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A.O.史密斯（AOS）与GRAHAM CORP（GHM）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GRAHAM CORP的16.1倍（$912.5M vs $56.7M）。A.O.史密斯净利率更高（13.7% vs 5.0%，领先8.7%）。GRAHAM CORP同比增速更快（20.5% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $2.4M）。过去两年GRAHAM CORP的营收复合增速更高（7.5% 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。
格雷厄姆控股公司是一家多元化的美国控股集团，总部位于弗吉尼亚州阿灵顿县，在特拉华州注册成立，该集团曾是《华盛顿邮报》与《新闻周刊》杂志的所有者。
AOS vs GHM — 直观对比
营收规模更大
AOS
是对方的16.1倍
$56.7M
营收增速更快
GHM
高出20.5%
0.0%
净利率更高
AOS
高出8.7%
5.0%
自由现金流更多
AOS
多$163.1M
$2.4M
两年增速更快
GHM
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $56.7M |
| 净利润 | $125.4M | $2.8M |
| 毛利率 | 38.4% | 23.8% |
| 营业利润率 | 17.9% | 5.5% |
| 净利率 | 13.7% | 5.0% |
| 营收同比 | 0.0% | 20.5% |
| 净利润同比 | 14.3% | 79.2% |
| 每股收益（稀释后） | $0.89 | $0.25 |
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AOSGHM
| Q4 25 | $912.5M | $56.7M | ||
| Q3 25 | $942.5M | $66.0M | ||
| Q2 25 | $1.0B | $55.5M | ||
| Q1 25 | $963.9M | $59.3M | ||
| Q4 24 | $912.4M | $47.0M | ||
| Q3 24 | $902.6M | $53.6M | ||
| Q2 24 | $1.0B | $50.0M | ||
| Q1 24 | $978.8M | $49.1M |
净利润AOSGHM
| Q4 25 | $125.4M | $2.8M | ||
| Q3 25 | $132.0M | $3.1M | ||
| Q2 25 | $152.2M | $4.6M | ||
| Q1 25 | $136.6M | $4.4M | ||
| Q4 24 | $109.7M | $1.6M | ||
| Q3 24 | $120.1M | $3.3M | ||
| Q2 24 | $156.2M | $3.0M | ||
| Q1 24 | $147.6M | $1.3M |
毛利率AOSGHM
| Q4 25 | 38.4% | 23.8% | ||
| Q3 25 | 38.7% | 21.7% | ||
| Q2 25 | 39.3% | 26.5% | ||
| Q1 25 | 38.9% | 27.0% | ||
| Q4 24 | 37.1% | 24.8% | ||
| Q3 24 | 37.4% | 23.9% | ||
| Q2 24 | 38.7% | 24.8% | ||
| Q1 24 | 39.3% | 25.9% |
营业利润率AOSGHM
| Q4 25 | 17.9% | 5.5% | ||
| Q3 25 | 18.6% | 6.5% | ||
| Q2 25 | 20.4% | 8.9% | ||
| Q1 25 | 19.1% | 9.3% | ||
| Q4 24 | 10.1% | 4.7% | ||
| Q3 24 | 19.5% | 7.9% | ||
| Q2 24 | 21.9% | 6.5% | ||
| Q1 24 | 22.0% | 3.1% |
净利率AOSGHM
| Q4 25 | 13.7% | 5.0% | ||
| Q3 25 | 14.0% | 4.7% | ||
| Q2 25 | 15.0% | 8.3% | ||
| Q1 25 | 14.2% | 7.4% | ||
| Q4 24 | 12.0% | 3.4% | ||
| Q3 24 | 13.3% | 6.1% | ||
| Q2 24 | 15.2% | 5.9% | ||
| Q1 24 | 15.1% | 2.7% |
每股收益（稀释后）AOSGHM
| Q4 25 | $0.89 | $0.25 | ||
| Q3 25 | $0.94 | $0.28 | ||
| Q2 25 | $1.07 | $0.42 | ||
| Q1 25 | $0.95 | $0.40 | ||
| Q4 24 | $0.75 | $0.14 | ||
| Q3 24 | $0.82 | $0.30 | ||
| Q2 24 | $1.06 | $0.27 | ||
| Q1 24 | $1.00 | $0.11 |
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 | $22.3M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $131.3M |
| 总资产 | $3.1B | $292.9M |
| 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AOSGHM
| Q4 25 | $193.2M | $22.3M | ||
| Q3 25 | $172.8M | $20.6M | ||
| Q2 25 | $177.9M | $10.8M | ||
| Q1 25 | $200.2M | $21.6M | ||
| Q4 24 | $276.1M | $30.0M | ||
| Q3 24 | $255.6M | $32.3M | ||
| Q2 24 | $233.3M | $21.6M | ||
| Q1 24 | $303.1M | $16.9M |
总债务AOSGHM
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSGHM
| Q4 25 | $1.9B | $131.3M | ||
| Q3 25 | $1.8B | $127.6M | ||
| Q2 25 | $1.8B | $123.4M | ||
| Q1 25 | $1.9B | $119.6M | ||
| Q4 24 | $1.9B | $114.4M | ||
| Q3 24 | $1.9B | $112.5M | ||
| Q2 24 | $1.9B | $108.2M | ||
| Q1 24 | $1.9B | $105.6M |
总资产AOSGHM
| Q4 25 | $3.1B | $292.9M | ||
| Q3 25 | $3.2B | $287.0M | ||
| Q2 25 | $3.2B | $252.3M | ||
| Q1 25 | $3.3B | $264.1M | ||
| Q4 24 | $3.2B | $264.3M | ||
| Q3 24 | $3.2B | $249.5M | ||
| Q2 24 | $3.2B | $244.2M | ||
| Q1 24 | $3.2B | $233.9M |
负债/权益比AOSGHM
| 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 | $4.8M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $2.4M |
| 自由现金流率自由现金流/营收 | 18.1% | 4.3% |
| 资本支出强度资本支出/营收 | 1.9% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.67× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $-6.1M |
8季度趋势，按日历期对齐
经营现金流AOSGHM
| Q4 25 | $183.1M | $4.8M | ||
| Q3 25 | $255.4M | $13.6M | ||
| Q2 25 | $139.6M | $-2.3M | ||
| Q1 25 | $38.7M | $-3.6M | ||
| Q4 24 | $221.9M | $5.2M | ||
| Q3 24 | $195.9M | $13.9M | ||
| Q2 24 | $57.4M | $8.7M | ||
| Q1 24 | $106.6M | $8.6M |
自由现金流AOSGHM
| Q4 25 | $165.5M | $2.4M | ||
| Q3 25 | $240.6M | $9.4M | ||
| Q2 25 | $122.5M | $-9.3M | ||
| Q1 25 | $17.4M | $-8.7M | ||
| Q4 24 | $191.3M | $-2.1M | ||
| Q3 24 | $163.4M | $10.4M | ||
| Q2 24 | $34.5M | $5.7M | ||
| Q1 24 | $84.6M | $4.6M |
自由现金流率AOSGHM
| Q4 25 | 18.1% | 4.3% | ||
| Q3 25 | 25.5% | 14.3% | ||
| Q2 25 | 12.1% | -16.7% | ||
| Q1 25 | 1.8% | -14.7% | ||
| Q4 24 | 21.0% | -4.5% | ||
| Q3 24 | 18.1% | 19.5% | ||
| Q2 24 | 3.4% | 11.5% | ||
| Q1 24 | 8.6% | 9.4% |
资本支出强度AOSGHM
| Q4 25 | 1.9% | 4.1% | ||
| Q3 25 | 1.6% | 6.3% | ||
| Q2 25 | 1.7% | 12.6% | ||
| Q1 25 | 2.2% | 8.7% | ||
| Q4 24 | 3.4% | 15.6% | ||
| Q3 24 | 3.6% | 6.5% | ||
| Q2 24 | 2.2% | 6.0% | ||
| Q1 24 | 2.2% | 8.2% |
现金转化率AOSGHM
| Q4 25 | 1.46× | 1.67× | ||
| Q3 25 | 1.93× | 4.40× | ||
| Q2 25 | 0.92× | -0.49× | ||
| Q1 25 | 0.28× | -0.81× | ||
| Q4 24 | 2.02× | 3.29× | ||
| Q3 24 | 1.63× | 4.25× | ||
| Q2 24 | 0.37× | 2.94× | ||
| Q1 24 | 0.72× | 6.45× |
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% |
GHM
| Defense | $35.3M | 62% |
| Energy And Process | $18.3M | 32% |
| Space | $3.1M | 6% |
