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A.O.史密斯（AOS）与MARINE PRODUCTS CORP（MPX）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MARINE PRODUCTS CORP的14.1倍（$912.5M vs $64.6M）。A.O.史密斯净利率更高（13.7% vs 3.7%，领先10.1%）。MARINE PRODUCTS CORP同比增速更快（35.0% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $4.1M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -3.5%）
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。
Marine Products Corp旗下的West Marine是一家总部位于美国佛罗里达州劳德代尔堡的企业，在北美地区经营247家船艇用品及渔具零售连锁店，同时运营名为蓝色未来的非营利组织，品牌旗舰店面积超5万平方英尺，于2011年11月11日在劳德代尔堡正式开业。
AOS vs MPX — 直观对比
营收规模更大
AOS
是对方的14.1倍
$64.6M
营收增速更快
MPX
高出35.0%
0.0%
净利率更高
AOS
高出10.1%
3.7%
自由现金流更多
AOS
多$161.4M
$4.1M
两年增速更快
AOS
近两年复合增速
-3.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $64.6M |
| 净利润 | $125.4M | $2.4M |
| 毛利率 | 38.4% | 19.6% |
| 营业利润率 | 17.9% | 5.8% |
| 净利率 | 13.7% | 3.7% |
| 营收同比 | 0.0% | 35.0% |
| 净利润同比 | 14.3% | -44.6% |
| 每股收益（稀释后） | $0.89 | $0.07 |
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AOSMPX
| Q4 25 | $912.5M | $64.6M | ||
| Q3 25 | $942.5M | $53.1M | ||
| Q2 25 | $1.0B | $67.7M | ||
| Q1 25 | $963.9M | $59.0M | ||
| Q4 24 | $912.4M | $47.8M | ||
| Q3 24 | $902.6M | $49.9M | ||
| Q2 24 | $1.0B | $69.5M | ||
| Q1 24 | $978.8M | $69.3M |
净利润AOSMPX
| Q4 25 | $125.4M | $2.4M | ||
| Q3 25 | $132.0M | $2.6M | ||
| Q2 25 | $152.2M | $4.2M | ||
| Q1 25 | $136.6M | $2.2M | ||
| Q4 24 | $109.7M | $4.3M | ||
| Q3 24 | $120.1M | $3.4M | ||
| Q2 24 | $156.2M | $5.6M | ||
| Q1 24 | $147.6M | $4.6M |
毛利率AOSMPX
| Q4 25 | 38.4% | 19.6% | ||
| Q3 25 | 38.7% | 19.2% | ||
| Q2 25 | 39.3% | 19.1% | ||
| Q1 25 | 38.9% | 18.6% | ||
| Q4 24 | 37.1% | 19.2% | ||
| Q3 24 | 37.4% | 18.4% | ||
| Q2 24 | 38.7% | 18.9% | ||
| Q1 24 | 39.3% | 20.2% |
营业利润率AOSMPX
| Q4 25 | 17.9% | 5.8% | ||
| Q3 25 | 18.6% | 5.4% | ||
| Q2 25 | 20.4% | 7.1% | ||
| Q1 25 | 19.1% | 4.4% | ||
| Q4 24 | 10.1% | 7.7% | ||
| Q3 24 | 19.5% | 7.2% | ||
| Q2 24 | 21.9% | 8.3% | ||
| Q1 24 | 22.0% | 7.6% |
净利率AOSMPX
| Q4 25 | 13.7% | 3.7% | ||
| Q3 25 | 14.0% | 5.0% | ||
| Q2 25 | 15.0% | 6.1% | ||
| Q1 25 | 14.2% | 3.7% | ||
| Q4 24 | 12.0% | 8.9% | ||
| Q3 24 | 13.3% | 6.8% | ||
| Q2 24 | 15.2% | 8.0% | ||
| Q1 24 | 15.1% | 6.6% |
每股收益（稀释后）AOSMPX
| Q4 25 | $0.89 | $0.07 | ||
| Q3 25 | $0.94 | $0.07 | ||
| Q2 25 | $1.07 | $0.12 | ||
| Q1 25 | $0.95 | $0.06 | ||
| Q4 24 | $0.75 | $0.13 | ||
| Q3 24 | $0.82 | $0.10 | ||
| Q2 24 | $1.06 | $0.14 | ||
| Q1 24 | $1.00 | $0.13 |
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 | — |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $125.0M |
| 总资产 | $3.1B | $147.2M |
| 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AOSMPX
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | — | ||
| Q2 25 | $177.9M | — | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | — | ||
| Q3 24 | $255.6M | — | ||
| Q2 24 | $233.3M | — | ||
| Q1 24 | $303.1M | — |
总债务AOSMPX
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSMPX
| Q4 25 | $1.9B | $125.0M | ||
| Q3 25 | $1.8B | $126.3M | ||
| Q2 25 | $1.8B | $127.2M | ||
| Q1 25 | $1.9B | $126.4M | ||
| Q4 24 | $1.9B | $129.0M | ||
| Q3 24 | $1.9B | $128.8M | ||
| Q2 24 | $1.9B | $129.3M | ||
| Q1 24 | $1.9B | $151.4M |
总资产AOSMPX
| Q4 25 | $3.1B | $147.2M | ||
| Q3 25 | $3.2B | $179.5M | ||
| Q2 25 | $3.2B | $173.2M | ||
| Q1 25 | $3.3B | $182.9M | ||
| Q4 24 | $3.2B | $171.2M | ||
| Q3 24 | $3.2B | $176.3M | ||
| Q2 24 | $3.2B | $175.7M | ||
| Q1 24 | $3.2B | $204.0M |
负债/权益比AOSMPX
| 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 | $4.7M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $4.1M |
| 自由现金流率自由现金流/营收 | 18.1% | 6.4% |
| 资本支出强度资本支出/营收 | 1.9% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.46× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $14.9M |
8季度趋势，按日历期对齐
经营现金流AOSMPX
| Q4 25 | $183.1M | $4.7M | ||
| Q3 25 | $255.4M | $2.6M | ||
| Q2 25 | $139.6M | $-1.6M | ||
| Q1 25 | $38.7M | $10.8M | ||
| Q4 24 | $221.9M | $4.6M | ||
| Q3 24 | $195.9M | $5.1M | ||
| Q2 24 | $57.4M | $3.8M | ||
| Q1 24 | $106.6M | $15.9M |
自由现金流AOSMPX
| Q4 25 | $165.5M | $4.1M | ||
| Q3 25 | $240.6M | $2.1M | ||
| Q2 25 | $122.5M | $-2.0M | ||
| Q1 25 | $17.4M | $10.7M | ||
| Q4 24 | $191.3M | $3.6M | ||
| Q3 24 | $163.4M | $3.2M | ||
| Q2 24 | $34.5M | $3.0M | ||
| Q1 24 | $84.6M | $15.0M |
自由现金流率AOSMPX
| Q4 25 | 18.1% | 6.4% | ||
| Q3 25 | 25.5% | 4.0% | ||
| Q2 25 | 12.1% | -3.0% | ||
| Q1 25 | 1.8% | 18.1% | ||
| Q4 24 | 21.0% | 7.6% | ||
| Q3 24 | 18.1% | 6.5% | ||
| Q2 24 | 3.4% | 4.4% | ||
| Q1 24 | 8.6% | 21.7% |
资本支出强度AOSMPX
| Q4 25 | 1.9% | 0.9% | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.7% | 0.6% | ||
| Q1 25 | 2.2% | 0.2% | ||
| Q4 24 | 3.4% | 2.1% | ||
| Q3 24 | 3.6% | 3.8% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 2.2% | 1.3% |
现金转化率AOSMPX
| Q4 25 | 1.46× | 2.00× | ||
| Q3 25 | 1.93× | 0.97× | ||
| Q2 25 | 0.92× | -0.39× | ||
| Q1 25 | 0.28× | 4.88× | ||
| Q4 24 | 2.02× | 1.09× | ||
| Q3 24 | 1.63× | 1.51× | ||
| Q2 24 | 0.37× | 0.68× | ||
| Q1 24 | 0.72× | 3.46× |
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% |
MPX
| Boats And Accessories | $63.4M | 98% |
| Parts | $1.1M | 2% |
