vs
A.O.史密斯（AOS）与MUELLER INDUSTRIES INC（MLI）财务数据对比。点击上方公司名可切换其他公司
MUELLER INDUSTRIES INC的季度营收约是A.O.史密斯的1.1倍（$962.4M vs $912.5M），MUELLER INDUSTRIES INC净利率更高（16.0% vs 13.7%，领先2.2%），MUELLER INDUSTRIES INC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 $121.4M），过去两年MUELLER INDUSTRIES INC的营收复合增速更高（6.4% 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。
Mueller Industries是美国知名工业制造企业，1917年正式成立，总部坐落于美国田纳西州孟菲斯市，主营管道产品、工业金属及暖通制冷设备，2022年入选《财富》1000强榜单，是年营收达数十亿美元的公开上市企业。
AOS vs MLI — 直观对比
营收规模更大
MLI
是对方的1.1倍
$912.5M
营收增速更快
MLI
高出4.2%
0.0%
净利率更高
MLI
高出2.2%
13.7%
自由现金流更多
AOS
多$44.1M
$121.4M
两年增速更快
MLI
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $962.4M |
| 净利润 | $125.4M | $153.7M |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | 17.9% |
| 净利率 | 13.7% | 16.0% |
| 营收同比 | 0.0% | 4.2% |
| 净利润同比 | 14.3% | 11.7% |
| 每股收益（稀释后） | $0.89 | $1.37 |
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AOSMLI
| Q4 25 | $912.5M | $962.4M | ||
| Q3 25 | $942.5M | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $963.9M | $1.0B | ||
| Q4 24 | $912.4M | $923.5M | ||
| Q3 24 | $902.6M | $997.8M | ||
| Q2 24 | $1.0B | $997.7M | ||
| Q1 24 | $978.8M | $849.7M |
净利润AOSMLI
| Q4 25 | $125.4M | $153.7M | ||
| Q3 25 | $132.0M | $208.1M | ||
| Q2 25 | $152.2M | $245.9M | ||
| Q1 25 | $136.6M | $157.4M | ||
| Q4 24 | $109.7M | $137.7M | ||
| Q3 24 | $120.1M | $168.7M | ||
| Q2 24 | $156.2M | $160.2M | ||
| Q1 24 | $147.6M | $138.4M |
毛利率AOSMLI
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | 27.6% | ||
| Q2 24 | 38.7% | 27.3% | ||
| Q1 24 | 39.3% | 28.4% |
营业利润率AOSMLI
| Q4 25 | 17.9% | 17.9% | ||
| Q3 25 | 18.6% | 25.6% | ||
| Q2 25 | 20.4% | 26.7% | ||
| Q1 25 | 19.1% | 20.6% | ||
| Q4 24 | 10.1% | 18.4% | ||
| Q3 24 | 19.5% | 20.7% | ||
| Q2 24 | 21.9% | 21.0% | ||
| Q1 24 | 22.0% | 21.6% |
净利率AOSMLI
| Q4 25 | 13.7% | 16.0% | ||
| Q3 25 | 14.0% | 19.3% | ||
| Q2 25 | 15.0% | 21.6% | ||
| Q1 25 | 14.2% | 15.7% | ||
| Q4 24 | 12.0% | 14.9% | ||
| Q3 24 | 13.3% | 16.9% | ||
| Q2 24 | 15.2% | 16.1% | ||
| Q1 24 | 15.1% | 16.3% |
每股收益（稀释后）AOSMLI
| Q4 25 | $0.89 | $1.37 | ||
| Q3 25 | $0.94 | $1.88 | ||
| Q2 25 | $1.07 | $2.22 | ||
| Q1 25 | $0.95 | $1.39 | ||
| Q4 24 | $0.75 | $1.21 | ||
| Q3 24 | $0.82 | $1.48 | ||
| Q2 24 | $1.06 | $1.41 | ||
| Q1 24 | $1.00 | $1.21 |
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 | $1.4B |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $3.2B |
| 总资产 | $3.1B | $3.7B |
| 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AOSMLI
| Q4 25 | $193.2M | $1.4B | ||
| Q3 25 | $172.8M | $1.3B | ||
| Q2 25 | $177.9M | $1.1B | ||
| Q1 25 | $200.2M | $873.6M | ||
| Q4 24 | $276.1M | $1.1B | ||
| Q3 24 | $255.6M | $969.6M | ||
| Q2 24 | $233.3M | $825.7M | ||
| Q1 24 | $303.1M | $1.4B |
总债务AOSMLI
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSMLI
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $1.8B | $3.1B | ||
| Q2 25 | $1.8B | $2.9B | ||
| Q1 25 | $1.9B | $2.7B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $1.9B | $2.5B | ||
| Q1 24 | $1.9B | $2.4B |
总资产AOSMLI
| Q4 25 | $3.1B | $3.7B | ||
| Q3 25 | $3.2B | $3.7B | ||
| Q2 25 | $3.2B | $3.5B | ||
| Q1 25 | $3.3B | $3.2B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $3.2B | $3.2B | ||
| Q2 24 | $3.2B | $3.1B | ||
| Q1 24 | $3.2B | $2.9B |
负债/权益比AOSMLI
| 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 | $141.2M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $121.4M |
| 自由现金流率自由现金流/营收 | 18.1% | 12.6% |
| 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× | 0.92× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $686.6M |
8季度趋势，按日历期对齐
经营现金流AOSMLI
| Q4 25 | $183.1M | $141.2M | ||
| Q3 25 | $255.4M | $310.1M | ||
| Q2 25 | $139.6M | $190.6M | ||
| Q1 25 | $38.7M | $113.6M | ||
| Q4 24 | $221.9M | $140.1M | ||
| Q3 24 | $195.9M | $231.4M | ||
| Q2 24 | $57.4M | $100.8M | ||
| Q1 24 | $106.6M | $173.6M |
自由现金流AOSMLI
| Q4 25 | $165.5M | $121.4M | ||
| Q3 25 | $240.6M | $291.8M | ||
| Q2 25 | $122.5M | $176.5M | ||
| Q1 25 | $17.4M | $97.0M | ||
| Q4 24 | $191.3M | $111.2M | ||
| Q3 24 | $163.4M | $205.7M | ||
| Q2 24 | $34.5M | $91.6M | ||
| Q1 24 | $84.6M | $157.2M |
自由现金流率AOSMLI
| Q4 25 | 18.1% | 12.6% | ||
| Q3 25 | 25.5% | 27.1% | ||
| Q2 25 | 12.1% | 15.5% | ||
| Q1 25 | 1.8% | 9.7% | ||
| Q4 24 | 21.0% | 12.0% | ||
| Q3 24 | 18.1% | 20.6% | ||
| Q2 24 | 3.4% | 9.2% | ||
| Q1 24 | 8.6% | 18.5% |
资本支出强度AOSMLI
| Q4 25 | 1.9% | 2.1% | ||
| Q3 25 | 1.6% | 1.7% | ||
| Q2 25 | 1.7% | 1.2% | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 3.4% | 3.1% | ||
| Q3 24 | 3.6% | 2.6% | ||
| Q2 24 | 2.2% | 0.9% | ||
| Q1 24 | 2.2% | 1.9% |
现金转化率AOSMLI
| Q4 25 | 1.46× | 0.92× | ||
| Q3 25 | 1.93× | 1.49× | ||
| Q2 25 | 0.92× | 0.78× | ||
| Q1 25 | 0.28× | 0.72× | ||
| Q4 24 | 2.02× | 1.02× | ||
| Q3 24 | 1.63× | 1.37× | ||
| Q2 24 | 0.37× | 0.63× | ||
| Q1 24 | 0.72× | 1.25× |
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% |
MLI
| Tube And Fittings | $484.6M | 50% |
| Industrial Metals | $252.2M | 26% |
| Valves And Plumbing Specialties | $122.5M | 13% |
| Flex Duct And Other HVAC Components | $80.8M | 8% |
| Other Products | $14.9M | 2% |
