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A.O.史密斯（AOS）与Primoris Services Corp（PRIM）财务数据对比。点击上方公司名可切换其他公司
Primoris Services Corp的季度营收约是A.O.史密斯的2.0倍（$1.9B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 2.8%，领先11.0%）。Primoris Services Corp同比增速更快（6.7% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $121.1M）。过去两年Primoris Services Corp的营收复合增速更高（14.7% 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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
AOS vs PRIM — 直观对比
营收规模更大
PRIM
是对方的2.0倍
$912.5M
营收增速更快
PRIM
高出6.7%
0.0%
净利率更高
AOS
高出11.0%
2.8%
自由现金流更多
AOS
多$44.4M
$121.1M
两年增速更快
PRIM
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 | $51.7M |
| 毛利率 | 38.4% | 9.4% |
| 营业利润率 | 17.9% | 4.2% |
| 净利率 | 13.7% | 2.8% |
| 营收同比 | 0.0% | 6.7% |
| 净利润同比 | 14.3% | -4.2% |
| 每股收益（稀释后） | $0.89 | $0.94 |
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AOSPRIM
| Q4 25 | $912.5M | $1.9B | ||
| Q3 25 | $942.5M | $2.2B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $963.9M | $1.6B | ||
| Q4 24 | $912.4M | $1.7B | ||
| Q3 24 | $902.6M | $1.6B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $978.8M | $1.4B |
净利润AOSPRIM
| Q4 25 | $125.4M | $51.7M | ||
| Q3 25 | $132.0M | $94.6M | ||
| Q2 25 | $152.2M | $84.3M | ||
| Q1 25 | $136.6M | $44.2M | ||
| Q4 24 | $109.7M | $54.0M | ||
| Q3 24 | $120.1M | $58.4M | ||
| Q2 24 | $156.2M | $49.5M | ||
| Q1 24 | $147.6M | $18.9M |
毛利率AOSPRIM
| Q4 25 | 38.4% | 9.4% | ||
| Q3 25 | 38.7% | 10.8% | ||
| Q2 25 | 39.3% | 12.3% | ||
| Q1 25 | 38.9% | 10.4% | ||
| Q4 24 | 37.1% | 10.6% | ||
| Q3 24 | 37.4% | 12.0% | ||
| Q2 24 | 38.7% | 11.9% | ||
| Q1 24 | 39.3% | 9.4% |
营业利润率AOSPRIM
| Q4 25 | 17.9% | 4.2% | ||
| Q3 25 | 18.6% | 6.3% | ||
| Q2 25 | 20.4% | 6.7% | ||
| Q1 25 | 19.1% | 4.3% | ||
| Q4 24 | 10.1% | 5.0% | ||
| Q3 24 | 19.5% | 6.0% | ||
| Q2 24 | 21.9% | 5.5% | ||
| Q1 24 | 22.0% | 3.1% |
净利率AOSPRIM
| Q4 25 | 13.7% | 2.8% | ||
| Q3 25 | 14.0% | 4.3% | ||
| Q2 25 | 15.0% | 4.5% | ||
| Q1 25 | 14.2% | 2.7% | ||
| Q4 24 | 12.0% | 3.1% | ||
| Q3 24 | 13.3% | 3.5% | ||
| Q2 24 | 15.2% | 3.2% | ||
| Q1 24 | 15.1% | 1.3% |
每股收益（稀释后）AOSPRIM
| Q4 25 | $0.89 | $0.94 | ||
| Q3 25 | $0.94 | $1.73 | ||
| Q2 25 | $1.07 | $1.54 | ||
| Q1 25 | $0.95 | $0.81 | ||
| Q4 24 | $0.75 | $0.98 | ||
| Q3 24 | $0.82 | $1.07 | ||
| Q2 24 | $1.06 | $0.91 | ||
| Q1 24 | $1.00 | $0.35 |
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 | $535.5M |
| 总债务越低越好 | $155.0M | $469.9M |
| 股东权益账面价值 | $1.9B | $1.7B |
| 总资产 | $3.1B | $4.4B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资AOSPRIM
| Q4 25 | $193.2M | $535.5M | ||
| Q3 25 | $172.8M | $431.4M | ||
| Q2 25 | $177.9M | $390.3M | ||
| Q1 25 | $200.2M | $351.6M | ||
| Q4 24 | $276.1M | $455.8M | ||
| Q3 24 | $255.6M | $352.7M | ||
| Q2 24 | $233.3M | $207.4M | ||
| Q1 24 | $303.1M | $177.6M |
总债务AOSPRIM
| Q4 25 | $155.0M | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | $193.2M | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
股东权益AOSPRIM
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.9B | $1.4B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.2B |
总资产AOSPRIM
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.2B | $4.6B | ||
| Q2 25 | $3.2B | $4.5B | ||
| Q1 25 | $3.3B | $4.2B | ||
| Q4 24 | $3.2B | $4.2B | ||
| Q3 24 | $3.2B | $4.2B | ||
| Q2 24 | $3.2B | $4.0B | ||
| Q1 24 | $3.2B | $4.0B |
负债/权益比AOSPRIM
| Q4 25 | 0.08× | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 0.10× | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $121.1M |
| 自由现金流率自由现金流/营收 | 18.1% | 6.5% |
| 资本支出强度资本支出/营收 | 1.9% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.46× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $340.5M |
8季度趋势，按日历期对齐
经营现金流AOSPRIM
| Q4 25 | $183.1M | $142.9M | ||
| Q3 25 | $255.4M | $182.9M | ||
| Q2 25 | $139.6M | $78.5M | ||
| Q1 25 | $38.7M | $66.2M | ||
| Q4 24 | $221.9M | $298.3M | ||
| Q3 24 | $195.9M | $222.5M | ||
| Q2 24 | $57.4M | $16.1M | ||
| Q1 24 | $106.6M | $-28.5M |
自由现金流AOSPRIM
| Q4 25 | $165.5M | $121.1M | ||
| Q3 25 | $240.6M | $148.4M | ||
| Q2 25 | $122.5M | $45.3M | ||
| Q1 25 | $17.4M | $25.6M | ||
| Q4 24 | $191.3M | $270.0M | ||
| Q3 24 | $163.4M | $158.8M | ||
| Q2 24 | $34.5M | $-8.1M | ||
| Q1 24 | $84.6M | $-38.9M |
自由现金流率AOSPRIM
| Q4 25 | 18.1% | 6.5% | ||
| Q3 25 | 25.5% | 6.8% | ||
| Q2 25 | 12.1% | 2.4% | ||
| Q1 25 | 1.8% | 1.6% | ||
| Q4 24 | 21.0% | 15.5% | ||
| Q3 24 | 18.1% | 9.6% | ||
| Q2 24 | 3.4% | -0.5% | ||
| Q1 24 | 8.6% | -2.8% |
资本支出强度AOSPRIM
| Q4 25 | 1.9% | 1.2% | ||
| Q3 25 | 1.6% | 1.6% | ||
| Q2 25 | 1.7% | 1.8% | ||
| Q1 25 | 2.2% | 2.5% | ||
| Q4 24 | 3.4% | 1.6% | ||
| Q3 24 | 3.6% | 3.9% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 2.2% | 0.7% |
现金转化率AOSPRIM
| Q4 25 | 1.46× | 2.76× | ||
| Q3 25 | 1.93× | 1.93× | ||
| Q2 25 | 0.92× | 0.93× | ||
| Q1 25 | 0.28× | 1.50× | ||
| Q4 24 | 2.02× | 5.53× | ||
| Q3 24 | 1.63× | 3.81× | ||
| Q2 24 | 0.37× | 0.32× | ||
| Q1 24 | 0.72× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
