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A.O.史密斯（AOS）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.5倍（$912.5M vs $614.5M），A.O.史密斯净利率更高（13.7% vs -2.0%，领先15.7%），Cloudflare, Inc.同比增速更快（33.6% vs 0.0%），A.O.史密斯自由现金流更多（$165.5M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
AOS vs NET — 直观对比
营收规模更大
AOS
是对方的1.5倍
$614.5M
营收增速更快
NET
高出33.6%
0.0%
净利率更高
AOS
高出15.7%
-2.0%
自由现金流更多
AOS
多$60.3M
$105.2M
两年增速更快
NET
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $614.5M |
| 净利润 | $125.4M | $-12.1M |
| 毛利率 | 38.4% | 73.6% |
| 营业利润率 | 17.9% | -8.0% |
| 净利率 | 13.7% | -2.0% |
| 营收同比 | 0.0% | 33.6% |
| 净利润同比 | 14.3% | 6.0% |
| 每股收益（稀释后） | $0.89 | $-0.03 |
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AOSNET
| Q4 25 | $912.5M | $614.5M | ||
| Q3 25 | $942.5M | $562.0M | ||
| Q2 25 | $1.0B | $512.3M | ||
| Q1 25 | $963.9M | $479.1M | ||
| Q4 24 | $912.4M | $459.9M | ||
| Q3 24 | $902.6M | $430.1M | ||
| Q2 24 | $1.0B | $401.0M | ||
| Q1 24 | $978.8M | $378.6M |
净利润AOSNET
| Q4 25 | $125.4M | $-12.1M | ||
| Q3 25 | $132.0M | $-1.3M | ||
| Q2 25 | $152.2M | $-50.4M | ||
| Q1 25 | $136.6M | $-38.5M | ||
| Q4 24 | $109.7M | $-12.8M | ||
| Q3 24 | $120.1M | $-15.3M | ||
| Q2 24 | $156.2M | $-15.1M | ||
| Q1 24 | $147.6M | $-35.5M |
毛利率AOSNET
| Q4 25 | 38.4% | 73.6% | ||
| Q3 25 | 38.7% | 74.0% | ||
| Q2 25 | 39.3% | 74.9% | ||
| Q1 25 | 38.9% | 75.9% | ||
| Q4 24 | 37.1% | 76.4% | ||
| Q3 24 | 37.4% | 77.7% | ||
| Q2 24 | 38.7% | 77.8% | ||
| Q1 24 | 39.3% | 77.5% |
营业利润率AOSNET
| Q4 25 | 17.9% | -8.0% | ||
| Q3 25 | 18.6% | -6.7% | ||
| Q2 25 | 20.4% | -13.1% | ||
| Q1 25 | 19.1% | -11.1% | ||
| Q4 24 | 10.1% | -7.5% | ||
| Q3 24 | 19.5% | -7.2% | ||
| Q2 24 | 21.9% | -8.7% | ||
| Q1 24 | 22.0% | -14.4% |
净利率AOSNET
| Q4 25 | 13.7% | -2.0% | ||
| Q3 25 | 14.0% | -0.2% | ||
| Q2 25 | 15.0% | -9.8% | ||
| Q1 25 | 14.2% | -8.0% | ||
| Q4 24 | 12.0% | -2.8% | ||
| Q3 24 | 13.3% | -3.6% | ||
| Q2 24 | 15.2% | -3.8% | ||
| Q1 24 | 15.1% | -9.4% |
每股收益（稀释后）AOSNET
| Q4 25 | $0.89 | $-0.03 | ||
| Q3 25 | $0.94 | $0.00 | ||
| Q2 25 | $1.07 | $-0.15 | ||
| Q1 25 | $0.95 | $-0.11 | ||
| Q4 24 | $0.75 | $-0.05 | ||
| Q3 24 | $0.82 | $-0.04 | ||
| Q2 24 | $1.06 | $-0.04 | ||
| Q1 24 | $1.00 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $1.5B |
| 总资产 | $3.1B | $6.0B |
| 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AOSNET
| Q4 25 | $193.2M | $943.5M | ||
| Q3 25 | $172.8M | $1.1B | ||
| Q2 25 | $177.9M | $1.5B | ||
| Q1 25 | $200.2M | $204.5M | ||
| Q4 24 | $276.1M | $147.7M | ||
| Q3 24 | $255.6M | $182.9M | ||
| Q2 24 | $233.3M | $157.0M | ||
| Q1 24 | $303.1M | $254.4M |
总债务AOSNET
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSNET
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.9B | $1.4B | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.9B | $973.1M | ||
| Q2 24 | $1.9B | $881.5M | ||
| Q1 24 | $1.9B | $797.2M |
总资产AOSNET
| Q4 25 | $3.1B | $6.0B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.2B | $5.6B | ||
| Q1 25 | $3.3B | $3.7B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.2B | $2.8B |
负债/权益比AOSNET
| 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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $105.2M |
| 自由现金流率自由现金流/营收 | 18.1% | 17.1% |
| 资本支出强度资本支出/营收 | 1.9% | 13.9% |
| 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 | $287.5M |
8季度趋势，按日历期对齐
经营现金流AOSNET
| Q4 25 | $183.1M | $190.4M | ||
| Q3 25 | $255.4M | $167.1M | ||
| Q2 25 | $139.6M | $99.8M | ||
| Q1 25 | $38.7M | $145.8M | ||
| Q4 24 | $221.9M | $127.3M | ||
| Q3 24 | $195.9M | $104.7M | ||
| Q2 24 | $57.4M | $74.8M | ||
| Q1 24 | $106.6M | $73.6M |
自由现金流AOSNET
| Q4 25 | $165.5M | $105.2M | ||
| Q3 25 | $240.6M | $82.5M | ||
| Q2 25 | $122.5M | $39.9M | ||
| Q1 25 | $17.4M | $59.9M | ||
| Q4 24 | $191.3M | $54.2M | ||
| Q3 24 | $163.4M | $54.5M | ||
| Q2 24 | $34.5M | $45.2M | ||
| Q1 24 | $84.6M | $41.5M |
自由现金流率AOSNET
| Q4 25 | 18.1% | 17.1% | ||
| Q3 25 | 25.5% | 14.7% | ||
| Q2 25 | 12.1% | 7.8% | ||
| Q1 25 | 1.8% | 12.5% | ||
| Q4 24 | 21.0% | 11.8% | ||
| Q3 24 | 18.1% | 12.7% | ||
| Q2 24 | 3.4% | 11.3% | ||
| Q1 24 | 8.6% | 11.0% |
资本支出强度AOSNET
| Q4 25 | 1.9% | 13.9% | ||
| Q3 25 | 1.6% | 15.1% | ||
| Q2 25 | 1.7% | 11.7% | ||
| Q1 25 | 2.2% | 17.9% | ||
| Q4 24 | 3.4% | 15.9% | ||
| Q3 24 | 3.6% | 11.7% | ||
| Q2 24 | 2.2% | 7.4% | ||
| Q1 24 | 2.2% | 8.5% |
现金转化率AOSNET
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
