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A.O.史密斯（AOS）与林肯电气（LECO）财务数据对比。点击上方公司名可切换其他公司
林肯电气的季度营收约是A.O.史密斯的1.2倍（$1.1B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 12.6%，领先1.1%）。林肯电气同比增速更快（5.5% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $52.0M）。过去两年林肯电气的营收复合增速更高（4.9% 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。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
AOS vs LECO — 直观对比
营收规模更大
LECO
是对方的1.2倍
$912.5M
营收增速更快
LECO
高出5.5%
0.0%
净利率更高
AOS
高出1.1%
12.6%
自由现金流更多
AOS
多$113.5M
$52.0M
两年增速更快
LECO
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.1B |
| 净利润 | $125.4M | $136.0M |
| 毛利率 | 38.4% | 34.7% |
| 营业利润率 | 17.9% | 17.1% |
| 净利率 | 13.7% | 12.6% |
| 营收同比 | 0.0% | 5.5% |
| 净利润同比 | 14.3% | -3.0% |
| 每股收益（稀释后） | $0.89 | $2.45 |
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AOSLECO
| Q4 25 | $912.5M | $1.1B | ||
| Q3 25 | $942.5M | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $963.9M | $1.0B | ||
| Q4 24 | $912.4M | $1.0B | ||
| Q3 24 | $902.6M | $983.8M | ||
| Q2 24 | $1.0B | $1.0B | ||
| Q1 24 | $978.8M | $981.2M |
净利润AOSLECO
| Q4 25 | $125.4M | $136.0M | ||
| Q3 25 | $132.0M | $122.6M | ||
| Q2 25 | $152.2M | $143.4M | ||
| Q1 25 | $136.6M | $118.5M | ||
| Q4 24 | $109.7M | $140.2M | ||
| Q3 24 | $120.1M | $100.8M | ||
| Q2 24 | $156.2M | $101.7M | ||
| Q1 24 | $147.6M | $123.4M |
毛利率AOSLECO
| Q4 25 | 38.4% | 34.7% | ||
| Q3 25 | 38.7% | 36.7% | ||
| Q2 25 | 39.3% | 37.3% | ||
| Q1 25 | 38.9% | 36.4% | ||
| Q4 24 | 37.1% | 36.1% | ||
| Q3 24 | 37.4% | 35.8% | ||
| Q2 24 | 38.7% | 37.6% | ||
| Q1 24 | 39.3% | 37.5% |
营业利润率AOSLECO
| Q4 25 | 17.9% | 17.1% | ||
| Q3 25 | 18.6% | 16.6% | ||
| Q2 25 | 20.4% | 17.6% | ||
| Q1 25 | 19.1% | 16.4% | ||
| Q4 24 | 10.1% | 17.3% | ||
| Q3 24 | 19.5% | 14.8% | ||
| Q2 24 | 21.9% | 14.6% | ||
| Q1 24 | 22.0% | 16.8% |
净利率AOSLECO
| Q4 25 | 13.7% | 12.6% | ||
| Q3 25 | 14.0% | 11.6% | ||
| Q2 25 | 15.0% | 13.2% | ||
| Q1 25 | 14.2% | 11.8% | ||
| Q4 24 | 12.0% | 13.7% | ||
| Q3 24 | 13.3% | 10.2% | ||
| Q2 24 | 15.2% | 10.0% | ||
| Q1 24 | 15.1% | 12.6% |
每股收益（稀释后）AOSLECO
| Q4 25 | $0.89 | $2.45 | ||
| Q3 25 | $0.94 | $2.21 | ||
| Q2 25 | $1.07 | $2.56 | ||
| Q1 25 | $0.95 | $2.10 | ||
| Q4 24 | $0.75 | $2.47 | ||
| Q3 24 | $0.82 | $1.77 | ||
| Q2 24 | $1.06 | $1.77 | ||
| Q1 24 | $1.00 | $2.14 |
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 | $308.8M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $1.5B |
| 总资产 | $3.1B | $3.8B |
| 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AOSLECO
| Q4 25 | $193.2M | $308.8M | ||
| Q3 25 | $172.8M | $293.0M | ||
| Q2 25 | $177.9M | $299.5M | ||
| Q1 25 | $200.2M | $394.7M | ||
| Q4 24 | $276.1M | $377.3M | ||
| Q3 24 | $255.6M | $404.2M | ||
| Q2 24 | $233.3M | $272.7M | ||
| Q1 24 | $303.1M | $375.0M |
总债务AOSLECO
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSLECO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.3B |
总资产AOSLECO
| Q4 25 | $3.1B | $3.8B | ||
| Q3 25 | $3.2B | $3.8B | ||
| Q2 25 | $3.2B | $3.7B | ||
| Q1 25 | $3.3B | $3.6B | ||
| Q4 24 | $3.2B | $3.5B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $3.2B | $3.4B | ||
| Q1 24 | $3.2B | $3.4B |
负债/权益比AOSLECO
| 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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $52.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 4.8% |
| 资本支出强度资本支出/营收 | 1.9% | 4.0% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.70× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $534.2M |
8季度趋势，按日历期对齐
经营现金流AOSLECO
| Q4 25 | $183.1M | $95.0M | ||
| Q3 25 | $255.4M | $236.7M | ||
| Q2 25 | $139.6M | $143.8M | ||
| Q1 25 | $38.7M | $185.7M | ||
| Q4 24 | $221.9M | $95.8M | ||
| Q3 24 | $195.9M | $199.2M | ||
| Q2 24 | $57.4M | $170.7M | ||
| Q1 24 | $106.6M | $133.3M |
自由现金流AOSLECO
| Q4 25 | $165.5M | $52.0M | ||
| Q3 25 | $240.6M | $205.1M | ||
| Q2 25 | $122.5M | $118.4M | ||
| Q1 25 | $17.4M | $158.7M | ||
| Q4 24 | $191.3M | $64.3M | ||
| Q3 24 | $163.4M | $163.5M | ||
| Q2 24 | $34.5M | $147.5M | ||
| Q1 24 | $84.6M | $107.0M |
自由现金流率AOSLECO
| Q4 25 | 18.1% | 4.8% | ||
| Q3 25 | 25.5% | 19.3% | ||
| Q2 25 | 12.1% | 10.9% | ||
| Q1 25 | 1.8% | 15.8% | ||
| Q4 24 | 21.0% | 6.3% | ||
| Q3 24 | 18.1% | 16.6% | ||
| Q2 24 | 3.4% | 14.4% | ||
| Q1 24 | 8.6% | 10.9% |
资本支出强度AOSLECO
| Q4 25 | 1.9% | 4.0% | ||
| Q3 25 | 1.6% | 3.0% | ||
| Q2 25 | 1.7% | 2.3% | ||
| Q1 25 | 2.2% | 2.7% | ||
| Q4 24 | 3.4% | 3.1% | ||
| Q3 24 | 3.6% | 3.6% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 2.2% | 2.7% |
现金转化率AOSLECO
| Q4 25 | 1.46× | 0.70× | ||
| Q3 25 | 1.93× | 1.93× | ||
| Q2 25 | 0.92× | 1.00× | ||
| Q1 25 | 0.28× | 1.57× | ||
| Q4 24 | 2.02× | 0.68× | ||
| Q3 24 | 1.63× | 1.98× | ||
| Q2 24 | 0.37× | 1.68× | ||
| Q1 24 | 0.72× | 1.08× |
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% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
