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A.O.史密斯（AOS）与FORWARD AIR CORP（FWRD）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FORWARD AIR CORP的1.4倍（$912.5M vs $631.2M）。A.O.史密斯净利率更高（13.7% vs -4.5%，领先18.2%）。A.O.史密斯同比增速更快（0.0% vs -0.3%）。过去两年FORWARD AIR CORP的营收复合增速更高（7.9% 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。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
AOS vs FWRD — 直观对比
营收规模更大
AOS
是对方的1.4倍
$631.2M
营收增速更快
AOS
高出0.3%
-0.3%
净利率更高
AOS
高出18.2%
-4.5%
两年增速更快
FWRD
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $631.2M |
| 净利润 | $125.4M | $-28.3M |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | -0.5% |
| 净利率 | 13.7% | -4.5% |
| 营收同比 | 0.0% | -0.3% |
| 净利润同比 | 14.3% | 22.2% |
| 每股收益（稀释后） | $0.89 | $-0.90 |
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AOSFWRD
| Q4 25 | $912.5M | $631.2M | ||
| Q3 25 | $942.5M | $631.8M | ||
| Q2 25 | $1.0B | $618.8M | ||
| Q1 25 | $963.9M | $613.3M | ||
| Q4 24 | $912.4M | $632.8M | ||
| Q3 24 | $902.6M | $655.9M | ||
| Q2 24 | $1.0B | $643.7M | ||
| Q1 24 | $978.8M | $541.8M |
净利润AOSFWRD
| Q4 25 | $125.4M | $-28.3M | ||
| Q3 25 | $132.0M | $-16.3M | ||
| Q2 25 | $152.2M | $-12.6M | ||
| Q1 25 | $136.6M | $-50.6M | ||
| Q4 24 | $109.7M | $-36.4M | ||
| Q3 24 | $120.1M | $-73.4M | ||
| Q2 24 | $156.2M | $-645.4M | ||
| Q1 24 | $147.6M | $-61.7M |
毛利率AOSFWRD
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | — | ||
| Q2 24 | 38.7% | — | ||
| Q1 24 | 39.3% | — |
营业利润率AOSFWRD
| Q4 25 | 17.9% | -0.5% | ||
| Q3 25 | 18.6% | 2.4% | ||
| Q2 25 | 20.4% | 3.2% | ||
| Q1 25 | 19.1% | 0.8% | ||
| Q4 24 | 10.1% | 12.0% | ||
| Q3 24 | 19.5% | 3.5% | ||
| Q2 24 | 21.9% | -170.2% | ||
| Q1 24 | 22.0% | -12.1% |
净利率AOSFWRD
| Q4 25 | 13.7% | -4.5% | ||
| Q3 25 | 14.0% | -2.6% | ||
| Q2 25 | 15.0% | -2.0% | ||
| Q1 25 | 14.2% | -8.3% | ||
| Q4 24 | 12.0% | -5.8% | ||
| Q3 24 | 13.3% | -11.2% | ||
| Q2 24 | 15.2% | -100.3% | ||
| Q1 24 | 15.1% | -11.4% |
每股收益（稀释后）AOSFWRD
| Q4 25 | $0.89 | $-0.90 | ||
| Q3 25 | $0.94 | $-0.52 | ||
| Q2 25 | $1.07 | $-0.41 | ||
| Q1 25 | $0.95 | $-1.68 | ||
| Q4 24 | $0.75 | $-1.69 | ||
| Q3 24 | $0.82 | $-2.66 | ||
| Q2 24 | $1.06 | $-23.47 | ||
| Q1 24 | $1.00 | $-2.81 |
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 | $106.0M |
| 总债务越低越好 | $155.0M | $1.7B |
| 股东权益账面价值 | $1.9B | $113.3M |
| 总资产 | $3.1B | $2.7B |
| 负债/权益比越低杠杆越低 | 0.08× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资AOSFWRD
| Q4 25 | $193.2M | $106.0M | ||
| Q3 25 | $172.8M | $140.4M | ||
| Q2 25 | $177.9M | $95.1M | ||
| Q1 25 | $200.2M | $116.3M | ||
| Q4 24 | $276.1M | $104.9M | ||
| Q3 24 | $255.6M | $136.6M | ||
| Q2 24 | $233.3M | $84.9M | ||
| Q1 24 | $303.1M | $152.0M |
总债务AOSFWRD
| Q4 25 | $155.0M | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
股东权益AOSFWRD
| Q4 25 | $1.9B | $113.3M | ||
| Q3 25 | $1.8B | $139.8M | ||
| Q2 25 | $1.8B | $151.8M | ||
| Q1 25 | $1.9B | $154.6M | ||
| Q4 24 | $1.9B | $201.7M | ||
| Q3 24 | $1.9B | $226.1M | ||
| Q2 24 | $1.9B | $283.8M | ||
| Q1 24 | $1.9B | $926.1M |
总资产AOSFWRD
| Q4 25 | $3.1B | $2.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.2B | $2.8B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.2B | $3.1B | ||
| Q1 24 | $3.2B | $4.0B |
负债/权益比AOSFWRD
| Q4 25 | 0.08× | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
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 | — |
| 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% | 1.3% |
| 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AOSFWRD
| Q4 25 | $183.1M | — | ||
| Q3 25 | $255.4M | $52.7M | ||
| Q2 25 | $139.6M | — | ||
| Q1 25 | $38.7M | $27.6M | ||
| Q4 24 | $221.9M | $-23.2M | ||
| Q3 24 | $195.9M | $51.2M | ||
| Q2 24 | $57.4M | $-45.2M | ||
| Q1 24 | $106.6M | $-51.7M |
自由现金流AOSFWRD
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | $48.6M | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $17.4M | $15.7M | ||
| Q4 24 | $191.3M | $-30.5M | ||
| Q3 24 | $163.4M | $40.7M | ||
| Q2 24 | $34.5M | $-59.6M | ||
| Q1 24 | $84.6M | $-56.7M |
自由现金流率AOSFWRD
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | 7.7% | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 1.8% | 2.6% | ||
| Q4 24 | 21.0% | -4.8% | ||
| Q3 24 | 18.1% | 6.2% | ||
| Q2 24 | 3.4% | -9.3% | ||
| Q1 24 | 8.6% | -10.5% |
资本支出强度AOSFWRD
| Q4 25 | 1.9% | 1.3% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 1.7% | 0.8% | ||
| Q1 25 | 2.2% | 1.9% | ||
| Q4 24 | 3.4% | 1.1% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | 2.2% | 0.9% |
现金转化率AOSFWRD
| 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× | — | ||
| 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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
