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A.O.史密斯（AOS）与Tyler Technologies（TYL）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Tyler Technologies的1.5倍（$912.5M vs $613.5M），A.O.史密斯净利率更高（13.7% vs 13.2%，领先0.5%），Tyler Technologies同比增速更快（8.6% vs 0.0%），A.O.史密斯自由现金流更多（$165.5M vs $2.0M），过去两年Tyler Technologies的营收复合增速更高（6.5% 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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
AOS vs TYL — 直观对比
营收规模更大
AOS
是对方的1.5倍
$613.5M
营收增速更快
TYL
高出8.5%
0.0%
净利率更高
AOS
高出0.5%
13.2%
自由现金流更多
AOS
多$163.5M
$2.0M
两年增速更快
TYL
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $613.5M |
| 净利润 | $125.4M | $81.2M |
| 毛利率 | 38.4% | 48.3% |
| 营业利润率 | 17.9% | 16.3% |
| 净利率 | 13.7% | 13.2% |
| 营收同比 | 0.0% | 8.6% |
| 净利润同比 | 14.3% | — |
| 每股收益（稀释后） | $0.89 | $1.88 |
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AOSTYL
| Q1 26 | — | $613.5M | ||
| Q4 25 | $912.5M | $575.2M | ||
| Q3 25 | $942.5M | $595.9M | ||
| Q2 25 | $1.0B | $596.1M | ||
| Q1 25 | $963.9M | $565.2M | ||
| Q4 24 | $912.4M | $541.1M | ||
| Q3 24 | $902.6M | $543.3M | ||
| Q2 24 | $1.0B | $541.0M |
净利润AOSTYL
| Q1 26 | — | $81.2M | ||
| Q4 25 | $125.4M | $65.5M | ||
| Q3 25 | $132.0M | $84.4M | ||
| Q2 25 | $152.2M | $84.6M | ||
| Q1 25 | $136.6M | $81.1M | ||
| Q4 24 | $109.7M | $65.2M | ||
| Q3 24 | $120.1M | $75.9M | ||
| Q2 24 | $156.2M | $67.7M |
毛利率AOSTYL
| Q1 26 | — | 48.3% | ||
| Q4 25 | 38.4% | 45.5% | ||
| Q3 25 | 38.7% | 47.2% | ||
| Q2 25 | 39.3% | 45.8% | ||
| Q1 25 | 38.9% | 47.3% | ||
| Q4 24 | 37.1% | 43.8% | ||
| Q3 24 | 37.4% | 43.7% | ||
| Q2 24 | 38.7% | 44.0% |
营业利润率AOSTYL
| Q1 26 | — | 16.3% | ||
| Q4 25 | 17.9% | 13.0% | ||
| Q3 25 | 18.6% | 16.4% | ||
| Q2 25 | 20.4% | 16.0% | ||
| Q1 25 | 19.1% | 15.8% | ||
| Q4 24 | 10.1% | 13.2% | ||
| Q3 24 | 19.5% | 15.2% | ||
| Q2 24 | 21.9% | 14.4% |
净利率AOSTYL
| Q1 26 | — | 13.2% | ||
| Q4 25 | 13.7% | 11.4% | ||
| Q3 25 | 14.0% | 14.2% | ||
| Q2 25 | 15.0% | 14.2% | ||
| Q1 25 | 14.2% | 14.3% | ||
| Q4 24 | 12.0% | 12.1% | ||
| Q3 24 | 13.3% | 14.0% | ||
| Q2 24 | 15.2% | 12.5% |
每股收益（稀释后）AOSTYL
| Q1 26 | — | $1.88 | ||
| Q4 25 | $0.89 | $1.50 | ||
| Q3 25 | $0.94 | $1.93 | ||
| Q2 25 | $1.07 | $1.93 | ||
| Q1 25 | $0.95 | $1.84 | ||
| Q4 24 | $0.75 | $1.48 | ||
| Q3 24 | $0.82 | $1.74 | ||
| Q2 24 | $1.06 | $1.57 |
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 | $346.4M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $3.6B |
| 总资产 | $3.1B | $4.8B |
| 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AOSTYL
| Q1 26 | — | $346.4M | ||
| Q4 25 | $193.2M | $1.1B | ||
| Q3 25 | $172.8M | $950.8M | ||
| Q2 25 | $177.9M | $892.3M | ||
| Q1 25 | $200.2M | $807.4M | ||
| Q4 24 | $276.1M | $768.0M | ||
| Q3 24 | $255.6M | $544.3M | ||
| Q2 24 | $233.3M | $258.0M |
总债务AOSTYL
| Q1 26 | — | — | ||
| Q4 25 | $155.0M | $599.7M | ||
| Q3 25 | — | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | $193.2M | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M |
股东权益AOSTYL
| Q1 26 | — | $3.6B | ||
| Q4 25 | $1.9B | $3.7B | ||
| Q3 25 | $1.8B | $3.6B | ||
| Q2 25 | $1.8B | $3.6B | ||
| Q1 25 | $1.9B | $3.5B | ||
| Q4 24 | $1.9B | $3.4B | ||
| Q3 24 | $1.9B | $3.3B | ||
| Q2 24 | $1.9B | $3.1B |
总资产AOSTYL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $3.1B | $5.6B | ||
| Q3 25 | $3.2B | $5.5B | ||
| Q2 25 | $3.2B | $5.4B | ||
| Q1 25 | $3.3B | $5.2B | ||
| Q4 24 | $3.2B | $5.2B | ||
| Q3 24 | $3.2B | $5.0B | ||
| Q2 24 | $3.2B | $4.8B |
负债/权益比AOSTYL
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | 0.10× | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× |
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 | $107.3M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $2.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 0.3% |
| 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× | 1.32× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $585.7M |
8季度趋势，按日历期对齐
经营现金流AOSTYL
| Q1 26 | — | $107.3M | ||
| Q4 25 | $183.1M | $243.9M | ||
| Q3 25 | $255.4M | $255.2M | ||
| Q2 25 | $139.6M | $98.3M | ||
| Q1 25 | $38.7M | $56.2M | ||
| Q4 24 | $221.9M | $224.8M | ||
| Q3 24 | $195.9M | $263.7M | ||
| Q2 24 | $57.4M | $64.3M |
自由现金流AOSTYL
| Q1 26 | — | $2.0M | ||
| Q4 25 | $165.5M | $239.6M | ||
| Q3 25 | $240.6M | $251.3M | ||
| Q2 25 | $122.5M | $92.8M | ||
| Q1 25 | $17.4M | $53.8M | ||
| Q4 24 | $191.3M | $221.0M | ||
| Q3 24 | $163.4M | $260.8M | ||
| Q2 24 | $34.5M | $57.7M |
自由现金流率AOSTYL
| Q1 26 | — | 0.3% | ||
| Q4 25 | 18.1% | 41.7% | ||
| Q3 25 | 25.5% | 42.2% | ||
| Q2 25 | 12.1% | 15.6% | ||
| Q1 25 | 1.8% | 9.5% | ||
| Q4 24 | 21.0% | 40.8% | ||
| Q3 24 | 18.1% | 48.0% | ||
| Q2 24 | 3.4% | 10.7% |
资本支出强度AOSTYL
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 0.8% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 1.7% | 0.9% | ||
| Q1 25 | 2.2% | 0.4% | ||
| Q4 24 | 3.4% | 0.7% | ||
| Q3 24 | 3.6% | 0.5% | ||
| Q2 24 | 2.2% | 1.2% |
现金转化率AOSTYL
| Q1 26 | — | 1.32× | ||
| Q4 25 | 1.46× | 3.72× | ||
| Q3 25 | 1.93× | 3.02× | ||
| Q2 25 | 0.92× | 1.16× | ||
| Q1 25 | 0.28× | 0.69× | ||
| Q4 24 | 2.02× | 3.45× | ||
| Q3 24 | 1.63× | 3.47× | ||
| Q2 24 | 0.37× | 0.95× |
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% |
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
