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A.O.史密斯（AOS）与IES Holdings, Inc.（IESC）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IES Holdings, Inc.的1.0倍（$912.5M vs $871.0M）。A.O.史密斯净利率更高（13.7% vs 10.5%，领先3.2%）。IES Holdings, Inc.同比增速更快（16.2% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $-18.9M）。过去两年IES Holdings, Inc.的营收复合增速更高（11.1% 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。
IES Holdings, Inc.前身为Integrated Electrical Services, Inc.，主营业务为集成电气及技术系统的设计与安装，同时面向数据中心、住宅、商业和工业设施等多元终端市场提供基础设施类产品及相关服务。
AOS vs IESC — 直观对比
营收规模更大
AOS
是对方的1.0倍
$871.0M
营收增速更快
IESC
高出16.2%
0.0%
净利率更高
AOS
高出3.2%
10.5%
自由现金流更多
AOS
多$184.4M
$-18.9M
两年增速更快
IESC
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $871.0M |
| 净利润 | $125.4M | $91.8M |
| 毛利率 | 38.4% | 25.3% |
| 营业利润率 | 17.9% | 11.2% |
| 净利率 | 13.7% | 10.5% |
| 营收同比 | 0.0% | 16.2% |
| 净利润同比 | 14.3% | 59.1% |
| 每股收益（稀释后） | $0.89 | $4.51 |
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AOSIESC
| Q4 25 | $912.5M | $871.0M | ||
| Q3 25 | $942.5M | $897.8M | ||
| Q2 25 | $1.0B | $890.2M | ||
| Q1 25 | $963.9M | $834.0M | ||
| Q4 24 | $912.4M | $749.5M | ||
| Q3 24 | $902.6M | $775.8M | ||
| Q2 24 | $1.0B | $768.4M | ||
| Q1 24 | $978.8M | $705.7M |
净利润AOSIESC
| Q4 25 | $125.4M | $91.8M | ||
| Q3 25 | $132.0M | $102.3M | ||
| Q2 25 | $152.2M | $79.3M | ||
| Q1 25 | $136.6M | $72.6M | ||
| Q4 24 | $109.7M | $57.7M | ||
| Q3 24 | $120.1M | $65.5M | ||
| Q2 24 | $156.2M | $66.6M | ||
| Q1 24 | $147.6M | $56.8M |
毛利率AOSIESC
| Q4 25 | 38.4% | 25.3% | ||
| Q3 25 | 38.7% | 26.0% | ||
| Q2 25 | 39.3% | 26.9% | ||
| Q1 25 | 38.9% | 25.0% | ||
| Q4 24 | 37.1% | 23.8% | ||
| Q3 24 | 37.4% | 24.0% | ||
| Q2 24 | 38.7% | 25.3% | ||
| Q1 24 | 39.3% | 24.3% |
营业利润率AOSIESC
| Q4 25 | 17.9% | 11.2% | ||
| Q3 25 | 18.6% | 11.6% | ||
| Q2 25 | 20.4% | 12.6% | ||
| Q1 25 | 19.1% | 11.1% | ||
| Q4 24 | 10.1% | 10.0% | ||
| Q3 24 | 19.5% | 9.7% | ||
| Q2 24 | 21.9% | 11.7% | ||
| Q1 24 | 22.0% | 11.0% |
净利率AOSIESC
| Q4 25 | 13.7% | 10.5% | ||
| Q3 25 | 14.0% | 11.4% | ||
| Q2 25 | 15.0% | 8.9% | ||
| Q1 25 | 14.2% | 8.7% | ||
| Q4 24 | 12.0% | 7.7% | ||
| Q3 24 | 13.3% | 8.4% | ||
| Q2 24 | 15.2% | 8.7% | ||
| Q1 24 | 15.1% | 8.0% |
每股收益（稀释后）AOSIESC
| Q4 25 | $0.89 | $4.51 | ||
| Q3 25 | $0.94 | $4.99 | ||
| Q2 25 | $1.07 | $3.81 | ||
| Q1 25 | $0.95 | $3.50 | ||
| Q4 24 | $0.75 | $2.72 | ||
| Q3 24 | $0.82 | $3.06 | ||
| Q2 24 | $1.06 | $2.67 | ||
| Q1 24 | $1.00 | $2.29 |
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 | $258.7M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $961.1M |
| 总资产 | $3.1B | $1.7B |
| 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AOSIESC
| Q4 25 | $193.2M | $258.7M | ||
| Q3 25 | $172.8M | $231.8M | ||
| Q2 25 | $177.9M | $168.3M | ||
| Q1 25 | $200.2M | $88.3M | ||
| Q4 24 | $276.1M | $112.0M | ||
| Q3 24 | $255.6M | $135.8M | ||
| Q2 24 | $233.3M | $44.9M | ||
| Q1 24 | $303.1M | $106.0M |
总债务AOSIESC
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSIESC
| Q4 25 | $1.9B | $961.1M | ||
| Q3 25 | $1.8B | $884.0M | ||
| Q2 25 | $1.8B | $781.4M | ||
| Q1 25 | $1.9B | $705.8M | ||
| Q4 24 | $1.9B | $652.4M | ||
| Q3 24 | $1.9B | $611.1M | ||
| Q2 24 | $1.9B | $567.5M | ||
| Q1 24 | $1.9B | $534.8M |
总资产AOSIESC
| Q4 25 | $3.1B | $1.7B | ||
| Q3 25 | $3.2B | $1.6B | ||
| Q2 25 | $3.2B | $1.5B | ||
| Q1 25 | $3.3B | $1.4B | ||
| Q4 24 | $3.2B | $1.3B | ||
| Q3 24 | $3.2B | $1.2B | ||
| Q2 24 | $3.2B | $1.2B | ||
| Q1 24 | $3.2B | $1.1B |
负债/权益比AOSIESC
| 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 | $27.7M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $-18.9M |
| 自由现金流率自由现金流/营收 | 18.1% | -2.2% |
| 资本支出强度资本支出/营收 | 1.9% | 5.3% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.30× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $175.9M |
8季度趋势，按日历期对齐
经营现金流AOSIESC
| Q4 25 | $183.1M | $27.7M | ||
| Q3 25 | $255.4M | $132.0M | ||
| Q2 25 | $139.6M | $92.0M | ||
| Q1 25 | $38.7M | $24.8M | ||
| Q4 24 | $221.9M | $37.3M | ||
| Q3 24 | $195.9M | $92.8M | ||
| Q2 24 | $57.4M | $82.9M | ||
| Q1 24 | $106.6M | $33.7M |
自由现金流AOSIESC
| Q4 25 | $165.5M | $-18.9M | ||
| Q3 25 | $240.6M | $112.0M | ||
| Q2 25 | $122.5M | $74.8M | ||
| Q1 25 | $17.4M | $7.9M | ||
| Q4 24 | $191.3M | $24.1M | ||
| Q3 24 | $163.4M | $78.5M | ||
| Q2 24 | $34.5M | $65.4M | ||
| Q1 24 | $84.6M | $26.9M |
自由现金流率AOSIESC
| Q4 25 | 18.1% | -2.2% | ||
| Q3 25 | 25.5% | 12.5% | ||
| Q2 25 | 12.1% | 8.4% | ||
| Q1 25 | 1.8% | 0.9% | ||
| Q4 24 | 21.0% | 3.2% | ||
| Q3 24 | 18.1% | 10.1% | ||
| Q2 24 | 3.4% | 8.5% | ||
| Q1 24 | 8.6% | 3.8% |
资本支出强度AOSIESC
| Q4 25 | 1.9% | 5.3% | ||
| Q3 25 | 1.6% | 2.2% | ||
| Q2 25 | 1.7% | 1.9% | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | 3.4% | 1.8% | ||
| Q3 24 | 3.6% | 1.8% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 2.2% | 1.0% |
现金转化率AOSIESC
| Q4 25 | 1.46× | 0.30× | ||
| Q3 25 | 1.93× | 1.29× | ||
| Q2 25 | 0.92× | 1.16× | ||
| Q1 25 | 0.28× | 0.34× | ||
| Q4 24 | 2.02× | 0.65× | ||
| Q3 24 | 1.63× | 1.42× | ||
| Q2 24 | 0.37× | 1.24× | ||
| Q1 24 | 0.72× | 0.59× |
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% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
