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A.O.史密斯（AOS）与哈雷戴维森（HOG）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哈雷戴维森的2.3倍（$912.5M vs $390.5M）。A.O.史密斯净利率更高（13.7% vs -72.3%，领先86.1%）。A.O.史密斯同比增速更快（0.0% vs -9.4%）。A.O.史密斯自由现金流更多（$165.5M vs $100.4M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -48.6%）
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。
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
AOS vs HOG — 直观对比
营收规模更大
AOS
是对方的2.3倍
$390.5M
营收增速更快
AOS
高出9.4%
-9.4%
净利率更高
AOS
高出86.1%
-72.3%
自由现金流更多
AOS
多$65.1M
$100.4M
两年增速更快
AOS
近两年复合增速
-48.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $390.5M |
| 净利润 | $125.4M | $-282.6M |
| 毛利率 | 38.4% | -7.9% |
| 营业利润率 | 17.9% | -92.4% |
| 净利率 | 13.7% | -72.3% |
| 营收同比 | 0.0% | -9.4% |
| 净利润同比 | 14.3% | -138.6% |
| 每股收益（稀释后） | $0.89 | $-2.27 |
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AOSHOG
| Q4 25 | $912.5M | $390.5M | ||
| Q3 25 | $942.5M | $1.1B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $963.9M | $1.1B | ||
| Q4 24 | $912.4M | $430.9M | ||
| Q3 24 | $902.6M | $881.2M | ||
| Q2 24 | $1.0B | $1.4B | ||
| Q1 24 | $978.8M | $1.5B |
净利润AOSHOG
| Q4 25 | $125.4M | $-282.6M | ||
| Q3 25 | $132.0M | $377.4M | ||
| Q2 25 | $152.2M | $107.6M | ||
| Q1 25 | $136.6M | $133.1M | ||
| Q4 24 | $109.7M | $-118.4M | ||
| Q3 24 | $120.1M | $119.0M | ||
| Q2 24 | $156.2M | $218.3M | ||
| Q1 24 | $147.6M | $234.9M |
毛利率AOSHOG
| Q4 25 | 38.4% | -7.9% | ||
| Q3 25 | 38.7% | 26.0% | ||
| Q2 25 | 39.3% | 28.5% | ||
| Q1 25 | 38.9% | 28.9% | ||
| Q4 24 | 37.1% | -2.0% | ||
| Q3 24 | 37.4% | 29.8% | ||
| Q2 24 | 38.7% | 31.8% | ||
| Q1 24 | 39.3% | 30.9% |
营业利润率AOSHOG
| Q4 25 | 17.9% | -92.4% | ||
| Q3 25 | 18.6% | 44.0% | ||
| Q2 25 | 20.4% | 10.7% | ||
| Q1 25 | 19.1% | 14.8% | ||
| Q4 24 | 10.1% | -44.9% | ||
| Q3 24 | 19.5% | 12.0% | ||
| Q2 24 | 21.9% | 17.8% | ||
| Q1 24 | 22.0% | 17.8% |
净利率AOSHOG
| Q4 25 | 13.7% | -72.3% | ||
| Q3 25 | 14.0% | 35.0% | ||
| Q2 25 | 15.0% | 10.2% | ||
| Q1 25 | 14.2% | 12.3% | ||
| Q4 24 | 12.0% | -27.5% | ||
| Q3 24 | 13.3% | 13.5% | ||
| Q2 24 | 15.2% | 16.1% | ||
| Q1 24 | 15.1% | 15.9% |
每股收益（稀释后）AOSHOG
| Q4 25 | $0.89 | $-2.27 | ||
| Q3 25 | $0.94 | $3.10 | ||
| Q2 25 | $1.07 | $0.88 | ||
| Q1 25 | $0.95 | $1.07 | ||
| Q4 24 | $0.75 | $-0.82 | ||
| Q3 24 | $0.82 | $0.91 | ||
| Q2 24 | $1.06 | $1.63 | ||
| Q1 24 | $1.00 | $1.72 |
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 | $3.1B |
| 总债务越低越好 | $155.0M | $2.5B |
| 股东权益账面价值 | $1.9B | $3.1B |
| 总资产 | $3.1B | $8.0B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.79× |
8季度趋势，按日历期对齐
现金及短期投资AOSHOG
| Q4 25 | $193.2M | $3.1B | ||
| Q3 25 | $172.8M | $1.8B | ||
| Q2 25 | $177.9M | $1.6B | ||
| Q1 25 | $200.2M | $1.9B | ||
| Q4 24 | $276.1M | $1.6B | ||
| Q3 24 | $255.6M | $2.2B | ||
| Q2 24 | $233.3M | $1.8B | ||
| Q1 24 | $303.1M | $1.5B |
总债务AOSHOG
| Q4 25 | $155.0M | $2.5B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | $193.2M | $6.3B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.0B | ||
| Q1 24 | — | $6.3B |
股东权益AOSHOG
| Q4 25 | $1.9B | $3.1B | ||
| Q3 25 | $1.8B | $3.6B | ||
| Q2 25 | $1.8B | $3.3B | ||
| Q1 25 | $1.9B | $3.2B | ||
| Q4 24 | $1.9B | $3.2B | ||
| Q3 24 | $1.9B | $3.4B | ||
| Q2 24 | $1.9B | $3.4B | ||
| Q1 24 | $1.9B | $3.3B |
总资产AOSHOG
| Q4 25 | $3.1B | $8.0B | ||
| Q3 25 | $3.2B | $10.6B | ||
| Q2 25 | $3.2B | $12.1B | ||
| Q1 25 | $3.3B | $12.4B | ||
| Q4 24 | $3.2B | $11.9B | ||
| Q3 24 | $3.2B | $13.0B | ||
| Q2 24 | $3.2B | $12.8B | ||
| Q1 24 | $3.2B | $12.3B |
负债/权益比AOSHOG
| Q4 25 | 0.08× | 0.79× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | 0.10× | 2.00× | ||
| Q3 24 | — | 2.13× | ||
| Q2 24 | — | 2.03× | ||
| Q1 24 | — | 1.88× |
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 | $152.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $100.4M |
| 自由现金流率自由现金流/营收 | 18.1% | 25.7% |
| 资本支出强度资本支出/营收 | 1.9% | 13.2% |
| 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 | $415.2M |
8季度趋势，按日历期对齐
经营现金流AOSHOG
| Q4 25 | $183.1M | $152.0M | ||
| Q3 25 | $255.4M | $-92.6M | ||
| Q2 25 | $139.6M | $368.0M | ||
| Q1 25 | $38.7M | $141.5M | ||
| Q4 24 | $221.9M | $133.2M | ||
| Q3 24 | $195.9M | $353.0M | ||
| Q2 24 | $57.4M | $473.6M | ||
| Q1 24 | $106.6M | $104.0M |
自由现金流AOSHOG
| Q4 25 | $165.5M | $100.4M | ||
| Q3 25 | $240.6M | $-129.1M | ||
| Q2 25 | $122.5M | $332.4M | ||
| Q1 25 | $17.4M | $111.6M | ||
| Q4 24 | $191.3M | $77.0M | ||
| Q3 24 | $163.4M | $300.4M | ||
| Q2 24 | $34.5M | $432.2M | ||
| Q1 24 | $84.6M | $57.6M |
自由现金流率AOSHOG
| Q4 25 | 18.1% | 25.7% | ||
| Q3 25 | 25.5% | -12.0% | ||
| Q2 25 | 12.1% | 31.7% | ||
| Q1 25 | 1.8% | 10.3% | ||
| Q4 24 | 21.0% | 17.9% | ||
| Q3 24 | 18.1% | 34.1% | ||
| Q2 24 | 3.4% | 31.9% | ||
| Q1 24 | 8.6% | 3.9% |
资本支出强度AOSHOG
| Q4 25 | 1.9% | 13.2% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 1.7% | 3.4% | ||
| Q1 25 | 2.2% | 2.8% | ||
| Q4 24 | 3.4% | 13.0% | ||
| Q3 24 | 3.6% | 6.0% | ||
| Q2 24 | 2.2% | 3.1% | ||
| Q1 24 | 2.2% | 3.1% |
现金转化率AOSHOG
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | -0.25× | ||
| Q2 25 | 0.92× | 3.42× | ||
| Q1 25 | 0.28× | 1.06× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 2.97× | ||
| Q2 24 | 0.37× | 2.17× | ||
| Q1 24 | 0.72× | 0.44× |
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% |
HOG
| Motorcycles | $193.9M | 50% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Interest Income Financial Services | $45.8M | 12% |
| Other | $18.0M | 5% |
| Livewire Segment | $11.4M | 3% |
