M |
| 总资产 | $3.1B | $1.9B |
| 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AOSEVH
| Q4 25 | $193.2M | $151.9M | ||
| Q3 25 | $172.8M | $116.7M | ||
| Q2 25 | $177.9M | $151.0M | ||
| Q1 25 | $200.2M | $246.5M | ||
| Q4 24 | $276.1M | $104.2M | ||
| Q3 24 | $255.6M | $96.6M | ||
| Q2 24 | $233.3M | $101.3M | ||
| Q1 24 | $303.1M | $165.1M |
总债务AOSEVH
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSEVH
| Q4 25 | $1.9B | $415.2M | ||
| Q3 25 | $1.8B | $842.2M | ||
| Q2 25 | $1.8B | $896.0M | ||
| Q1 25 | $1.9B | $935.5M | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.9B | $1.0B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $1.9B | $1.0B |
总资产AOSEVH
| Q4 25 | $3.1B | $1.9B | ||
| Q3 25 | $3.2B | $2.5B | ||
| Q2 25 | $3.2B | $2.5B | ||
| Q1 25 | $3.3B | $2.7B | ||
| Q4 24 | $3.2B | $2.5B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.2B | $2.5B | ||
| Q1 24 | $3.2B | $2.6B |
负债/权益比AOSEVH
| 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 | $48.8M |
| 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× | — |
| 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AOSEVH
| Q4 25 | $183.1M | $48.8M | ||
| Q3 25 | $255.4M | $15.8M | ||
| Q2 25 | $139.6M | $-30.3M | ||
| Q1 25 | $38.7M | $4.6M | ||
| Q4 24 | $221.9M | $-26.2M | ||
| Q3 24 | $195.9M | $18.7M | ||
| Q2 24 | $57.4M | $21.4M | ||
| Q1 24 | $106.6M | $4.9M |
自由现金流AOSEVH
| 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AOSEVH
| 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AOSEVH
| 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AOSEVH
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | 13.42× | ||
| Q1 24 | 0.72× | — |
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% |
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
