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A.O.史密斯（AOS）与伯克希尔·哈撒韦（HEI）财务数据对比。点击上方公司名可切换其他公司
伯克希尔·哈撒韦的季度营收约是A.O.史密斯的1.3倍（$1.2B vs $912.5M）。伯克希尔·哈撒韦净利率更高（15.6% vs 13.7%，领先1.8%）。伯克希尔·哈撒韦同比增速更快（19.3% vs 0.0%）。伯克希尔·哈撒韦自由现金流更多（$268.5M vs $165.5M）。过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% 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。
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
AOS vs HEI — 直观对比
营收规模更大
HEI
是对方的1.3倍
$912.5M
营收增速更快
HEI
高出19.3%
0.0%
净利率更高
HEI
高出1.8%
13.7%
自由现金流更多
HEI
多$103.0M
$165.5M
两年增速更快
HEI
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.2B |
| 净利润 | $125.4M | $188.3M |
| 毛利率 | 38.4% | 40.2% |
| 营业利润率 | 17.9% | 23.1% |
| 净利率 | 13.7% | 15.6% |
| 营收同比 | 0.0% | 19.3% |
| 净利润同比 | 14.3% | 34.8% |
| 每股收益（稀释后） | $0.89 | $1.32 |
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AOSHEI
| Q4 25 | $912.5M | $1.2B | ||
| Q3 25 | $942.5M | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $963.9M | $1.0B | ||
| Q4 24 | $912.4M | $1.0B | ||
| Q3 24 | $902.6M | $992.2M | ||
| Q2 24 | $1.0B | $955.4M | ||
| Q1 24 | $978.8M | $896.4M |
净利润AOSHEI
| Q4 25 | $125.4M | $188.3M | ||
| Q3 25 | $132.0M | $177.3M | ||
| Q2 25 | $152.2M | $156.8M | ||
| Q1 25 | $136.6M | $168.0M | ||
| Q4 24 | $109.7M | $139.7M | ||
| Q3 24 | $120.1M | $136.6M | ||
| Q2 24 | $156.2M | $123.1M | ||
| Q1 24 | $147.6M | $114.7M |
毛利率AOSHEI
| Q4 25 | 38.4% | 40.2% | ||
| Q3 25 | 38.7% | 39.8% | ||
| Q2 25 | 39.3% | 39.9% | ||
| Q1 25 | 38.9% | 39.4% | ||
| Q4 24 | 37.1% | 38.9% | ||
| Q3 24 | 37.4% | 39.2% | ||
| Q2 24 | 38.7% | 38.9% | ||
| Q1 24 | 39.3% | 38.7% |
营业利润率AOSHEI
| Q4 25 | 17.9% | 23.1% | ||
| Q3 25 | 18.6% | 23.1% | ||
| Q2 25 | 20.4% | 22.6% | ||
| Q1 25 | 19.1% | 22.0% | ||
| Q4 24 | 10.1% | 21.6% | ||
| Q3 24 | 19.5% | 21.8% | ||
| Q2 24 | 21.9% | 21.9% | ||
| Q1 24 | 22.0% | 20.1% |
净利率AOSHEI
| Q4 25 | 13.7% | 15.6% | ||
| Q3 25 | 14.0% | 15.5% | ||
| Q2 25 | 15.0% | 14.3% | ||
| Q1 25 | 14.2% | 16.3% | ||
| Q4 24 | 12.0% | 13.8% | ||
| Q3 24 | 13.3% | 13.8% | ||
| Q2 24 | 15.2% | 12.9% | ||
| Q1 24 | 15.1% | 12.8% |
每股收益（稀释后）AOSHEI
| Q4 25 | $0.89 | $1.32 | ||
| Q3 25 | $0.94 | $1.26 | ||
| Q2 25 | $1.07 | $1.12 | ||
| Q1 25 | $0.95 | $1.20 | ||
| Q4 24 | $0.75 | $1.00 | ||
| Q3 24 | $0.82 | $0.97 | ||
| Q2 24 | $1.06 | $0.88 | ||
| Q1 24 | $1.00 | $0.82 |
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 | $217.8M |
| 总债务越低越好 | $155.0M | $2.2B |
| 股东权益账面价值 | $1.9B | $4.3B |
| 总资产 | $3.1B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资AOSHEI
| Q4 25 | $193.2M | $217.8M | ||
| Q3 25 | $172.8M | $261.9M | ||
| Q2 25 | $177.9M | $242.3M | ||
| Q1 25 | $200.2M | $165.5M | ||
| Q4 24 | $276.1M | $162.1M | ||
| Q3 24 | $255.6M | $202.9M | ||
| Q2 24 | $233.3M | $204.2M | ||
| Q1 24 | $303.1M | $196.3M |
总债务AOSHEI
| Q4 25 | $155.0M | $2.2B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $193.2M | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.5B |
股东权益AOSHEI
| Q4 25 | $1.9B | $4.3B | ||
| Q3 25 | $1.8B | $4.1B | ||
| Q2 25 | $1.8B | $4.0B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.9B | $3.6B | ||
| Q3 24 | $1.9B | $3.5B | ||
| Q2 24 | $1.9B | $3.4B | ||
| Q1 24 | $1.9B | $3.3B |
总资产AOSHEI
| Q4 25 | $3.1B | $8.5B | ||
| Q3 25 | $3.2B | $8.5B | ||
| Q2 25 | $3.2B | $8.1B | ||
| Q1 25 | $3.3B | $7.9B | ||
| Q4 24 | $3.2B | $7.6B | ||
| Q3 24 | $3.2B | $7.4B | ||
| Q2 24 | $3.2B | $7.4B | ||
| Q1 24 | $3.2B | $7.3B |
负债/权益比AOSHEI
| Q4 25 | 0.08× | 0.50× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | 0.10× | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.76× |
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 | $295.3M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $268.5M |
| 自由现金流率自由现金流/营收 | 18.1% | 22.2% |
| 资本支出强度资本支出/营收 | 1.9% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.57× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $861.4M |
8季度趋势，按日历期对齐
经营现金流AOSHEI
| Q4 25 | $183.1M | $295.3M | ||
| Q3 25 | $255.4M | $231.2M | ||
| Q2 25 | $139.6M | $204.7M | ||
| Q1 25 | $38.7M | $203.0M | ||
| Q4 24 | $221.9M | $205.6M | ||
| Q3 24 | $195.9M | $214.0M | ||
| Q2 24 | $57.4M | $141.1M | ||
| Q1 24 | $106.6M | $111.7M |
自由现金流AOSHEI
| Q4 25 | $165.5M | $268.5M | ||
| Q3 25 | $240.6M | $218.5M | ||
| Q2 25 | $122.5M | $188.7M | ||
| Q1 25 | $17.4M | $185.7M | ||
| Q4 24 | $191.3M | $189.5M | ||
| Q3 24 | $163.4M | $198.1M | ||
| Q2 24 | $34.5M | $128.2M | ||
| Q1 24 | $84.6M | $98.3M |
自由现金流率AOSHEI
| Q4 25 | 18.1% | 22.2% | ||
| Q3 25 | 25.5% | 19.0% | ||
| Q2 25 | 12.1% | 17.2% | ||
| Q1 25 | 1.8% | 18.0% | ||
| Q4 24 | 21.0% | 18.7% | ||
| Q3 24 | 18.1% | 20.0% | ||
| Q2 24 | 3.4% | 13.4% | ||
| Q1 24 | 8.6% | 11.0% |
资本支出强度AOSHEI
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.7% | 1.5% | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 3.4% | 1.6% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 2.2% | 1.5% |
现金转化率AOSHEI
| Q4 25 | 1.46× | 1.57× | ||
| Q3 25 | 1.93× | 1.30× | ||
| Q2 25 | 0.92× | 1.31× | ||
| Q1 25 | 0.28× | 1.21× | ||
| Q4 24 | 2.02× | 1.47× | ||
| Q3 24 | 1.63× | 1.57× | ||
| Q2 24 | 0.37× | 1.15× | ||
| Q1 24 | 0.72× | 0.97× |
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% |
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
