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A.O.史密斯（AOS）与Mayville Engineering Company, Inc.（MEC）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Mayville Engineering Company, Inc.的6.8倍（$912.5M vs $134.3M）。A.O.史密斯净利率更高（13.7% vs -3.2%，领先17.0%）。Mayville Engineering Company, Inc.同比增速更快（10.7% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $10.2M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -8.8%）
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。
Mayville Engineering Company（MEC）是总部位于美国的领先金属零部件、装配组件及定制工程解决方案供应商，主要服务农业、建筑、商用运输、国防、动力运动等领域的原始设备制造商客户，提供从原型开发到大规模量产的全流程服务。
AOS vs MEC — 直观对比
营收规模更大
AOS
是对方的6.8倍
$134.3M
营收增速更快
MEC
高出10.7%
0.0%
净利率更高
AOS
高出17.0%
-3.2%
自由现金流更多
AOS
多$155.3M
$10.2M
两年增速更快
AOS
近两年复合增速
-8.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $134.3M |
| 净利润 | $125.4M | $-4.4M |
| 毛利率 | 38.4% | 6.8% |
| 营业利润率 | 17.9% | -4.1% |
| 净利率 | 13.7% | -3.2% |
| 营收同比 | 0.0% | 10.7% |
| 净利润同比 | 14.3% | -127.3% |
| 每股收益（稀释后） | $0.89 | $-0.22 |
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AOSMEC
| Q4 25 | $912.5M | $134.3M | ||
| Q3 25 | $942.5M | $144.3M | ||
| Q2 25 | $1.0B | $132.3M | ||
| Q1 25 | $963.9M | $135.6M | ||
| Q4 24 | $912.4M | $121.3M | ||
| Q3 24 | $902.6M | $135.4M | ||
| Q2 24 | $1.0B | $163.6M | ||
| Q1 24 | $978.8M | $161.3M |
净利润AOSMEC
| Q4 25 | $125.4M | $-4.4M | ||
| Q3 25 | $132.0M | $-2.7M | ||
| Q2 25 | $152.2M | $-1.1M | ||
| Q1 25 | $136.6M | $20.0K | ||
| Q4 24 | $109.7M | $16.0M | ||
| Q3 24 | $120.1M | $3.0M | ||
| Q2 24 | $156.2M | $3.8M | ||
| Q1 24 | $147.6M | $3.2M |
毛利率AOSMEC
| Q4 25 | 38.4% | 6.8% | ||
| Q3 25 | 38.7% | 11.0% | ||
| Q2 25 | 39.3% | 10.3% | ||
| Q1 25 | 38.9% | 11.3% | ||
| Q4 24 | 37.1% | 8.9% | ||
| Q3 24 | 37.4% | 12.6% | ||
| Q2 24 | 38.7% | 13.6% | ||
| Q1 24 | 39.3% | 13.0% |
营业利润率AOSMEC
| Q4 25 | 17.9% | -4.1% | ||
| Q3 25 | 18.6% | 0.0% | ||
| Q2 25 | 20.4% | 0.1% | ||
| Q1 25 | 19.1% | 1.2% | ||
| Q4 24 | 10.1% | 19.0% | ||
| Q3 24 | 19.5% | 4.2% | ||
| Q2 24 | 21.9% | 5.0% | ||
| Q1 24 | 22.0% | 4.7% |
净利率AOSMEC
| Q4 25 | 13.7% | -3.2% | ||
| Q3 25 | 14.0% | -1.9% | ||
| Q2 25 | 15.0% | -0.8% | ||
| Q1 25 | 14.2% | 0.0% | ||
| Q4 24 | 12.0% | 13.2% | ||
| Q3 24 | 13.3% | 2.2% | ||
| Q2 24 | 15.2% | 2.3% | ||
| Q1 24 | 15.1% | 2.0% |
每股收益（稀释后）AOSMEC
| Q4 25 | $0.89 | $-0.22 | ||
| Q3 25 | $0.94 | $-0.13 | ||
| Q2 25 | $1.07 | $-0.05 | ||
| Q1 25 | $0.95 | $0.00 | ||
| Q4 24 | $0.75 | $0.76 | ||
| Q3 24 | $0.82 | $0.14 | ||
| Q2 24 | $1.06 | $0.18 | ||
| Q1 24 | $1.00 | $0.16 |
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 | $1.5M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $240.7M |
| 总资产 | $3.1B | $563.6M |
| 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AOSMEC
| Q4 25 | $193.2M | $1.5M | ||
| Q3 25 | $172.8M | $1.2M | ||
| Q2 25 | $177.9M | $206.0K | ||
| Q1 25 | $200.2M | $183.0K | ||
| Q4 24 | $276.1M | $206.0K | ||
| Q3 24 | $255.6M | $178.0K | ||
| Q2 24 | $233.3M | $314.0K | ||
| Q1 24 | $303.1M | $314.0K |
总债务AOSMEC
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSMEC
| Q4 25 | $1.9B | $240.7M | ||
| Q3 25 | $1.8B | $244.8M | ||
| Q2 25 | $1.8B | $246.8M | ||
| Q1 25 | $1.9B | $250.0M | ||
| Q4 24 | $1.9B | $251.8M | ||
| Q3 24 | $1.9B | $238.4M | ||
| Q2 24 | $1.9B | $238.1M | ||
| Q1 24 | $1.9B | $234.0M |
总资产AOSMEC
| Q4 25 | $3.1B | $563.6M | ||
| Q3 25 | $3.2B | $585.6M | ||
| Q2 25 | $3.2B | $433.7M | ||
| Q1 25 | $3.3B | $447.7M | ||
| Q4 24 | $3.2B | $445.6M | ||
| Q3 24 | $3.2B | $466.0M | ||
| Q2 24 | $3.2B | $488.2M | ||
| Q1 24 | $3.2B | $499.9M |
负债/权益比AOSMEC
| 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 | $13.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $10.2M |
| 自由现金流率自由现金流/营收 | 18.1% | 7.6% |
| 资本支出强度资本支出/营收 | 1.9% | 2.4% |
| 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 | $26.9M |
8季度趋势，按日历期对齐
经营现金流AOSMEC
| Q4 25 | $183.1M | $13.4M | ||
| Q3 25 | $255.4M | $1.9M | ||
| Q2 25 | $139.6M | $15.0M | ||
| Q1 25 | $38.7M | $8.3M | ||
| Q4 24 | $221.9M | $38.0M | ||
| Q3 24 | $195.9M | $17.9M | ||
| Q2 24 | $57.4M | $23.3M | ||
| Q1 24 | $106.6M | $10.6M |
自由现金流AOSMEC
| Q4 25 | $165.5M | $10.2M | ||
| Q3 25 | $240.6M | $-1.1M | ||
| Q2 25 | $122.5M | $12.5M | ||
| Q1 25 | $17.4M | $5.4M | ||
| Q4 24 | $191.3M | $35.6M | ||
| Q3 24 | $163.4M | $15.1M | ||
| Q2 24 | $34.5M | $19.2M | ||
| Q1 24 | $84.6M | $7.8M |
自由现金流率AOSMEC
| Q4 25 | 18.1% | 7.6% | ||
| Q3 25 | 25.5% | -0.8% | ||
| Q2 25 | 12.1% | 9.5% | ||
| Q1 25 | 1.8% | 4.0% | ||
| Q4 24 | 21.0% | 29.4% | ||
| Q3 24 | 18.1% | 11.1% | ||
| Q2 24 | 3.4% | 11.7% | ||
| Q1 24 | 8.6% | 4.9% |
资本支出强度AOSMEC
| Q4 25 | 1.9% | 2.4% | ||
| Q3 25 | 1.6% | 2.1% | ||
| Q2 25 | 1.7% | 1.8% | ||
| Q1 25 | 2.2% | 2.2% | ||
| Q4 24 | 3.4% | 1.9% | ||
| Q3 24 | 3.6% | 2.1% | ||
| Q2 24 | 2.2% | 2.5% | ||
| Q1 24 | 2.2% | 1.7% |
现金转化率AOSMEC
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | 416.65× | ||
| Q4 24 | 2.02× | 2.38× | ||
| Q3 24 | 1.63× | 6.03× | ||
| Q2 24 | 0.37× | 6.15× | ||
| Q1 24 | 0.72× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
