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A.O.史密斯（AOS）与维蒙特工业（VMI）财务数据对比。点击上方公司名可切换其他公司
维蒙特工业的季度营收约是A.O.史密斯的1.1倍（$1.0B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 10.5%，领先3.2%）。维蒙特工业同比增速更快（6.2% vs 0.0%）。过去两年维蒙特工业的营收复合增速更高（-0.5% 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。
维蒙特工业是美国大型上市制造企业，核心产品包括Valley品牌中心支轴及线性灌溉设备、风电机组支撑结构、照明与交通信号灯杆、钢制公用设施杆塔，在全球农业设备及基建配套领域拥有领先的市场地位和技术优势。
AOS vs VMI — 直观对比
营收规模更大
VMI
是对方的1.1倍
$912.5M
营收增速更快
VMI
高出6.2%
0.0%
净利率更高
AOS
高出3.2%
10.5%
两年增速更快
VMI
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $1.0B |
| 净利润 | $125.4M | $108.0M |
| 毛利率 | 38.4% | 30.8% |
| 营业利润率 | 17.9% | 15.1% |
| 净利率 | 13.7% | 10.5% |
| 营收同比 | 0.0% | 6.2% |
| 净利润同比 | 14.3% | 23.8% |
| 每股收益（稀释后） | $0.89 | $5.51 |
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AOSVMI
| Q1 26 | — | $1.0B | ||
| Q4 25 | $912.5M | $1.0B | ||
| Q3 25 | $942.5M | $1.0B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $963.9M | $969.3M | ||
| Q4 24 | $912.4M | $1.0B | ||
| Q3 24 | $902.6M | $1.0B | ||
| Q2 24 | $1.0B | $1.0B |
净利润AOSVMI
| Q1 26 | — | $108.0M | ||
| Q4 25 | $125.4M | $168.0M | ||
| Q3 25 | $132.0M | $99.0M | ||
| Q2 25 | $152.2M | $-4.0M | ||
| Q1 25 | $136.6M | $87.3M | ||
| Q4 24 | $109.7M | $77.7M | ||
| Q3 24 | $120.1M | $83.1M | ||
| Q2 24 | $156.2M | $99.7M |
毛利率AOSVMI
| Q1 26 | — | 30.8% | ||
| Q4 25 | 38.4% | 29.8% | ||
| Q3 25 | 38.7% | 30.4% | ||
| Q2 25 | 39.3% | 30.6% | ||
| Q1 25 | 38.9% | 30.0% | ||
| Q4 24 | 37.1% | 30.2% | ||
| Q3 24 | 37.4% | 29.6% | ||
| Q2 24 | 38.7% | 30.8% |
营业利润率AOSVMI
| Q1 26 | — | 15.1% | ||
| Q4 25 | 17.9% | 11.2% | ||
| Q3 25 | 18.6% | 13.5% | ||
| Q2 25 | 20.4% | 2.8% | ||
| Q1 25 | 19.1% | 13.2% | ||
| Q4 24 | 10.1% | 11.6% | ||
| Q3 24 | 19.5% | 12.3% | ||
| Q2 24 | 21.9% | 14.2% |
净利率AOSVMI
| Q1 26 | — | 10.5% | ||
| Q4 25 | 13.7% | 16.2% | ||
| Q3 25 | 14.0% | 9.5% | ||
| Q2 25 | 15.0% | -0.4% | ||
| Q1 25 | 14.2% | 9.0% | ||
| Q4 24 | 12.0% | 7.5% | ||
| Q3 24 | 13.3% | 8.1% | ||
| Q2 24 | 15.2% | 9.6% |
每股收益（稀释后）AOSVMI
| Q1 26 | — | $5.51 | ||
| Q4 25 | $0.89 | $9.02 | ||
| Q3 25 | $0.94 | $4.98 | ||
| Q2 25 | $1.07 | $-1.53 | ||
| Q1 25 | $0.95 | $4.32 | ||
| Q4 24 | $0.75 | $3.85 | ||
| Q3 24 | $0.82 | $4.11 | ||
| Q2 24 | $1.06 | $4.91 |
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 | $160.2M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $1.7B |
| 总资产 | $3.1B | $3.4B |
| 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AOSVMI
| Q1 26 | — | $160.2M | ||
| Q4 25 | $193.2M | $187.1M | ||
| Q3 25 | $172.8M | $226.1M | ||
| Q2 25 | $177.9M | $208.5M | ||
| Q1 25 | $200.2M | $184.4M | ||
| Q4 24 | $276.1M | $164.3M | ||
| Q3 24 | $255.6M | $200.5M | ||
| Q2 24 | $233.3M | $163.1M |
总债务AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | $155.0M | $795.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $730.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益AOSVMI
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $1.9B | $1.5B |
总资产AOSVMI
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.1B | $3.4B | ||
| Q3 25 | $3.2B | $3.4B | ||
| Q2 25 | $3.2B | $3.3B | ||
| Q1 25 | $3.3B | $3.4B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $3.2B | $3.5B | ||
| Q2 24 | $3.2B | $3.5B |
负债/权益比AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 0.47× | ||
| Q3 24 | — | — | ||
| Q2 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AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | $183.1M | $111.2M | ||
| Q3 25 | $255.4M | $112.5M | ||
| Q2 25 | $139.6M | $167.6M | ||
| Q1 25 | $38.7M | $65.1M | ||
| Q4 24 | $221.9M | $193.4M | ||
| Q3 24 | $195.9M | $225.1M | ||
| Q2 24 | $57.4M | $130.8M |
自由现金流AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | $165.5M | $70.4M | ||
| Q3 25 | $240.6M | $70.6M | ||
| Q2 25 | $122.5M | $135.6M | ||
| Q1 25 | $17.4M | $34.8M | ||
| Q4 24 | $191.3M | $167.8M | ||
| Q3 24 | $163.4M | $204.6M | ||
| Q2 24 | $34.5M | $112.5M |
自由现金流率AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | 18.1% | 6.8% | ||
| Q3 25 | 25.5% | 6.7% | ||
| Q2 25 | 12.1% | 12.9% | ||
| Q1 25 | 1.8% | 3.6% | ||
| Q4 24 | 21.0% | 16.2% | ||
| Q3 24 | 18.1% | 20.1% | ||
| Q2 24 | 3.4% | 10.8% |
资本支出强度AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 3.9% | ||
| Q3 25 | 1.6% | 4.0% | ||
| Q2 25 | 1.7% | 3.0% | ||
| Q1 25 | 2.2% | 3.1% | ||
| Q4 24 | 3.4% | 2.5% | ||
| Q3 24 | 3.6% | 2.0% | ||
| Q2 24 | 2.2% | 1.8% |
现金转化率AOSVMI
| Q1 26 | — | — | ||
| Q4 25 | 1.46× | 0.66× | ||
| Q3 25 | 1.93× | 1.14× | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | 0.75× | ||
| Q4 24 | 2.02× | 2.49× | ||
| Q3 24 | 1.63× | 2.71× | ||
| Q2 24 | 0.37× | 1.31× |
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% |
VMI
| Infrastructure | $803.2M | 78% |
| Agriculture | $226.0M | 22% |
