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A.O.史密斯（AOS）与Fortive（FTV）财务数据对比。点击上方公司名可切换其他公司
Fortive的季度营收约是A.O.史密斯的1.1倍（$1.0B vs $912.5M），A.O.史密斯净利率更高（13.7% vs 5.4%，领先8.4%），A.O.史密斯同比增速更快（0.0% vs -33.1%），A.O.史密斯自由现金流更多（$165.5M vs $153.1M），过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -19.5%）
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。
Fortive是总部位于美国华盛顿州埃弗里特的工业科技集团，专注于提供互联工作流解决方案所需的核心技术，研发、生产及销售专业工程类产品、软件与服务，旗下业务分为智能运营解决方案、精密技术、先进医疗解决方案三大战略板块。
AOS vs FTV — 直观对比
营收规模更大
FTV
是对方的1.1倍
$912.5M
营收增速更快
AOS
高出33.1%
-33.1%
净利率更高
AOS
高出8.4%
5.4%
自由现金流更多
AOS
多$12.4M
$153.1M
两年增速更快
AOS
近两年复合增速
-19.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.0B |
| 净利润 | $125.4M | $55.0M |
| 毛利率 | 38.4% | 63.2% |
| 营业利润率 | 17.9% | 15.5% |
| 净利率 | 13.7% | 5.4% |
| 营收同比 | 0.0% | -33.1% |
| 净利润同比 | 14.3% | -75.2% |
| 每股收益（稀释后） | $0.89 | $0.16 |
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AOSFTV
| Q4 25 | $912.5M | — | ||
| Q3 25 | $942.5M | $1.0B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $963.9M | $1.5B | ||
| Q4 24 | $912.4M | $1.6B | ||
| Q3 24 | $902.6M | $1.5B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $978.8M | $1.5B |
净利润AOSFTV
| Q4 25 | $125.4M | — | ||
| Q3 25 | $132.0M | $55.0M | ||
| Q2 25 | $152.2M | $166.6M | ||
| Q1 25 | $136.6M | $171.9M | ||
| Q4 24 | $109.7M | $208.8M | ||
| Q3 24 | $120.1M | $221.6M | ||
| Q2 24 | $156.2M | $195.1M | ||
| Q1 24 | $147.6M | $207.4M |
毛利率AOSFTV
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | 63.2% | ||
| Q2 25 | 39.3% | 59.0% | ||
| Q1 25 | 38.9% | 59.8% | ||
| Q4 24 | 37.1% | 60.3% | ||
| Q3 24 | 37.4% | 60.0% | ||
| Q2 24 | 38.7% | 59.8% | ||
| Q1 24 | 39.3% | 59.3% |
营业利润率AOSFTV
| Q4 25 | 17.9% | — | ||
| Q3 25 | 18.6% | 15.5% | ||
| Q2 25 | 20.4% | 14.6% | ||
| Q1 25 | 19.1% | 15.8% | ||
| Q4 24 | 10.1% | 19.0% | ||
| Q3 24 | 19.5% | 19.3% | ||
| Q2 24 | 21.9% | 19.4% | ||
| Q1 24 | 22.0% | 19.8% |
净利率AOSFTV
| Q4 25 | 13.7% | — | ||
| Q3 25 | 14.0% | 5.4% | ||
| Q2 25 | 15.0% | 11.0% | ||
| Q1 25 | 14.2% | 11.7% | ||
| Q4 24 | 12.0% | 12.9% | ||
| Q3 24 | 13.3% | 14.4% | ||
| Q2 24 | 15.2% | 12.6% | ||
| Q1 24 | 15.1% | 13.6% |
每股收益（稀释后）AOSFTV
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | $0.16 | ||
| Q2 25 | $1.07 | $0.49 | ||
| Q1 25 | $0.95 | $0.50 | ||
| Q4 24 | $0.75 | $0.60 | ||
| Q3 24 | $0.82 | $0.63 | ||
| Q2 24 | $1.06 | $0.55 | ||
| Q1 24 | $1.00 | $0.58 |
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 | $430.8M |
| 总债务越低越好 | $155.0M | $3.3B |
| 股东权益账面价值 | $1.9B | $6.5B |
| 总资产 | $3.1B | $11.9B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资AOSFTV
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | $430.8M | ||
| Q2 25 | $177.9M | $1.8B | ||
| Q1 25 | $200.2M | $892.1M | ||
| Q4 24 | $276.1M | $813.3M | ||
| Q3 24 | $255.6M | $811.3M | ||
| Q2 24 | $233.3M | $644.1M | ||
| Q1 24 | $303.1M | $704.6M |
总债务AOSFTV
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | $193.2M | $3.7B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.9B |
股东权益AOSFTV
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $6.5B | ||
| Q2 25 | $1.8B | $10.4B | ||
| Q1 25 | $1.9B | $10.2B | ||
| Q4 24 | $1.9B | $10.2B | ||
| Q3 24 | $1.9B | $10.6B | ||
| Q2 24 | $1.9B | $10.5B | ||
| Q1 24 | $1.9B | $10.5B |
总资产AOSFTV
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $11.9B | ||
| Q2 25 | $3.2B | $18.2B | ||
| Q1 25 | $3.3B | $17.1B | ||
| Q4 24 | $3.2B | $17.0B | ||
| Q3 24 | $3.2B | $17.5B | ||
| Q2 24 | $3.2B | $17.3B | ||
| Q1 24 | $3.2B | $17.5B |
负债/权益比AOSFTV
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.38× | ||
| Q4 24 | 0.10× | 0.36× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 0.38× |
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 | $164.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $153.1M |
| 自由现金流率自由现金流/营收 | 18.1% | 14.9% |
| 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× | 2.99× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $1.1B |
8季度趋势，按日历期对齐
经营现金流AOSFTV
| Q4 25 | $183.1M | — | ||
| Q3 25 | $255.4M | $164.4M | ||
| Q2 25 | $139.6M | $311.2M | ||
| Q1 25 | $38.7M | $241.7M | ||
| Q4 24 | $221.9M | $502.2M | ||
| Q3 24 | $195.9M | $459.0M | ||
| Q2 24 | $57.4M | $308.9M | ||
| Q1 24 | $106.6M | $256.7M |
自由现金流AOSFTV
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | $153.1M | ||
| Q2 25 | $122.5M | $274.5M | ||
| Q1 25 | $17.4M | $215.0M | ||
| Q4 24 | $191.3M | $465.2M | ||
| Q3 24 | $163.4M | $431.2M | ||
| Q2 24 | $34.5M | $279.7M | ||
| Q1 24 | $84.6M | $230.3M |
自由现金流率AOSFTV
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | 14.9% | ||
| Q2 25 | 12.1% | 18.1% | ||
| Q1 25 | 1.8% | 14.6% | ||
| Q4 24 | 21.0% | 28.7% | ||
| Q3 24 | 18.1% | 28.1% | ||
| Q2 24 | 3.4% | 18.0% | ||
| Q1 24 | 8.6% | 15.1% |
资本支出强度AOSFTV
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.7% | 2.4% | ||
| Q1 25 | 2.2% | 1.8% | ||
| Q4 24 | 3.4% | 2.3% | ||
| Q3 24 | 3.6% | 1.8% | ||
| Q2 24 | 2.2% | 1.9% | ||
| Q1 24 | 2.2% | 1.7% |
现金转化率AOSFTV
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 2.99× | ||
| Q2 25 | 0.92× | 1.87× | ||
| Q1 25 | 0.28× | 1.41× | ||
| Q4 24 | 2.02× | 2.41× | ||
| Q3 24 | 1.63× | 2.07× | ||
| Q2 24 | 0.37× | 1.58× | ||
| Q1 24 | 0.72× | 1.24× |
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% |
FTV
| Advanced Healthcare Solutions | $328.3M | 32% |
| Industrial Manufacturing | $287.9M | 28% |
| Energy And Infrastructure | $166.7M | 16% |
| Government | $88.0M | 9% |
| Retail | $82.7M | 8% |
| Other Direct End Markets | $79.6M | 8% |
