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A.O.史密斯（AOS）与EPLUS INC（PLUS）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EPLUS INC的1.5倍（$945.6M vs $614.8M），A.O.史密斯净利率更高（12.5% vs 5.7%，领先6.8%），EPLUS INC同比增速更快（20.3% vs -2.0%），过去两年EPLUS INC的营收复合增速更高（2.3% vs -3.9%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
AOS vs PLUS — 直观对比
营收规模更大
AOS
是对方的1.5倍
$614.8M
营收增速更快
PLUS
高出22.3%
-2.0%
净利率更高
AOS
高出6.8%
5.7%
两年增速更快
PLUS
近两年复合增速
-3.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $945.6M | $614.8M |
| 净利润 | $118.0M | $35.1M |
| 毛利率 | 38.7% | 25.8% |
| 营业利润率 | — | 7.1% |
| 净利率 | 12.5% | 5.7% |
| 营收同比 | -2.0% | 20.3% |
| 净利润同比 | -14.0% | 45.2% |
| 每股收益（稀释后） | $0.85 | $1.33 |
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AOSPLUS
| Q1 26 | $945.6M | — | ||
| Q4 25 | $912.5M | $614.8M | ||
| Q3 25 | $942.5M | $608.8M | ||
| Q2 25 | $1.0B | $637.3M | ||
| Q1 25 | $963.9M | — | ||
| Q4 24 | $912.4M | $493.2M | ||
| Q3 24 | $902.6M | $493.4M | ||
| Q2 24 | $1.0B | $535.7M |
净利润AOSPLUS
| Q1 26 | $118.0M | — | ||
| Q4 25 | $125.4M | $35.1M | ||
| Q3 25 | $132.0M | $34.9M | ||
| Q2 25 | $152.2M | $37.7M | ||
| Q1 25 | $136.6M | — | ||
| Q4 24 | $109.7M | $24.1M | ||
| Q3 24 | $120.1M | $31.3M | ||
| Q2 24 | $156.2M | $27.3M |
毛利率AOSPLUS
| Q1 26 | 38.7% | — | ||
| Q4 25 | 38.4% | 25.8% | ||
| Q3 25 | 38.7% | 26.6% | ||
| Q2 25 | 39.3% | 23.3% | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | 25.4% | ||
| Q3 24 | 37.4% | 25.8% | ||
| Q2 24 | 38.7% | 23.7% |
营业利润率AOSPLUS
| Q1 26 | — | — | ||
| Q4 25 | 17.9% | 7.1% | ||
| Q3 25 | 18.6% | 8.0% | ||
| Q2 25 | 20.4% | 5.7% | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 10.1% | 3.3% | ||
| Q3 24 | 19.5% | 5.5% | ||
| Q2 24 | 21.9% | 5.9% |
净利率AOSPLUS
| Q1 26 | 12.5% | — | ||
| Q4 25 | 13.7% | 5.7% | ||
| Q3 25 | 14.0% | 5.7% | ||
| Q2 25 | 15.0% | 5.9% | ||
| Q1 25 | 14.2% | — | ||
| Q4 24 | 12.0% | 4.9% | ||
| Q3 24 | 13.3% | 6.3% | ||
| Q2 24 | 15.2% | 5.1% |
每股收益（稀释后）AOSPLUS
| Q1 26 | $0.85 | — | ||
| Q4 25 | $0.89 | $1.33 | ||
| Q3 25 | $0.94 | $1.32 | ||
| Q2 25 | $1.07 | $1.43 | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $0.75 | $0.91 | ||
| Q3 24 | $0.82 | $1.17 | ||
| Q2 24 | $1.06 | $1.02 |
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 | $185.2M | $326.3M |
| 总债务越低越好 | $574.2M | — |
| 股东权益账面价值 | $1.9B | $1.1B |
| 总资产 | $3.7B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
现金及短期投资AOSPLUS
| Q1 26 | $185.2M | — | ||
| Q4 25 | $193.2M | $326.3M | ||
| Q3 25 | $172.8M | $402.2M | ||
| Q2 25 | $177.9M | $480.2M | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | $253.1M | ||
| Q3 24 | $255.6M | $187.5M | ||
| Q2 24 | $233.3M | $349.9M |
总债务AOSPLUS
| Q1 26 | $574.2M | — | ||
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益AOSPLUS
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.8B | $1.0B | ||
| Q2 25 | $1.8B | $1.0B | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | $962.3M | ||
| Q3 24 | $1.9B | $947.0M | ||
| Q2 24 | $1.9B | $921.9M |
总资产AOSPLUS
| Q1 26 | $3.7B | — | ||
| Q4 25 | $3.1B | $1.8B | ||
| Q3 25 | $3.2B | $1.8B | ||
| Q2 25 | $3.2B | $1.8B | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.2B | $1.8B | ||
| Q3 24 | $3.2B | $1.7B | ||
| Q2 24 | $3.2B | $1.7B |
负债/权益比AOSPLUS
| Q1 26 | 0.31× | — | ||
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $-87.4M |
| 自由现金流经营现金流 - 资本支出 | $118.9M | — |
| 自由现金流率自由现金流/营收 | 12.6% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | — | -2.49× |
| 过去12个月自由现金流最近4个季度 | $647.5M | — |
8季度趋势，按日历期对齐
经营现金流AOSPLUS
| Q1 26 | — | — | ||
| Q4 25 | $183.1M | $-87.4M | ||
| Q3 25 | $255.4M | $-34.8M | ||
| Q2 25 | $139.6M | $-99.0M | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $221.9M | $65.7M | ||
| Q3 24 | $195.9M | $-21.6M | ||
| Q2 24 | $57.4M | $97.1M |
自由现金流AOSPLUS
| Q1 26 | $118.9M | — | ||
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | — | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $17.4M | — | ||
| Q4 24 | $191.3M | — | ||
| Q3 24 | $163.4M | — | ||
| Q2 24 | $34.5M | — |
自由现金流率AOSPLUS
| Q1 26 | 12.6% | — | ||
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | — | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 21.0% | — | ||
| Q3 24 | 18.1% | — | ||
| Q2 24 | 3.4% | — |
资本支出强度AOSPLUS
| Q1 26 | 1.1% | — | ||
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 2.2% | — |
现金转化率AOSPLUS
| Q1 26 | — | — | ||
| Q4 25 | 1.46× | -2.49× | ||
| Q3 25 | 1.93× | -1.00× | ||
| Q2 25 | 0.92× | -2.63× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 2.72× | ||
| Q3 24 | 1.63× | -0.69× | ||
| Q2 24 | 0.37× | 3.55× |
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
暂无分部数据
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
