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A.O.史密斯（AOS）与Texas Roadhouse, Inc.（TXRH）财务数据对比。点击上方公司名可切换其他公司
Texas Roadhouse, Inc.的季度营收约是A.O.史密斯的1.6倍（$1.5B vs $912.5M），A.O.史密斯净利率更高（13.7% vs 5.8%，领先7.9%），Texas Roadhouse, Inc.同比增速更快（3.1% vs 0.0%），过去两年Texas Roadhouse, Inc.的营收复合增速更高（12.8% 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。
Texas Roadhouse是美国知名牛排连锁餐厅，主打德克萨斯及美国西南部风味餐食，核心产品为各类牛排。品牌总部位于肯塔基州路易斯维尔，旗下还运营另外两个餐饮品牌。截至2025年8月，品牌在美国49个州拥有约800家门店，同时在11个国家开设了70家海外门店。
AOS vs TXRH — 直观对比
营收规模更大
TXRH
是对方的1.6倍
$912.5M
营收增速更快
TXRH
高出3.1%
0.0%
净利率更高
AOS
高出7.9%
5.8%
两年增速更快
TXRH
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.5B |
| 净利润 | $125.4M | $86.7M |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | 6.5% |
| 净利率 | 13.7% | 5.8% |
| 营收同比 | 0.0% | 3.1% |
| 净利润同比 | 14.3% | -26.9% |
| 每股收益（稀释后） | $0.89 | $1.29 |
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AOSTXRH
| Q4 25 | $912.5M | $1.5B | ||
| Q3 25 | $942.5M | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $963.9M | — | ||
| Q4 24 | $912.4M | $1.4B | ||
| Q3 24 | $902.6M | $1.3B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $978.8M | $1.3B |
净利润AOSTXRH
| Q4 25 | $125.4M | $86.7M | ||
| Q3 25 | $132.0M | $84.9M | ||
| Q2 25 | $152.2M | $116.1M | ||
| Q1 25 | $136.6M | — | ||
| Q4 24 | $109.7M | $118.5M | ||
| Q3 24 | $120.1M | $86.8M | ||
| Q2 24 | $156.2M | $123.1M | ||
| Q1 24 | $147.6M | $116.0M |
毛利率AOSTXRH
| 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% | — | ||
| Q1 24 | 39.3% | — |
营业利润率AOSTXRH
| Q4 25 | 17.9% | 6.5% | ||
| Q3 25 | 18.6% | 6.7% | ||
| Q2 25 | 20.4% | 9.3% | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 10.1% | 9.6% | ||
| Q3 24 | 19.5% | 8.0% | ||
| Q2 24 | 21.9% | 10.6% | ||
| Q1 24 | 22.0% | 10.1% |
净利率AOSTXRH
| Q4 25 | 13.7% | 5.8% | ||
| Q3 25 | 14.0% | 5.9% | ||
| Q2 25 | 15.0% | 8.0% | ||
| Q1 25 | 14.2% | — | ||
| Q4 24 | 12.0% | 8.2% | ||
| Q3 24 | 13.3% | 6.8% | ||
| Q2 24 | 15.2% | 9.2% | ||
| Q1 24 | 15.1% | 8.8% |
每股收益（稀释后）AOSTXRH
| Q4 25 | $0.89 | $1.29 | ||
| Q3 25 | $0.94 | $1.25 | ||
| Q2 25 | $1.07 | $1.70 | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $0.75 | $1.73 | ||
| Q3 24 | $0.82 | $1.26 | ||
| Q2 24 | $1.06 | $1.79 | ||
| Q1 24 | $1.00 | $1.69 |
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 | $134.7M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $1.5B |
| 总资产 | $3.1B | $3.5B |
| 负债/权益比越低杠杆越低 | 0.08× | — |
8季度趋势，按日历期对齐
现金及短期投资AOSTXRH
| Q4 25 | $193.2M | $134.7M | ||
| Q3 25 | $172.8M | $108.2M | ||
| Q2 25 | $177.9M | $221.1M | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | $245.2M | ||
| Q3 24 | $255.6M | $189.2M | ||
| Q2 24 | $233.3M | $197.5M | ||
| Q1 24 | $303.1M | $213.4M |
总债务AOSTXRH
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSTXRH
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.2B |
总资产AOSTXRH
| Q4 25 | $3.1B | $3.5B | ||
| Q3 25 | $3.2B | $3.3B | ||
| Q2 25 | $3.2B | $3.2B | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.2B | $3.2B | ||
| Q3 24 | $3.2B | $2.9B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.2B | $2.8B |
负债/权益比AOSTXRH
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | — |
| 自由现金流率自由现金流/营收 | 18.1% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流AOSTXRH
| Q4 25 | $183.1M | — | ||
| Q3 25 | $255.4M | $143.6M | ||
| Q2 25 | $139.6M | $237.7M | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $221.9M | $237.5M | ||
| Q3 24 | $195.9M | $138.7M | ||
| Q2 24 | $57.4M | $133.9M | ||
| Q1 24 | $106.6M | $243.4M |
自由现金流AOSTXRH
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | $14.7M | ||
| Q2 25 | $122.5M | $160.4M | ||
| Q1 25 | $17.4M | — | ||
| Q4 24 | $191.3M | $129.7M | ||
| Q3 24 | $163.4M | $47.7M | ||
| Q2 24 | $34.5M | $56.1M | ||
| Q1 24 | $84.6M | $165.8M |
自由现金流率AOSTXRH
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | 1.0% | ||
| Q2 25 | 12.1% | 11.1% | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 21.0% | 9.0% | ||
| Q3 24 | 18.1% | 3.7% | ||
| Q2 24 | 3.4% | 4.2% | ||
| Q1 24 | 8.6% | 12.5% |
资本支出强度AOSTXRH
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | 9.0% | ||
| Q2 25 | 1.7% | 5.3% | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.4% | 7.5% | ||
| Q3 24 | 3.6% | 7.2% | ||
| Q2 24 | 2.2% | 5.8% | ||
| Q1 24 | 2.2% | 5.9% |
现金转化率AOSTXRH
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 1.69× | ||
| Q2 25 | 0.92× | 2.05× | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | 2.00× | ||
| Q3 24 | 1.63× | 1.60× | ||
| Q2 24 | 0.37× | 1.09× | ||
| Q1 24 | 0.72× | 2.10× |
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% |
TXRH
| Food And Beverage | $1.5B | 99% |
| Texas Roadhouse Segment | $21.2M | 1% |
| Franchise | $8.2M | 1% |
| Franchise Royalty | $7.4M | 0% |
| Bubba S33Segment | $2.3M | 0% |
