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A.O.史密斯（AOS）与Acushnet Holdings Corp.（GOLF）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Acushnet Holdings Corp.的1.9倍（$912.5M vs $477.2M）。A.O.史密斯净利率更高（13.7% vs -7.3%，领先21.1%）。Acushnet Holdings Corp.同比增速更快（7.2% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $-23.3M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -17.9%）
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。
Acushnet Holdings Corp.是一家专注于高尔夫赛道的美国企业，旗下运营多个知名品牌，产品品类覆盖高尔夫专业器材、运动服饰及相关配件，为全球高尔夫运动爱好者提供多元化的相关产品选择。
AOS vs GOLF — 直观对比
营收规模更大
AOS
是对方的1.9倍
$477.2M
营收增速更快
GOLF
高出7.2%
0.0%
净利率更高
AOS
高出21.1%
-7.3%
自由现金流更多
AOS
多$188.8M
$-23.3M
两年增速更快
AOS
近两年复合增速
-17.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $477.2M |
| 净利润 | $125.4M | $-34.9M |
| 毛利率 | 38.4% | 44.1% |
| 营业利润率 | 17.9% | -3.8% |
| 净利率 | 13.7% | -7.3% |
| 营收同比 | 0.0% | 7.2% |
| 净利润同比 | 14.3% | -3027.3% |
| 每股收益（稀释后） | $0.89 | $-0.57 |
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AOSGOLF
| Q4 25 | $912.5M | $477.2M | ||
| Q3 25 | $942.5M | $657.7M | ||
| Q2 25 | $1.0B | $720.5M | ||
| Q1 25 | $963.9M | $703.4M | ||
| Q4 24 | $912.4M | $445.2M | ||
| Q3 24 | $902.6M | $620.5M | ||
| Q2 24 | $1.0B | $683.9M | ||
| Q1 24 | $978.8M | $707.6M |
净利润AOSGOLF
| Q4 25 | $125.4M | $-34.9M | ||
| Q3 25 | $132.0M | $48.5M | ||
| Q2 25 | $152.2M | $75.6M | ||
| Q1 25 | $136.6M | $99.4M | ||
| Q4 24 | $109.7M | $-1.1M | ||
| Q3 24 | $120.1M | $56.2M | ||
| Q2 24 | $156.2M | $71.4M | ||
| Q1 24 | $147.6M | $87.8M |
毛利率AOSGOLF
| Q4 25 | 38.4% | 44.1% | ||
| Q3 25 | 38.7% | 48.5% | ||
| Q2 25 | 39.3% | 49.2% | ||
| Q1 25 | 38.9% | 47.9% | ||
| Q4 24 | 37.1% | 22.6% | ||
| Q3 24 | 37.4% | 54.4% | ||
| Q2 24 | 38.7% | 54.4% | ||
| Q1 24 | 39.3% | 53.4% |
营业利润率AOSGOLF
| Q4 25 | 17.9% | -3.8% | ||
| Q3 25 | 18.6% | 14.1% | ||
| Q2 25 | 20.4% | 15.2% | ||
| Q1 25 | 19.1% | 16.3% | ||
| Q4 24 | 10.1% | -1.2% | ||
| Q3 24 | 19.5% | 13.2% | ||
| Q2 24 | 21.9% | 15.5% | ||
| Q1 24 | 22.0% | 17.2% |
净利率AOSGOLF
| Q4 25 | 13.7% | -7.3% | ||
| Q3 25 | 14.0% | 7.4% | ||
| Q2 25 | 15.0% | 10.5% | ||
| Q1 25 | 14.2% | 14.1% | ||
| Q4 24 | 12.0% | -0.3% | ||
| Q3 24 | 13.3% | 9.1% | ||
| Q2 24 | 15.2% | 10.4% | ||
| Q1 24 | 15.1% | 12.4% |
每股收益（稀释后）AOSGOLF
| Q4 25 | $0.89 | $-0.57 | ||
| Q3 25 | $0.94 | $0.81 | ||
| Q2 25 | $1.07 | $1.25 | ||
| Q1 25 | $0.95 | $1.62 | ||
| Q4 24 | $0.75 | $0.02 | ||
| Q3 24 | $0.82 | $0.89 | ||
| Q2 24 | $1.06 | $1.11 | ||
| Q1 24 | $1.00 | $1.35 |
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 | — |
| 总债务越低越好 | $155.0M | $926.2M |
| 股东权益账面价值 | $1.9B | $783.6M |
| 总资产 | $3.1B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.08× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资AOSGOLF
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | — | ||
| Q2 25 | $177.9M | — | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | — | ||
| Q3 24 | $255.6M | — | ||
| Q2 24 | $233.3M | — | ||
| Q1 24 | $303.1M | — |
总债务AOSGOLF
| Q4 25 | $155.0M | $926.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $753.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSGOLF
| Q4 25 | $1.9B | $783.6M | ||
| Q3 25 | $1.8B | $852.3M | ||
| Q2 25 | $1.8B | $808.5M | ||
| Q1 25 | $1.9B | $780.3M | ||
| Q4 24 | $1.9B | $765.2M | ||
| Q3 24 | $1.9B | $863.9M | ||
| Q2 24 | $1.9B | $863.7M | ||
| Q1 24 | $1.9B | $883.7M |
总资产AOSGOLF
| Q4 25 | $3.1B | $2.3B | ||
| Q3 25 | $3.2B | $2.4B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.3B | $2.4B | ||
| Q4 24 | $3.2B | $2.2B | ||
| Q3 24 | $3.2B | $2.3B | ||
| Q2 24 | $3.2B | $2.3B | ||
| Q1 24 | $3.2B | $2.4B |
负债/权益比AOSGOLF
| Q4 25 | 0.08× | 1.18× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 0.98× | ||
| 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 | $-338.0K |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $-23.3M |
| 自由现金流率自由现金流/营收 | 18.1% | -4.9% |
| 资本支出强度资本支出/营收 | 1.9% | 4.8% |
| 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 | $120.0M |
8季度趋势，按日历期对齐
经营现金流AOSGOLF
| Q4 25 | $183.1M | $-338.0K | ||
| Q3 25 | $255.4M | $163.1M | ||
| Q2 25 | $139.6M | $151.9M | ||
| Q1 25 | $38.7M | $-120.3M | ||
| Q4 24 | $221.9M | $-1.1M | ||
| Q3 24 | $195.9M | $144.1M | ||
| Q2 24 | $57.4M | $211.6M | ||
| Q1 24 | $106.6M | $-109.5M |
自由现金流AOSGOLF
| Q4 25 | $165.5M | $-23.3M | ||
| Q3 25 | $240.6M | $136.9M | ||
| Q2 25 | $122.5M | $138.0M | ||
| Q1 25 | $17.4M | $-131.5M | ||
| Q4 24 | $191.3M | $-33.2M | ||
| Q3 24 | $163.4M | $123.7M | ||
| Q2 24 | $34.5M | $196.8M | ||
| Q1 24 | $84.6M | $-116.8M |
自由现金流率AOSGOLF
| Q4 25 | 18.1% | -4.9% | ||
| Q3 25 | 25.5% | 20.8% | ||
| Q2 25 | 12.1% | 19.2% | ||
| Q1 25 | 1.8% | -18.7% | ||
| Q4 24 | 21.0% | -7.5% | ||
| Q3 24 | 18.1% | 19.9% | ||
| Q2 24 | 3.4% | 28.8% | ||
| Q1 24 | 8.6% | -16.5% |
资本支出强度AOSGOLF
| Q4 25 | 1.9% | 4.8% | ||
| Q3 25 | 1.6% | 4.0% | ||
| Q2 25 | 1.7% | 1.9% | ||
| Q1 25 | 2.2% | 1.6% | ||
| Q4 24 | 3.4% | 7.2% | ||
| Q3 24 | 3.6% | 3.3% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | 2.2% | 1.0% |
现金转化率AOSGOLF
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 3.36× | ||
| Q2 25 | 0.92× | 2.01× | ||
| Q1 25 | 0.28× | -1.21× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 2.56× | ||
| Q2 24 | 0.37× | 2.96× | ||
| Q1 24 | 0.72× | -1.25× |
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% |
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
