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A.O.史密斯（AOS）与百胜餐饮集团（LCUT）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百胜餐饮集团的4.5倍（$912.5M vs $204.1M）。A.O.史密斯净利率更高（13.7% vs 8.9%，领先4.8%）。A.O.史密斯同比增速更快（0.0% vs -5.2%）。A.O.史密斯自由现金流更多（$165.5M vs $2.6M）。过去两年百胜餐饮集团的营收复合增速更高（19.8% 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。
百胜餐饮集团是美国跨国快餐企业，1977年百事可乐收购肯德基、必胜客、塔可Bell后将其整合为旗下子公司，1997年百事剥离该业务板块后正式独立为百胜集团。集团目前运营肯德基、必胜客、塔可Bell、哈比特汉堡等多个餐饮品牌，同时布局相关餐饮科技业务，门店网络遍布全球多个国家和地区。
AOS vs LCUT — 直观对比
营收规模更大
AOS
是对方的4.5倍
$204.1M
营收增速更快
AOS
高出5.2%
-5.2%
净利率更高
AOS
高出4.8%
8.9%
自由现金流更多
AOS
多$162.9M
$2.6M
两年增速更快
LCUT
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $204.1M |
| 净利润 | $125.4M | $18.2M |
| 毛利率 | 38.4% | 38.6% |
| 营业利润率 | 17.9% | 9.8% |
| 净利率 | 13.7% | 8.9% |
| 营收同比 | 0.0% | -5.2% |
| 净利润同比 | 14.3% | 103.5% |
| 每股收益（稀释后） | $0.89 | $0.83 |
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AOSLCUT
| Q4 25 | $912.5M | $204.1M | ||
| Q3 25 | $942.5M | $171.9M | ||
| Q2 25 | $1.0B | $131.9M | ||
| Q1 25 | $963.9M | $140.1M | ||
| Q4 24 | $912.4M | $215.2M | ||
| Q3 24 | $902.6M | $183.8M | ||
| Q2 24 | $1.0B | $141.7M | ||
| Q1 24 | $978.8M | $142.2M |
净利润AOSLCUT
| Q4 25 | $125.4M | $18.2M | ||
| Q3 25 | $132.0M | $-1.2M | ||
| Q2 25 | $152.2M | $-39.7M | ||
| Q1 25 | $136.6M | $-4.2M | ||
| Q4 24 | $109.7M | $8.9M | ||
| Q3 24 | $120.1M | $344.0K | ||
| Q2 24 | $156.2M | $-18.2M | ||
| Q1 24 | $147.6M | $-6.3M |
毛利率AOSLCUT
| Q4 25 | 38.4% | 38.6% | ||
| Q3 25 | 38.7% | 35.1% | ||
| Q2 25 | 39.3% | 38.6% | ||
| Q1 25 | 38.9% | 36.1% | ||
| Q4 24 | 37.1% | 37.7% | ||
| Q3 24 | 37.4% | 36.7% | ||
| Q2 24 | 38.7% | 38.5% | ||
| Q1 24 | 39.3% | 40.5% |
营业利润率AOSLCUT
| Q4 25 | 17.9% | 9.8% | ||
| Q3 25 | 18.6% | 3.9% | ||
| Q2 25 | 20.4% | -28.2% | ||
| Q1 25 | 19.1% | 0.8% | ||
| Q4 24 | 10.1% | 7.2% | ||
| Q3 24 | 19.5% | 4.7% | ||
| Q2 24 | 21.9% | 0.8% | ||
| Q1 24 | 22.0% | 1.3% |
净利率AOSLCUT
| Q4 25 | 13.7% | 8.9% | ||
| Q3 25 | 14.0% | -0.7% | ||
| Q2 25 | 15.0% | -30.1% | ||
| Q1 25 | 14.2% | -3.0% | ||
| Q4 24 | 12.0% | 4.1% | ||
| Q3 24 | 13.3% | 0.2% | ||
| Q2 24 | 15.2% | -12.8% | ||
| Q1 24 | 15.1% | -4.4% |
每股收益（稀释后）AOSLCUT
| Q4 25 | $0.89 | $0.83 | ||
| Q3 25 | $0.94 | $-0.05 | ||
| Q2 25 | $1.07 | $-1.83 | ||
| Q1 25 | $0.95 | $-0.19 | ||
| Q4 24 | $0.75 | $0.41 | ||
| Q3 24 | $0.82 | $0.02 | ||
| Q2 24 | $1.06 | $-0.85 | ||
| Q1 24 | $1.00 | $-0.29 |
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 | $4.3M |
| 总债务越低越好 | $155.0M | $135.0M |
| 股东权益账面价值 | $1.9B | $202.3M |
| 总资产 | $3.1B | $572.6M |
| 负债/权益比越低杠杆越低 | 0.08× | 0.67× |
8季度趋势，按日历期对齐
现金及短期投资AOSLCUT
| Q4 25 | $193.2M | $4.3M | ||
| Q3 25 | $172.8M | $12.1M | ||
| Q2 25 | $177.9M | $12.0M | ||
| Q1 25 | $200.2M | $10.4M | ||
| Q4 24 | $276.1M | $2.9M | ||
| Q3 24 | $255.6M | $6.0M | ||
| Q2 24 | $233.3M | $3.4M | ||
| Q1 24 | $303.1M | $4.6M |
总债务AOSLCUT
| Q4 25 | $155.0M | $135.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $142.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSLCUT
| Q4 25 | $1.9B | $202.3M | ||
| Q3 25 | $1.8B | $184.6M | ||
| Q2 25 | $1.8B | $185.8M | ||
| Q1 25 | $1.9B | $225.7M | ||
| Q4 24 | $1.9B | $229.9M | ||
| Q3 24 | $1.9B | $220.9M | ||
| Q2 24 | $1.9B | $219.8M | ||
| Q1 24 | $1.9B | $223.7M |
总资产AOSLCUT
| Q4 25 | $3.1B | $572.6M | ||
| Q3 25 | $3.2B | $581.1M | ||
| Q2 25 | $3.2B | $551.9M | ||
| Q1 25 | $3.3B | $594.6M | ||
| Q4 24 | $3.2B | $634.3M | ||
| Q3 24 | $3.2B | $668.7M | ||
| Q2 24 | $3.2B | $617.0M | ||
| Q1 24 | $3.2B | $602.7M |
负债/权益比AOSLCUT
| Q4 25 | 0.08× | 0.67× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 0.62× | ||
| 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 | $3.7M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $2.6M |
| 自由现金流率自由现金流/营收 | 18.1% | 1.3% |
| 资本支出强度资本支出/营收 | 1.9% | 0.6% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.21× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $3.3M |
8季度趋势，按日历期对齐
经营现金流AOSLCUT
| Q4 25 | $183.1M | $3.7M | ||
| Q3 25 | $255.4M | $-22.2M | ||
| Q2 25 | $139.6M | $9.3M | ||
| Q1 25 | $38.7M | $16.7M | ||
| Q4 24 | $221.9M | $20.3M | ||
| Q3 24 | $195.9M | $-22.7M | ||
| Q2 24 | $57.4M | $10.4M | ||
| Q1 24 | $106.6M | $10.5M |
自由现金流AOSLCUT
| Q4 25 | $165.5M | $2.6M | ||
| Q3 25 | $240.6M | $-22.7M | ||
| Q2 25 | $122.5M | $8.2M | ||
| Q1 25 | $17.4M | $15.1M | ||
| Q4 24 | $191.3M | $19.7M | ||
| Q3 24 | $163.4M | $-23.2M | ||
| Q2 24 | $34.5M | $9.9M | ||
| Q1 24 | $84.6M | $9.9M |
自由现金流率AOSLCUT
| Q4 25 | 18.1% | 1.3% | ||
| Q3 25 | 25.5% | -13.2% | ||
| Q2 25 | 12.1% | 6.2% | ||
| Q1 25 | 1.8% | 10.8% | ||
| Q4 24 | 21.0% | 9.1% | ||
| Q3 24 | 18.1% | -12.6% | ||
| Q2 24 | 3.4% | 7.0% | ||
| Q1 24 | 8.6% | 7.0% |
资本支出强度AOSLCUT
| Q4 25 | 1.9% | 0.6% | ||
| Q3 25 | 1.6% | 0.3% | ||
| Q2 25 | 1.7% | 0.9% | ||
| Q1 25 | 2.2% | 1.1% | ||
| Q4 24 | 3.4% | 0.3% | ||
| Q3 24 | 3.6% | 0.3% | ||
| Q2 24 | 2.2% | 0.4% | ||
| Q1 24 | 2.2% | 0.4% |
现金转化率AOSLCUT
| Q4 25 | 1.46× | 0.21× | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 2.28× | ||
| Q3 24 | 1.63× | -65.89× | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | — |
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% |
LCUT
| Kitchenware | $114.3M | 56% |
| Tableware | $41.7M | 20% |
| Home Solutions | $29.4M | 14% |
| Other | $18.8M | 9% |
