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A.O.史密斯（AOS）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是A.O.史密斯的1.4倍（$1.3B vs $912.5M），A.O.史密斯净利率更高（13.7% vs 8.7%，领先5.1%），Graham Holdings Co同比增速更快（0.4% vs 0.0%），A.O.史密斯自由现金流更多（$165.5M vs $5.0M），过去两年Graham Holdings Co的营收复合增速更高（4.2% 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。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
AOS vs GHC — 直观对比
营收规模更大
GHC
是对方的1.4倍
$912.5M
营收增速更快
GHC
高出0.4%
0.0%
净利率更高
AOS
高出5.1%
8.7%
自由现金流更多
AOS
多$160.5M
$5.0M
两年增速更快
GHC
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.3B |
| 净利润 | $125.4M | $108.7M |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | 3.8% |
| 净利率 | 13.7% | 8.7% |
| 营收同比 | 0.0% | 0.4% |
| 净利润同比 | 14.3% | -80.2% |
| 每股收益（稀释后） | $0.89 | $24.76 |
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AOSGHC
| Q4 25 | $912.5M | $1.3B | ||
| Q3 25 | $942.5M | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $963.9M | $1.2B | ||
| Q4 24 | $912.4M | $1.2B | ||
| Q3 24 | $902.6M | $1.2B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $978.8M | $1.2B |
净利润AOSGHC
| Q4 25 | $125.4M | $108.7M | ||
| Q3 25 | $132.0M | $122.9M | ||
| Q2 25 | $152.2M | $36.7M | ||
| Q1 25 | $136.6M | $23.9M | ||
| Q4 24 | $109.7M | $548.8M | ||
| Q3 24 | $120.1M | $72.5M | ||
| Q2 24 | $156.2M | $-21.0M | ||
| Q1 24 | $147.6M | $124.4M |
毛利率AOSGHC
| 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AOSGHC
| Q4 25 | 17.9% | 3.8% | ||
| Q3 25 | 18.6% | 5.2% | ||
| Q2 25 | 20.4% | 6.0% | ||
| Q1 25 | 19.1% | 4.1% | ||
| Q4 24 | 10.1% | 5.8% | ||
| Q3 24 | 19.5% | 6.8% | ||
| Q2 24 | 21.9% | 2.2% | ||
| Q1 24 | 22.0% | 3.1% |
净利率AOSGHC
| Q4 25 | 13.7% | 8.7% | ||
| Q3 25 | 14.0% | 9.6% | ||
| Q2 25 | 15.0% | 3.0% | ||
| Q1 25 | 14.2% | 2.0% | ||
| Q4 24 | 12.0% | 44.1% | ||
| Q3 24 | 13.3% | 6.0% | ||
| Q2 24 | 15.2% | -1.8% | ||
| Q1 24 | 15.1% | 10.8% |
每股收益（稀释后）AOSGHC
| Q4 25 | $0.89 | $24.76 | ||
| Q3 25 | $0.94 | $27.91 | ||
| Q2 25 | $1.07 | $8.35 | ||
| Q1 25 | $0.95 | $5.45 | ||
| Q4 24 | $0.75 | $124.05 | ||
| Q3 24 | $0.82 | $16.42 | ||
| Q2 24 | $1.06 | $-4.79 | ||
| Q1 24 | $1.00 | $27.72 |
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 | $267.0M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $4.8B |
| 总资产 | $3.1B | $8.4B |
| 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AOSGHC
| Q4 25 | $193.2M | $267.0M | ||
| Q3 25 | $172.8M | $190.8M | ||
| Q2 25 | $177.9M | $176.2M | ||
| Q1 25 | $200.2M | $156.7M | ||
| Q4 24 | $276.1M | $260.9M | ||
| Q3 24 | $255.6M | $244.4M | ||
| Q2 24 | $233.3M | $140.7M | ||
| Q1 24 | $303.1M | $130.9M |
总债务AOSGHC
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSGHC
| Q4 25 | $1.9B | $4.8B | ||
| Q3 25 | $1.8B | $4.5B | ||
| Q2 25 | $1.8B | $4.4B | ||
| Q1 25 | $1.9B | $4.3B | ||
| Q4 24 | $1.9B | $4.3B | ||
| Q3 24 | $1.9B | $4.0B | ||
| Q2 24 | $1.9B | $4.0B | ||
| Q1 24 | $1.9B | $4.0B |
总资产AOSGHC
| Q4 25 | $3.1B | $8.4B | ||
| Q3 25 | $3.2B | $7.9B | ||
| Q2 25 | $3.2B | $7.6B | ||
| Q1 25 | $3.3B | $7.6B | ||
| Q4 24 | $3.2B | $7.7B | ||
| Q3 24 | $3.2B | $7.4B | ||
| Q2 24 | $3.2B | $7.2B | ||
| Q1 24 | $3.2B | $7.3B |
负债/权益比AOSGHC
| 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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $5.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 0.4% |
| 资本支出强度资本支出/营收 | 1.9% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.26× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $275.3M |
8季度趋势，按日历期对齐
经营现金流AOSGHC
| Q4 25 | $183.1M | $28.3M | ||
| Q3 25 | $255.4M | $178.1M | ||
| Q2 25 | $139.6M | $94.8M | ||
| Q1 25 | $38.7M | $46.0M | ||
| Q4 24 | $221.9M | $116.3M | ||
| Q3 24 | $195.9M | $237.6M | ||
| Q2 24 | $57.4M | $52.0M | ||
| Q1 24 | $106.6M | $1.1M |
自由现金流AOSGHC
| Q4 25 | $165.5M | $5.0M | ||
| Q3 25 | $240.6M | $161.8M | ||
| Q2 25 | $122.5M | $78.0M | ||
| Q1 25 | $17.4M | $30.5M | ||
| Q4 24 | $191.3M | $91.1M | ||
| Q3 24 | $163.4M | $219.4M | ||
| Q2 24 | $34.5M | $33.7M | ||
| Q1 24 | $84.6M | $-20.2M |
自由现金流率AOSGHC
| Q4 25 | 18.1% | 0.4% | ||
| Q3 25 | 25.5% | 12.6% | ||
| Q2 25 | 12.1% | 6.4% | ||
| Q1 25 | 1.8% | 2.6% | ||
| Q4 24 | 21.0% | 7.3% | ||
| Q3 24 | 18.1% | 18.2% | ||
| Q2 24 | 3.4% | 2.8% | ||
| Q1 24 | 8.6% | -1.8% |
资本支出强度AOSGHC
| Q4 25 | 1.9% | 1.9% | ||
| Q3 25 | 1.6% | 1.3% | ||
| Q2 25 | 1.7% | 1.4% | ||
| Q1 25 | 2.2% | 1.3% | ||
| Q4 24 | 3.4% | 2.0% | ||
| Q3 24 | 3.6% | 1.5% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 2.2% | 1.8% |
现金转化率AOSGHC
| Q4 25 | 1.46× | 0.26× | ||
| Q3 25 | 1.93× | 1.45× | ||
| Q2 25 | 0.92× | 2.58× | ||
| Q1 25 | 0.28× | 1.93× | ||
| Q4 24 | 2.02× | 0.21× | ||
| Q3 24 | 1.63× | 3.28× | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
