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A.O.史密斯（AOS）与PAR TECHNOLOGY CORP（PAR）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PAR TECHNOLOGY CORP的7.6倍（$912.5M vs $120.1M）。PAR TECHNOLOGY CORP同比增速更快（14.4% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $-12.5M）。过去两年PAR TECHNOLOGY CORP的营收复合增速更高（30.9% 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。
PAR科技公司是全球领先的销售点系统、餐饮酒店管理软件及集成技术解决方案提供商，核心业务覆盖餐饮服务、酒店文旅及政府安防领域，为各类规模客户提供云端工具以简化运营、提升消费体验与经营效率。
AOS vs PAR — 直观对比
营收规模更大
AOS
是对方的7.6倍
$120.1M
营收增速更快
PAR
高出14.4%
0.0%
自由现金流更多
AOS
多$178.0M
$-12.5M
两年增速更快
PAR
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $120.1M |
| 净利润 | $125.4M | — |
| 毛利率 | 38.4% | 41.2% |
| 营业利润率 | 17.9% | -15.0% |
| 净利率 | 13.7% | — |
| 营收同比 | 0.0% | 14.4% |
| 净利润同比 | 14.3% | — |
| 每股收益（稀释后） | $0.89 | $-0.52 |
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AOSPAR
| Q4 25 | $912.5M | $120.1M | ||
| Q3 25 | $942.5M | $119.2M | ||
| Q2 25 | $1.0B | $112.4M | ||
| Q1 25 | $963.9M | $103.9M | ||
| Q4 24 | $912.4M | $105.0M | ||
| Q3 24 | $902.6M | $96.8M | ||
| Q2 24 | $1.0B | $78.2M | ||
| Q1 24 | $978.8M | $70.1M |
净利润AOSPAR
| Q4 25 | $125.4M | — | ||
| Q3 25 | $132.0M | $-18.2M | ||
| Q2 25 | $152.2M | $-21.0M | ||
| Q1 25 | $136.6M | $-24.4M | ||
| Q4 24 | $109.7M | — | ||
| Q3 24 | $120.1M | $-19.8M | ||
| Q2 24 | $156.2M | $54.2M | ||
| Q1 24 | $147.6M | $-18.3M |
毛利率AOSPAR
| Q4 25 | 38.4% | 41.2% | ||
| Q3 25 | 38.7% | 41.3% | ||
| Q2 25 | 39.3% | 45.4% | ||
| Q1 25 | 38.9% | 46.5% | ||
| Q4 24 | 37.1% | 42.9% | ||
| Q3 24 | 37.4% | 44.5% | ||
| Q2 24 | 38.7% | 41.0% | ||
| Q1 24 | 39.3% | 37.2% |
营业利润率AOSPAR
| Q4 25 | 17.9% | -15.0% | ||
| Q3 25 | 18.6% | -14.8% | ||
| Q2 25 | 20.4% | -15.4% | ||
| Q1 25 | 19.1% | -15.2% | ||
| Q4 24 | 10.1% | -15.6% | ||
| Q3 24 | 19.5% | -15.7% | ||
| Q2 24 | 21.9% | -26.5% | ||
| Q1 24 | 22.0% | -38.2% |
净利率AOSPAR
| Q4 25 | 13.7% | — | ||
| Q3 25 | 14.0% | -15.3% | ||
| Q2 25 | 15.0% | -18.7% | ||
| Q1 25 | 14.2% | -23.4% | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 13.3% | -20.5% | ||
| Q2 24 | 15.2% | 69.3% | ||
| Q1 24 | 15.1% | -26.1% |
每股收益（稀释后）AOSPAR
| Q4 25 | $0.89 | $-0.52 | ||
| Q3 25 | $0.94 | $-0.45 | ||
| Q2 25 | $1.07 | $-0.52 | ||
| Q1 25 | $0.95 | $-0.60 | ||
| Q4 24 | $0.75 | $-0.56 | ||
| Q3 24 | $0.82 | $-0.56 | ||
| Q2 24 | $1.06 | $1.60 | ||
| Q1 24 | $1.00 | $-0.62 |
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 | $80.1M |
| 总债务越低越好 | $155.0M | $394.0M |
| 股东权益账面价值 | $1.9B | $825.1M |
| 总资产 | $3.1B | $1.4B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资AOSPAR
| Q4 25 | $193.2M | $80.1M | ||
| Q3 25 | $172.8M | $93.0M | ||
| Q2 25 | $177.9M | $85.7M | ||
| Q1 25 | $200.2M | $92.2M | ||
| Q4 24 | $276.1M | $108.6M | ||
| Q3 24 | $255.6M | $118.4M | ||
| Q2 24 | $233.3M | $142.5M | ||
| Q1 24 | $303.1M | $72.5M |
总债务AOSPAR
| Q4 25 | $155.0M | $394.0M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $392.8M | ||
| Q1 25 | — | $392.3M | ||
| Q4 24 | $193.2M | $368.4M | ||
| Q3 24 | — | $466.7M | ||
| Q2 24 | — | $378.7M | ||
| Q1 24 | — | $378.2M |
股东权益AOSPAR
| Q4 25 | $1.9B | $825.1M | ||
| Q3 25 | $1.8B | $838.0M | ||
| Q2 25 | $1.8B | $859.1M | ||
| Q1 25 | $1.9B | $852.0M | ||
| Q4 24 | $1.9B | $871.7M | ||
| Q3 24 | $1.9B | $692.7M | ||
| Q2 24 | $1.9B | $588.3M | ||
| Q1 24 | $1.9B | $526.4M |
总资产AOSPAR
| Q4 25 | $3.1B | $1.4B | ||
| Q3 25 | $3.2B | $1.4B | ||
| Q2 25 | $3.2B | $1.4B | ||
| Q1 25 | $3.3B | $1.4B | ||
| Q4 24 | $3.2B | $1.4B | ||
| Q3 24 | $3.2B | $1.3B | ||
| Q2 24 | $3.2B | $1.1B | ||
| Q1 24 | $3.2B | $1.0B |
负债/权益比AOSPAR
| Q4 25 | 0.08× | 0.48× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | 0.10× | 0.42× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.72× |
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 | $-11.8M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $-12.5M |
| 自由现金流率自由现金流/营收 | 18.1% | -10.4% |
| 资本支出强度资本支出/营收 | 1.9% | 0.7% |
| 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 | $-30.5M |
8季度趋势，按日历期对齐
经营现金流AOSPAR
| Q4 25 | $183.1M | $-11.8M | ||
| Q3 25 | $255.4M | $8.4M | ||
| Q2 25 | $139.6M | $-6.6M | ||
| Q1 25 | $38.7M | $-17.2M | ||
| Q4 24 | $221.9M | $3.4M | ||
| Q3 24 | $195.9M | $8.8M | ||
| Q2 24 | $57.4M | $-13.8M | ||
| Q1 24 | $106.6M | $-23.6M |
自由现金流AOSPAR
| Q4 25 | $165.5M | $-12.5M | ||
| Q3 25 | $240.6M | $7.0M | ||
| Q2 25 | $122.5M | $-7.4M | ||
| Q1 25 | $17.4M | $-17.6M | ||
| Q4 24 | $191.3M | $3.2M | ||
| Q3 24 | $163.4M | $8.4M | ||
| Q2 24 | $34.5M | $-14.2M | ||
| Q1 24 | $84.6M | $-23.6M |
自由现金流率AOSPAR
| Q4 25 | 18.1% | -10.4% | ||
| Q3 25 | 25.5% | 5.9% | ||
| Q2 25 | 12.1% | -6.6% | ||
| Q1 25 | 1.8% | -16.9% | ||
| Q4 24 | 21.0% | 3.0% | ||
| Q3 24 | 18.1% | 8.7% | ||
| Q2 24 | 3.4% | -18.2% | ||
| Q1 24 | 8.6% | -33.7% |
资本支出强度AOSPAR
| Q4 25 | 1.9% | 0.7% | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.7% | 0.7% | ||
| Q1 25 | 2.2% | 0.4% | ||
| Q4 24 | 3.4% | 0.2% | ||
| Q3 24 | 3.6% | 0.4% | ||
| Q2 24 | 2.2% | 0.5% | ||
| Q1 24 | 2.2% | 0.1% |
现金转化率AOSPAR
| 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× | -0.26× | ||
| 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% |
PAR
| Subscription Service | $76.1M | 63% |
| Hardware | $27.8M | 23% |
| Professional Service | $16.2M | 13% |
