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A.O.史密斯（AOS）与MIDDLEBY Corp（MIDD）财务数据对比。点击上方公司名可切换其他公司
MIDDLEBY Corp的季度营收约是A.O.史密斯的1.1倍（$982.1M vs $912.5M）。A.O.史密斯净利率更高（13.7% vs -52.2%，领先66.0%）。MIDDLEBY Corp同比增速更快（4.2% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $156.1M）。过去两年MIDDLEBY Corp的营收复合增速更高（-1.3% 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。
美国Middleby公司是总部位于伊利诺伊州埃尔金的上市企业，主营商用烹饪设备、工业加工设备及民用家电，其商用烹饪设备业务覆盖美国及全球前100家餐饮连锁品牌中的97家，是全球餐饮设备领域的领先供应商。
AOS vs MIDD — 直观对比
营收规模更大
MIDD
是对方的1.1倍
$912.5M
营收增速更快
MIDD
高出4.2%
0.0%
净利率更高
AOS
高出66.0%
-52.2%
自由现金流更多
AOS
多$9.4M
$156.1M
两年增速更快
MIDD
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $982.1M |
| 净利润 | $125.4M | $-513.0M |
| 毛利率 | 38.4% | 36.8% |
| 营业利润率 | 17.9% | -56.4% |
| 净利率 | 13.7% | -52.2% |
| 营收同比 | 0.0% | 4.2% |
| 净利润同比 | 14.3% | -549.3% |
| 每股收益（稀释后） | $0.89 | $-10.15 |
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AOSMIDD
| Q4 25 | $912.5M | — | ||
| Q3 25 | $942.5M | $982.1M | ||
| Q2 25 | $1.0B | $977.9M | ||
| Q1 25 | $963.9M | $906.6M | ||
| Q4 24 | $912.4M | $1.0B | ||
| Q3 24 | $902.6M | $942.8M | ||
| Q2 24 | $1.0B | $991.5M | ||
| Q1 24 | $978.8M | $926.9M |
净利润AOSMIDD
| Q4 25 | $125.4M | — | ||
| Q3 25 | $132.0M | $-513.0M | ||
| Q2 25 | $152.2M | $106.0M | ||
| Q1 25 | $136.6M | $92.4M | ||
| Q4 24 | $109.7M | $112.3M | ||
| Q3 24 | $120.1M | $114.2M | ||
| Q2 24 | $156.2M | $115.4M | ||
| Q1 24 | $147.6M | $86.6M |
毛利率AOSMIDD
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | 36.8% | ||
| Q2 25 | 39.3% | 38.0% | ||
| Q1 25 | 38.9% | 38.2% | ||
| Q4 24 | 37.1% | 38.4% | ||
| Q3 24 | 37.4% | 37.7% | ||
| Q2 24 | 38.7% | 38.3% | ||
| Q1 24 | 39.3% | 37.4% |
营业利润率AOSMIDD
| Q4 25 | 17.9% | — | ||
| Q3 25 | 18.6% | -56.4% | ||
| Q2 25 | 20.4% | 15.9% | ||
| Q1 25 | 19.1% | 15.5% | ||
| Q4 24 | 10.1% | 16.8% | ||
| Q3 24 | 19.5% | 18.4% | ||
| Q2 24 | 21.9% | 17.7% | ||
| Q1 24 | 22.0% | 14.8% |
净利率AOSMIDD
| Q4 25 | 13.7% | — | ||
| Q3 25 | 14.0% | -52.2% | ||
| Q2 25 | 15.0% | 10.8% | ||
| Q1 25 | 14.2% | 10.2% | ||
| Q4 24 | 12.0% | 11.1% | ||
| Q3 24 | 13.3% | 12.1% | ||
| Q2 24 | 15.2% | 11.6% | ||
| Q1 24 | 15.1% | 9.3% |
每股收益（稀释后）AOSMIDD
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | $-10.15 | ||
| Q2 25 | $1.07 | $1.99 | ||
| Q1 25 | $0.95 | $1.69 | ||
| Q4 24 | $0.75 | $2.07 | ||
| Q3 24 | $0.82 | $2.11 | ||
| Q2 24 | $1.06 | $2.13 | ||
| Q1 24 | $1.00 | $1.59 |
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 | $175.1M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $2.9B |
| 总资产 | $3.1B | $6.4B |
| 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AOSMIDD
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | $175.1M | ||
| Q2 25 | $177.9M | $511.5M | ||
| Q1 25 | $200.2M | $745.1M | ||
| Q4 24 | $276.1M | $689.5M | ||
| Q3 24 | $255.6M | $606.0M | ||
| Q2 24 | $233.3M | $459.5M | ||
| Q1 24 | $303.1M | $341.0M |
总债务AOSMIDD
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $2.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSMIDD
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | $1.8B | $3.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.9B | $3.6B | ||
| Q3 24 | $1.9B | $3.6B | ||
| Q2 24 | $1.9B | $3.4B | ||
| Q1 24 | $1.9B | $3.3B |
总资产AOSMIDD
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $6.4B | ||
| Q2 25 | $3.2B | $7.3B | ||
| Q1 25 | $3.3B | $7.4B | ||
| Q4 24 | $3.2B | $7.3B | ||
| Q3 24 | $3.2B | $7.2B | ||
| Q2 24 | $3.2B | $7.0B | ||
| Q1 24 | $3.2B | $6.9B |
负债/权益比AOSMIDD
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 0.66× | ||
| 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 | $176.3M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $156.1M |
| 自由现金流率自由现金流/营收 | 18.1% | 15.9% |
| 资本支出强度资本支出/营收 | 1.9% | 2.1% |
| 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 | $591.2M |
8季度趋势，按日历期对齐
经营现金流AOSMIDD
| Q4 25 | $183.1M | — | ||
| Q3 25 | $255.4M | $176.3M | ||
| Q2 25 | $139.6M | $122.0M | ||
| Q1 25 | $38.7M | $141.1M | ||
| Q4 24 | $221.9M | $239.7M | ||
| Q3 24 | $195.9M | $156.7M | ||
| Q2 24 | $57.4M | $149.5M | ||
| Q1 24 | $106.6M | $140.9M |
自由现金流AOSMIDD
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | $156.1M | ||
| Q2 25 | $122.5M | $101.1M | ||
| Q1 25 | $17.4M | $107.4M | ||
| Q4 24 | $191.3M | $226.6M | ||
| Q3 24 | $163.4M | $145.2M | ||
| Q2 24 | $34.5M | $138.6M | ||
| Q1 24 | $84.6M | $127.2M |
自由现金流率AOSMIDD
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | 15.9% | ||
| Q2 25 | 12.1% | 10.3% | ||
| Q1 25 | 1.8% | 11.8% | ||
| Q4 24 | 21.0% | 22.3% | ||
| Q3 24 | 18.1% | 15.4% | ||
| Q2 24 | 3.4% | 14.0% | ||
| Q1 24 | 8.6% | 13.7% |
资本支出强度AOSMIDD
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | 2.1% | ||
| Q2 25 | 1.7% | 2.1% | ||
| Q1 25 | 2.2% | 3.7% | ||
| Q4 24 | 3.4% | 1.3% | ||
| Q3 24 | 3.6% | 1.2% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 2.2% | 1.5% |
现金转化率AOSMIDD
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | 1.15× | ||
| Q1 25 | 0.28× | 1.53× | ||
| Q4 24 | 2.02× | 2.13× | ||
| Q3 24 | 1.63× | 1.37× | ||
| Q2 24 | 0.37× | 1.30× | ||
| Q1 24 | 0.72× | 1.63× |
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% |
MIDD
| Commercial Foodservice Equipment Group | $433.7M | 44% |
| Other | $316.8M | 32% |
| Food Processing Group | $120.8M | 12% |
| Residential Kitchen | $110.8M | 11% |
