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A.O.史密斯（AOS）与RUSH ENTERPRISES INC \TX\（RUSHA）财务数据对比。点击上方公司名可切换其他公司
RUSH ENTERPRISES INC \TX\的季度营收约是A.O.史密斯的1.8倍（$1.7B vs $912.5M），A.O.史密斯净利率更高（13.7% vs 3.7%，领先10.1%），A.O.史密斯同比增速更快（0.0% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $165.5M），过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
AOS vs RUSHA — 直观对比
营收规模更大
RUSHA
是对方的1.8倍
$912.5M
营收增速更快
AOS
高出9.0%
-9.0%
净利率更高
AOS
高出10.1%
3.7%
自由现金流更多
RUSHA
多$246.1M
$165.5M
两年增速更快
AOS
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.7B |
| 净利润 | $125.4M | $61.7M |
| 毛利率 | 38.4% | 20.4% |
| 营业利润率 | 17.9% | 4.9% |
| 净利率 | 13.7% | 3.7% |
| 营收同比 | 0.0% | -9.0% |
| 净利润同比 | 14.3% | 1.8% |
| 每股收益（稀释后） | $0.89 | $0.77 |
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AOSRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $912.5M | $1.7B | ||
| Q3 25 | $942.5M | $1.8B | ||
| Q2 25 | $1.0B | $1.8B | ||
| Q1 25 | $963.9M | $1.8B | ||
| Q4 24 | $912.4M | $1.9B | ||
| Q3 24 | $902.6M | $1.8B | ||
| Q2 24 | $1.0B | $1.9B |
净利润AOSRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $125.4M | $64.3M | ||
| Q3 25 | $132.0M | $66.7M | ||
| Q2 25 | $152.2M | $72.4M | ||
| Q1 25 | $136.6M | $60.3M | ||
| Q4 24 | $109.7M | $74.8M | ||
| Q3 24 | $120.1M | $79.1M | ||
| Q2 24 | $156.2M | $78.7M |
毛利率AOSRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 38.4% | 20.8% | ||
| Q3 25 | 38.7% | 21.0% | ||
| Q2 25 | 39.3% | 20.7% | ||
| Q1 25 | 38.9% | 20.3% | ||
| Q4 24 | 37.1% | 19.3% | ||
| Q3 24 | 37.4% | 21.0% | ||
| Q2 24 | 38.7% | 20.2% |
营业利润率AOSRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 17.9% | 5.5% | ||
| Q3 25 | 18.6% | 5.6% | ||
| Q2 25 | 20.4% | 6.0% | ||
| Q1 25 | 19.1% | 5.2% | ||
| Q4 24 | 10.1% | 5.8% | ||
| Q3 24 | 19.5% | 6.7% | ||
| Q2 24 | 21.9% | 6.4% |
净利率AOSRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 13.7% | 3.8% | ||
| Q3 25 | 14.0% | 3.7% | ||
| Q2 25 | 15.0% | 3.9% | ||
| Q1 25 | 14.2% | 3.4% | ||
| Q4 24 | 12.0% | 3.9% | ||
| Q3 24 | 13.3% | 4.4% | ||
| Q2 24 | 15.2% | 4.1% |
每股收益（稀释后）AOSRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $0.89 | $0.81 | ||
| Q3 25 | $0.94 | $0.83 | ||
| Q2 25 | $1.07 | $0.90 | ||
| Q1 25 | $0.95 | $0.73 | ||
| Q4 24 | $0.75 | $-95.13 | ||
| Q3 24 | $0.82 | $0.97 | ||
| Q2 24 | $1.06 | $97.00 |
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 | — |
| 总债务越低越好 | $155.0M | $277.8M |
| 股东权益账面价值 | $1.9B | $2.3B |
| 总资产 | $3.1B | $4.5B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资AOSRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $193.2M | $212.6M | ||
| Q3 25 | $172.8M | $242.0M | ||
| Q2 25 | $177.9M | $211.1M | ||
| Q1 25 | $200.2M | $228.7M | ||
| Q4 24 | $276.1M | $228.1M | ||
| Q3 24 | $255.6M | $185.1M | ||
| Q2 24 | $233.3M | $167.3M |
总债务AOSRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | $155.0M | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益AOSRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.9B | $2.2B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.9B | $2.1B | ||
| Q2 24 | $1.9B | $2.0B |
总资产AOSRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.2B | $4.6B | ||
| Q2 25 | $3.2B | $4.7B | ||
| Q1 25 | $3.3B | $4.7B | ||
| Q4 24 | $3.2B | $4.6B | ||
| Q3 24 | $3.2B | $4.6B | ||
| Q2 24 | $3.2B | $4.5B |
负债/权益比AOSRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | 0.08× | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 0.19× | ||
| 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 | $183.1M | — |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $411.6M |
| 自由现金流率自由现金流/营收 | 18.1% | 24.4% |
| 资本支出强度资本支出/营收 | 1.9% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流AOSRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $183.1M | $112.9M | ||
| Q3 25 | $255.4M | $367.8M | ||
| Q2 25 | $139.6M | $227.6M | ||
| Q1 25 | $38.7M | $153.5M | ||
| Q4 24 | $221.9M | $392.3M | ||
| Q3 24 | $195.9M | $111.7M | ||
| Q2 24 | $57.4M | $270.6M |
自由现金流AOSRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $165.5M | $31.9M | ||
| Q3 25 | $240.6M | $271.2M | ||
| Q2 25 | $122.5M | $113.8M | ||
| Q1 25 | $17.4M | $45.1M | ||
| Q4 24 | $191.3M | $263.5M | ||
| Q3 24 | $163.4M | $-20.0M | ||
| Q2 24 | $34.5M | $177.2M |
自由现金流率AOSRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 18.1% | 1.9% | ||
| Q3 25 | 25.5% | 15.2% | ||
| Q2 25 | 12.1% | 6.2% | ||
| Q1 25 | 1.8% | 2.6% | ||
| Q4 24 | 21.0% | 13.7% | ||
| Q3 24 | 18.1% | -1.1% | ||
| Q2 24 | 3.4% | 9.1% |
资本支出强度AOSRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 1.9% | 4.8% | ||
| Q3 25 | 1.6% | 5.4% | ||
| Q2 25 | 1.7% | 6.2% | ||
| Q1 25 | 2.2% | 6.2% | ||
| Q4 24 | 3.4% | 6.7% | ||
| Q3 24 | 3.6% | 7.3% | ||
| Q2 24 | 2.2% | 4.8% |
现金转化率AOSRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.46× | 1.75× | ||
| Q3 25 | 1.93× | 5.51× | ||
| Q2 25 | 0.92× | 3.14× | ||
| Q1 25 | 0.28× | 2.55× | ||
| Q4 24 | 2.02× | 5.25× | ||
| Q3 24 | 1.63× | 1.41× | ||
| Q2 24 | 0.37× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
