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A.O.史密斯（AOS）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
托尔工业的季度营收约是A.O.史密斯的2.6倍（$2.4B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 0.9%，领先12.8%）。托尔工业同比增速更快（11.5% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $-74.8M）。过去两年托尔工业的营收复合增速更高（4.0% 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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
AOS vs THO — 直观对比
营收规模更大
THO
是对方的2.6倍
$912.5M
营收增速更快
THO
高出11.5%
0.0%
净利率更高
AOS
高出12.8%
0.9%
自由现金流更多
AOS
多$240.3M
$-74.8M
两年增速更快
THO
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $2.4B |
| 净利润 | $125.4M | $21.7M |
| 毛利率 | 38.4% | 13.4% |
| 营业利润率 | 17.9% | 1.4% |
| 净利率 | 13.7% | 0.9% |
| 营收同比 | 0.0% | 11.5% |
| 净利润同比 | 14.3% | 1282.8% |
| 每股收益（稀释后） | $0.89 | $0.41 |
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AOSTHO
| Q4 25 | $912.5M | $2.4B | ||
| Q3 25 | $942.5M | $2.5B | ||
| Q2 25 | $1.0B | $2.9B | ||
| Q1 25 | $963.9M | $2.0B | ||
| Q4 24 | $912.4M | $2.1B | ||
| Q3 24 | $902.6M | $2.5B | ||
| Q2 24 | $1.0B | $2.8B | ||
| Q1 24 | $978.8M | $2.2B |
净利润AOSTHO
| Q4 25 | $125.4M | $21.7M | ||
| Q3 25 | $132.0M | $125.8M | ||
| Q2 25 | $152.2M | $135.2M | ||
| Q1 25 | $136.6M | $-551.0K | ||
| Q4 24 | $109.7M | $-1.8M | ||
| Q3 24 | $120.1M | $90.0M | ||
| Q2 24 | $156.2M | $114.5M | ||
| Q1 24 | $147.6M | $7.2M |
毛利率AOSTHO
| Q4 25 | 38.4% | 13.4% | ||
| Q3 25 | 38.7% | 14.7% | ||
| Q2 25 | 39.3% | 15.3% | ||
| Q1 25 | 38.9% | 12.1% | ||
| Q4 24 | 37.1% | 13.1% | ||
| Q3 24 | 37.4% | 15.8% | ||
| Q2 24 | 38.7% | 15.1% | ||
| Q1 24 | 39.3% | 12.3% |
营业利润率AOSTHO
| Q4 25 | 17.9% | 1.4% | ||
| Q3 25 | 18.6% | 5.7% | ||
| Q2 25 | 20.4% | 5.4% | ||
| Q1 25 | 19.1% | -0.1% | ||
| Q4 24 | 10.1% | -0.1% | ||
| Q3 24 | 19.5% | 5.0% | ||
| Q2 24 | 21.9% | 5.1% | ||
| Q1 24 | 22.0% | 0.3% |
净利率AOSTHO
| Q4 25 | 13.7% | 0.9% | ||
| Q3 25 | 14.0% | 5.0% | ||
| Q2 25 | 15.0% | 4.7% | ||
| Q1 25 | 14.2% | -0.0% | ||
| Q4 24 | 12.0% | -0.1% | ||
| Q3 24 | 13.3% | 3.6% | ||
| Q2 24 | 15.2% | 4.1% | ||
| Q1 24 | 15.1% | 0.3% |
每股收益（稀释后）AOSTHO
| Q4 25 | $0.89 | $0.41 | ||
| Q3 25 | $0.94 | $2.35 | ||
| Q2 25 | $1.07 | $2.53 | ||
| Q1 25 | $0.95 | $-0.01 | ||
| Q4 24 | $0.75 | $-0.03 | ||
| Q3 24 | $0.82 | $1.69 | ||
| Q2 24 | $1.06 | $2.13 | ||
| Q1 24 | $1.00 | $0.13 |
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 | $509.9M |
| 总债务越低越好 | $155.0M | $916.0M |
| 股东权益账面价值 | $1.9B | $4.3B |
| 总资产 | $3.1B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资AOSTHO
| Q4 25 | $193.2M | $509.9M | ||
| Q3 25 | $172.8M | $586.6M | ||
| Q2 25 | $177.9M | $508.3M | ||
| Q1 25 | $200.2M | $373.8M | ||
| Q4 24 | $276.1M | $445.2M | ||
| Q3 24 | $255.6M | $501.3M | ||
| Q2 24 | $233.3M | $371.8M | ||
| Q1 24 | $303.1M | $340.2M |
总债务AOSTHO
| Q4 25 | $155.0M | $916.0M | ||
| Q3 25 | — | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $193.2M | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
股东权益AOSTHO
| Q4 25 | $1.9B | $4.3B | ||
| Q3 25 | $1.8B | $4.3B | ||
| Q2 25 | $1.8B | $4.2B | ||
| Q1 25 | $1.9B | $4.0B | ||
| Q4 24 | $1.9B | $4.1B | ||
| Q3 24 | $1.9B | $4.1B | ||
| Q2 24 | $1.9B | $4.0B | ||
| Q1 24 | $1.9B | $3.9B |
总资产AOSTHO
| Q4 25 | $3.1B | $7.0B | ||
| Q3 25 | $3.2B | $7.1B | ||
| Q2 25 | $3.2B | $7.2B | ||
| Q1 25 | $3.3B | $6.7B | ||
| Q4 24 | $3.2B | $6.9B | ||
| Q3 24 | $3.2B | $7.0B | ||
| Q2 24 | $3.2B | $7.2B | ||
| Q1 24 | $3.2B | $7.2B |
负债/权益比AOSTHO
| Q4 25 | 0.08× | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 0.10× | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $-74.8M |
| 自由现金流率自由现金流/营收 | 18.1% | -3.1% |
| 资本支出强度资本支出/营收 | 1.9% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.46× | -2.07× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $375.1M |
8季度趋势，按日历期对齐
经营现金流AOSTHO
| Q4 25 | $183.1M | $-44.9M | ||
| Q3 25 | $255.4M | $258.7M | ||
| Q2 25 | $139.6M | $257.7M | ||
| Q1 25 | $38.7M | $30.8M | ||
| Q4 24 | $221.9M | $30.7M | ||
| Q3 24 | $195.9M | $338.0M | ||
| Q2 24 | $57.4M | $251.7M | ||
| Q1 24 | $106.6M | $-103.9M |
自由现金流AOSTHO
| Q4 25 | $165.5M | $-74.8M | ||
| Q3 25 | $240.6M | $221.6M | ||
| Q2 25 | $122.5M | $222.5M | ||
| Q1 25 | $17.4M | $5.8M | ||
| Q4 24 | $191.3M | $6.4M | ||
| Q3 24 | $163.4M | $301.3M | ||
| Q2 24 | $34.5M | $225.4M | ||
| Q1 24 | $84.6M | $-140.2M |
自由现金流率AOSTHO
| Q4 25 | 18.1% | -3.1% | ||
| Q3 25 | 25.5% | 8.8% | ||
| Q2 25 | 12.1% | 7.7% | ||
| Q1 25 | 1.8% | 0.3% | ||
| Q4 24 | 21.0% | 0.3% | ||
| Q3 24 | 18.1% | 11.9% | ||
| Q2 24 | 3.4% | 8.0% | ||
| Q1 24 | 8.6% | -6.4% |
资本支出强度AOSTHO
| Q4 25 | 1.9% | 1.3% | ||
| Q3 25 | 1.6% | 1.5% | ||
| Q2 25 | 1.7% | 1.2% | ||
| Q1 25 | 2.2% | 1.2% | ||
| Q4 24 | 3.4% | 1.1% | ||
| Q3 24 | 3.6% | 1.4% | ||
| Q2 24 | 2.2% | 0.9% | ||
| Q1 24 | 2.2% | 1.6% |
现金转化率AOSTHO
| Q4 25 | 1.46× | -2.07× | ||
| Q3 25 | 1.93× | 2.06× | ||
| Q2 25 | 0.92× | 1.91× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 3.76× | ||
| Q2 24 | 0.37× | 2.20× | ||
| Q1 24 | 0.72× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
