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A.O.史密斯（AOS）与GENESIS ENERGY LP（GEL）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GENESIS ENERGY LP的2.1倍（$912.5M vs $440.8M）。A.O.史密斯净利率更高（13.7% vs 4.5%，领先9.2%）。GENESIS ENERGY LP同比增速更快（10.5% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $87.0M）。过去两年GENESIS ENERGY LP的营收复合增速更高（0.7% 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。
Genesis Energy LP是一家总部位于美国的中游能源合伙企业，主营原油、天然气、成品油及特种工业原料的基础设施运营与物流服务，旗下资产涵盖管道、仓储码头、海运设施及铁路物流枢纽，为北美地区的炼油厂、工业客户及能源分销商提供服务。
AOS vs GEL — 直观对比
营收规模更大
AOS
是对方的2.1倍
$440.8M
营收增速更快
GEL
高出10.5%
0.0%
净利率更高
AOS
高出9.2%
4.5%
自由现金流更多
AOS
多$78.5M
$87.0M
两年增速更快
GEL
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $440.8M |
| 净利润 | $125.4M | $19.9M |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | 20.4% |
| 净利率 | 13.7% | 4.5% |
| 营收同比 | 0.0% | 10.5% |
| 净利润同比 | 14.3% | 140.2% |
| 每股收益（稀释后） | $0.89 | $0.04 |
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AOSGEL
| Q4 25 | $912.5M | $440.8M | ||
| Q3 25 | $942.5M | $414.0M | ||
| Q2 25 | $1.0B | $377.3M | ||
| Q1 25 | $963.9M | $398.3M | ||
| Q4 24 | $912.4M | $398.9M | ||
| Q3 24 | $902.6M | $397.3M | ||
| Q2 24 | $1.0B | $430.2M | ||
| Q1 24 | $978.8M | $434.4M |
净利润AOSGEL
| Q4 25 | $125.4M | $19.9M | ||
| Q3 25 | $132.0M | $9.2M | ||
| Q2 25 | $152.2M | $-406.0K | ||
| Q1 25 | $136.6M | $-469.1M | ||
| Q4 24 | $109.7M | $-49.4M | ||
| Q3 24 | $120.1M | $-17.2M | ||
| Q2 24 | $156.2M | $-8.7M | ||
| Q1 24 | $147.6M | $11.4M |
毛利率AOSGEL
| 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AOSGEL
| Q4 25 | 17.9% | 20.4% | ||
| Q3 25 | 18.6% | 19.0% | ||
| Q2 25 | 20.4% | 17.9% | ||
| Q1 25 | 19.1% | 5.5% | ||
| Q4 24 | 10.1% | 3.4% | ||
| Q3 24 | 19.5% | 12.2% | ||
| Q2 24 | 21.9% | 11.6% | ||
| Q1 24 | 22.0% | 13.4% |
净利率AOSGEL
| Q4 25 | 13.7% | 4.5% | ||
| Q3 25 | 14.0% | 2.2% | ||
| Q2 25 | 15.0% | -0.1% | ||
| Q1 25 | 14.2% | -117.8% | ||
| Q4 24 | 12.0% | -12.4% | ||
| Q3 24 | 13.3% | -4.3% | ||
| Q2 24 | 15.2% | -2.0% | ||
| Q1 24 | 15.1% | 2.6% |
每股收益（稀释后）AOSGEL
| Q4 25 | $0.89 | $0.04 | ||
| Q3 25 | $0.94 | $-0.05 | ||
| Q2 25 | $1.07 | $-0.12 | ||
| Q1 25 | $0.95 | $-4.06 | ||
| Q4 24 | $0.75 | $-0.58 | ||
| Q3 24 | $0.82 | $-0.32 | ||
| Q2 24 | $1.06 | $-0.25 | ||
| Q1 24 | $1.00 | $-0.09 |
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 | $6.4M |
| 总债务越低越好 | $155.0M | $3.0B |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $3.1B | $4.9B |
| 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AOSGEL
| Q4 25 | $193.2M | $6.4M | ||
| Q3 25 | $172.8M | $4.9M | ||
| Q2 25 | $177.9M | $4.5M | ||
| Q1 25 | $200.2M | $377.4M | ||
| Q4 24 | $276.1M | $7.4M | ||
| Q3 24 | $255.6M | $13.0M | ||
| Q2 24 | $233.3M | $13.7M | ||
| Q1 24 | $303.1M | $7.0M |
总债务AOSGEL
| Q4 25 | $155.0M | $3.0B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $193.2M | $3.7B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.8B |
股东权益AOSGEL
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总资产AOSGEL
| Q4 25 | $3.1B | $4.9B | ||
| Q3 25 | $3.2B | $4.9B | ||
| Q2 25 | $3.2B | $4.8B | ||
| Q1 25 | $3.3B | $5.2B | ||
| Q4 24 | $3.2B | $7.0B | ||
| Q3 24 | $3.2B | $7.1B | ||
| Q2 24 | $3.2B | $7.0B | ||
| Q1 24 | $3.2B | $6.9B |
负债/权益比AOSGEL
| 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 | $110.8M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $87.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 19.7% |
| 资本支出强度资本支出/营收 | 1.9% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.46× | 5.58× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $65.9M |
8季度趋势，按日历期对齐
经营现金流AOSGEL
| Q4 25 | $183.1M | $110.8M | ||
| Q3 25 | $255.4M | $70.3M | ||
| Q2 25 | $139.6M | $47.0M | ||
| Q1 25 | $38.7M | $24.8M | ||
| Q4 24 | $221.9M | $74.0M | ||
| Q3 24 | $195.9M | $87.3M | ||
| Q2 24 | $57.4M | $104.7M | ||
| Q1 24 | $106.6M | $125.9M |
自由现金流AOSGEL
| Q4 25 | $165.5M | $87.0M | ||
| Q3 25 | $240.6M | $43.3M | ||
| Q2 25 | $122.5M | $-7.6M | ||
| Q1 25 | $17.4M | $-56.8M | ||
| Q4 24 | $191.3M | $-47.1M | ||
| Q3 24 | $163.4M | $-32.3M | ||
| Q2 24 | $34.5M | $-67.5M | ||
| Q1 24 | $84.6M | $-48.3M |
自由现金流率AOSGEL
| Q4 25 | 18.1% | 19.7% | ||
| Q3 25 | 25.5% | 10.5% | ||
| Q2 25 | 12.1% | -2.0% | ||
| Q1 25 | 1.8% | -14.3% | ||
| Q4 24 | 21.0% | -11.8% | ||
| Q3 24 | 18.1% | -8.1% | ||
| Q2 24 | 3.4% | -15.7% | ||
| Q1 24 | 8.6% | -11.1% |
资本支出强度AOSGEL
| Q4 25 | 1.9% | 5.4% | ||
| Q3 25 | 1.6% | 6.5% | ||
| Q2 25 | 1.7% | 14.5% | ||
| Q1 25 | 2.2% | 20.5% | ||
| Q4 24 | 3.4% | 30.3% | ||
| Q3 24 | 3.6% | 30.1% | ||
| Q2 24 | 2.2% | 40.0% | ||
| Q1 24 | 2.2% | 40.1% |
现金转化率AOSGEL
| Q4 25 | 1.46× | 5.58× | ||
| Q3 25 | 1.93× | 7.63× | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | 11.09× |
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% |
GEL
| Onshore Facilities And Transportation Revenue | $204.2M | 46% |
| Offshore Pipeline Transportation Revenue | $154.3M | 35% |
| Marine Transportation Revenue | $82.2M | 19% |
