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A.O.史密斯（AOS）与MSA Safety Inc（MSA）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MSA Safety Inc的1.8倍（$912.5M vs $510.9M），MSA Safety Inc净利率更高（17.0% vs 13.7%，领先3.3%），MSA Safety Inc同比增速更快（2.2% vs 0.0%），A.O.史密斯自由现金流更多（$165.5M vs $106.0M），过去两年MSA Safety Inc的营收复合增速更高（11.2% 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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
AOS vs MSA — 直观对比
营收规模更大
AOS
是对方的1.8倍
$510.9M
营收增速更快
MSA
高出2.2%
0.0%
净利率更高
MSA
高出3.3%
13.7%
自由现金流更多
AOS
多$59.5M
$106.0M
两年增速更快
MSA
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $510.9M |
| 净利润 | $125.4M | $86.9M |
| 毛利率 | 38.4% | 46.9% |
| 营业利润率 | 17.9% | 22.3% |
| 净利率 | 13.7% | 17.0% |
| 营收同比 | 0.0% | 2.2% |
| 净利润同比 | 14.3% | -1.2% |
| 每股收益（稀释后） | $0.89 | $2.22 |
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AOSMSA
| Q4 25 | $912.5M | $510.9M | ||
| Q3 25 | $942.5M | $468.4M | ||
| Q2 25 | $1.0B | $474.1M | ||
| Q1 25 | $963.9M | $421.3M | ||
| Q4 24 | $912.4M | $499.7M | ||
| Q3 24 | $902.6M | $432.7M | ||
| Q2 24 | $1.0B | $462.5M | ||
| Q1 24 | $978.8M | $413.3M |
净利润AOSMSA
| Q4 25 | $125.4M | $86.9M | ||
| Q3 25 | $132.0M | $69.6M | ||
| Q2 25 | $152.2M | $62.8M | ||
| Q1 25 | $136.6M | $59.6M | ||
| Q4 24 | $109.7M | $87.9M | ||
| Q3 24 | $120.1M | $66.6M | ||
| Q2 24 | $156.2M | $72.2M | ||
| Q1 24 | $147.6M | $58.1M |
毛利率AOSMSA
| Q4 25 | 38.4% | 46.9% | ||
| Q3 25 | 38.7% | 46.5% | ||
| Q2 25 | 39.3% | 46.6% | ||
| Q1 25 | 38.9% | 45.9% | ||
| Q4 24 | 37.1% | 46.9% | ||
| Q3 24 | 37.4% | 47.9% | ||
| Q2 24 | 38.7% | 48.2% | ||
| Q1 24 | 39.3% | 47.3% |
营业利润率AOSMSA
| Q4 25 | 17.9% | 22.3% | ||
| Q3 25 | 18.6% | 20.1% | ||
| Q2 25 | 20.4% | 18.1% | ||
| Q1 25 | 19.1% | 18.5% | ||
| Q4 24 | 10.1% | 23.5% | ||
| Q3 24 | 19.5% | 21.1% | ||
| Q2 24 | 21.9% | 21.6% | ||
| Q1 24 | 22.0% | 19.4% |
净利率AOSMSA
| Q4 25 | 13.7% | 17.0% | ||
| Q3 25 | 14.0% | 14.9% | ||
| Q2 25 | 15.0% | 13.2% | ||
| Q1 25 | 14.2% | 14.1% | ||
| Q4 24 | 12.0% | 17.6% | ||
| Q3 24 | 13.3% | 15.4% | ||
| Q2 24 | 15.2% | 15.6% | ||
| Q1 24 | 15.1% | 14.1% |
每股收益（稀释后）AOSMSA
| Q4 25 | $0.89 | $2.22 | ||
| Q3 25 | $0.94 | $1.77 | ||
| Q2 25 | $1.07 | $1.59 | ||
| Q1 25 | $0.95 | $1.51 | ||
| Q4 24 | $0.75 | $2.22 | ||
| Q3 24 | $0.82 | $1.69 | ||
| Q2 24 | $1.06 | $1.83 | ||
| Q1 24 | $1.00 | $1.47 |
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 | $165.1M |
| 总债务越低越好 | $155.0M | $580.9M |
| 股东权益账面价值 | $1.9B | $1.4B |
| 总资产 | $3.1B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资AOSMSA
| Q4 25 | $193.2M | $165.1M | ||
| Q3 25 | $172.8M | $170.0M | ||
| Q2 25 | $177.9M | $147.0M | ||
| Q1 25 | $200.2M | $170.6M | ||
| Q4 24 | $276.1M | $164.6M | ||
| Q3 24 | $255.6M | $154.4M | ||
| Q2 24 | $233.3M | $146.8M | ||
| Q1 24 | $303.1M | $148.3M |
总债务AOSMSA
| Q4 25 | $155.0M | $580.9M | ||
| Q3 25 | — | $628.6M | ||
| Q2 25 | — | $679.3M | ||
| Q1 25 | — | $502.1M | ||
| Q4 24 | $193.2M | $508.0M | ||
| Q3 24 | — | $554.7M | ||
| Q2 24 | — | $588.2M | ||
| Q1 24 | — | $596.2M |
股东权益AOSMSA
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.9B | $1.0B | ||
| Q1 24 | $1.9B | $994.8M |
总资产AOSMSA
| Q4 25 | $3.1B | $2.6B | ||
| Q3 25 | $3.2B | $2.6B | ||
| Q2 25 | $3.2B | $2.6B | ||
| Q1 25 | $3.3B | $2.2B | ||
| Q4 24 | $3.2B | $2.2B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.2B | $2.2B | ||
| Q1 24 | $3.2B | $2.2B |
负债/权益比AOSMSA
| Q4 25 | 0.08× | 0.42× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 0.10× | 0.44× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.60× |
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 | $122.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $106.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 20.8% |
| 资本支出强度资本支出/营收 | 1.9% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.41× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $295.4M |
8季度趋势，按日历期对齐
经营现金流AOSMSA
| Q4 25 | $183.1M | $122.4M | ||
| Q3 25 | $255.4M | $112.5M | ||
| Q2 25 | $139.6M | $67.2M | ||
| Q1 25 | $38.7M | $61.8M | ||
| Q4 24 | $221.9M | $107.9M | ||
| Q3 24 | $195.9M | $84.3M | ||
| Q2 24 | $57.4M | $53.3M | ||
| Q1 24 | $106.6M | $50.9M |
自由现金流AOSMSA
| Q4 25 | $165.5M | $106.0M | ||
| Q3 25 | $240.6M | $100.5M | ||
| Q2 25 | $122.5M | $37.9M | ||
| Q1 25 | $17.4M | $51.0M | ||
| Q4 24 | $191.3M | $93.5M | ||
| Q3 24 | $163.4M | $70.1M | ||
| Q2 24 | $34.5M | $39.0M | ||
| Q1 24 | $84.6M | $39.7M |
自由现金流率AOSMSA
| Q4 25 | 18.1% | 20.8% | ||
| Q3 25 | 25.5% | 21.4% | ||
| Q2 25 | 12.1% | 8.0% | ||
| Q1 25 | 1.8% | 12.1% | ||
| Q4 24 | 21.0% | 18.7% | ||
| Q3 24 | 18.1% | 16.2% | ||
| Q2 24 | 3.4% | 8.4% | ||
| Q1 24 | 8.6% | 9.6% |
资本支出强度AOSMSA
| Q4 25 | 1.9% | 3.2% | ||
| Q3 25 | 1.6% | 2.6% | ||
| Q2 25 | 1.7% | 6.2% | ||
| Q1 25 | 2.2% | 2.6% | ||
| Q4 24 | 3.4% | 2.9% | ||
| Q3 24 | 3.6% | 3.3% | ||
| Q2 24 | 2.2% | 3.1% | ||
| Q1 24 | 2.2% | 2.7% |
现金转化率AOSMSA
| Q4 25 | 1.46× | 1.41× | ||
| Q3 25 | 1.93× | 1.62× | ||
| Q2 25 | 0.92× | 1.07× | ||
| Q1 25 | 0.28× | 1.04× | ||
| Q4 24 | 2.02× | 1.23× | ||
| Q3 24 | 1.63× | 1.27× | ||
| Q2 24 | 0.37× | 0.74× | ||
| Q1 24 | 0.72× | 0.88× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
