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A.O.史密斯（AOS）与WINNEBAGO INDUSTRIES INC（WGO）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WINNEBAGO INDUSTRIES INC的1.3倍（$912.5M vs $702.7M）。A.O.史密斯净利率更高（13.7% vs 0.8%，领先13.0%）。WINNEBAGO INDUSTRIES INC同比增速更快（12.3% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $19.8M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -4.0%）
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。
温尼贝戈工业是美国知名的房车制造商，主营 recreational vehicle（ recreational vehicle 即休闲旅居车）生产制造，2018年收购克里斯-克拉夫特公司后进军摩托艇制造领域，企业也曾产出中轻型多用途车等相关产品，公司名称源自其原总部所在地爱荷华州的温纳贝戈县。
AOS vs WGO — 直观对比
营收规模更大
AOS
是对方的1.3倍
$702.7M
营收增速更快
WGO
高出12.3%
0.0%
净利率更高
AOS
高出13.0%
0.8%
自由现金流更多
AOS
多$145.7M
$19.8M
两年增速更快
AOS
近两年复合增速
-4.0%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $702.7M |
| 净利润 | $125.4M | $5.5M |
| 毛利率 | 38.4% | 12.7% |
| 营业利润率 | 17.9% | 2.0% |
| 净利率 | 13.7% | 0.8% |
| 营收同比 | 0.0% | 12.3% |
| 净利润同比 | 14.3% | 205.8% |
| 每股收益（稀释后） | $0.89 | $0.19 |
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AOSWGO
| Q4 25 | $912.5M | $702.7M | ||
| Q3 25 | $942.5M | — | ||
| Q2 25 | $1.0B | $775.1M | ||
| Q1 25 | $963.9M | — | ||
| Q4 24 | $912.4M | $625.6M | ||
| Q3 24 | $902.6M | $720.9M | ||
| Q2 24 | $1.0B | $786.0M | ||
| Q1 24 | $978.8M | $703.6M |
净利润AOSWGO
| Q4 25 | $125.4M | $5.5M | ||
| Q3 25 | $132.0M | — | ||
| Q2 25 | $152.2M | $17.6M | ||
| Q1 25 | $136.6M | — | ||
| Q4 24 | $109.7M | $-5.2M | ||
| Q3 24 | $120.1M | $-29.1M | ||
| Q2 24 | $156.2M | $29.0M | ||
| Q1 24 | $147.6M | $-12.7M |
毛利率AOSWGO
| Q4 25 | 38.4% | 12.7% | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 39.3% | 13.7% | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | 12.3% | ||
| Q3 24 | 37.4% | 13.1% | ||
| Q2 24 | 38.7% | 15.0% | ||
| Q1 24 | 39.3% | 15.0% |
营业利润率AOSWGO
| Q4 25 | 17.9% | 2.0% | ||
| Q3 25 | 18.6% | — | ||
| Q2 25 | 20.4% | 3.9% | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 10.1% | -0.1% | ||
| Q3 24 | 19.5% | -2.5% | ||
| Q2 24 | 21.9% | 5.5% | ||
| Q1 24 | 22.0% | 5.0% |
净利率AOSWGO
| Q4 25 | 13.7% | 0.8% | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 15.0% | 2.3% | ||
| Q1 25 | 14.2% | — | ||
| Q4 24 | 12.0% | -0.8% | ||
| Q3 24 | 13.3% | -4.0% | ||
| Q2 24 | 15.2% | 3.7% | ||
| Q1 24 | 15.1% | -1.8% |
每股收益（稀释后）AOSWGO
| Q4 25 | $0.89 | $0.19 | ||
| Q3 25 | $0.94 | — | ||
| Q2 25 | $1.07 | $0.62 | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $0.75 | $-0.18 | ||
| Q3 24 | $0.82 | $-0.87 | ||
| Q2 24 | $1.06 | $0.96 | ||
| Q1 24 | $1.00 | $-0.43 |
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 | $181.7M |
| 总债务越低越好 | $155.0M | $541.0M |
| 股东权益账面价值 | $1.9B | $1.2B |
| 总资产 | $3.1B | $2.1B |
| 负债/权益比越低杠杆越低 | 0.08× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资AOSWGO
| Q4 25 | $193.2M | $181.7M | ||
| Q3 25 | $172.8M | — | ||
| Q2 25 | $177.9M | $10.5M | ||
| Q1 25 | $200.2M | — | ||
| Q4 24 | $276.1M | $262.5M | ||
| Q3 24 | $255.6M | $330.9M | ||
| Q2 24 | $233.3M | $318.1M | ||
| Q1 24 | $303.1M | $265.7M |
总债务AOSWGO
| Q4 25 | $155.0M | $541.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $539.9M | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $637.7M | ||
| Q3 24 | — | $637.1M | ||
| Q2 24 | — | $636.4M | ||
| Q1 24 | — | $694.8M |
股东权益AOSWGO
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.3B |
总资产AOSWGO
| Q4 25 | $3.1B | $2.1B | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.2B | $2.3B | ||
| Q3 24 | $3.2B | $2.4B | ||
| Q2 24 | $3.2B | $2.4B | ||
| Q1 24 | $3.2B | $2.4B |
负债/权益比AOSWGO
| Q4 25 | 0.08× | 0.44× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 0.51× | ||
| Q3 24 | — | 0.50× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.52× |
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 | $25.4M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $19.8M |
| 自由现金流率自由现金流/营收 | 18.1% | 2.8% |
| 资本支出强度资本支出/营收 | 1.9% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.46× | 4.62× |
| 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AOSWGO
| Q4 25 | $183.1M | $25.4M | ||
| Q3 25 | $255.4M | — | ||
| Q2 25 | $139.6M | — | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $221.9M | $-16.7M | ||
| Q3 24 | $195.9M | $40.7M | ||
| Q2 24 | $57.4M | $99.4M | ||
| Q1 24 | $106.6M | $25.2M |
自由现金流AOSWGO
| Q4 25 | $165.5M | $19.8M | ||
| Q3 25 | $240.6M | — | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $17.4M | — | ||
| Q4 24 | $191.3M | $-26.7M | ||
| Q3 24 | $163.4M | $29.5M | ||
| Q2 24 | $34.5M | $88.4M | ||
| Q1 24 | $84.6M | $14.2M |
自由现金流率AOSWGO
| Q4 25 | 18.1% | 2.8% | ||
| Q3 25 | 25.5% | — | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 21.0% | -4.3% | ||
| Q3 24 | 18.1% | 4.1% | ||
| Q2 24 | 3.4% | 11.2% | ||
| Q1 24 | 8.6% | 2.0% |
资本支出强度AOSWGO
| Q4 25 | 1.9% | 0.8% | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.4% | 1.6% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 2.2% | 1.6% |
现金转化率AOSWGO
| Q4 25 | 1.46× | 4.62× | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 0.92× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | 3.43× | ||
| 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% |
WGO
| Travel Trailer | $139.2M | 20% |
| Class C And Other | $131.0M | 19% |
| Fifth Wheel | $116.0M | 17% |
| Class A | $97.4M | 14% |
| Marine Segment | $79.2M | 11% |
| Class B | $76.3M | 11% |
| Other | $56.4M | 8% |
