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A.O.史密斯（AOS）与COMFORT SYSTEMS USA INC（FIX）财务数据对比。点击上方公司名可切换其他公司
COMFORT SYSTEMS USA INC的季度营收约是A.O.史密斯的2.9倍（$2.6B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 12.5%，领先1.2%）。COMFORT SYSTEMS USA INC同比增速更快（41.7% vs 0.0%）。COMFORT SYSTEMS USA INC自由现金流更多（$402.4M vs $165.5M）。过去两年COMFORT SYSTEMS USA INC的营收复合增速更高（31.2% 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。
Comfort Systems USA Inc.是一家美国企业，主营机电工程承包服务，核心业务覆盖暖通空调、给排水、管道工程、控制系统、场外预制建造、监测服务、消防系统，以及电气系统的安装与运维，为各类客户提供一体化机电设施解决方案。
AOS vs FIX — 直观对比
营收规模更大
FIX
是对方的2.9倍
$912.5M
营收增速更快
FIX
高出41.7%
0.0%
净利率更高
AOS
高出1.2%
12.5%
自由现金流更多
FIX
多$236.9M
$165.5M
两年增速更快
FIX
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $2.6B |
| 净利润 | $125.4M | $330.8M |
| 毛利率 | 38.4% | 25.5% |
| 营业利润率 | 17.9% | 16.1% |
| 净利率 | 13.7% | 12.5% |
| 营收同比 | 0.0% | 41.7% |
| 净利润同比 | 14.3% | 126.8% |
| 每股收益（稀释后） | $0.89 | $9.35 |
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AOSFIX
| Q4 25 | $912.5M | $2.6B | ||
| Q3 25 | $942.5M | $2.5B | ||
| Q2 25 | $1.0B | $2.2B | ||
| Q1 25 | $963.9M | $1.8B | ||
| Q4 24 | $912.4M | $1.9B | ||
| Q3 24 | $902.6M | $1.8B | ||
| Q2 24 | $1.0B | $1.8B | ||
| Q1 24 | $978.8M | $1.5B |
净利润AOSFIX
| Q4 25 | $125.4M | $330.8M | ||
| Q3 25 | $132.0M | $291.6M | ||
| Q2 25 | $152.2M | $230.8M | ||
| Q1 25 | $136.6M | $169.3M | ||
| Q4 24 | $109.7M | $145.9M | ||
| Q3 24 | $120.1M | $146.2M | ||
| Q2 24 | $156.2M | $134.0M | ||
| Q1 24 | $147.6M | $96.3M |
毛利率AOSFIX
| Q4 25 | 38.4% | 25.5% | ||
| Q3 25 | 38.7% | 24.8% | ||
| Q2 25 | 39.3% | 23.5% | ||
| Q1 25 | 38.9% | 22.0% | ||
| Q4 24 | 37.1% | 23.2% | ||
| Q3 24 | 37.4% | 21.1% | ||
| Q2 24 | 38.7% | 20.1% | ||
| Q1 24 | 39.3% | 19.3% |
营业利润率AOSFIX
| Q4 25 | 17.9% | 16.1% | ||
| Q3 25 | 18.6% | 15.5% | ||
| Q2 25 | 20.4% | 13.8% | ||
| Q1 25 | 19.1% | 11.4% | ||
| Q4 24 | 10.1% | 12.1% | ||
| Q3 24 | 19.5% | 11.2% | ||
| Q2 24 | 21.9% | 10.2% | ||
| Q1 24 | 22.0% | 8.8% |
净利率AOSFIX
| Q4 25 | 13.7% | 12.5% | ||
| Q3 25 | 14.0% | 11.9% | ||
| Q2 25 | 15.0% | 10.6% | ||
| Q1 25 | 14.2% | 9.2% | ||
| Q4 24 | 12.0% | 7.8% | ||
| Q3 24 | 13.3% | 8.1% | ||
| Q2 24 | 15.2% | 7.4% | ||
| Q1 24 | 15.1% | 6.3% |
每股收益（稀释后）AOSFIX
| Q4 25 | $0.89 | $9.35 | ||
| Q3 25 | $0.94 | $8.25 | ||
| Q2 25 | $1.07 | $6.53 | ||
| Q1 25 | $0.95 | $4.75 | ||
| Q4 24 | $0.75 | $4.08 | ||
| Q3 24 | $0.82 | $4.09 | ||
| Q2 24 | $1.06 | $3.74 | ||
| Q1 24 | $1.00 | $2.69 |
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 | $981.9M |
| 总债务越低越好 | $155.0M | $145.2M |
| 股东权益账面价值 | $1.9B | $2.4B |
| 总资产 | $3.1B | $6.4B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资AOSFIX
| Q4 25 | $193.2M | $981.9M | ||
| Q3 25 | $172.8M | $860.5M | ||
| Q2 25 | $177.9M | $331.7M | ||
| Q1 25 | $200.2M | $204.8M | ||
| Q4 24 | $276.1M | $549.9M | ||
| Q3 24 | $255.6M | $415.6M | ||
| Q2 24 | $233.3M | $199.4M | ||
| Q1 24 | $303.1M | $100.8M |
总债务AOSFIX
| Q4 25 | $155.0M | $145.2M | ||
| Q3 25 | — | $136.0M | ||
| Q2 25 | — | $73.0M | ||
| Q1 25 | — | $67.8M | ||
| Q4 24 | $193.2M | $68.3M | ||
| Q3 24 | — | $62.3M | ||
| Q2 24 | — | $73.4M | ||
| Q1 24 | — | $77.0M |
股东权益AOSFIX
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $1.9B | $1.8B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $1.9B | $1.5B | ||
| Q1 24 | $1.9B | $1.4B |
总资产AOSFIX
| Q4 25 | $3.1B | $6.4B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.2B | $5.1B | ||
| Q1 25 | $3.3B | $4.6B | ||
| Q4 24 | $3.2B | $4.7B | ||
| Q3 24 | $3.2B | $4.4B | ||
| Q2 24 | $3.2B | $4.2B | ||
| Q1 24 | $3.2B | $3.9B |
负债/权益比AOSFIX
| Q4 25 | 0.08× | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | 0.10× | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.05× | ||
| Q1 24 | — | 0.06× |
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 | $468.5M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $402.4M |
| 自由现金流率自由现金流/营收 | 18.1% | 15.2% |
| 资本支出强度资本支出/营收 | 1.9% | 2.5% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.42× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $1.0B |
8季度趋势，按日历期对齐
经营现金流AOSFIX
| Q4 25 | $183.1M | $468.5M | ||
| Q3 25 | $255.4M | $553.3M | ||
| Q2 25 | $139.6M | $252.5M | ||
| Q1 25 | $38.7M | $-88.0M | ||
| Q4 24 | $221.9M | $210.5M | ||
| Q3 24 | $195.9M | $302.2M | ||
| Q2 24 | $57.4M | $189.9M | ||
| Q1 24 | $106.6M | $146.6M |
自由现金流AOSFIX
| Q4 25 | $165.5M | $402.4M | ||
| Q3 25 | $240.6M | $517.9M | ||
| Q2 25 | $122.5M | $221.2M | ||
| Q1 25 | $17.4M | $-110.2M | ||
| Q4 24 | $191.3M | $169.8M | ||
| Q3 24 | $163.4M | $280.1M | ||
| Q2 24 | $34.5M | $166.5M | ||
| Q1 24 | $84.6M | $121.6M |
自由现金流率AOSFIX
| Q4 25 | 18.1% | 15.2% | ||
| Q3 25 | 25.5% | 21.1% | ||
| Q2 25 | 12.1% | 10.2% | ||
| Q1 25 | 1.8% | -6.0% | ||
| Q4 24 | 21.0% | 9.1% | ||
| Q3 24 | 18.1% | 15.5% | ||
| Q2 24 | 3.4% | 9.2% | ||
| Q1 24 | 8.6% | 7.9% |
资本支出强度AOSFIX
| Q4 25 | 1.9% | 2.5% | ||
| Q3 25 | 1.6% | 1.4% | ||
| Q2 25 | 1.7% | 1.4% | ||
| Q1 25 | 2.2% | 1.2% | ||
| Q4 24 | 3.4% | 2.2% | ||
| Q3 24 | 3.6% | 1.2% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 2.2% | 1.6% |
现金转化率AOSFIX
| Q4 25 | 1.46× | 1.42× | ||
| Q3 25 | 1.93× | 1.90× | ||
| Q2 25 | 0.92× | 1.09× | ||
| Q1 25 | 0.28× | -0.52× | ||
| Q4 24 | 2.02× | 1.44× | ||
| Q3 24 | 1.63× | 2.07× | ||
| Q2 24 | 0.37× | 1.42× | ||
| Q1 24 | 0.72× | 1.52× |
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% |
FIX
| Electrical Segment | $823.7M | 31% |
| Manufacturing Customer | $542.7M | 21% |
| Existing Building Construction | $491.4M | 19% |
| Healthcare Sector Customer | $220.8M | 8% |
| Service Projects | $153.0M | 6% |
| Education | $137.5M | 5% |
| Government Customer | $131.0M | 5% |
| Office Building Customer | $88.2M | 3% |
| Other Customer | $40.7M | 2% |
| Multi Family And Residential | $33.7M | 1% |
