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A.O.史密斯（AOS）与Pure Storage, Inc.（PSTG）财务数据对比。点击上方公司名可切换其他公司
Pure Storage, Inc.的季度营收约是A.O.史密斯的1.1倍（$964.5M vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 5.7%，领先8.1%）。Pure Storage, Inc.同比增速更快（16.0% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $52.6M）。过去两年Pure Storage, Inc.的营收复合增速更高（10.5% 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。
Pure Storage是美国上市科技企业，总部位于加利福尼亚州圣克拉拉，成立于2009年，2011年正式推出自研全闪存数据存储软硬件产品，2015年上市前累计获得超4.7亿美元风险投资，营收长期保持高速增长态势。
AOS vs PSTG — 直观对比
营收规模更大
PSTG
是对方的1.1倍
$912.5M
营收增速更快
PSTG
高出16.0%
0.0%
净利率更高
AOS
高出8.1%
5.7%
自由现金流更多
AOS
多$112.9M
$52.6M
两年增速更快
PSTG
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $964.5M |
| 净利润 | $125.4M | $54.8M |
| 毛利率 | 38.4% | 72.3% |
| 营业利润率 | 17.9% | 5.6% |
| 净利率 | 13.7% | 5.7% |
| 营收同比 | 0.0% | 16.0% |
| 净利润同比 | 14.3% | -13.9% |
| 每股收益（稀释后） | $0.89 | $0.16 |
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AOSPSTG
| Q4 25 | $912.5M | $964.5M | ||
| Q3 25 | $942.5M | $861.0M | ||
| Q2 25 | $1.0B | $778.5M | ||
| Q1 25 | $963.9M | $879.8M | ||
| Q4 24 | $912.4M | $831.1M | ||
| Q3 24 | $902.6M | $763.8M | ||
| Q2 24 | $1.0B | $693.5M | ||
| Q1 24 | $978.8M | $789.8M |
净利润AOSPSTG
| Q4 25 | $125.4M | $54.8M | ||
| Q3 25 | $132.0M | $47.1M | ||
| Q2 25 | $152.2M | $-14.0M | ||
| Q1 25 | $136.6M | $42.4M | ||
| Q4 24 | $109.7M | $63.6M | ||
| Q3 24 | $120.1M | $35.7M | ||
| Q2 24 | $156.2M | $-35.0M | ||
| Q1 24 | $147.6M | $65.4M |
毛利率AOSPSTG
| Q4 25 | 38.4% | 72.3% | ||
| Q3 25 | 38.7% | 70.2% | ||
| Q2 25 | 39.3% | 68.9% | ||
| Q1 25 | 38.9% | 67.5% | ||
| Q4 24 | 37.1% | 70.1% | ||
| Q3 24 | 37.4% | 70.7% | ||
| Q2 24 | 38.7% | 71.5% | ||
| Q1 24 | 39.3% | 72.0% |
营业利润率AOSPSTG
| Q4 25 | 17.9% | 5.6% | ||
| Q3 25 | 18.6% | 0.6% | ||
| Q2 25 | 20.4% | -4.0% | ||
| Q1 25 | 19.1% | 4.8% | ||
| Q4 24 | 10.1% | 7.2% | ||
| Q3 24 | 19.5% | 3.3% | ||
| Q2 24 | 21.9% | -6.0% | ||
| Q1 24 | 22.0% | 7.3% |
净利率AOSPSTG
| Q4 25 | 13.7% | 5.7% | ||
| Q3 25 | 14.0% | 5.5% | ||
| Q2 25 | 15.0% | -1.8% | ||
| Q1 25 | 14.2% | 4.8% | ||
| Q4 24 | 12.0% | 7.7% | ||
| Q3 24 | 13.3% | 4.7% | ||
| Q2 24 | 15.2% | -5.0% | ||
| Q1 24 | 15.1% | 8.3% |
每股收益（稀释后）AOSPSTG
| Q4 25 | $0.89 | $0.16 | ||
| Q3 25 | $0.94 | $0.14 | ||
| Q2 25 | $1.07 | $-0.04 | ||
| Q1 25 | $0.95 | $0.13 | ||
| Q4 24 | $0.75 | $0.19 | ||
| Q3 24 | $0.82 | $0.10 | ||
| Q2 24 | $1.06 | $-0.11 | ||
| Q1 24 | $1.00 | $0.22 |
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 | $852.8M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $1.4B |
| 总资产 | $3.1B | $4.2B |
| 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AOSPSTG
| Q4 25 | $193.2M | $852.8M | ||
| Q3 25 | $172.8M | $887.8M | ||
| Q2 25 | $177.9M | $739.3M | ||
| Q1 25 | $200.2M | $723.6M | ||
| Q4 24 | $276.1M | $894.6M | ||
| Q3 24 | $255.6M | $965.0M | ||
| Q2 24 | $233.3M | $900.6M | ||
| Q1 24 | $303.1M | $702.5M |
总债务AOSPSTG
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSPSTG
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $1.9B | $1.4B | ||
| Q1 24 | $1.9B | $1.3B |
总资产AOSPSTG
| Q4 25 | $3.1B | $4.2B | ||
| Q3 25 | $3.2B | $4.0B | ||
| Q2 25 | $3.2B | $3.8B | ||
| Q1 25 | $3.3B | $4.0B | ||
| Q4 24 | $3.2B | $3.9B | ||
| Q3 24 | $3.2B | $3.8B | ||
| Q2 24 | $3.2B | $3.6B | ||
| Q1 24 | $3.2B | $3.7B |
负债/权益比AOSPSTG
| 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 | $116.0M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $52.6M |
| 自由现金流率自由现金流/营收 | 18.1% | 5.5% |
| 资本支出强度资本支出/营收 | 1.9% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.46× | 2.12× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $566.7M |
8季度趋势，按日历期对齐
经营现金流AOSPSTG
| Q4 25 | $183.1M | $116.0M | ||
| Q3 25 | $255.4M | $212.2M | ||
| Q2 25 | $139.6M | $283.9M | ||
| Q1 25 | $38.7M | $208.5M | ||
| Q4 24 | $221.9M | $97.0M | ||
| Q3 24 | $195.9M | $226.6M | ||
| Q2 24 | $57.4M | $221.5M | ||
| Q1 24 | $106.6M | $244.4M |
自由现金流AOSPSTG
| Q4 25 | $165.5M | $52.6M | ||
| Q3 25 | $240.6M | $150.1M | ||
| Q2 25 | $122.5M | $211.6M | ||
| Q1 25 | $17.4M | $152.4M | ||
| Q4 24 | $191.3M | $35.2M | ||
| Q3 24 | $163.4M | $166.6M | ||
| Q2 24 | $34.5M | $172.7M | ||
| Q1 24 | $84.6M | $200.9M |
自由现金流率AOSPSTG
| Q4 25 | 18.1% | 5.5% | ||
| Q3 25 | 25.5% | 17.4% | ||
| Q2 25 | 12.1% | 27.2% | ||
| Q1 25 | 1.8% | 17.3% | ||
| Q4 24 | 21.0% | 4.2% | ||
| Q3 24 | 18.1% | 21.8% | ||
| Q2 24 | 3.4% | 24.9% | ||
| Q1 24 | 8.6% | 25.4% |
资本支出强度AOSPSTG
| Q4 25 | 1.9% | 6.6% | ||
| Q3 25 | 1.6% | 7.2% | ||
| Q2 25 | 1.7% | 9.3% | ||
| Q1 25 | 2.2% | 6.4% | ||
| Q4 24 | 3.4% | 7.4% | ||
| Q3 24 | 3.6% | 7.9% | ||
| Q2 24 | 2.2% | 7.0% | ||
| Q1 24 | 2.2% | 5.5% |
现金转化率AOSPSTG
| Q4 25 | 1.46× | 2.12× | ||
| Q3 25 | 1.93× | 4.50× | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | 4.91× | ||
| Q4 24 | 2.02× | 1.52× | ||
| Q3 24 | 1.63× | 6.35× | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | 3.74× |
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% |
PSTG
| US | $683.2M | 71% |
| Non Us | $281.3M | 29% |
