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A.O.史密斯（AOS）与SPX Technologies, Inc.（SPXC）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SPX Technologies, Inc.的1.4倍（$912.5M vs $637.3M）。A.O.史密斯净利率更高（13.7% vs 12.2%，领先1.5%）。SPX Technologies, Inc.同比增速更快（19.4% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $126.7M）。过去两年SPX Technologies, Inc.的营收复合增速更高（17.0% 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。
SPX Technologies是美国头部制造企业，总部位于北卡罗来纳州夏洛特市，业务布局暖通空调、检测测量、输发电及工程解决方案四大核心领域，产品涵盖冷却塔、锅炉、地下管线定位仪、电力变压器、热交换器等，旗下拥有Waukesha、Dielectric、Genfare等多个知名品牌。
AOS vs SPXC — 直观对比
营收规模更大
AOS
是对方的1.4倍
$637.3M
营收增速更快
SPXC
高出19.4%
0.0%
净利率更高
AOS
高出1.5%
12.2%
自由现金流更多
AOS
多$38.8M
$126.7M
两年增速更快
SPXC
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $637.3M |
| 净利润 | $125.4M | $77.9M |
| 毛利率 | 38.4% | 39.8% |
| 营业利润率 | 17.9% | 15.7% |
| 净利率 | 13.7% | 12.2% |
| 营收同比 | 0.0% | 19.4% |
| 净利润同比 | 14.3% | 36.4% |
| 每股收益（稀释后） | $0.89 | $1.56 |
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AOSSPXC
| Q4 25 | $912.5M | $637.3M | ||
| Q3 25 | $942.5M | $592.8M | ||
| Q2 25 | $1.0B | $552.4M | ||
| Q1 25 | $963.9M | $482.6M | ||
| Q4 24 | $912.4M | $533.7M | ||
| Q3 24 | $902.6M | $483.7M | ||
| Q2 24 | $1.0B | $501.3M | ||
| Q1 24 | $978.8M | $465.2M |
净利润AOSSPXC
| Q4 25 | $125.4M | $77.9M | ||
| Q3 25 | $132.0M | $62.7M | ||
| Q2 25 | $152.2M | $52.2M | ||
| Q1 25 | $136.6M | $51.2M | ||
| Q4 24 | $109.7M | $57.1M | ||
| Q3 24 | $120.1M | $50.2M | ||
| Q2 24 | $156.2M | $44.2M | ||
| Q1 24 | $147.6M | $49.0M |
毛利率AOSSPXC
| Q4 25 | 38.4% | 39.8% | ||
| Q3 25 | 38.7% | 40.4% | ||
| Q2 25 | 39.3% | 41.4% | ||
| Q1 25 | 38.9% | 40.6% | ||
| Q4 24 | 37.1% | 40.9% | ||
| Q3 24 | 37.4% | 40.9% | ||
| Q2 24 | 38.7% | 40.1% | ||
| Q1 24 | 39.3% | 39.3% |
营业利润率AOSSPXC
| Q4 25 | 17.9% | 15.7% | ||
| Q3 25 | 18.6% | 16.4% | ||
| Q2 25 | 20.4% | 15.7% | ||
| Q1 25 | 19.1% | 13.8% | ||
| Q4 24 | 10.1% | 16.9% | ||
| Q3 24 | 19.5% | 16.3% | ||
| Q2 24 | 21.9% | 14.9% | ||
| Q1 24 | 22.0% | 13.9% |
净利率AOSSPXC
| Q4 25 | 13.7% | 12.2% | ||
| Q3 25 | 14.0% | 10.6% | ||
| Q2 25 | 15.0% | 9.4% | ||
| Q1 25 | 14.2% | 10.6% | ||
| Q4 24 | 12.0% | 10.7% | ||
| Q3 24 | 13.3% | 10.4% | ||
| Q2 24 | 15.2% | 8.8% | ||
| Q1 24 | 15.1% | 10.5% |
每股收益（稀释后）AOSSPXC
| Q4 25 | $0.89 | $1.56 | ||
| Q3 25 | $0.94 | $1.28 | ||
| Q2 25 | $1.07 | $1.10 | ||
| Q1 25 | $0.95 | $1.09 | ||
| Q4 24 | $0.75 | $1.21 | ||
| Q3 24 | $0.82 | $1.06 | ||
| Q2 24 | $1.06 | $0.94 | ||
| Q1 24 | $1.00 | $1.05 |
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 | $364.0M |
| 总债务越低越好 | $155.0M | $496.7M |
| 股东权益账面价值 | $1.9B | $2.2B |
| 总资产 | $3.1B | $3.6B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.22× |
8季度趋势，按日历期对齐
现金及短期投资AOSSPXC
| Q4 25 | $193.2M | $364.0M | ||
| Q3 25 | $172.8M | $229.4M | ||
| Q2 25 | $177.9M | $132.8M | ||
| Q1 25 | $200.2M | $177.8M | ||
| Q4 24 | $276.1M | $156.9M | ||
| Q3 24 | $255.6M | $124.8M | ||
| Q2 24 | $233.3M | $128.1M | ||
| Q1 24 | $303.1M | $100.5M |
总债务AOSSPXC
| Q4 25 | $155.0M | $496.7M | ||
| Q3 25 | — | $499.8M | ||
| Q2 25 | — | $950.3M | ||
| Q1 25 | — | $872.0M | ||
| Q4 24 | $193.2M | $577.0M | ||
| Q3 24 | — | $665.2M | ||
| Q2 24 | — | $509.9M | ||
| Q1 24 | — | $516.6M |
股东权益AOSSPXC
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $1.8B | $2.1B | ||
| 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AOSSPXC
| Q4 25 | $3.1B | $3.6B | ||
| Q3 25 | $3.2B | $3.4B | ||
| Q2 25 | $3.2B | $3.3B | ||
| Q1 25 | $3.3B | $3.1B | ||
| Q4 24 | $3.2B | $2.7B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.2B | $2.8B | ||
| Q1 24 | $3.2B | $2.8B |
负债/权益比AOSSPXC
| Q4 25 | 0.08× | 0.22× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | 0.10× | 0.42× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.42× |
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 | $195.2M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $126.7M |
| 自由现金流率自由现金流/营收 | 18.1% | 19.9% |
| 资本支出强度资本支出/营收 | 1.9% | 10.7% |
| 现金转化率经营现金流/净利润 | 1.46× | 2.51× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $241.2M |
8季度趋势，按日历期对齐
经营现金流AOSSPXC
| Q4 25 | $183.1M | $195.2M | ||
| Q3 25 | $255.4M | $106.5M | ||
| Q2 25 | $139.6M | $42.5M | ||
| Q1 25 | $38.7M | $-10.9M | ||
| Q4 24 | $221.9M | $166.5M | ||
| Q3 24 | $195.9M | $51.4M | ||
| Q2 24 | $57.4M | $57.5M | ||
| Q1 24 | $106.6M | $10.5M |
自由现金流AOSSPXC
| Q4 25 | $165.5M | $126.7M | ||
| Q3 25 | $240.6M | $96.1M | ||
| Q2 25 | $122.5M | $34.8M | ||
| Q1 25 | $17.4M | $-16.4M | ||
| Q4 24 | $191.3M | $156.7M | ||
| Q3 24 | $163.4M | $43.5M | ||
| Q2 24 | $34.5M | $47.1M | ||
| Q1 24 | $84.6M | $600.0K |
自由现金流率AOSSPXC
| Q4 25 | 18.1% | 19.9% | ||
| Q3 25 | 25.5% | 16.2% | ||
| Q2 25 | 12.1% | 6.3% | ||
| Q1 25 | 1.8% | -3.4% | ||
| Q4 24 | 21.0% | 29.4% | ||
| Q3 24 | 18.1% | 9.0% | ||
| Q2 24 | 3.4% | 9.4% | ||
| Q1 24 | 8.6% | 0.1% |
资本支出强度AOSSPXC
| Q4 25 | 1.9% | 10.7% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 1.7% | 1.4% | ||
| Q1 25 | 2.2% | 1.1% | ||
| Q4 24 | 3.4% | 1.8% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 2.2% | 2.1% | ||
| Q1 24 | 2.2% | 2.1% |
现金转化率AOSSPXC
| Q4 25 | 1.46× | 2.51× | ||
| Q3 25 | 1.93× | 1.70× | ||
| Q2 25 | 0.92× | 0.81× | ||
| Q1 25 | 0.28× | -0.21× | ||
| Q4 24 | 2.02× | 2.92× | ||
| Q3 24 | 1.63× | 1.02× | ||
| Q2 24 | 0.37× | 1.30× | ||
| Q1 24 | 0.72× | 0.21× |
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% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
