vs
A.O.史密斯（AOS）与XPEL, Inc.（XPEL）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XPEL, Inc.的7.5倍（$912.5M vs $122.3M）。A.O.史密斯净利率更高（13.7% vs 11.0%，领先2.8%）。XPEL, Inc.同比增速更快（13.7% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $1.6M）。过去两年XPEL, Inc.的营收复合增速更高（16.5% 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。
XPEL是全球知名的高性能表面保护膜解决方案供应商，核心产品涵盖汽车漆面保护膜、车窗隔热膜、陶瓷涂层等，业务覆盖北美、欧洲、亚太等主要市场，服务对象包括普通车主、汽车经销商及专业安装服务商。
AOS vs XPEL — 直观对比
营收规模更大
AOS
是对方的7.5倍
$122.3M
营收增速更快
XPEL
高出13.7%
0.0%
净利率更高
AOS
高出2.8%
11.0%
自由现金流更多
AOS
多$163.9M
$1.6M
两年增速更快
XPEL
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $122.3M |
| 净利润 | $125.4M | $13.4M |
| 毛利率 | 38.4% | 41.9% |
| 营业利润率 | 17.9% | 12.7% |
| 净利率 | 13.7% | 11.0% |
| 营收同比 | 0.0% | 13.7% |
| 净利润同比 | 14.3% | 50.7% |
| 每股收益（稀释后） | $0.89 | $0.48 |
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AOSXPEL
| Q4 25 | $912.5M | $122.3M | ||
| Q3 25 | $942.5M | $125.4M | ||
| Q2 25 | $1.0B | $124.7M | ||
| Q1 25 | $963.9M | $103.8M | ||
| Q4 24 | $912.4M | $107.5M | ||
| Q3 24 | $902.6M | $112.9M | ||
| Q2 24 | $1.0B | $109.9M | ||
| Q1 24 | $978.8M | $90.1M |
净利润AOSXPEL
| Q4 25 | $125.4M | $13.4M | ||
| Q3 25 | $132.0M | $12.9M | ||
| Q2 25 | $152.2M | $16.3M | ||
| Q1 25 | $136.6M | $8.6M | ||
| Q4 24 | $109.7M | $8.9M | ||
| Q3 24 | $120.1M | $14.9M | ||
| Q2 24 | $156.2M | $15.0M | ||
| Q1 24 | $147.6M | $6.7M |
毛利率AOSXPEL
| Q4 25 | 38.4% | 41.9% | ||
| Q3 25 | 38.7% | 41.8% | ||
| Q2 25 | 39.3% | 42.9% | ||
| Q1 25 | 38.9% | 42.3% | ||
| Q4 24 | 37.1% | 40.6% | ||
| Q3 24 | 37.4% | 42.5% | ||
| Q2 24 | 38.7% | 43.5% | ||
| Q1 24 | 39.3% | 42.0% |
营业利润率AOSXPEL
| Q4 25 | 17.9% | 12.7% | ||
| Q3 25 | 18.6% | 13.4% | ||
| Q2 25 | 20.4% | 15.5% | ||
| Q1 25 | 19.1% | 10.7% | ||
| Q4 24 | 10.1% | 11.5% | ||
| Q3 24 | 19.5% | 16.3% | ||
| Q2 24 | 21.9% | 17.5% | ||
| Q1 24 | 22.0% | 10.2% |
净利率AOSXPEL
| Q4 25 | 13.7% | 11.0% | ||
| Q3 25 | 14.0% | 10.3% | ||
| Q2 25 | 15.0% | 13.1% | ||
| Q1 25 | 14.2% | 8.3% | ||
| Q4 24 | 12.0% | 8.3% | ||
| Q3 24 | 13.3% | 13.2% | ||
| Q2 24 | 15.2% | 13.7% | ||
| Q1 24 | 15.1% | 7.4% |
每股收益（稀释后）AOSXPEL
| Q4 25 | $0.89 | $0.48 | ||
| Q3 25 | $0.94 | $0.47 | ||
| Q2 25 | $1.07 | $0.59 | ||
| Q1 25 | $0.95 | $0.31 | ||
| Q4 24 | $0.75 | $0.33 | ||
| Q3 24 | $0.82 | $0.54 | ||
| Q2 24 | $1.06 | $0.54 | ||
| Q1 24 | $1.00 | $0.24 |
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 | $50.9M |
| 总债务越低越好 | $155.0M | — |
| 股东权益账面价值 | $1.9B | $280.3M |
| 总资产 | $3.1B | $382.5M |
| 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AOSXPEL
| Q4 25 | $193.2M | $50.9M | ||
| Q3 25 | $172.8M | $64.5M | ||
| Q2 25 | $177.9M | $49.6M | ||
| Q1 25 | $200.2M | $23.5M | ||
| Q4 24 | $276.1M | $22.1M | ||
| Q3 24 | $255.6M | $21.0M | ||
| Q2 24 | $233.3M | $15.0M | ||
| Q1 24 | $303.1M | $8.6M |
总债务AOSXPEL
| Q4 25 | $155.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AOSXPEL
| Q4 25 | $1.9B | $280.3M | ||
| Q3 25 | $1.8B | $269.3M | ||
| Q2 25 | $1.8B | $255.7M | ||
| Q1 25 | $1.9B | $235.5M | ||
| Q4 24 | $1.9B | $225.5M | ||
| Q3 24 | $1.9B | $218.7M | ||
| Q2 24 | $1.9B | $201.9M | ||
| Q1 24 | $1.9B | $186.4M |
总资产AOSXPEL
| Q4 25 | $3.1B | $382.5M | ||
| Q3 25 | $3.2B | $387.7M | ||
| Q2 25 | $3.2B | $318.1M | ||
| Q1 25 | $3.3B | $294.8M | ||
| Q4 24 | $3.2B | $285.6M | ||
| Q3 24 | $3.2B | $273.0M | ||
| Q2 24 | $3.2B | $261.8M | ||
| Q1 24 | $3.2B | $258.5M |
负债/权益比AOSXPEL
| 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 | $2.7M |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $1.6M |
| 自由现金流率自由现金流/营收 | 18.1% | 1.3% |
| 资本支出强度资本支出/营收 | 1.9% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.46× | 0.20× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $62.9M |
8季度趋势，按日历期对齐
经营现金流AOSXPEL
| Q4 25 | $183.1M | $2.7M | ||
| Q3 25 | $255.4M | $33.2M | ||
| Q2 25 | $139.6M | $27.9M | ||
| Q1 25 | $38.7M | $3.2M | ||
| Q4 24 | $221.9M | $6.3M | ||
| Q3 24 | $195.9M | $19.6M | ||
| Q2 24 | $57.4M | $26.9M | ||
| Q1 24 | $106.6M | $-5.0M |
自由现金流AOSXPEL
| Q4 25 | $165.5M | $1.6M | ||
| Q3 25 | $240.6M | $32.2M | ||
| Q2 25 | $122.5M | $26.9M | ||
| Q1 25 | $17.4M | $2.2M | ||
| Q4 24 | $191.3M | $4.7M | ||
| Q3 24 | $163.4M | $18.3M | ||
| Q2 24 | $34.5M | $25.1M | ||
| Q1 24 | $84.6M | $-7.0M |
自由现金流率AOSXPEL
| Q4 25 | 18.1% | 1.3% | ||
| Q3 25 | 25.5% | 25.6% | ||
| Q2 25 | 12.1% | 21.6% | ||
| Q1 25 | 1.8% | 2.1% | ||
| Q4 24 | 21.0% | 4.4% | ||
| Q3 24 | 18.1% | 16.2% | ||
| Q2 24 | 3.4% | 22.8% | ||
| Q1 24 | 8.6% | -7.7% |
资本支出强度AOSXPEL
| Q4 25 | 1.9% | 0.9% | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.7% | 0.8% | ||
| Q1 25 | 2.2% | 1.0% | ||
| Q4 24 | 3.4% | 1.5% | ||
| Q3 24 | 3.6% | 1.1% | ||
| Q2 24 | 2.2% | 1.6% | ||
| Q1 24 | 2.2% | 2.2% |
现金转化率AOSXPEL
| Q4 25 | 1.46× | 0.20× | ||
| Q3 25 | 1.93× | 2.56× | ||
| Q2 25 | 0.92× | 1.71× | ||
| Q1 25 | 0.28× | 0.38× | ||
| Q4 24 | 2.02× | 0.71× | ||
| Q3 24 | 1.63× | 1.31× | ||
| Q2 24 | 0.37× | 1.79× | ||
| Q1 24 | 0.72× | -0.74× |
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% |
XPEL
| Products | $90.9M | 74% |
| Service Revenue Installation Labor | $23.8M | 19% |
| Service Revenue Cutbank Credits | $4.1M | 3% |
| Service Revenue Software | $2.2M | 2% |
