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A.O.史密斯（AOS）与李维斯（LEVI）财务数据对比。点击上方公司名可切换其他公司
李维斯的季度营收约是A.O.史密斯的1.9倍（$1.8B vs $912.5M），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 -4.0%），李维斯自由现金流更多（$215.7M vs $165.5M），过去两年李维斯的营收复合增速更高（6.5% 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。
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
AOS vs LEVI — 直观对比
营收规模更大
LEVI
是对方的1.9倍
$912.5M
营收增速更快
AOS
高出4.0%
-4.0%
净利率更高
AOS
高出4.8%
8.9%
自由现金流更多
LEVI
多$50.2M
$165.5M
两年增速更快
LEVI
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.8B |
| 净利润 | $125.4M | $158.0M |
| 毛利率 | 38.4% | 60.8% |
| 营业利润率 | 17.9% | 11.9% |
| 净利率 | 13.7% | 8.9% |
| 营收同比 | 0.0% | -4.0% |
| 净利润同比 | 14.3% | -13.4% |
| 每股收益（稀释后） | $0.89 | $0.39 |
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AOSLEVI
| Q4 25 | $912.5M | $1.8B | ||
| Q3 25 | $942.5M | $1.5B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $963.9M | $1.5B | ||
| Q4 24 | $912.4M | $1.8B | ||
| Q3 24 | $902.6M | $1.5B | ||
| Q2 24 | $1.0B | $1.4B | ||
| Q1 24 | $978.8M | $1.6B |
净利润AOSLEVI
| Q4 25 | $125.4M | $158.0M | ||
| Q3 25 | $132.0M | $218.1M | ||
| Q2 25 | $152.2M | $67.0M | ||
| Q1 25 | $136.6M | $135.0M | ||
| Q4 24 | $109.7M | $182.5M | ||
| Q3 24 | $120.1M | $20.7M | ||
| Q2 24 | $156.2M | $18.0M | ||
| Q1 24 | $147.6M | $-10.6M |
毛利率AOSLEVI
| Q4 25 | 38.4% | 60.8% | ||
| Q3 25 | 38.7% | 61.7% | ||
| Q2 25 | 39.3% | 62.6% | ||
| Q1 25 | 38.9% | 62.1% | ||
| Q4 24 | 37.1% | 61.3% | ||
| Q3 24 | 37.4% | 60.0% | ||
| Q2 24 | 38.7% | 60.5% | ||
| Q1 24 | 39.3% | 58.2% |
营业利润率AOSLEVI
| Q4 25 | 17.9% | 11.9% | ||
| Q3 25 | 18.6% | 10.8% | ||
| Q2 25 | 20.4% | 7.5% | ||
| Q1 25 | 19.1% | 12.5% | ||
| Q4 24 | 10.1% | 11.5% | ||
| Q3 24 | 19.5% | 2.0% | ||
| Q2 24 | 21.9% | 1.5% | ||
| Q1 24 | 22.0% | -0.0% |
净利率AOSLEVI
| Q4 25 | 13.7% | 8.9% | ||
| Q3 25 | 14.0% | 14.1% | ||
| Q2 25 | 15.0% | 4.6% | ||
| Q1 25 | 14.2% | 8.8% | ||
| Q4 24 | 12.0% | 9.9% | ||
| Q3 24 | 13.3% | 1.4% | ||
| Q2 24 | 15.2% | 1.2% | ||
| Q1 24 | 15.1% | -0.7% |
每股收益（稀释后）AOSLEVI
| Q4 25 | $0.89 | $0.39 | ||
| Q3 25 | $0.94 | $0.55 | ||
| Q2 25 | $1.07 | $0.17 | ||
| Q1 25 | $0.95 | $0.34 | ||
| Q4 24 | $0.75 | $0.46 | ||
| Q3 24 | $0.82 | $0.05 | ||
| Q2 24 | $1.06 | $0.04 | ||
| Q1 24 | $1.00 | $-0.03 |
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 | $848.8M |
| 总债务越低越好 | $155.0M | $1.1B |
| 股东权益账面价值 | $1.9B | $2.3B |
| 总资产 | $3.1B | $6.8B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资AOSLEVI
| Q4 25 | $193.2M | $848.8M | ||
| Q3 25 | $172.8M | $707.5M | ||
| Q2 25 | $177.9M | $736.7M | ||
| Q1 25 | $200.2M | $574.4M | ||
| Q4 24 | $276.1M | $690.0M | ||
| Q3 24 | $255.6M | $577.1M | ||
| Q2 24 | $233.3M | $641.4M | ||
| Q1 24 | $303.1M | $516.7M |
总债务AOSLEVI
| Q4 25 | $155.0M | $1.1B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $987.4M | ||
| Q4 24 | $193.2M | $994.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.0B |
股东权益AOSLEVI
| Q4 25 | $1.9B | $2.3B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $1.9B | $2.0B | ||
| Q4 24 | $1.9B | $2.0B | ||
| Q3 24 | $1.9B | $1.9B | ||
| Q2 24 | $1.9B | $2.0B | ||
| Q1 24 | $1.9B | $2.0B |
总资产AOSLEVI
| Q4 25 | $3.1B | $6.8B | ||
| Q3 25 | $3.2B | $6.7B | ||
| Q2 25 | $3.2B | $6.5B | ||
| Q1 25 | $3.3B | $6.2B | ||
| Q4 24 | $3.2B | $6.4B | ||
| Q3 24 | $3.2B | $6.3B | ||
| Q2 24 | $3.2B | $6.2B | ||
| Q1 24 | $3.2B | $6.0B |
负债/权益比AOSLEVI
| Q4 25 | 0.08× | 0.46× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | 0.10× | 0.50× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.51× |
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 | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $215.7M |
| 自由现金流率自由现金流/营收 | 18.1% | 12.2% |
| 资本支出强度资本支出/营收 | 1.9% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.69× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $308.2M |
8季度趋势，按日历期对齐
经营现金流AOSLEVI
| Q4 25 | $183.1M | $266.8M | ||
| Q3 25 | $255.4M | $24.8M | ||
| Q2 25 | $139.6M | $185.5M | ||
| Q1 25 | $38.7M | $52.5M | ||
| Q4 24 | $221.9M | $297.3M | ||
| Q3 24 | $195.9M | $52.3M | ||
| Q2 24 | $57.4M | $262.8M | ||
| Q1 24 | $106.6M | $286.0M |
自由现金流AOSLEVI
| Q4 25 | $165.5M | $215.7M | ||
| Q3 25 | $240.6M | $-39.4M | ||
| Q2 25 | $122.5M | $146.0M | ||
| Q1 25 | $17.4M | $-14.1M | ||
| Q4 24 | $191.3M | $231.6M | ||
| Q3 24 | $163.4M | $2.3M | ||
| Q2 24 | $34.5M | $222.6M | ||
| Q1 24 | $84.6M | $214.4M |
自由现金流率AOSLEVI
| Q4 25 | 18.1% | 12.2% | ||
| Q3 25 | 25.5% | -2.6% | ||
| Q2 25 | 12.1% | 10.1% | ||
| Q1 25 | 1.8% | -0.9% | ||
| Q4 24 | 21.0% | 12.6% | ||
| Q3 24 | 18.1% | 0.2% | ||
| Q2 24 | 3.4% | 15.4% | ||
| Q1 24 | 8.6% | 13.8% |
资本支出强度AOSLEVI
| Q4 25 | 1.9% | 2.9% | ||
| Q3 25 | 1.6% | 4.2% | ||
| Q2 25 | 1.7% | 2.7% | ||
| Q1 25 | 2.2% | 4.4% | ||
| Q4 24 | 3.4% | 3.6% | ||
| Q3 24 | 3.6% | 3.3% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 2.2% | 4.6% |
现金转化率AOSLEVI
| Q4 25 | 1.46× | 1.69× | ||
| Q3 25 | 1.93× | 0.11× | ||
| Q2 25 | 0.92× | 2.77× | ||
| Q1 25 | 0.28× | 0.39× | ||
| Q4 24 | 2.02× | 1.63× | ||
| Q3 24 | 1.63× | 2.53× | ||
| Q2 24 | 0.37× | 14.60× | ||
| 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% |
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
