vs
A.O.史密斯（AOS）与罗塞塔石碑（STEP）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罗塞塔石碑的1.6倍（$945.6M vs $586.5M），A.O.史密斯净利率更高（12.5% vs -21.0%，领先33.5%），罗塞塔石碑同比增速更快（73.0% vs -2.0%），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
AOS vs STEP — 直观对比
营收规模更大
AOS
是对方的1.6倍
$586.5M
营收增速更快
STEP
高出75.0%
-2.0%
净利率更高
AOS
高出33.5%
-21.0%
两年增速更快
STEP
近两年复合增速
-3.9%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $945.6M | $586.5M |
| 净利润 | $118.0M | $-123.5M |
| 毛利率 | 38.7% | — |
| 营业利润率 | — | -33.2% |
| 净利率 | 12.5% | -21.0% |
| 营收同比 | -2.0% | 73.0% |
| 净利润同比 | -14.0% | 35.7% |
| 每股收益（稀释后） | $0.85 | $-1.55 |
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AOSSTEP
| Q1 26 | $945.6M | — | ||
| Q4 25 | $912.5M | $586.5M | ||
| Q3 25 | $942.5M | $454.2M | ||
| Q2 25 | $1.0B | $364.3M | ||
| Q1 25 | $963.9M | $377.7M | ||
| Q4 24 | $912.4M | $339.0M | ||
| Q3 24 | $902.6M | $271.7M | ||
| Q2 24 | $1.0B | $186.4M |
净利润AOSSTEP
| Q1 26 | $118.0M | — | ||
| Q4 25 | $125.4M | $-123.5M | ||
| Q3 25 | $132.0M | $-366.1M | ||
| Q2 25 | $152.2M | $-38.4M | ||
| Q1 25 | $136.6M | $-18.5M | ||
| Q4 24 | $109.7M | $-192.0M | ||
| Q3 24 | $120.1M | $17.6M | ||
| Q2 24 | $156.2M | $13.3M |
毛利率AOSSTEP
| Q1 26 | 38.7% | — | ||
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | — | ||
| Q2 24 | 38.7% | — |
营业利润率AOSSTEP
| Q1 26 | — | — | ||
| Q4 25 | 17.9% | -33.2% | ||
| Q3 25 | 18.6% | -148.8% | ||
| Q2 25 | 20.4% | -5.6% | ||
| Q1 25 | 19.1% | 2.6% | ||
| Q4 24 | 10.1% | -101.7% | ||
| Q3 24 | 19.5% | 21.3% | ||
| Q2 24 | 21.9% | 29.4% |
净利率AOSSTEP
| Q1 26 | 12.5% | — | ||
| Q4 25 | 13.7% | -21.0% | ||
| Q3 25 | 14.0% | -80.6% | ||
| Q2 25 | 15.0% | -10.5% | ||
| Q1 25 | 14.2% | -4.9% | ||
| Q4 24 | 12.0% | -56.6% | ||
| Q3 24 | 13.3% | 6.5% | ||
| Q2 24 | 15.2% | 7.2% |
每股收益（稀释后）AOSSTEP
| Q1 26 | $0.85 | — | ||
| Q4 25 | $0.89 | $-1.55 | ||
| Q3 25 | $0.94 | $-4.66 | ||
| Q2 25 | $1.07 | $-0.49 | ||
| Q1 25 | $0.95 | $-0.37 | ||
| Q4 24 | $0.75 | $-2.61 | ||
| Q3 24 | $0.82 | $0.26 | ||
| Q2 24 | $1.06 | $0.20 |
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 | — |
| 总债务越低越好 | $574.2M | $270.2M |
| 股东权益账面价值 | $1.9B | $-378.8M |
| 总资产 | $3.7B | $5.2B |
| 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AOSSTEP
| Q1 26 | $185.2M | — | ||
| Q4 25 | $193.2M | — | ||
| Q3 25 | $172.8M | — | ||
| Q2 25 | $177.9M | — | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | — | ||
| Q3 24 | $255.6M | — | ||
| Q2 24 | $233.3M | — |
总债务AOSSTEP
| Q1 26 | $574.2M | — | ||
| Q4 25 | $155.0M | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | $193.2M | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M |
股东权益AOSSTEP
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $-378.8M | ||
| Q3 25 | $1.8B | $-233.5M | ||
| Q2 25 | $1.8B | $153.9M | ||
| Q1 25 | $1.9B | $179.4M | ||
| Q4 24 | $1.9B | $209.8M | ||
| Q3 24 | $1.9B | $397.5M | ||
| Q2 24 | $1.9B | $366.9M |
总资产AOSSTEP
| Q1 26 | $3.7B | — | ||
| Q4 25 | $3.1B | $5.2B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.2B | $4.8B | ||
| Q1 25 | $3.3B | $4.6B | ||
| Q4 24 | $3.2B | $4.3B | ||
| Q3 24 | $3.2B | $4.0B | ||
| Q2 24 | $3.2B | $3.8B |
负债/权益比AOSSTEP
| Q1 26 | 0.31× | — | ||
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 0.10× | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× |
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 | — | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | 1.1% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流AOSSTEP
| Q1 26 | — | — | ||
| Q4 25 | $183.1M | $27.2M | ||
| Q3 25 | $255.4M | $16.2M | ||
| Q2 25 | $139.6M | $46.3M | ||
| Q1 25 | $38.7M | $-66.5M | ||
| Q4 24 | $221.9M | $27.6M | ||
| Q3 24 | $195.9M | $53.7M | ||
| Q2 24 | $57.4M | $50.2M |
自由现金流AOSSTEP
| Q1 26 | — | — | ||
| Q4 25 | $165.5M | $26.7M | ||
| Q3 25 | $240.6M | $15.9M | ||
| Q2 25 | $122.5M | $45.2M | ||
| Q1 25 | $17.4M | $-69.2M | ||
| Q4 24 | $191.3M | $27.0M | ||
| Q3 24 | $163.4M | $52.4M | ||
| Q2 24 | $34.5M | $49.6M |
自由现金流率AOSSTEP
| Q1 26 | — | — | ||
| Q4 25 | 18.1% | 4.6% | ||
| Q3 25 | 25.5% | 3.5% | ||
| Q2 25 | 12.1% | 12.4% | ||
| Q1 25 | 1.8% | -18.3% | ||
| Q4 24 | 21.0% | 8.0% | ||
| Q3 24 | 18.1% | 19.3% | ||
| Q2 24 | 3.4% | 26.6% |
资本支出强度AOSSTEP
| Q1 26 | 1.1% | — | ||
| Q4 25 | 1.9% | 0.1% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 2.2% | 0.7% | ||
| Q4 24 | 3.4% | 0.2% | ||
| Q3 24 | 3.6% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% |
现金转化率AOSSTEP
| Q1 26 | — | — | ||
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 3.05× | ||
| Q2 24 | 0.37× | 3.76× |
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
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
