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A.O.史密斯（AOS）与INNOVATE Corp.（VATE）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INNOVATE Corp.的2.4倍（$912.5M vs $382.7M）。A.O.史密斯净利率更高（13.7% vs -1.9%，领先15.7%）。INNOVATE Corp.同比增速更快（61.7% vs 0.0%）。过去两年INNOVATE Corp.的营收复合增速更高（10.2% 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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
AOS vs VATE — 直观对比
营收规模更大
AOS
是对方的2.4倍
$382.7M
营收增速更快
VATE
高出61.7%
0.0%
净利率更高
AOS
高出15.7%
-1.9%
两年增速更快
VATE
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $382.7M |
| 净利润 | $125.4M | $-7.4M |
| 毛利率 | 38.4% | 15.4% |
| 营业利润率 | 17.9% | 3.7% |
| 净利率 | 13.7% | -1.9% |
| 营收同比 | 0.0% | 61.7% |
| 净利润同比 | 14.3% | 55.4% |
| 每股收益（稀释后） | $0.89 | $-0.57 |
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AOSVATE
| Q4 25 | $912.5M | $382.7M | ||
| Q3 25 | $942.5M | $347.1M | ||
| Q2 25 | $1.0B | $242.0M | ||
| Q1 25 | $963.9M | $274.2M | ||
| Q4 24 | $912.4M | $236.6M | ||
| Q3 24 | $902.6M | $242.2M | ||
| Q2 24 | $1.0B | $313.1M | ||
| Q1 24 | $978.8M | $315.2M |
净利润AOSVATE
| Q4 25 | $125.4M | $-7.4M | ||
| Q3 25 | $132.0M | $-8.9M | ||
| Q2 25 | $152.2M | $-19.8M | ||
| Q1 25 | $136.6M | $-24.5M | ||
| Q4 24 | $109.7M | $-16.6M | ||
| Q3 24 | $120.1M | $-15.0M | ||
| Q2 24 | $156.2M | $14.4M | ||
| Q1 24 | $147.6M | $-17.4M |
毛利率AOSVATE
| Q4 25 | 38.4% | 15.4% | ||
| Q3 25 | 38.7% | 14.3% | ||
| Q2 25 | 39.3% | 18.8% | ||
| Q1 25 | 38.9% | 16.6% | ||
| Q4 24 | 37.1% | 19.6% | ||
| Q3 24 | 37.4% | 19.9% | ||
| Q2 24 | 38.7% | 21.0% | ||
| Q1 24 | 39.3% | 15.4% |
营业利润率AOSVATE
| Q4 25 | 17.9% | 3.7% | ||
| Q3 25 | 18.6% | 1.8% | ||
| Q2 25 | 20.4% | 2.0% | ||
| Q1 25 | 19.1% | 1.2% | ||
| Q4 24 | 10.1% | 1.1% | ||
| Q3 24 | 19.5% | 2.4% | ||
| Q2 24 | 21.9% | 9.2% | ||
| Q1 24 | 22.0% | 0.9% |
净利率AOSVATE
| Q4 25 | 13.7% | -1.9% | ||
| Q3 25 | 14.0% | -2.6% | ||
| Q2 25 | 15.0% | -8.2% | ||
| Q1 25 | 14.2% | -8.9% | ||
| Q4 24 | 12.0% | -7.0% | ||
| Q3 24 | 13.3% | -6.2% | ||
| Q2 24 | 15.2% | 4.6% | ||
| Q1 24 | 15.1% | -5.5% |
每股收益（稀释后）AOSVATE
| Q4 25 | $0.89 | $-0.57 | ||
| Q3 25 | $0.94 | $-0.71 | ||
| Q2 25 | $1.07 | $-1.67 | ||
| Q1 25 | $0.95 | $-1.89 | ||
| Q4 24 | $0.75 | $-0.72 | ||
| Q3 24 | $0.82 | $-1.18 | ||
| Q2 24 | $1.06 | $1.03 | ||
| Q1 24 | $1.00 | $-2.21 |
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 | $112.1M |
| 总债务越低越好 | $155.0M | $80.3M |
| 股东权益账面价值 | $1.9B | $-240.1M |
| 总资产 | $3.1B | $950.1M |
| 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AOSVATE
| Q4 25 | $193.2M | $112.1M | ||
| Q3 25 | $172.8M | $35.5M | ||
| Q2 25 | $177.9M | $33.4M | ||
| Q1 25 | $200.2M | $33.3M | ||
| Q4 24 | $276.1M | $48.8M | ||
| Q3 24 | $255.6M | $51.0M | ||
| Q2 24 | $233.3M | $80.2M | ||
| Q1 24 | $303.1M | $38.4M |
总债务AOSVATE
| Q4 25 | $155.0M | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $193.2M | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
股东权益AOSVATE
| Q4 25 | $1.9B | $-240.1M | ||
| Q3 25 | $1.8B | $-233.3M | ||
| Q2 25 | $1.8B | $-224.8M | ||
| Q1 25 | $1.9B | $-204.2M | ||
| Q4 24 | $1.9B | $-180.4M | ||
| Q3 24 | $1.9B | $-163.1M | ||
| Q2 24 | $1.9B | $-149.0M | ||
| Q1 24 | $1.9B | $-184.4M |
总资产AOSVATE
| Q4 25 | $3.1B | $950.1M | ||
| Q3 25 | $3.2B | $913.2M | ||
| Q2 25 | $3.2B | $890.9M | ||
| Q1 25 | $3.3B | $868.0M | ||
| Q4 24 | $3.2B | $891.1M | ||
| Q3 24 | $3.2B | $897.2M | ||
| Q2 24 | $3.2B | $898.9M | ||
| Q1 24 | $3.2B | $943.5M |
负债/权益比AOSVATE
| 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 | $101.1M |
| 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AOSVATE
| Q4 25 | $183.1M | $101.1M | ||
| Q3 25 | $255.4M | $19.2M | ||
| Q2 25 | $139.6M | $40.4M | ||
| Q1 25 | $38.7M | $-14.1M | ||
| Q4 24 | $221.9M | $41.4M | ||
| Q3 24 | $195.9M | $-28.4M | ||
| Q2 24 | $57.4M | $21.5M | ||
| Q1 24 | $106.6M | $-25.4M |
自由现金流AOSVATE
| Q4 25 | $165.5M | — | ||
| Q3 25 | $240.6M | $19.0M | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $17.4M | $-18.8M | ||
| Q4 24 | $191.3M | $34.2M | ||
| Q3 24 | $163.4M | $-31.5M | ||
| Q2 24 | $34.5M | $18.4M | ||
| Q1 24 | $84.6M | $-31.0M |
自由现金流率AOSVATE
| Q4 25 | 18.1% | — | ||
| Q3 25 | 25.5% | 5.5% | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 1.8% | -6.9% | ||
| Q4 24 | 21.0% | 14.5% | ||
| Q3 24 | 18.1% | -13.0% | ||
| Q2 24 | 3.4% | 5.9% | ||
| Q1 24 | 8.6% | -9.8% |
资本支出强度AOSVATE
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 2.2% | 1.7% | ||
| Q4 24 | 3.4% | 3.0% | ||
| Q3 24 | 3.6% | 1.3% | ||
| Q2 24 | 2.2% | 1.0% | ||
| Q1 24 | 2.2% | 1.8% |
现金转化率AOSVATE
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | 1.49× | ||
| Q1 24 | 0.72× | — |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
