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A.O.史密斯（AOS）与WillScot Holdings Corp（WSC）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WillScot Holdings Corp的1.6倍（$912.5M vs $566.0M）。A.O.史密斯净利率更高（13.7% vs -33.1%，领先46.8%）。A.O.史密斯同比增速更快（0.0% vs -6.1%）。A.O.史密斯自由现金流更多（$165.5M vs $149.7M）。过去两年WillScot Holdings Corp的营收复合增速更高（-1.8% 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。
WillScot Holdings Corp是北美领先的模块化空间及便携式存储服务供应商，服务覆盖建筑、商业开发、教育、医疗、政府项目、特殊活动等多个领域，为客户提供灵活可扩展的临时及半永久空间解决方案。
AOS vs WSC — 直观对比
营收规模更大
AOS
是对方的1.6倍
$566.0M
营收增速更快
AOS
高出6.1%
-6.1%
净利率更高
AOS
高出46.8%
-33.1%
自由现金流更多
AOS
多$15.8M
$149.7M
两年增速更快
WSC
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $566.0M |
| 净利润 | $125.4M | $-187.3M |
| 毛利率 | 38.4% | 50.4% |
| 营业利润率 | 17.9% | -32.5% |
| 净利率 | 13.7% | -33.1% |
| 营收同比 | 0.0% | -6.1% |
| 净利润同比 | 14.3% | -310.0% |
| 每股收益（稀释后） | $0.89 | $-1.02 |
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AOSWSC
| Q4 25 | $912.5M | $566.0M | ||
| Q3 25 | $942.5M | $566.8M | ||
| Q2 25 | $1.0B | $589.1M | ||
| Q1 25 | $963.9M | $559.6M | ||
| Q4 24 | $912.4M | $602.5M | ||
| Q3 24 | $902.6M | $601.4M | ||
| Q2 24 | $1.0B | $604.6M | ||
| Q1 24 | $978.8M | $587.2M |
净利润AOSWSC
| Q4 25 | $125.4M | $-187.3M | ||
| Q3 25 | $132.0M | $43.3M | ||
| Q2 25 | $152.2M | $47.9M | ||
| Q1 25 | $136.6M | $43.1M | ||
| Q4 24 | $109.7M | $89.2M | ||
| Q3 24 | $120.1M | $-70.5M | ||
| Q2 24 | $156.2M | $-46.9M | ||
| Q1 24 | $147.6M | $56.2M |
毛利率AOSWSC
| Q4 25 | 38.4% | 50.4% | ||
| Q3 25 | 38.7% | 49.7% | ||
| Q2 25 | 39.3% | 50.3% | ||
| Q1 25 | 38.9% | 53.7% | ||
| Q4 24 | 37.1% | 55.8% | ||
| Q3 24 | 37.4% | 53.5% | ||
| Q2 24 | 38.7% | 54.1% | ||
| Q1 24 | 39.3% | 54.0% |
营业利润率AOSWSC
| Q4 25 | 17.9% | -32.5% | ||
| Q3 25 | 18.6% | 21.0% | ||
| Q2 25 | 20.4% | 21.5% | ||
| Q1 25 | 19.1% | 21.3% | ||
| Q4 24 | 10.1% | 28.9% | ||
| Q3 24 | 19.5% | -5.9% | ||
| Q2 24 | 21.9% | -0.9% | ||
| Q1 24 | 22.0% | 22.1% |
净利率AOSWSC
| Q4 25 | 13.7% | -33.1% | ||
| Q3 25 | 14.0% | 7.6% | ||
| Q2 25 | 15.0% | 8.1% | ||
| Q1 25 | 14.2% | 7.7% | ||
| Q4 24 | 12.0% | 14.8% | ||
| Q3 24 | 13.3% | -11.7% | ||
| Q2 24 | 15.2% | -7.7% | ||
| Q1 24 | 15.1% | 9.6% |
每股收益（稀释后）AOSWSC
| Q4 25 | $0.89 | $-1.02 | ||
| Q3 25 | $0.94 | $0.24 | ||
| Q2 25 | $1.07 | $0.26 | ||
| Q1 25 | $0.95 | $0.23 | ||
| Q4 24 | $0.75 | $0.48 | ||
| Q3 24 | $0.82 | $-0.37 | ||
| Q2 24 | $1.06 | $-0.25 | ||
| Q1 24 | $1.00 | $0.29 |
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 | $14.6M |
| 总债务越低越好 | $155.0M | $3.6B |
| 股东权益账面价值 | $1.9B | $856.3M |
| 总资产 | $3.1B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.08× | 4.15× |
8季度趋势，按日历期对齐
现金及短期投资AOSWSC
| Q4 25 | $193.2M | $14.6M | ||
| Q3 25 | $172.8M | $14.8M | ||
| Q2 25 | $177.9M | $12.8M | ||
| Q1 25 | $200.2M | $10.7M | ||
| Q4 24 | $276.1M | $9.0M | ||
| Q3 24 | $255.6M | $11.0M | ||
| Q2 24 | $233.3M | $5.9M | ||
| Q1 24 | $303.1M | $13.1M |
总债务AOSWSC
| Q4 25 | $155.0M | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | $193.2M | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
股东权益AOSWSC
| Q4 25 | $1.9B | $856.3M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.0B | ||
| Q1 25 | $1.9B | $1.0B | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $1.9B | $1.3B |
总资产AOSWSC
| Q4 25 | $3.1B | $5.8B | ||
| Q3 25 | $3.2B | $6.1B | ||
| Q2 25 | $3.2B | $6.1B | ||
| Q1 25 | $3.3B | $6.0B | ||
| Q4 24 | $3.2B | $6.0B | ||
| Q3 24 | $3.2B | $6.0B | ||
| Q2 24 | $3.2B | $6.0B | ||
| Q1 24 | $3.2B | $6.2B |
负债/权益比AOSWSC
| Q4 25 | 0.08× | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | 0.10× | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $149.7M |
| 自由现金流率自由现金流/营收 | 18.1% | 26.5% |
| 资本支出强度资本支出/营收 | 1.9% | 1.6% |
| 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 | $737.7M |
8季度趋势，按日历期对齐
经营现金流AOSWSC
| Q4 25 | $183.1M | $158.9M | ||
| Q3 25 | $255.4M | $191.2M | ||
| Q2 25 | $139.6M | $205.3M | ||
| Q1 25 | $38.7M | $206.6M | ||
| Q4 24 | $221.9M | $178.9M | ||
| Q3 24 | $195.9M | $-1.6M | ||
| Q2 24 | $57.4M | $175.6M | ||
| Q1 24 | $106.6M | $208.7M |
自由现金流AOSWSC
| Q4 25 | $165.5M | $149.7M | ||
| Q3 25 | $240.6M | $186.9M | ||
| Q2 25 | $122.5M | $199.0M | ||
| Q1 25 | $17.4M | $202.0M | ||
| Q4 24 | $191.3M | $176.6M | ||
| Q3 24 | $163.4M | $-4.9M | ||
| Q2 24 | $34.5M | $169.4M | ||
| Q1 24 | $84.6M | $202.1M |
自由现金流率AOSWSC
| Q4 25 | 18.1% | 26.5% | ||
| Q3 25 | 25.5% | 33.0% | ||
| Q2 25 | 12.1% | 33.8% | ||
| Q1 25 | 1.8% | 36.1% | ||
| Q4 24 | 21.0% | 29.3% | ||
| Q3 24 | 18.1% | -0.8% | ||
| Q2 24 | 3.4% | 28.0% | ||
| Q1 24 | 8.6% | 34.4% |
资本支出强度AOSWSC
| Q4 25 | 1.9% | 1.6% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 2.2% | 0.8% | ||
| Q4 24 | 3.4% | 0.4% | ||
| Q3 24 | 3.6% | 0.6% | ||
| Q2 24 | 2.2% | 1.0% | ||
| Q1 24 | 2.2% | 1.1% |
现金转化率AOSWSC
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.93× | 4.41× | ||
| Q2 25 | 0.92× | 4.28× | ||
| Q1 25 | 0.28× | 4.80× | ||
| Q4 24 | 2.02× | 2.01× | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.72× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
