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A.O.史密斯（AOS）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是A.O.史密斯的11.0倍（$10.0B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 3.4%，领先10.3%）。A.O.史密斯同比增速更快（0.0% vs -19.1%）。PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $165.5M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -8.6%）
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。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
AOS vs PAA — 直观对比
营收规模更大
PAA
是对方的11.0倍
$912.5M
营收增速更快
AOS
高出19.1%
-19.1%
净利率更高
AOS
高出10.3%
3.4%
自由现金流更多
PAA
多$472.5M
$165.5M
两年增速更快
AOS
近两年复合增速
-8.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $10.0B |
| 净利润 | $125.4M | $341.0M |
| 毛利率 | 38.4% | 7.0% |
| 营业利润率 | 17.9% | 1.8% |
| 净利率 | 13.7% | 3.4% |
| 营收同比 | 0.0% | -19.1% |
| 净利润同比 | 14.3% | 847.2% |
| 每股收益（稀释后） | $0.89 | — |
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AOSPAA
| Q4 25 | $912.5M | $10.0B | ||
| Q3 25 | $942.5M | $11.6B | ||
| Q2 25 | $1.0B | $10.6B | ||
| Q1 25 | $963.9M | $12.0B | ||
| Q4 24 | $912.4M | $12.4B | ||
| Q3 24 | $902.6M | $12.7B | ||
| Q2 24 | $1.0B | $12.9B | ||
| Q1 24 | $978.8M | $12.0B |
净利润AOSPAA
| Q4 25 | $125.4M | $341.0M | ||
| Q3 25 | $132.0M | $441.0M | ||
| Q2 25 | $152.2M | $210.0M | ||
| Q1 25 | $136.6M | $443.0M | ||
| Q4 24 | $109.7M | $36.0M | ||
| Q3 24 | $120.1M | $220.0M | ||
| Q2 24 | $156.2M | $250.0M | ||
| Q1 24 | $147.6M | $266.0M |
毛利率AOSPAA
| Q4 25 | 38.4% | 7.0% | ||
| Q3 25 | 38.7% | 8.6% | ||
| Q2 25 | 39.3% | 8.3% | ||
| Q1 25 | 38.9% | 10.4% | ||
| Q4 24 | 37.1% | 9.5% | ||
| Q3 24 | 37.4% | 9.3% | ||
| Q2 24 | 38.7% | 8.3% | ||
| Q1 24 | 39.3% | 9.0% |
营业利润率AOSPAA
| Q4 25 | 17.9% | 1.8% | ||
| Q3 25 | 18.6% | 4.2% | ||
| Q2 25 | 20.4% | 2.2% | ||
| Q1 25 | 19.1% | 4.4% | ||
| Q4 24 | 10.1% | 0.7% | ||
| Q3 24 | 19.5% | 2.7% | ||
| Q2 24 | 21.9% | 2.9% | ||
| Q1 24 | 22.0% | 3.1% |
净利率AOSPAA
| Q4 25 | 13.7% | 3.4% | ||
| Q3 25 | 14.0% | 3.8% | ||
| Q2 25 | 15.0% | 2.0% | ||
| Q1 25 | 14.2% | 3.7% | ||
| Q4 24 | 12.0% | 0.3% | ||
| Q3 24 | 13.3% | 1.7% | ||
| Q2 24 | 15.2% | 1.9% | ||
| Q1 24 | 15.1% | 2.2% |
每股收益（稀释后）AOSPAA
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | — | ||
| Q2 25 | $1.07 | — | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $0.75 | — | ||
| Q3 24 | $0.82 | — | ||
| Q2 24 | $1.06 | — | ||
| Q1 24 | $1.00 | — |
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 | $328.0M |
| 总债务越低越好 | $155.0M | $10.7B |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $3.1B | $30.2B |
| 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AOSPAA
| Q4 25 | $193.2M | $328.0M | ||
| Q3 25 | $172.8M | $1.2B | ||
| Q2 25 | $177.9M | $459.0M | ||
| Q1 25 | $200.2M | $427.0M | ||
| Q4 24 | $276.1M | $348.0M | ||
| Q3 24 | $255.6M | $640.0M | ||
| Q2 24 | $233.3M | $553.0M | ||
| Q1 24 | $303.1M | $331.0M |
总债务AOSPAA
| Q4 25 | $155.0M | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $193.2M | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
股东权益AOSPAA
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总资产AOSPAA
| Q4 25 | $3.1B | $30.2B | ||
| Q3 25 | $3.2B | $28.1B | ||
| Q2 25 | $3.2B | $27.2B | ||
| Q1 25 | $3.3B | $27.1B | ||
| Q4 24 | $3.2B | $26.6B | ||
| Q3 24 | $3.2B | $27.2B | ||
| Q2 24 | $3.2B | $27.5B | ||
| Q1 24 | $3.2B | $27.4B |
负债/权益比AOSPAA
| 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 | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $638.0M |
| 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% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.46× | 2.30× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流AOSPAA
| Q4 25 | $183.1M | $786.0M | ||
| Q3 25 | $255.4M | $817.0M | ||
| Q2 25 | $139.6M | $694.0M | ||
| Q1 25 | $38.7M | $639.0M | ||
| Q4 24 | $221.9M | $727.0M | ||
| Q3 24 | $195.9M | $691.0M | ||
| Q2 24 | $57.4M | $653.0M | ||
| Q1 24 | $106.6M | $419.0M |
自由现金流AOSPAA
| Q4 25 | $165.5M | $638.0M | ||
| Q3 25 | $240.6M | $632.0M | ||
| Q2 25 | $122.5M | $575.0M | ||
| Q1 25 | $17.4M | $448.0M | ||
| Q4 24 | $191.3M | $561.0M | ||
| Q3 24 | $163.4M | $534.0M | ||
| Q2 24 | $34.5M | $514.0M | ||
| Q1 24 | $84.6M | $262.0M |
自由现金流率AOSPAA
| Q4 25 | 18.1% | 6.4% | ||
| Q3 25 | 25.5% | 5.5% | ||
| Q2 25 | 12.1% | 5.4% | ||
| Q1 25 | 1.8% | 3.7% | ||
| Q4 24 | 21.0% | 4.5% | ||
| Q3 24 | 18.1% | 4.2% | ||
| Q2 24 | 3.4% | 4.0% | ||
| Q1 24 | 8.6% | 2.2% |
资本支出强度AOSPAA
| Q4 25 | 1.9% | 1.5% | ||
| Q3 25 | 1.6% | 1.6% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 2.2% | 1.6% | ||
| Q4 24 | 3.4% | 1.3% | ||
| Q3 24 | 3.6% | 1.2% | ||
| Q2 24 | 2.2% | 1.1% | ||
| Q1 24 | 2.2% | 1.3% |
现金转化率AOSPAA
| Q4 25 | 1.46× | 2.30× | ||
| Q3 25 | 1.93× | 1.85× | ||
| Q2 25 | 0.92× | 3.30× | ||
| Q1 25 | 0.28× | 1.44× | ||
| Q4 24 | 2.02× | 20.19× | ||
| Q3 24 | 1.63× | 3.14× | ||
| Q2 24 | 0.37× | 2.61× | ||
| Q1 24 | 0.72× | 1.58× |
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% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
