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A.O.史密斯（AOS）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是A.O.史密斯的4.5倍（$4.1B vs $912.5M）。A.O.史密斯净利率更高（13.7% vs 2.7%，领先11.1%）。A.O.史密斯同比增速更快（0.0% vs -0.9%）。惠而浦自由现金流更多（$989.0M vs $165.5M）。过去两年A.O.史密斯的营收复合增速更高（-3.4% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
AOS vs WHR — 直观对比
营收规模更大
WHR
是对方的4.5倍
$912.5M
营收增速更快
AOS
高出0.9%
-0.9%
净利率更高
AOS
高出11.1%
2.7%
自由现金流更多
WHR
多$823.5M
$165.5M
两年增速更快
AOS
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $4.1B |
| 净利润 | $125.4M | $109.0M |
| 毛利率 | 38.4% | 14.0% |
| 营业利润率 | 17.9% | 6.0% |
| 净利率 | 13.7% | 2.7% |
| 营收同比 | 0.0% | -0.9% |
| 净利润同比 | 14.3% | 127.8% |
| 每股收益（稀释后） | $0.89 | $1.92 |
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AOSWHR
| Q4 25 | $912.5M | $4.1B | ||
| Q3 25 | $942.5M | $4.0B | ||
| Q2 25 | $1.0B | $3.8B | ||
| Q1 25 | $963.9M | $3.6B | ||
| Q4 24 | $912.4M | $4.1B | ||
| Q3 24 | $902.6M | $4.0B | ||
| Q2 24 | $1.0B | $4.0B | ||
| Q1 24 | $978.8M | $4.5B |
净利润AOSWHR
| Q4 25 | $125.4M | $109.0M | ||
| Q3 25 | $132.0M | $73.0M | ||
| Q2 25 | $152.2M | $65.0M | ||
| Q1 25 | $136.6M | $71.0M | ||
| Q4 24 | $109.7M | $-392.0M | ||
| Q3 24 | $120.1M | $109.0M | ||
| Q2 24 | $156.2M | $219.0M | ||
| Q1 24 | $147.6M | $-259.0M |
毛利率AOSWHR
| Q4 25 | 38.4% | 14.0% | ||
| Q3 25 | 38.7% | 14.7% | ||
| Q2 25 | 39.3% | 16.2% | ||
| Q1 25 | 38.9% | 16.8% | ||
| Q4 24 | 37.1% | 16.2% | ||
| Q3 24 | 37.4% | 16.1% | ||
| Q2 24 | 38.7% | 15.7% | ||
| Q1 24 | 39.3% | 14.3% |
营业利润率AOSWHR
| Q4 25 | 17.9% | 6.0% | ||
| Q3 25 | 18.6% | 5.1% | ||
| Q2 25 | 20.4% | 5.4% | ||
| Q1 25 | 19.1% | 5.1% | ||
| Q4 24 | 10.1% | -3.3% | ||
| Q3 24 | 19.5% | 6.6% | ||
| Q2 24 | 21.9% | 3.3% | ||
| Q1 24 | 22.0% | -2.6% |
净利率AOSWHR
| Q4 25 | 13.7% | 2.7% | ||
| Q3 25 | 14.0% | 1.8% | ||
| Q2 25 | 15.0% | 1.7% | ||
| Q1 25 | 14.2% | 2.0% | ||
| Q4 24 | 12.0% | -9.5% | ||
| Q3 24 | 13.3% | 2.7% | ||
| Q2 24 | 15.2% | 5.5% | ||
| Q1 24 | 15.1% | -5.8% |
每股收益（稀释后）AOSWHR
| Q4 25 | $0.89 | $1.92 | ||
| Q3 25 | $0.94 | $1.29 | ||
| Q2 25 | $1.07 | $1.17 | ||
| Q1 25 | $0.95 | $1.28 | ||
| Q4 24 | $0.75 | $-7.11 | ||
| Q3 24 | $0.82 | $2.00 | ||
| Q2 24 | $1.06 | $3.96 | ||
| Q1 24 | $1.00 | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | $155.0M | $6.2B |
| 股东权益账面价值 | $1.9B | $2.7B |
| 总资产 | $3.1B | $16.0B |
| 负债/权益比越低杠杆越低 | 0.08× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资AOSWHR
| Q4 25 | $193.2M | $669.0M | ||
| Q3 25 | $172.8M | $934.0M | ||
| Q2 25 | $177.9M | $1.1B | ||
| Q1 25 | $200.2M | $1.0B | ||
| Q4 24 | $276.1M | $1.3B | ||
| Q3 24 | $255.6M | $1.1B | ||
| Q2 24 | $233.3M | $1.2B | ||
| Q1 24 | $303.1M | $1.2B |
总债务AOSWHR
| Q4 25 | $155.0M | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | $6.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSWHR
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.8B | $2.6B | ||
| Q2 25 | $1.8B | $2.6B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | $1.9B | $2.7B | ||
| Q3 24 | $1.9B | $3.0B | ||
| Q2 24 | $1.9B | $3.1B | ||
| Q1 24 | $1.9B | $2.4B |
总资产AOSWHR
| Q4 25 | $3.1B | $16.0B | ||
| Q3 25 | $3.2B | $16.9B | ||
| Q2 25 | $3.2B | $16.8B | ||
| Q1 25 | $3.3B | $16.5B | ||
| Q4 24 | $3.2B | $16.3B | ||
| Q3 24 | $3.2B | $17.2B | ||
| Q2 24 | $3.2B | $17.3B | ||
| Q1 24 | $3.2B | $17.4B |
负债/权益比AOSWHR
| Q4 25 | 0.08× | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | 2.46× | ||
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $989.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 24.1% |
| 资本支出强度资本支出/营收 | 1.9% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.46× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $81.0M |
8季度趋势，按日历期对齐
经营现金流AOSWHR
| Q4 25 | $183.1M | $1.1B | ||
| Q3 25 | $255.4M | $33.0M | ||
| Q2 25 | $139.6M | $19.0M | ||
| Q1 25 | $38.7M | $-721.0M | ||
| Q4 24 | $221.9M | $1.1B | ||
| Q3 24 | $195.9M | $214.0M | ||
| Q2 24 | $57.4M | $388.0M | ||
| Q1 24 | $106.6M | $-873.0M |
自由现金流AOSWHR
| Q4 25 | $165.5M | $989.0M | ||
| Q3 25 | $240.6M | $-52.0M | ||
| Q2 25 | $122.5M | $-63.0M | ||
| Q1 25 | $17.4M | $-793.0M | ||
| Q4 24 | $191.3M | $970.0M | ||
| Q3 24 | $163.4M | $127.0M | ||
| Q2 24 | $34.5M | $275.0M | ||
| Q1 24 | $84.6M | $-988.0M |
自由现金流率AOSWHR
| Q4 25 | 18.1% | 24.1% | ||
| Q3 25 | 25.5% | -1.3% | ||
| Q2 25 | 12.1% | -1.7% | ||
| Q1 25 | 1.8% | -21.9% | ||
| Q4 24 | 21.0% | 23.5% | ||
| Q3 24 | 18.1% | 3.2% | ||
| Q2 24 | 3.4% | 6.9% | ||
| Q1 24 | 8.6% | -22.0% |
资本支出强度AOSWHR
| Q4 25 | 1.9% | 3.7% | ||
| Q3 25 | 1.6% | 2.1% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | 3.4% | 3.3% | ||
| Q3 24 | 3.6% | 2.2% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 2.2% | 2.6% |
现金转化率AOSWHR
| Q4 25 | 1.46× | 10.45× | ||
| Q3 25 | 1.93× | 0.45× | ||
| Q2 25 | 0.92× | 0.29× | ||
| Q1 25 | 0.28× | -10.15× | ||
| Q4 24 | 2.02× | — | ||
| Q3 24 | 1.63× | 1.96× | ||
| Q2 24 | 0.37× | 1.77× | ||
| 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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
