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A.O.史密斯（AOS）与NCR Atleos Corp（NATL）财务数据对比。点击上方公司名可切换其他公司
NCR Atleos Corp的季度营收约是A.O.史密斯的1.3倍（$1.2B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 7.2%，领先6.5%）。NCR Atleos Corp同比增速更快（4.0% vs 0.0%）。NCR Atleos Corp自由现金流更多（$194.0M vs $165.5M）。过去两年NCR Atleos Corp的营收复合增速更高（4.9% 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。
NCR Atleos Corp 前身为NCR公司（National Cash Register），是全球知名的软件、咨询与技术企业，提供多元专业服务与电子产品，业务覆盖自助服务 kiosk、销售点终端、自动柜员机、支票处理系统、条码扫描器等商用软硬件的研发与生产，服务全球各行业客户的数字化运营需求。
AOS vs NATL — 直观对比
营收规模更大
NATL
是对方的1.3倍
$912.5M
营收增速更快
NATL
高出4.0%
0.0%
净利率更高
AOS
高出6.5%
7.2%
自由现金流更多
NATL
多$28.5M
$165.5M
两年增速更快
NATL
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.2B |
| 净利润 | $125.4M | $83.0M |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | 13.5% |
| 净利率 | 13.7% | 7.2% |
| 营收同比 | 0.0% | 4.0% |
| 净利润同比 | 14.3% | 102.4% |
| 每股收益（稀释后） | $0.89 | $1.09 |
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AOSNATL
| Q4 25 | $912.5M | $1.2B | ||
| Q3 25 | $942.5M | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $963.9M | $979.0M | ||
| Q4 24 | $912.4M | $1.1B | ||
| Q3 24 | $902.6M | $1.1B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $978.8M | $1.0B |
净利润AOSNATL
| Q4 25 | $125.4M | $83.0M | ||
| Q3 25 | $132.0M | $26.0M | ||
| Q2 25 | $152.2M | $39.0M | ||
| Q1 25 | $136.6M | $14.0M | ||
| Q4 24 | $109.7M | $41.0M | ||
| Q3 24 | $120.1M | $21.0M | ||
| Q2 24 | $156.2M | $27.0M | ||
| Q1 24 | $147.6M | $-9.0M |
毛利率AOSNATL
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | — | ||
| Q2 24 | 38.7% | — | ||
| Q1 24 | 39.3% | — |
营业利润率AOSNATL
| Q4 25 | 17.9% | 13.5% | ||
| Q3 25 | 18.6% | 9.8% | ||
| Q2 25 | 20.4% | 10.8% | ||
| Q1 25 | 19.1% | 9.5% | ||
| Q4 24 | 10.1% | 13.4% | ||
| Q3 24 | 19.5% | 10.6% | ||
| Q2 24 | 21.9% | 9.8% | ||
| Q1 24 | 22.0% | 6.5% |
净利率AOSNATL
| Q4 25 | 13.7% | 7.2% | ||
| Q3 25 | 14.0% | 2.3% | ||
| Q2 25 | 15.0% | 3.5% | ||
| Q1 25 | 14.2% | 1.4% | ||
| Q4 24 | 12.0% | 3.7% | ||
| Q3 24 | 13.3% | 2.0% | ||
| Q2 24 | 15.2% | 2.5% | ||
| Q1 24 | 15.1% | -0.9% |
每股收益（稀释后）AOSNATL
| Q4 25 | $0.89 | $1.09 | ||
| Q3 25 | $0.94 | $0.34 | ||
| Q2 25 | $1.07 | $0.52 | ||
| Q1 25 | $0.95 | $0.19 | ||
| Q4 24 | $0.75 | $0.56 | ||
| Q3 24 | $0.82 | $0.28 | ||
| Q2 24 | $1.06 | $0.37 | ||
| 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 | $456.0M |
| 总债务越低越好 | $155.0M | $2.7B |
| 股东权益账面价值 | $1.9B | $403.0M |
| 总资产 | $3.1B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.08× | 6.63× |
8季度趋势，按日历期对齐
现金及短期投资AOSNATL
| Q4 25 | $193.2M | $456.0M | ||
| Q3 25 | $172.8M | $412.0M | ||
| Q2 25 | $177.9M | $357.0M | ||
| Q1 25 | $200.2M | $352.0M | ||
| Q4 24 | $276.1M | $419.0M | ||
| Q3 24 | $255.6M | $395.0M | ||
| Q2 24 | $233.3M | $374.0M | ||
| Q1 24 | $303.1M | $343.0M |
总债务AOSNATL
| Q4 25 | $155.0M | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSNATL
| Q4 25 | $1.9B | $403.0M | ||
| Q3 25 | $1.8B | $330.0M | ||
| Q2 25 | $1.8B | $350.0M | ||
| Q1 25 | $1.9B | $275.0M | ||
| Q4 24 | $1.9B | $219.0M | ||
| Q3 24 | $1.9B | $264.0M | ||
| Q2 24 | $1.9B | $250.0M | ||
| Q1 24 | $1.9B | $283.0M |
总资产AOSNATL
| Q4 25 | $3.1B | $5.7B | ||
| Q3 25 | $3.2B | $5.7B | ||
| Q2 25 | $3.2B | $5.8B | ||
| Q1 25 | $3.3B | $5.7B | ||
| Q4 24 | $3.2B | $5.5B | ||
| Q3 24 | $3.2B | $5.7B | ||
| Q2 24 | $3.2B | $5.8B | ||
| Q1 24 | $3.2B | $5.8B |
负债/权益比AOSNATL
| Q4 25 | 0.08× | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 13.05× | ||
| 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 | $231.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $194.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 16.8% |
| 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× | 2.78× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $239.0M |
8季度趋势，按日历期对齐
经营现金流AOSNATL
| Q4 25 | $183.1M | $231.0M | ||
| Q3 25 | $255.4M | $25.0M | ||
| Q2 25 | $139.6M | $-23.0M | ||
| Q1 25 | $38.7M | $123.0M | ||
| Q4 24 | $221.9M | $80.0M | ||
| Q3 24 | $195.9M | $107.0M | ||
| Q2 24 | $57.4M | $9.0M | ||
| Q1 24 | $106.6M | $148.0M |
自由现金流AOSNATL
| Q4 25 | $165.5M | $194.0M | ||
| Q3 25 | $240.6M | $-5.0M | ||
| Q2 25 | $122.5M | $-44.0M | ||
| Q1 25 | $17.4M | $94.0M | ||
| Q4 24 | $191.3M | $62.0M | ||
| Q3 24 | $163.4M | $85.0M | ||
| Q2 24 | $34.5M | $-14.0M | ||
| Q1 24 | $84.6M | $124.0M |
自由现金流率AOSNATL
| Q4 25 | 18.1% | 16.8% | ||
| Q3 25 | 25.5% | -0.4% | ||
| Q2 25 | 12.1% | -4.0% | ||
| Q1 25 | 1.8% | 9.6% | ||
| Q4 24 | 21.0% | 5.6% | ||
| Q3 24 | 18.1% | 7.9% | ||
| Q2 24 | 3.4% | -1.3% | ||
| Q1 24 | 8.6% | 11.9% |
资本支出强度AOSNATL
| Q4 25 | 1.9% | 3.2% | ||
| Q3 25 | 1.6% | 2.7% | ||
| Q2 25 | 1.7% | 1.9% | ||
| Q1 25 | 2.2% | 3.0% | ||
| Q4 24 | 3.4% | 1.6% | ||
| Q3 24 | 3.6% | 2.1% | ||
| Q2 24 | 2.2% | 2.1% | ||
| Q1 24 | 2.2% | 2.3% |
现金转化率AOSNATL
| Q4 25 | 1.46× | 2.78× | ||
| Q3 25 | 1.93× | 0.96× | ||
| Q2 25 | 0.92× | -0.59× | ||
| Q1 25 | 0.28× | 8.79× | ||
| Q4 24 | 2.02× | 1.95× | ||
| Q3 24 | 1.63× | 5.10× | ||
| Q2 24 | 0.37× | 0.33× | ||
| Q1 24 | 0.72× | — |
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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
