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A.O.史密斯（AOS）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是A.O.史密斯的2.1倍（$1.9B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs -15.8%，领先29.5%）。北极星同比增速更快（9.5% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $114.0M）。过去两年北极星的营收复合增速更高（5.2% 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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
AOS vs PII — 直观对比
营收规模更大
PII
是对方的2.1倍
$912.5M
营收增速更快
PII
高出9.5%
0.0%
净利率更高
AOS
高出29.5%
-15.8%
自由现金流更多
AOS
多$51.5M
$114.0M
两年增速更快
PII
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.9B |
| 净利润 | $125.4M | $-303.6M |
| 毛利率 | 38.4% | 20.0% |
| 营业利润率 | 17.9% | -16.7% |
| 净利率 | 13.7% | -15.8% |
| 营收同比 | 0.0% | 9.5% |
| 净利润同比 | 14.3% | -2964.2% |
| 每股收益（稀释后） | $0.89 | $-5.34 |
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AOSPII
| Q4 25 | $912.5M | $1.9B | ||
| Q3 25 | $942.5M | $1.8B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $963.9M | $1.5B | ||
| Q4 24 | $912.4M | $1.8B | ||
| Q3 24 | $902.6M | $1.7B | ||
| Q2 24 | $1.0B | $2.0B | ||
| Q1 24 | $978.8M | $1.7B |
净利润AOSPII
| Q4 25 | $125.4M | $-303.6M | ||
| Q3 25 | $132.0M | $-15.8M | ||
| Q2 25 | $152.2M | $-79.3M | ||
| Q1 25 | $136.6M | $-66.8M | ||
| Q4 24 | $109.7M | $10.6M | ||
| Q3 24 | $120.1M | $27.7M | ||
| Q2 24 | $156.2M | $68.7M | ||
| Q1 24 | $147.6M | $3.8M |
毛利率AOSPII
| Q4 25 | 38.4% | 20.0% | ||
| Q3 25 | 38.7% | 20.7% | ||
| Q2 25 | 39.3% | 19.4% | ||
| Q1 25 | 38.9% | 16.0% | ||
| Q4 24 | 37.1% | 20.4% | ||
| Q3 24 | 37.4% | 20.6% | ||
| Q2 24 | 38.7% | 21.6% | ||
| Q1 24 | 39.3% | 19.0% |
营业利润率AOSPII
| Q4 25 | 17.9% | -16.7% | ||
| Q3 25 | 18.6% | 1.1% | ||
| Q2 25 | 20.4% | -0.7% | ||
| Q1 25 | 19.1% | -2.4% | ||
| Q4 24 | 10.1% | 3.7% | ||
| Q3 24 | 19.5% | 3.8% | ||
| Q2 24 | 21.9% | 6.1% | ||
| Q1 24 | 22.0% | 2.2% |
净利率AOSPII
| Q4 25 | 13.7% | -15.8% | ||
| Q3 25 | 14.0% | -0.9% | ||
| Q2 25 | 15.0% | -4.3% | ||
| Q1 25 | 14.2% | -4.3% | ||
| Q4 24 | 12.0% | 0.6% | ||
| Q3 24 | 13.3% | 1.6% | ||
| Q2 24 | 15.2% | 3.5% | ||
| Q1 24 | 15.1% | 0.2% |
每股收益（稀释后）AOSPII
| Q4 25 | $0.89 | $-5.34 | ||
| Q3 25 | $0.94 | $-0.28 | ||
| Q2 25 | $1.07 | $-1.39 | ||
| Q1 25 | $0.95 | $-1.17 | ||
| Q4 24 | $0.75 | $0.18 | ||
| Q3 24 | $0.82 | $0.49 | ||
| Q2 24 | $1.06 | $1.21 | ||
| Q1 24 | $1.00 | $0.07 |
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 | $138.0M |
| 总债务越低越好 | $155.0M | $1.5B |
| 股东权益账面价值 | $1.9B | $828.4M |
| 总资产 | $3.1B | $4.9B |
| 负债/权益比越低杠杆越低 | 0.08× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资AOSPII
| Q4 25 | $193.2M | $138.0M | ||
| Q3 25 | $172.8M | $335.5M | ||
| Q2 25 | $177.9M | $324.3M | ||
| Q1 25 | $200.2M | $291.7M | ||
| Q4 24 | $276.1M | $287.8M | ||
| Q3 24 | $255.6M | $291.3M | ||
| Q2 24 | $233.3M | $322.7M | ||
| Q1 24 | $303.1M | $318.8M |
总债务AOSPII
| Q4 25 | $155.0M | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $193.2M | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.0B |
股东权益AOSPII
| Q4 25 | $1.9B | $828.4M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.4B |
总资产AOSPII
| Q4 25 | $3.1B | $4.9B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.2B | $5.4B | ||
| Q1 25 | $3.3B | $5.5B | ||
| Q4 24 | $3.2B | $5.5B | ||
| Q3 24 | $3.2B | $5.6B | ||
| Q2 24 | $3.2B | $5.7B | ||
| Q1 24 | $3.2B | $5.6B |
负债/权益比AOSPII
| Q4 25 | 0.08× | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 0.10× | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.46× |
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 | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $114.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 5.9% |
| 资本支出强度资本支出/营收 | 1.9% | 3.4% |
| 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 | $558.1M |
8季度趋势，按日历期对齐
经营现金流AOSPII
| Q4 25 | $183.1M | $178.7M | ||
| Q3 25 | $255.4M | $158.8M | ||
| Q2 25 | $139.6M | $320.3M | ||
| Q1 25 | $38.7M | $83.2M | ||
| Q4 24 | $221.9M | $206.3M | ||
| Q3 24 | $195.9M | $21.0M | ||
| Q2 24 | $57.4M | $146.3M | ||
| Q1 24 | $106.6M | $-105.4M |
自由现金流AOSPII
| Q4 25 | $165.5M | $114.0M | ||
| Q3 25 | $240.6M | $116.7M | ||
| Q2 25 | $122.5M | $279.8M | ||
| Q1 25 | $17.4M | $47.6M | ||
| Q4 24 | $191.3M | $137.3M | ||
| Q3 24 | $163.4M | $-32.4M | ||
| Q2 24 | $34.5M | $79.1M | ||
| Q1 24 | $84.6M | $-177.5M |
自由现金流率AOSPII
| Q4 25 | 18.1% | 5.9% | ||
| Q3 25 | 25.5% | 6.3% | ||
| Q2 25 | 12.1% | 15.1% | ||
| Q1 25 | 1.8% | 3.1% | ||
| Q4 24 | 21.0% | 7.8% | ||
| Q3 24 | 18.1% | -1.9% | ||
| Q2 24 | 3.4% | 4.0% | ||
| Q1 24 | 8.6% | -10.2% |
资本支出强度AOSPII
| Q4 25 | 1.9% | 3.4% | ||
| Q3 25 | 1.6% | 2.3% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 2.2% | 2.3% | ||
| Q4 24 | 3.4% | 3.9% | ||
| Q3 24 | 3.6% | 3.1% | ||
| Q2 24 | 2.2% | 3.4% | ||
| Q1 24 | 2.2% | 4.2% |
现金转化率AOSPII
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 19.46× | ||
| Q3 24 | 1.63× | 0.76× | ||
| Q2 24 | 0.37× | 2.13× | ||
| Q1 24 | 0.72× | -27.74× |
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% |
PII
| Wholegoods | $1.1B | 58% |
| Other | $243.3M | 13% |
| On Road Segment | $187.2M | 10% |
| Marine Segment | $138.3M | 7% |
| CA | $134.5M | 7% |
| APLA | $76.7M | 4% |
| Financial Service | $19.7M | 1% |
