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空气化工产品公司（APD）与AXIS CAPITAL HOLDINGS LTD（AXS）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AXIS CAPITAL HOLDINGS LTD的1.8倍（$3.1B vs $1.7B），空气化工产品公司净利率更高（21.9% vs 16.7%，领先5.2%），AXIS CAPITAL HOLDINGS LTD同比增速更快（17.8% vs 5.8%），过去两年AXIS CAPITAL HOLDINGS LTD的营收复合增速更高（10.3% 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。
AXIS资本控股有限公司是AXIS集团的控股主体，通过百慕大、美国、加拿大、欧洲及新加坡的子公司与分支机构网络，提供各类风险转移产品及服务。保险业务覆盖财产、职业责任、恐怖主义、航运、能源、环境等领域，再保险业务包含财产、职业责任、信用债券等品类。
APD vs AXS — 直观对比
营收规模更大
APD
是对方的1.8倍
$1.7B
营收增速更快
AXS
高出12.0%
5.8%
净利率更高
APD
高出5.2%
16.7%
两年增速更快
AXS
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.7B |
| 净利润 | $678.2M | $289.6M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 19.0% |
| 净利率 | 21.9% | 16.7% |
| 营收同比 | 5.8% | 17.8% |
| 净利润同比 | 9.8% | -1.4% |
| 每股收益（稀释后） | $3.04 | $3.63 |
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APDAXS
| Q4 25 | $3.1B | $1.7B | ||
| Q3 25 | $3.2B | $1.7B | ||
| Q2 25 | $3.0B | $1.6B | ||
| Q1 25 | $2.9B | $1.5B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $3.0B | $1.5B | ||
| Q1 24 | $2.9B | $1.4B |
净利润APDAXS
| Q4 25 | $678.2M | $289.6M | ||
| Q3 25 | $4.9M | $301.9M | ||
| Q2 25 | $713.8M | $223.4M | ||
| Q1 25 | $-1.7B | $194.1M | ||
| Q4 24 | $617.4M | $293.6M | ||
| Q3 24 | $1.9B | $180.7M | ||
| Q2 24 | $696.6M | $212.0M | ||
| Q1 24 | $572.4M | $395.5M |
毛利率APDAXS
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDAXS
| Q4 25 | 23.7% | 19.0% | ||
| Q3 25 | 0.5% | 22.1% | ||
| Q2 25 | 26.2% | 17.2% | ||
| Q1 25 | -79.8% | 15.5% | ||
| Q4 24 | 22.0% | 18.6% | ||
| Q3 24 | 76.1% | 14.2% | ||
| Q2 24 | 24.7% | 17.4% | ||
| Q1 24 | 21.7% | 19.0% |
净利率APDAXS
| Q4 25 | 21.9% | 16.7% | ||
| Q3 25 | 0.2% | 18.0% | ||
| Q2 25 | 23.6% | 13.7% | ||
| Q1 25 | -59.3% | 12.8% | ||
| Q4 24 | 21.1% | 20.0% | ||
| Q3 24 | 61.2% | 11.2% | ||
| Q2 24 | 23.3% | 14.6% | ||
| Q1 24 | 19.5% | 27.8% |
每股收益（稀释后）APDAXS
| Q4 25 | $3.04 | $3.63 | ||
| Q3 25 | $0.03 | $3.74 | ||
| Q2 25 | $3.20 | $2.72 | ||
| Q1 25 | $-7.77 | $2.26 | ||
| Q4 24 | $2.77 | $3.38 | ||
| Q3 24 | $8.75 | $2.04 | ||
| Q2 24 | $3.13 | $2.40 | ||
| Q1 24 | $2.57 | $4.53 |
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 | $820.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $6.4B |
| 总资产 | $41.2B | $34.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APDAXS
| Q4 25 | $1.0B | $820.3M | ||
| Q3 25 | $1.9B | $825.9M | ||
| Q2 25 | $2.3B | $852.1M | ||
| Q1 25 | $1.6B | $2.8B | ||
| Q4 24 | $2.0B | $2.1B | ||
| Q3 24 | $3.0B | $981.0M | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.6B | $1.1B |
股东权益APDAXS
| Q4 25 | $15.4B | $6.4B | ||
| Q3 25 | $15.0B | $6.4B | ||
| Q2 25 | $15.5B | $6.2B | ||
| Q1 25 | $14.7B | $5.9B | ||
| Q4 24 | $16.7B | $6.1B | ||
| Q3 24 | $17.0B | $6.1B | ||
| Q2 24 | $15.1B | $5.7B | ||
| Q1 24 | $14.9B | $5.5B |
总资产APDAXS
| Q4 25 | $41.2B | $34.5B | ||
| Q3 25 | $41.1B | $34.3B | ||
| Q2 25 | $41.7B | $34.2B | ||
| Q1 25 | $38.9B | $33.2B | ||
| Q4 24 | $40.0B | $32.5B | ||
| Q3 24 | $39.6B | $32.7B | ||
| Q2 24 | $37.0B | $32.1B | ||
| Q1 24 | $35.9B | $31.8B |
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 | $630.4M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | — |
| 自由现金流率自由现金流/营收 | -11.3% | — |
| 资本支出强度资本支出/营收 | 40.3% | — |
| 现金转化率经营现金流/净利润 | 1.33× | 2.18× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APDAXS
| Q4 25 | $900.7M | $630.4M | ||
| Q3 25 | — | $673.8M | ||
| Q2 25 | $855.8M | $-1.7B | ||
| Q1 25 | $328.1M | $309.1M | ||
| Q4 24 | $811.7M | $355.5M | ||
| Q3 24 | — | $587.0M | ||
| Q2 24 | $1.3B | $518.1M | ||
| Q1 24 | $801.7M | $384.1M |
自由现金流APDAXS
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
自由现金流率APDAXS
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
资本支出强度APDAXS
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
现金转化率APDAXS
| Q4 25 | 1.33× | 2.18× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | 1.20× | -7.41× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 1.31× | 1.21× | ||
| Q3 24 | — | 3.25× | ||
| Q2 24 | 1.81× | 2.44× | ||
| Q1 24 | 1.40× | 0.97× |
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% |
AXS
| Reinsurance | $1.4B | 82% |
| Other | $311.3M | 18% |
