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A.O.史密斯（AOS）与弗雷斯特研究公司（FORR）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弗雷斯特研究公司的9.0倍（$912.5M vs $101.1M）。A.O.史密斯净利率更高（13.7% vs -33.5%，领先47.3%）。A.O.史密斯同比增速更快（0.0% vs -6.5%）。A.O.史密斯自由现金流更多（$165.5M vs $-4.3M）。过去两年弗雷斯特研究公司的营收复合增速更高（0.5% 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。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
AOS vs FORR — 直观对比
营收规模更大
AOS
是对方的9.0倍
$101.1M
营收增速更快
AOS
高出6.5%
-6.5%
净利率更高
AOS
高出47.3%
-33.5%
自由现金流更多
AOS
多$169.8M
$-4.3M
两年增速更快
FORR
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $101.1M |
| 净利润 | $125.4M | $-33.9M |
| 毛利率 | 38.4% | 56.7% |
| 营业利润率 | 17.9% | -36.6% |
| 净利率 | 13.7% | -33.5% |
| 营收同比 | 0.0% | -6.5% |
| 净利润同比 | 14.3% | -7941.4% |
| 每股收益（稀释后） | $0.89 | $-1.75 |
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AOSFORR
| Q4 25 | $912.5M | $101.1M | ||
| Q3 25 | $942.5M | $94.3M | ||
| Q2 25 | $1.0B | $111.7M | ||
| Q1 25 | $963.9M | $89.9M | ||
| Q4 24 | $912.4M | $108.0M | ||
| Q3 24 | $902.6M | $102.5M | ||
| Q2 24 | $1.0B | $121.8M | ||
| Q1 24 | $978.8M | $100.1M |
净利润AOSFORR
| Q4 25 | $125.4M | $-33.9M | ||
| Q3 25 | $132.0M | $-2.1M | ||
| Q2 25 | $152.2M | $3.9M | ||
| Q1 25 | $136.6M | $-87.3M | ||
| Q4 24 | $109.7M | $432.0K | ||
| Q3 24 | $120.1M | $-5.8M | ||
| Q2 24 | $156.2M | $6.3M | ||
| Q1 24 | $147.6M | $-6.7M |
毛利率AOSFORR
| Q4 25 | 38.4% | 56.7% | ||
| Q3 25 | 38.7% | 60.0% | ||
| Q2 25 | 39.3% | 55.5% | ||
| Q1 25 | 38.9% | 55.9% | ||
| Q4 24 | 37.1% | 58.8% | ||
| Q3 24 | 37.4% | 60.5% | ||
| Q2 24 | 38.7% | 57.3% | ||
| Q1 24 | 39.3% | 54.9% |
营业利润率AOSFORR
| Q4 25 | 17.9% | -36.6% | ||
| Q3 25 | 18.6% | 4.7% | ||
| Q2 25 | 20.4% | 6.2% | ||
| Q1 25 | 19.1% | -97.5% | ||
| Q4 24 | 10.1% | -0.5% | ||
| Q3 24 | 19.5% | -0.7% | ||
| Q2 24 | 21.9% | 9.3% | ||
| Q1 24 | 22.0% | -9.3% |
净利率AOSFORR
| Q4 25 | 13.7% | -33.5% | ||
| Q3 25 | 14.0% | -2.3% | ||
| Q2 25 | 15.0% | 3.5% | ||
| Q1 25 | 14.2% | -97.1% | ||
| Q4 24 | 12.0% | 0.4% | ||
| Q3 24 | 13.3% | -5.7% | ||
| Q2 24 | 15.2% | 5.2% | ||
| Q1 24 | 15.1% | -6.7% |
每股收益（稀释后）AOSFORR
| Q4 25 | $0.89 | $-1.75 | ||
| Q3 25 | $0.94 | $-0.11 | ||
| Q2 25 | $1.07 | $0.20 | ||
| Q1 25 | $0.95 | $-4.62 | ||
| Q4 24 | $0.75 | $0.02 | ||
| Q3 24 | $0.82 | $-0.30 | ||
| Q2 24 | $1.06 | $0.33 | ||
| Q1 24 | $1.00 | $-0.35 |
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 | $63.3M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $126.5M |
| 总资产 | $3.1B | $404.0M |
| 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AOSFORR
| Q4 25 | $193.2M | $63.3M | ||
| Q3 25 | $172.8M | $65.1M | ||
| Q2 25 | $177.9M | $67.8M | ||
| Q1 25 | $200.2M | $75.6M | ||
| Q4 24 | $276.1M | $56.1M | ||
| Q3 24 | $255.6M | $62.8M | ||
| Q2 24 | $233.3M | $58.9M | ||
| Q1 24 | $303.1M | $61.4M |
总债务AOSFORR
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSFORR
| Q4 25 | $1.9B | $126.5M | ||
| Q3 25 | $1.8B | $157.7M | ||
| Q2 25 | $1.8B | $159.5M | ||
| Q1 25 | $1.9B | $147.4M | ||
| Q4 24 | $1.9B | $229.5M | ||
| Q3 24 | $1.9B | $234.3M | ||
| Q2 24 | $1.9B | $237.1M | ||
| Q1 24 | $1.9B | $230.9M |
总资产AOSFORR
| Q4 25 | $3.1B | $404.0M | ||
| Q3 25 | $3.2B | $414.2M | ||
| Q2 25 | $3.2B | $436.0M | ||
| Q1 25 | $3.3B | $439.8M | ||
| Q4 24 | $3.2B | $503.9M | ||
| Q3 24 | $3.2B | $505.3M | ||
| Q2 24 | $3.2B | $524.2M | ||
| Q1 24 | $3.2B | $555.7M |
负债/权益比AOSFORR
| 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 | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $-4.3M |
| 自由现金流率自由现金流/营收 | 18.1% | -4.2% |
| 资本支出强度资本支出/营收 | 1.9% | 1.1% |
| 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 | $18.1M |
8季度趋势，按日历期对齐
经营现金流AOSFORR
| Q4 25 | $183.1M | $-3.2M | ||
| Q3 25 | $255.4M | $1.2M | ||
| Q2 25 | $139.6M | $-3.6M | ||
| Q1 25 | $38.7M | $26.7M | ||
| Q4 24 | $221.9M | $-1.8M | ||
| Q3 24 | $195.9M | $264.0K | ||
| Q2 24 | $57.4M | $-2.9M | ||
| Q1 24 | $106.6M | $611.0K |
自由现金流AOSFORR
| Q4 25 | $165.5M | $-4.3M | ||
| Q3 25 | $240.6M | $524.0K | ||
| Q2 25 | $122.5M | $-4.2M | ||
| Q1 25 | $17.4M | $26.1M | ||
| Q4 24 | $191.3M | $-2.5M | ||
| Q3 24 | $163.4M | $-223.0K | ||
| Q2 24 | $34.5M | $-3.7M | ||
| Q1 24 | $84.6M | $-815.0K |
自由现金流率AOSFORR
| Q4 25 | 18.1% | -4.2% | ||
| Q3 25 | 25.5% | 0.6% | ||
| Q2 25 | 12.1% | -3.8% | ||
| Q1 25 | 1.8% | 29.0% | ||
| Q4 24 | 21.0% | -2.3% | ||
| Q3 24 | 18.1% | -0.2% | ||
| Q2 24 | 3.4% | -3.1% | ||
| Q1 24 | 8.6% | -0.8% |
资本支出强度AOSFORR
| Q4 25 | 1.9% | 1.1% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 1.7% | 0.5% | ||
| Q1 25 | 2.2% | 0.7% | ||
| Q4 24 | 3.4% | 0.6% | ||
| Q3 24 | 3.6% | 0.5% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 2.2% | 1.4% |
现金转化率AOSFORR
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | -0.93× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | -4.24× | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
