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空气化工产品公司（APD）与ATI INC（ATI）财务数据对比。点击上方公司名可切换其他公司
空气化工产品公司的季度营收约是ATI INC的2.6倍（$3.1B vs $1.2B）。空气化工产品公司净利率更高（21.9% vs 8.2%，领先13.7%）。空气化工产品公司同比增速更快（5.8% vs 0.4%）。ATI INC自由现金流更多（$223.1M vs $-350.5M）。过去两年ATI INC的营收复合增速更高（6.2% vs 2.9%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
ATI是加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器（GPU）及芯片组研发。公司成立于1985年，1993年公开上市，2006年被AMD收购。作为无晶圆厂半导体巨头，ATI坚持自主研发，生产组装环节外包，2000年竞争对手3dfx破产后，成为全球图形芯片领域的核心厂商之一。
APD vs ATI — 直观对比
营收规模更大
APD
是对方的2.6倍
$1.2B
营收增速更快
APD
高出5.5%
0.4%
净利率更高
APD
高出13.7%
8.2%
自由现金流更多
ATI
多$573.6M
$-350.5M
两年增速更快
ATI
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.2B |
| 净利润 | $678.2M | $96.6M |
| 毛利率 | 32.1% | 23.2% |
| 营业利润率 | 23.7% | 14.5% |
| 净利率 | 21.9% | 8.2% |
| 营收同比 | 5.8% | 0.4% |
| 净利润同比 | 9.8% | -29.5% |
| 每股收益（稀释后） | $3.04 | $0.70 |
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APDATI
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $3.2B | $1.1B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | $2.9B | $1.1B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $3.2B | $1.1B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $2.9B | $1.0B |
净利润APDATI
| Q4 25 | $678.2M | $96.6M | ||
| Q3 25 | $4.9M | $110.0M | ||
| Q2 25 | $713.8M | $100.7M | ||
| Q1 25 | $-1.7B | $97.0M | ||
| Q4 24 | $617.4M | $137.1M | ||
| Q3 24 | $1.9B | $82.7M | ||
| Q2 24 | $696.6M | $81.9M | ||
| Q1 24 | $572.4M | $66.1M |
毛利率APDATI
| Q4 25 | 32.1% | 23.2% | ||
| Q3 25 | 32.3% | 22.7% | ||
| Q2 25 | 32.5% | 21.3% | ||
| Q1 25 | 29.6% | 20.6% | ||
| Q4 24 | 31.2% | 21.2% | ||
| Q3 24 | 34.0% | 21.4% | ||
| Q2 24 | 32.8% | 20.8% | ||
| Q1 24 | 32.0% | 18.9% |
营业利润率APDATI
| Q4 25 | 23.7% | 14.5% | ||
| Q3 25 | 0.5% | 14.4% | ||
| Q2 25 | 26.2% | 14.1% | ||
| Q1 25 | -79.8% | 12.8% | ||
| Q4 24 | 22.0% | 17.8% | ||
| Q3 24 | 76.1% | 13.5% | ||
| Q2 24 | 24.7% | 13.0% | ||
| Q1 24 | 21.7% | 11.0% |
净利率APDATI
| Q4 25 | 21.9% | 8.2% | ||
| Q3 25 | 0.2% | 9.8% | ||
| Q2 25 | 23.6% | 8.8% | ||
| Q1 25 | -59.3% | 8.5% | ||
| Q4 24 | 21.1% | 11.7% | ||
| Q3 24 | 61.2% | 7.9% | ||
| Q2 24 | 23.3% | 7.5% | ||
| Q1 24 | 19.5% | 6.3% |
每股收益（稀释后）APDATI
| Q4 25 | $3.04 | $0.70 | ||
| Q3 25 | $0.03 | $0.78 | ||
| Q2 25 | $3.20 | $0.70 | ||
| Q1 25 | $-7.77 | $0.67 | ||
| Q4 24 | $2.77 | $0.94 | ||
| Q3 24 | $8.75 | $0.57 | ||
| Q2 24 | $3.13 | $0.58 | ||
| Q1 24 | $2.57 | $0.46 |
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 | $1.0B | $416.7M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $15.4B | $1.8B |
| 总资产 | $41.2B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.95× |
8季度趋势，按日历期对齐
现金及短期投资APDATI
| Q4 25 | $1.0B | $416.7M | ||
| Q3 25 | $1.9B | $372.2M | ||
| Q2 25 | $2.3B | $319.6M | ||
| Q1 25 | $1.6B | $475.8M | ||
| Q4 24 | $2.0B | $721.2M | ||
| Q3 24 | $3.0B | $406.6M | ||
| Q2 24 | $2.4B | $425.6M | ||
| Q1 24 | $2.6B | $394.4M |
总债务APDATI
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $2.1B |
股东权益APDATI
| Q4 25 | $15.4B | $1.8B | ||
| Q3 25 | $15.0B | $1.7B | ||
| Q2 25 | $15.5B | $1.7B | ||
| Q1 25 | $14.7B | $1.9B | ||
| Q4 24 | $16.7B | $1.9B | ||
| Q3 24 | $17.0B | $1.8B | ||
| Q2 24 | $15.1B | $1.4B | ||
| Q1 24 | $14.9B | $1.3B |
总资产APDATI
| Q4 25 | $41.2B | $5.1B | ||
| Q3 25 | $41.1B | $5.0B | ||
| Q2 25 | $41.7B | $5.0B | ||
| Q1 25 | $38.9B | $5.2B | ||
| Q4 24 | $40.0B | $5.2B | ||
| Q3 24 | $39.6B | $5.1B | ||
| Q2 24 | $37.0B | $4.9B | ||
| Q1 24 | $35.9B | $4.8B |
负债/权益比APDATI
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.93× | ||
| Q3 24 | — | 1.04× | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | — | 1.70× |
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 | $900.7M | $315.8M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $223.1M |
| 自由现金流率自由现金流/营收 | -11.3% | 19.0% |
| 资本支出强度资本支出/营收 | 40.3% | 7.9% |
| 现金转化率经营现金流/净利润 | 1.33× | 3.27× |
| 过去12个月自由现金流最近4个季度 | — | $333.7M |
8季度趋势，按日历期对齐
经营现金流APDATI
| Q4 25 | $900.7M | $315.8M | ||
| Q3 25 | — | $229.5M | ||
| Q2 25 | $855.8M | $161.5M | ||
| Q1 25 | $328.1M | $-92.5M | ||
| Q4 24 | $811.7M | $380.9M | ||
| Q3 24 | — | $24.0M | ||
| Q2 24 | $1.3B | $101.1M | ||
| Q1 24 | $801.7M | $-98.8M |
自由现金流APDATI
| Q4 25 | $-350.5M | $223.1M | ||
| Q3 25 | — | $167.0M | ||
| Q2 25 | $-640.0M | $89.4M | ||
| Q1 25 | $-1.6B | $-145.8M | ||
| Q4 24 | $-1.3B | $333.6M | ||
| Q3 24 | — | $-41.8M | ||
| Q2 24 | $-345.2M | $40.9M | ||
| Q1 24 | $-867.7M | $-164.6M |
自由现金流率APDATI
| Q4 25 | -11.3% | 19.0% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | -21.2% | 7.8% | ||
| Q1 25 | -53.6% | -12.7% | ||
| Q4 24 | -44.5% | 28.4% | ||
| Q3 24 | — | -4.0% | ||
| Q2 24 | -11.6% | 3.7% | ||
| Q1 24 | -29.6% | -15.8% |
资本支出强度APDATI
| Q4 25 | 40.3% | 7.9% | ||
| Q3 25 | 47.9% | 5.6% | ||
| Q2 25 | 49.5% | 6.3% | ||
| Q1 25 | 64.9% | 4.7% | ||
| Q4 24 | 72.2% | 4.0% | ||
| Q3 24 | 65.1% | 6.3% | ||
| Q2 24 | 53.8% | 5.5% | ||
| Q1 24 | 57.0% | 6.3% |
现金转化率APDATI
| Q4 25 | 1.33× | 3.27× | ||
| Q3 25 | — | 2.09× | ||
| Q2 25 | 1.20× | 1.60× | ||
| Q1 25 | — | -0.95× | ||
| Q4 24 | 1.31× | 2.78× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | 1.81× | 1.23× | ||
| Q1 24 | 1.40× | -1.49× |
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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
ATI
| Other | $527.1M | 45% |
| Advanced Alloys Solutions | $333.5M | 28% |
| Airframes Commercial | $82.0M | 7% |
| Defense | $73.7M | 6% |
| Electronics Market | $53.1M | 5% |
| Internal Customers | $50.9M | 4% |
| Specialty Energy | $29.3M | 2% |
| Medical Market | $12.2M | 1% |
| Construction Mining Market | $7.2M | 1% |
| Other Market | $5.6M | 0% |
| Conventional Energy | $1.9M | 0% |
| Automotive Market | $600.0K | 0% |
