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A.O.史密斯（AOS）与KADANT INC（KAI）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KADANT INC的3.4倍（$912.5M vs $271.6M）。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 -0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $44.1M）。过去两年KADANT INC的营收复合增速更高（6.7% 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。
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
AOS vs KAI — 直观对比
营收规模更大
AOS
是对方的3.4倍
$271.6M
营收增速更快
AOS
高出0.0%
-0.0%
净利率更高
AOS
高出3.5%
10.2%
自由现金流更多
AOS
多$121.4M
$44.1M
两年增速更快
KAI
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $271.6M |
| 净利润 | $125.4M | $27.7M |
| 毛利率 | 38.4% | 45.2% |
| 营业利润率 | 17.9% | 15.7% |
| 净利率 | 13.7% | 10.2% |
| 营收同比 | 0.0% | -0.0% |
| 净利润同比 | 14.3% | -12.2% |
| 每股收益（稀释后） | $0.89 | $2.35 |
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AOSKAI
| Q4 25 | $912.5M | — | ||
| Q3 25 | $942.5M | $271.6M | ||
| Q2 25 | $1.0B | $255.3M | ||
| Q1 25 | $963.9M | $239.2M | ||
| Q4 24 | $912.4M | $258.0M | ||
| Q3 24 | $902.6M | $271.6M | ||
| Q2 24 | $1.0B | $274.8M | ||
| Q1 24 | $978.8M | $249.0M |
净利润AOSKAI
| Q4 25 | $125.4M | — | ||
| Q3 25 | $132.0M | $27.7M | ||
| Q2 25 | $152.2M | $26.2M | ||
| Q1 25 | $136.6M | $24.1M | ||
| Q4 24 | $109.7M | $24.0M | ||
| Q3 24 | $120.1M | $31.6M | ||
| Q2 24 | $156.2M | $31.3M | ||
| Q1 24 | $147.6M | $24.7M |
毛利率AOSKAI
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | 45.2% | ||
| Q2 25 | 39.3% | 45.9% | ||
| Q1 25 | 38.9% | 46.1% | ||
| Q4 24 | 37.1% | 43.4% | ||
| Q3 24 | 37.4% | 44.7% | ||
| Q2 24 | 38.7% | 44.4% | ||
| Q1 24 | 39.3% | 44.6% |
营业利润率AOSKAI
| Q4 25 | 17.9% | — | ||
| Q3 25 | 18.6% | 15.7% | ||
| Q2 25 | 20.4% | 15.4% | ||
| Q1 25 | 19.1% | 14.9% | ||
| Q4 24 | 10.1% | 14.3% | ||
| Q3 24 | 19.5% | 18.0% | ||
| Q2 24 | 21.9% | 17.6% | ||
| Q1 24 | 22.0% | 14.8% |
净利率AOSKAI
| Q4 25 | 13.7% | — | ||
| Q3 25 | 14.0% | 10.2% | ||
| Q2 25 | 15.0% | 10.2% | ||
| Q1 25 | 14.2% | 10.1% | ||
| Q4 24 | 12.0% | 9.3% | ||
| Q3 24 | 13.3% | 11.6% | ||
| Q2 24 | 15.2% | 11.4% | ||
| Q1 24 | 15.1% | 9.9% |
每股收益（稀释后）AOSKAI
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | $2.35 | ||
| Q2 25 | $1.07 | $2.22 | ||
| Q1 25 | $0.95 | $2.04 | ||
| Q4 24 | $0.75 | $2.04 | ||
| Q3 24 | $0.82 | $2.68 | ||
| Q2 24 | $1.06 | $2.66 | ||
| Q1 24 | $1.00 | $2.10 |
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 | $124.5M |
| 总债务越低越好 | $155.0M | $254.6M |
| 股东权益账面价值 | $1.9B | $949.8M |
| 总资产 | $3.1B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资AOSKAI
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | $124.5M | ||
| Q2 25 | $177.9M | $95.3M | ||
| Q1 25 | $200.2M | $91.7M | ||
| Q4 24 | $276.1M | $94.7M | ||
| Q3 24 | $255.6M | $88.4M | ||
| Q2 24 | $233.3M | $73.8M | ||
| Q1 24 | $303.1M | $81.4M |
总债务AOSKAI
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | $254.6M | ||
| Q2 25 | — | $245.7M | ||
| Q1 25 | — | $273.5M | ||
| Q4 24 | $193.2M | $285.2M | ||
| Q3 24 | — | $323.2M | ||
| Q2 24 | — | $342.0M | ||
| Q1 24 | — | $306.8M |
股东权益AOSKAI
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $949.8M | ||
| Q2 25 | $1.8B | $926.0M | ||
| Q1 25 | $1.9B | $876.0M | ||
| Q4 24 | $1.9B | $847.1M | ||
| Q3 24 | $1.9B | $851.7M | ||
| Q2 24 | $1.9B | $807.7M | ||
| Q1 24 | $1.9B | $782.7M |
总资产AOSKAI
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $1.5B | ||
| Q2 25 | $3.2B | $1.5B | ||
| Q1 25 | $3.3B | $1.4B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.2B | $1.5B | ||
| Q2 24 | $3.2B | $1.5B | ||
| Q1 24 | $3.2B | $1.4B |
负债/权益比AOSKAI
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | 0.10× | 0.34× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.42× | ||
| Q1 24 | — | 0.39× |
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 | $47.3M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $44.1M |
| 自由现金流率自由现金流/营收 | 18.1% | 16.2% |
| 资本支出强度资本支出/营收 | 1.9% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.70× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $145.9M |
8季度趋势，按日历期对齐
经营现金流AOSKAI
| Q4 25 | $183.1M | — | ||
| Q3 25 | $255.4M | $47.3M | ||
| Q2 25 | $139.6M | $40.5M | ||
| Q1 25 | $38.7M | $22.8M | ||
| Q4 24 | $221.9M | $51.9M | ||
| Q3 24 | $195.9M | $52.5M | ||
| Q2 24 | $57.4M | $28.1M | ||
| Q1 24 | $106.6M | $22.8M |
自由现金流AOSKAI
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | $44.1M | ||
| Q2 25 | $122.5M | $36.5M | ||
| Q1 25 | $17.4M | $19.0M | ||
| Q4 24 | $191.3M | $46.3M | ||
| Q3 24 | $163.4M | $48.3M | ||
| Q2 24 | $34.5M | $23.1M | ||
| Q1 24 | $84.6M | $16.6M |
自由现金流率AOSKAI
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | 16.2% | ||
| Q2 25 | 12.1% | 14.3% | ||
| Q1 25 | 1.8% | 7.9% | ||
| Q4 24 | 21.0% | 17.9% | ||
| Q3 24 | 18.1% | 17.8% | ||
| Q2 24 | 3.4% | 8.4% | ||
| Q1 24 | 8.6% | 6.7% |
资本支出强度AOSKAI
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 1.7% | 1.6% | ||
| Q1 25 | 2.2% | 1.6% | ||
| Q4 24 | 3.4% | 2.2% | ||
| Q3 24 | 3.6% | 1.5% | ||
| Q2 24 | 2.2% | 1.8% | ||
| Q1 24 | 2.2% | 2.5% |
现金转化率AOSKAI
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 1.70× | ||
| Q2 25 | 0.92× | 1.55× | ||
| Q1 25 | 0.28× | 0.95× | ||
| Q4 24 | 2.02× | 2.16× | ||
| Q3 24 | 1.63× | 1.66× | ||
| Q2 24 | 0.37× | 0.90× | ||
| Q1 24 | 0.72× | 0.92× |
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% |
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
