vs
A.O.史密斯（AOS）与MALIBU BOATS, INC.（MBUU）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MALIBU BOATS, INC.的4.8倍（$912.5M vs $188.6M）。A.O.史密斯净利率更高（13.7% vs -1.3%，领先15.0%）。A.O.史密斯同比增速更快（0.0% vs -5.8%）。A.O.史密斯自由现金流更多（$165.5M vs $8.2M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -3.7%）
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。
马里布游艇是美国休闲游艇制造商，1982年创立于加利福尼亚州默塞德，现总部位于田纳西州洛登，在澳大利亚新南威尔士州也设有生产基地。它是全球最大的水上运动拖船制造商，产品可供休闲使用，也应用于滑水、尾波滑板等各类赛事活动。
AOS vs MBUU — 直观对比
营收规模更大
AOS
是对方的4.8倍
$188.6M
营收增速更快
AOS
高出5.8%
-5.8%
净利率更高
AOS
高出15.0%
-1.3%
自由现金流更多
AOS
多$157.3M
$8.2M
两年增速更快
AOS
近两年复合增速
-3.7%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $188.6M |
| 净利润 | $125.4M | $-2.5M |
| 毛利率 | 38.4% | 13.3% |
| 营业利润率 | 17.9% | -1.9% |
| 净利率 | 13.7% | -1.3% |
| 营收同比 | 0.0% | -5.8% |
| 净利润同比 | 14.3% | -204.2% |
| 每股收益（稀释后） | $0.89 | $-0.13 |
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AOSMBUU
| Q4 25 | $912.5M | $188.6M | ||
| Q3 25 | $942.5M | $194.7M | ||
| Q2 25 | $1.0B | $207.0M | ||
| Q1 25 | $963.9M | $228.7M | ||
| Q4 24 | $912.4M | $200.3M | ||
| Q3 24 | $902.6M | $171.6M | ||
| Q2 24 | $1.0B | $158.7M | ||
| Q1 24 | $978.8M | $203.4M |
净利润AOSMBUU
| Q4 25 | $125.4M | $-2.5M | ||
| Q3 25 | $132.0M | $-702.0K | ||
| Q2 25 | $152.2M | $4.7M | ||
| Q1 25 | $136.6M | $12.9M | ||
| Q4 24 | $109.7M | $2.4M | ||
| Q3 24 | $120.1M | $-5.0M | ||
| Q2 24 | $156.2M | $-19.2M | ||
| Q1 24 | $147.6M | $-66.8M |
毛利率AOSMBUU
| Q4 25 | 38.4% | 13.3% | ||
| Q3 25 | 38.7% | 14.3% | ||
| Q2 25 | 39.3% | 15.8% | ||
| Q1 25 | 38.9% | 20.0% | ||
| Q4 24 | 37.1% | 18.7% | ||
| Q3 24 | 37.4% | 16.4% | ||
| Q2 24 | 38.7% | 7.9% | ||
| Q1 24 | 39.3% | 19.8% |
营业利润率AOSMBUU
| Q4 25 | 17.9% | -1.9% | ||
| Q3 25 | 18.6% | -0.4% | ||
| Q2 25 | 20.4% | 3.3% | ||
| Q1 25 | 19.1% | 7.6% | ||
| Q4 24 | 10.1% | 1.6% | ||
| Q3 24 | 19.5% | -3.3% | ||
| Q2 24 | 21.9% | -15.4% | ||
| Q1 24 | 22.0% | -36.8% |
净利率AOSMBUU
| Q4 25 | 13.7% | -1.3% | ||
| Q3 25 | 14.0% | -0.4% | ||
| Q2 25 | 15.0% | 2.3% | ||
| Q1 25 | 14.2% | 5.6% | ||
| Q4 24 | 12.0% | 1.2% | ||
| Q3 24 | 13.3% | -2.9% | ||
| Q2 24 | 15.2% | -12.1% | ||
| Q1 24 | 15.1% | -32.9% |
每股收益（稀释后）AOSMBUU
| Q4 25 | $0.89 | $-0.13 | ||
| Q3 25 | $0.94 | $-0.04 | ||
| Q2 25 | $1.07 | $0.23 | ||
| Q1 25 | $0.95 | $0.66 | ||
| Q4 24 | $0.75 | $0.12 | ||
| Q3 24 | $0.82 | $-0.25 | ||
| Q2 24 | $1.06 | $-0.93 | ||
| Q1 24 | $1.00 | $-3.28 |
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 | $28.2M |
| 总债务越低越好 | $155.0M | $20.0M |
| 股东权益账面价值 | $1.9B | $495.0M |
| 总资产 | $3.1B | $715.7M |
| 负债/权益比越低杠杆越低 | 0.08× | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资AOSMBUU
| Q4 25 | $193.2M | $28.2M | ||
| Q3 25 | $172.8M | $44.1M | ||
| Q2 25 | $177.9M | $37.0M | ||
| Q1 25 | $200.2M | $38.7M | ||
| Q4 24 | $276.1M | $35.1M | ||
| Q3 24 | $255.6M | $27.7M | ||
| Q2 24 | $233.3M | $26.9M | ||
| Q1 24 | $303.1M | $47.1M |
总债务AOSMBUU
| Q4 25 | $155.0M | $20.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $28.0M | ||
| Q4 24 | $193.2M | $23.0M | ||
| Q3 24 | — | $28.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $15.0M |
股东权益AOSMBUU
| Q4 25 | $1.9B | $495.0M | ||
| Q3 25 | $1.8B | $516.4M | ||
| Q2 25 | $1.8B | $515.5M | ||
| Q1 25 | $1.9B | $513.0M | ||
| Q4 24 | $1.9B | $509.8M | ||
| Q3 24 | $1.9B | $517.7M | ||
| Q2 24 | $1.9B | $530.0M | ||
| Q1 24 | $1.9B | $557.2M |
总资产AOSMBUU
| Q4 25 | $3.1B | $715.7M | ||
| Q3 25 | $3.2B | $755.6M | ||
| Q2 25 | $3.2B | $734.6M | ||
| Q1 25 | $3.3B | $758.8M | ||
| Q4 24 | $3.2B | $738.7M | ||
| Q3 24 | $3.2B | $759.1M | ||
| Q2 24 | $3.2B | $739.6M | ||
| Q1 24 | $3.2B | $797.6M |
负债/权益比AOSMBUU
| Q4 25 | 0.08× | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | 0.10× | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.03× |
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 | $12.6M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $8.2M |
| 自由现金流率自由现金流/营收 | 18.1% | 4.4% |
| 资本支出强度资本支出/营收 | 1.9% | 2.3% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $546.0M | $33.3M |
8季度趋势，按日历期对齐
经营现金流AOSMBUU
| Q4 25 | $183.1M | $12.6M | ||
| Q3 25 | $255.4M | $6.5M | ||
| Q2 25 | $139.6M | $21.0M | ||
| Q1 25 | $38.7M | $15.5M | ||
| Q4 24 | $221.9M | $28.4M | ||
| Q3 24 | $195.9M | $-8.4M | ||
| Q2 24 | $57.4M | $16.3M | ||
| Q1 24 | $106.6M | $23.5M |
自由现金流AOSMBUU
| Q4 25 | $165.5M | $8.2M | ||
| Q3 25 | $240.6M | $2.2M | ||
| Q2 25 | $122.5M | $14.1M | ||
| Q1 25 | $17.4M | $8.8M | ||
| Q4 24 | $191.3M | $22.8M | ||
| Q3 24 | $163.4M | $-17.0M | ||
| Q2 24 | $34.5M | $4.5M | ||
| Q1 24 | $84.6M | $11.5M |
自由现金流率AOSMBUU
| Q4 25 | 18.1% | 4.4% | ||
| Q3 25 | 25.5% | 1.1% | ||
| Q2 25 | 12.1% | 6.8% | ||
| Q1 25 | 1.8% | 3.8% | ||
| Q4 24 | 21.0% | 11.4% | ||
| Q3 24 | 18.1% | -9.9% | ||
| Q2 24 | 3.4% | 2.8% | ||
| Q1 24 | 8.6% | 5.7% |
资本支出强度AOSMBUU
| Q4 25 | 1.9% | 2.3% | ||
| Q3 25 | 1.6% | 2.2% | ||
| Q2 25 | 1.7% | 3.4% | ||
| Q1 25 | 2.2% | 2.9% | ||
| Q4 24 | 3.4% | 2.8% | ||
| Q3 24 | 3.6% | 5.0% | ||
| Q2 24 | 2.2% | 7.5% | ||
| Q1 24 | 2.2% | 5.9% |
现金转化率AOSMBUU
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | 4.50× | ||
| Q1 25 | 0.28× | 1.20× | ||
| Q4 24 | 2.02× | 12.02× | ||
| Q3 24 | 1.63× | — | ||
| 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% |
MBUU
| Boatand Trailer Sales | $68.1M | 36% |
| Saltwater Fishing | $65.3M | 35% |
| Cobalt | $52.6M | 28% |
| Part And Other Sales | $2.6M | 1% |
