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A.O.史密斯（AOS）与Installed Building Products, Inc.（IBP）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Installed Building Products, Inc.的1.2倍（$912.5M vs $747.5M）。A.O.史密斯净利率更高（13.7% vs 10.2%，领先3.5%）。A.O.史密斯同比增速更快（0.0% vs -0.4%）。A.O.史密斯自由现金流更多（$165.5M vs $49.3M）。过去两年Installed Building Products, Inc.的营收复合增速更高（3.9% 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。
Installed Building Products, Inc.是美国领先的建筑产品安装服务商，主营绝缘材料、排水沟、车库门、消防系统及窗帘等产品的专业安装服务，覆盖住宅新建、翻新改造及商业建筑三大领域，业务遍及美国大部分地区。
AOS vs IBP — 直观对比
营收规模更大
AOS
是对方的1.2倍
$747.5M
营收增速更快
AOS
高出0.4%
-0.4%
净利率更高
AOS
高出3.5%
10.2%
自由现金流更多
AOS
多$116.2M
$49.3M
两年增速更快
IBP
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $747.5M |
| 净利润 | $125.4M | $76.6M |
| 毛利率 | 38.4% | 35.0% |
| 营业利润率 | 17.9% | 14.6% |
| 净利率 | 13.7% | 10.2% |
| 营收同比 | 0.0% | -0.4% |
| 净利润同比 | 14.3% | 14.5% |
| 每股收益（稀释后） | $0.89 | $2.81 |
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AOSIBP
| Q4 25 | $912.5M | $747.5M | ||
| Q3 25 | $942.5M | $778.2M | ||
| Q2 25 | $1.0B | $760.3M | ||
| Q1 25 | $963.9M | $684.8M | ||
| Q4 24 | $912.4M | $750.2M | ||
| Q3 24 | $902.6M | $760.6M | ||
| Q2 24 | $1.0B | $737.6M | ||
| Q1 24 | $978.8M | $692.9M |
净利润AOSIBP
| Q4 25 | $125.4M | $76.6M | ||
| Q3 25 | $132.0M | $74.4M | ||
| Q2 25 | $152.2M | $69.0M | ||
| Q1 25 | $136.6M | $45.4M | ||
| Q4 24 | $109.7M | $66.9M | ||
| Q3 24 | $120.1M | $68.6M | ||
| Q2 24 | $156.2M | $65.2M | ||
| Q1 24 | $147.6M | $55.9M |
毛利率AOSIBP
| Q4 25 | 38.4% | 35.0% | ||
| Q3 25 | 38.7% | 34.0% | ||
| Q2 25 | 39.3% | 34.2% | ||
| Q1 25 | 38.9% | 32.7% | ||
| Q4 24 | 37.1% | 33.6% | ||
| Q3 24 | 37.4% | 33.8% | ||
| Q2 24 | 38.7% | 34.1% | ||
| Q1 24 | 39.3% | 33.8% |
营业利润率AOSIBP
| Q4 25 | 17.9% | 14.6% | ||
| Q3 25 | 18.6% | 13.7% | ||
| Q2 25 | 20.4% | 13.3% | ||
| Q1 25 | 19.1% | 10.2% | ||
| Q4 24 | 10.1% | 13.1% | ||
| Q3 24 | 19.5% | 13.3% | ||
| Q2 24 | 21.9% | 12.9% | ||
| Q1 24 | 22.0% | 12.7% |
净利率AOSIBP
| Q4 25 | 13.7% | 10.2% | ||
| Q3 25 | 14.0% | 9.6% | ||
| Q2 25 | 15.0% | 9.1% | ||
| Q1 25 | 14.2% | 6.6% | ||
| Q4 24 | 12.0% | 8.9% | ||
| Q3 24 | 13.3% | 9.0% | ||
| Q2 24 | 15.2% | 8.8% | ||
| Q1 24 | 15.1% | 8.1% |
每股收益（稀释后）AOSIBP
| Q4 25 | $0.89 | $2.81 | ||
| Q3 25 | $0.94 | $2.74 | ||
| Q2 25 | $1.07 | $2.52 | ||
| Q1 25 | $0.95 | $1.64 | ||
| Q4 24 | $0.75 | $2.39 | ||
| Q3 24 | $0.82 | $2.44 | ||
| Q2 24 | $1.06 | $2.30 | ||
| Q1 24 | $1.00 | $1.97 |
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 | $321.9M |
| 总债务越低越好 | $155.0M | $886.6M |
| 股东权益账面价值 | $1.9B | $709.9M |
| 总资产 | $3.1B | $2.1B |
| 负债/权益比越低杠杆越低 | 0.08× | 1.25× |
8季度趋势，按日历期对齐
现金及短期投资AOSIBP
| Q4 25 | $193.2M | $321.9M | ||
| Q3 25 | $172.8M | $333.3M | ||
| Q2 25 | $177.9M | $305.2M | ||
| Q1 25 | $200.2M | $298.7M | ||
| Q4 24 | $276.1M | $327.6M | ||
| Q3 24 | $255.6M | $406.2M | ||
| Q2 24 | $233.3M | $380.3M | ||
| Q1 24 | $303.1M | $399.9M |
总债务AOSIBP
| Q4 25 | $155.0M | $886.6M | ||
| Q3 25 | — | $880.8M | ||
| Q2 25 | — | $876.1M | ||
| Q1 25 | — | $872.4M | ||
| Q4 24 | $193.2M | $874.8M | ||
| Q3 24 | — | $872.3M | ||
| Q2 24 | — | $875.8M | ||
| Q1 24 | — | $875.0M |
股东权益AOSIBP
| Q4 25 | $1.9B | $709.9M | ||
| Q3 25 | $1.8B | $678.6M | ||
| Q2 25 | $1.8B | $664.5M | ||
| Q1 25 | $1.9B | $660.9M | ||
| Q4 24 | $1.9B | $705.3M | ||
| Q3 24 | $1.9B | $716.4M | ||
| Q2 24 | $1.9B | $685.3M | ||
| Q1 24 | $1.9B | $679.2M |
总资产AOSIBP
| Q4 25 | $3.1B | $2.1B | ||
| Q3 25 | $3.2B | $2.1B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.3B | $2.0B | ||
| Q4 24 | $3.2B | $2.1B | ||
| Q3 24 | $3.2B | $2.1B | ||
| Q2 24 | $3.2B | $2.0B | ||
| Q1 24 | $3.2B | $2.0B |
负债/权益比AOSIBP
| Q4 25 | 0.08× | 1.25× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 0.10× | 1.24× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.29× |
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 | $64.9M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $49.3M |
| 自由现金流率自由现金流/营收 | 18.1% | 6.6% |
| 资本支出强度资本支出/营收 | 1.9% | 2.1% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.85× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $300.8M |
8季度趋势，按日历期对齐
经营现金流AOSIBP
| Q4 25 | $183.1M | $64.9M | ||
| Q3 25 | $255.4M | $124.0M | ||
| Q2 25 | $139.6M | $90.4M | ||
| Q1 25 | $38.7M | $92.1M | ||
| Q4 24 | $221.9M | $74.8M | ||
| Q3 24 | $195.9M | $101.4M | ||
| Q2 24 | $57.4M | $79.0M | ||
| Q1 24 | $106.6M | $84.8M |
自由现金流AOSIBP
| Q4 25 | $165.5M | $49.3M | ||
| Q3 25 | $240.6M | $104.8M | ||
| Q2 25 | $122.5M | $74.8M | ||
| Q1 25 | $17.4M | $71.9M | ||
| Q4 24 | $191.3M | $52.9M | ||
| Q3 24 | $163.4M | $77.3M | ||
| Q2 24 | $34.5M | $58.2M | ||
| Q1 24 | $84.6M | $63.0M |
自由现金流率AOSIBP
| Q4 25 | 18.1% | 6.6% | ||
| Q3 25 | 25.5% | 13.5% | ||
| Q2 25 | 12.1% | 9.8% | ||
| Q1 25 | 1.8% | 10.5% | ||
| Q4 24 | 21.0% | 7.1% | ||
| Q3 24 | 18.1% | 10.2% | ||
| Q2 24 | 3.4% | 7.9% | ||
| Q1 24 | 8.6% | 9.1% |
资本支出强度AOSIBP
| Q4 25 | 1.9% | 2.1% | ||
| Q3 25 | 1.6% | 2.5% | ||
| Q2 25 | 1.7% | 2.1% | ||
| Q1 25 | 2.2% | 2.9% | ||
| Q4 24 | 3.4% | 2.9% | ||
| Q3 24 | 3.6% | 3.2% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 2.2% | 3.1% |
现金转化率AOSIBP
| Q4 25 | 1.46× | 0.85× | ||
| Q3 25 | 1.93× | 1.67× | ||
| Q2 25 | 0.92× | 1.31× | ||
| Q1 25 | 0.28× | 2.03× | ||
| Q4 24 | 2.02× | 1.12× | ||
| Q3 24 | 1.63× | 1.48× | ||
| Q2 24 | 0.37× | 1.21× | ||
| Q1 24 | 0.72× | 1.52× |
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% |
IBP
| Residential New Construction | $488.6M | 65% |
| Other Customer Installation | $67.8M | 9% |
| Shower Doors Shelving And Mirrors | $53.5M | 7% |
| Other Building Products | $47.7M | 6% |
| Fireproofing And Firestopping | $37.6M | 5% |
| Rain Gutters | $31.3M | 4% |
| Window Blinds | $18.0M | 2% |
| Related Party | $6.7M | 1% |
