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A.O.史密斯（AOS）与PLAINS GP HOLDINGS LP（PAGP）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS 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 0.6%，领先13.1%）。A.O.史密斯同比增速更快（0.0% vs -19.1%）。PLAINS GP HOLDINGS LP自由现金流更多（$636.0M 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。
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
AOS vs PAGP — 直观对比
营收规模更大
PAGP
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13.1%
0.6%
自由现金流更多
PAGP
多$470.5M
$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 | $63.0M |
| 毛利率 | 38.4% | 7.0% |
| 营业利润率 | 17.9% | 1.8% |
| 净利率 | 13.7% | 0.6% |
| 营收同比 | 0.0% | -19.1% |
| 净利润同比 | 14.3% | 672.7% |
| 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AOSPAGP
| 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AOSPAGP
| Q4 25 | $125.4M | $63.0M | ||
| Q3 25 | $132.0M | $83.0M | ||
| Q2 25 | $152.2M | $30.0M | ||
| Q1 25 | $136.6M | $84.0M | ||
| Q4 24 | $109.7M | $-11.0M | ||
| Q3 24 | $120.1M | $33.0M | ||
| Q2 24 | $156.2M | $39.0M | ||
| Q1 24 | $147.6M | $42.0M |
毛利率AOSPAGP
| 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AOSPAGP
| 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AOSPAGP
| Q4 25 | 13.7% | 0.6% | ||
| Q3 25 | 14.0% | 0.7% | ||
| Q2 25 | 15.0% | 0.3% | ||
| Q1 25 | 14.2% | 0.7% | ||
| Q4 24 | 12.0% | -0.1% | ||
| Q3 24 | 13.3% | 0.3% | ||
| Q2 24 | 15.2% | 0.3% | ||
| Q1 24 | 15.1% | 0.4% |
每股收益（稀释后）AOSPAGP
| 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 | $329.0M |
| 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 | $31.3B |
| 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AOSPAGP
| Q4 25 | $193.2M | $329.0M | ||
| Q3 25 | $172.8M | $1.2B | ||
| Q2 25 | $177.9M | $460.0M | ||
| Q1 25 | $200.2M | $429.0M | ||
| Q4 24 | $276.1M | $349.0M | ||
| Q3 24 | $255.6M | $641.0M | ||
| Q2 24 | $233.3M | $556.0M | ||
| Q1 24 | $303.1M | $334.0M |
总债务AOSPAGP
| 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AOSPAGP
| 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AOSPAGP
| Q4 25 | $3.1B | $31.3B | ||
| Q3 25 | $3.2B | $29.3B | ||
| Q2 25 | $3.2B | $28.3B | ||
| Q1 25 | $3.3B | $28.3B | ||
| Q4 24 | $3.2B | $27.8B | ||
| Q3 24 | $3.2B | $28.4B | ||
| Q2 24 | $3.2B | $28.7B | ||
| Q1 24 | $3.2B | $28.6B |
负债/权益比AOSPAGP
| 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 | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $636.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 6.3% |
| 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× | 12.44× |
| 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AOSPAGP
| Q4 25 | $183.1M | $784.0M | ||
| Q3 25 | $255.4M | $817.0M | ||
| Q2 25 | $139.6M | $692.0M | ||
| Q1 25 | $38.7M | $638.0M | ||
| Q4 24 | $221.9M | $726.0M | ||
| Q3 24 | $195.9M | $688.0M | ||
| Q2 24 | $57.4M | $652.0M | ||
| Q1 24 | $106.6M | $418.0M |
自由现金流AOSPAGP
| Q4 25 | $165.5M | $636.0M | ||
| Q3 25 | $240.6M | $632.0M | ||
| Q2 25 | $122.5M | $573.0M | ||
| Q1 25 | $17.4M | $447.0M | ||
| Q4 24 | $191.3M | $560.0M | ||
| Q3 24 | $163.4M | $531.0M | ||
| Q2 24 | $34.5M | $513.0M | ||
| Q1 24 | $84.6M | $261.0M |
自由现金流率AOSPAGP
| Q4 25 | 18.1% | 6.3% | ||
| 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AOSPAGP
| 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AOSPAGP
| Q4 25 | 1.46× | 12.44× | ||
| Q3 25 | 1.93× | 9.84× | ||
| Q2 25 | 0.92× | 23.07× | ||
| Q1 25 | 0.28× | 7.60× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 20.85× | ||
| Q2 24 | 0.37× | 16.72× | ||
| Q1 24 | 0.72× | 9.95× |
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% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
