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A.O.史密斯（AOS）与TENNANT CO（TNC）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TENNANT CO的3.1倍（$912.5M vs $291.6M）。A.O.史密斯净利率更高（13.7% vs -1.5%，领先15.3%）。A.O.史密斯同比增速更快（0.0% vs -11.3%）。A.O.史密斯自由现金流更多（$165.5M vs $9.7M）。过去两年TENNANT CO的营收复合增速更高（-3.2% 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。
天纳公司（Tennant Company）是一家清洁产品供应商，拥有约4000名员工，其股票在纽约证券交易所挂牌上市，专注为各类商业及工业场景提供专业清洁相关产品与解决方案。
AOS vs TNC — 直观对比
营收规模更大
AOS
是对方的3.1倍
$291.6M
营收增速更快
AOS
高出11.4%
-11.3%
净利率更高
AOS
高出15.3%
-1.5%
自由现金流更多
AOS
多$155.8M
$9.7M
两年增速更快
TNC
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $291.6M |
| 净利润 | $125.4M | $-4.4M |
| 毛利率 | 38.4% | 34.6% |
| 营业利润率 | 17.9% | -1.4% |
| 净利率 | 13.7% | -1.5% |
| 营收同比 | 0.0% | -11.3% |
| 净利润同比 | 14.3% | -166.7% |
| 每股收益（稀释后） | $0.89 | $-0.21 |
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AOSTNC
| Q4 25 | $912.5M | $291.6M | ||
| Q3 25 | $942.5M | $303.3M | ||
| Q2 25 | $1.0B | $318.6M | ||
| Q1 25 | $963.9M | $290.0M | ||
| Q4 24 | $912.4M | $328.9M | ||
| Q3 24 | $902.6M | $315.8M | ||
| Q2 24 | $1.0B | $331.0M | ||
| Q1 24 | $978.8M | $311.0M |
净利润AOSTNC
| Q4 25 | $125.4M | $-4.4M | ||
| Q3 25 | $132.0M | $14.9M | ||
| Q2 25 | $152.2M | $20.2M | ||
| Q1 25 | $136.6M | $13.1M | ||
| Q4 24 | $109.7M | $6.6M | ||
| Q3 24 | $120.1M | $20.8M | ||
| Q2 24 | $156.2M | $27.9M | ||
| Q1 24 | $147.6M | $28.4M |
毛利率AOSTNC
| Q4 25 | 38.4% | 34.6% | ||
| Q3 25 | 38.7% | 42.7% | ||
| Q2 25 | 39.3% | 42.1% | ||
| Q1 25 | 38.9% | 41.4% | ||
| Q4 24 | 37.1% | 41.3% | ||
| Q3 24 | 37.4% | 42.4% | ||
| Q2 24 | 38.7% | 43.1% | ||
| Q1 24 | 39.3% | 44.2% |
营业利润率AOSTNC
| Q4 25 | 17.9% | -1.4% | ||
| Q3 25 | 18.6% | 7.4% | ||
| Q2 25 | 20.4% | 9.6% | ||
| Q1 25 | 19.1% | 6.8% | ||
| Q4 24 | 10.1% | 2.3% | ||
| Q3 24 | 19.5% | 9.7% | ||
| Q2 24 | 21.9% | 11.7% | ||
| Q1 24 | 22.0% | 12.1% |
净利率AOSTNC
| Q4 25 | 13.7% | -1.5% | ||
| Q3 25 | 14.0% | 4.9% | ||
| Q2 25 | 15.0% | 6.3% | ||
| Q1 25 | 14.2% | 4.5% | ||
| Q4 24 | 12.0% | 2.0% | ||
| Q3 24 | 13.3% | 6.6% | ||
| Q2 24 | 15.2% | 8.4% | ||
| Q1 24 | 15.1% | 9.1% |
每股收益（稀释后）AOSTNC
| Q4 25 | $0.89 | $-0.21 | ||
| Q3 25 | $0.94 | $0.80 | ||
| Q2 25 | $1.07 | $1.08 | ||
| Q1 25 | $0.95 | $0.69 | ||
| Q4 24 | $0.75 | $0.35 | ||
| Q3 24 | $0.82 | $1.09 | ||
| Q2 24 | $1.06 | $1.45 | ||
| Q1 24 | $1.00 | $1.49 |
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 | $273.2M |
| 股东权益账面价值 | $1.9B | $601.6M |
| 总资产 | $3.1B | $1.3B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资AOSTNC
| 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 | — | ||
| Q1 24 | $303.1M | — |
总债务AOSTNC
| Q4 25 | $155.0M | $273.2M | ||
| Q3 25 | — | $238.3M | ||
| Q2 25 | — | $213.4M | ||
| Q1 25 | — | $213.3M | ||
| Q4 24 | $193.2M | $198.2M | ||
| Q3 24 | — | $208.6M | ||
| Q2 24 | — | $205.6M | ||
| Q1 24 | — | $207.4M |
股东权益AOSTNC
| Q4 25 | $1.9B | $601.6M | ||
| Q3 25 | $1.8B | $640.9M | ||
| Q2 25 | $1.8B | $651.9M | ||
| Q1 25 | $1.9B | $624.4M | ||
| Q4 24 | $1.9B | $620.8M | ||
| Q3 24 | $1.9B | $647.2M | ||
| Q2 24 | $1.9B | $624.6M | ||
| Q1 24 | $1.9B | $614.6M |
总资产AOSTNC
| Q4 25 | $3.1B | $1.3B | ||
| Q3 25 | $3.2B | $1.3B | ||
| Q2 25 | $3.2B | $1.2B | ||
| Q1 25 | $3.3B | $1.2B | ||
| Q4 24 | $3.2B | $1.2B | ||
| Q3 24 | $3.2B | $1.2B | ||
| Q2 24 | $3.2B | $1.2B | ||
| Q1 24 | $3.2B | $1.2B |
负债/权益比AOSTNC
| Q4 25 | 0.08× | 0.45× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | 0.10× | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.34× |
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 | $14.2M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $9.7M |
| 自由现金流率自由现金流/营收 | 18.1% | 3.3% |
| 资本支出强度资本支出/营收 | 1.9% | 1.5% |
| 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 | $43.3M |
8季度趋势，按日历期对齐
经营现金流AOSTNC
| Q4 25 | $183.1M | $14.2M | ||
| Q3 25 | $255.4M | $28.7M | ||
| Q2 25 | $139.6M | $22.5M | ||
| Q1 25 | $38.7M | $-400.0K | ||
| Q4 24 | $221.9M | $37.5M | ||
| Q3 24 | $195.9M | $30.7M | ||
| Q2 24 | $57.4M | $18.6M | ||
| Q1 24 | $106.6M | $2.9M |
自由现金流AOSTNC
| Q4 25 | $165.5M | $9.7M | ||
| Q3 25 | $240.6M | $22.3M | ||
| Q2 25 | $122.5M | $18.7M | ||
| Q1 25 | $17.4M | $-7.4M | ||
| Q4 24 | $191.3M | $28.1M | ||
| Q3 24 | $163.4M | $26.4M | ||
| Q2 24 | $34.5M | $14.4M | ||
| Q1 24 | $84.6M | $-100.0K |
自由现金流率AOSTNC
| Q4 25 | 18.1% | 3.3% | ||
| Q3 25 | 25.5% | 7.4% | ||
| Q2 25 | 12.1% | 5.9% | ||
| Q1 25 | 1.8% | -2.6% | ||
| Q4 24 | 21.0% | 8.5% | ||
| Q3 24 | 18.1% | 8.4% | ||
| Q2 24 | 3.4% | 4.4% | ||
| Q1 24 | 8.6% | -0.0% |
资本支出强度AOSTNC
| Q4 25 | 1.9% | 1.5% | ||
| Q3 25 | 1.6% | 2.1% | ||
| Q2 25 | 1.7% | 1.2% | ||
| Q1 25 | 2.2% | 2.4% | ||
| Q4 24 | 3.4% | 2.9% | ||
| Q3 24 | 3.6% | 1.4% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 2.2% | 1.0% |
现金转化率AOSTNC
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 1.93× | ||
| Q2 25 | 0.92× | 1.11× | ||
| Q1 25 | 0.28× | -0.03× | ||
| Q4 24 | 2.02× | 5.68× | ||
| Q3 24 | 1.63× | 1.48× | ||
| Q2 24 | 0.37× | 0.67× | ||
| Q1 24 | 0.72× | 0.10× |
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% |
TNC
| Equipment Sales | $165.5M | 57% |
| Parts And Consumables | $69.1M | 24% |
| Service And Other | $57.0M | 20% |
