vs
空气化工产品公司（APD）与百通（BDC）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百通的4.3倍（$3.1B vs $720.1M）。空气化工产品公司净利率更高（21.9% vs 9.4%，领先12.4%）。百通同比增速更快（8.1% vs 5.8%）。百通自由现金流更多（$121.3M vs $-350.5M）。过去两年百通的营收复合增速更高（15.9% 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。
百通公司是美国上市跨国企业，专注于端到端网络、安全及连接产品的设计、生产与销售，业务覆盖工业自动化解决方案、智能建筑、宽带及5G三大核心领域，为各行业客户提供可靠的通信连接相关产品与服务。
APD vs BDC — 直观对比
营收规模更大
APD
是对方的4.3倍
$720.1M
营收增速更快
BDC
高出2.3%
5.8%
净利率更高
APD
高出12.4%
9.4%
自由现金流更多
BDC
多$471.8M
$-350.5M
两年增速更快
BDC
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $720.1M |
| 净利润 | $678.2M | $67.9M |
| 毛利率 | 32.1% | 36.6% |
| 营业利润率 | 23.7% | 12.2% |
| 净利率 | 21.9% | 9.4% |
| 营收同比 | 5.8% | 8.1% |
| 净利润同比 | 9.8% | 16.3% |
| 每股收益（稀释后） | $3.04 | $1.70 |
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APDBDC
| Q4 25 | $3.1B | $720.1M | ||
| Q3 25 | $3.2B | $698.2M | ||
| Q2 25 | $3.0B | $672.0M | ||
| Q1 25 | $2.9B | $624.9M | ||
| Q4 24 | $2.9B | $666.0M | ||
| Q3 24 | $3.2B | $654.9M | ||
| Q2 24 | $3.0B | $604.3M | ||
| Q1 24 | $2.9B | $535.7M |
净利润APDBDC
| Q4 25 | $678.2M | $67.9M | ||
| Q3 25 | $4.9M | $56.7M | ||
| Q2 25 | $713.8M | $61.0M | ||
| Q1 25 | $-1.7B | $51.9M | ||
| Q4 24 | $617.4M | $58.4M | ||
| Q3 24 | $1.9B | $53.7M | ||
| Q2 24 | $696.6M | $49.0M | ||
| Q1 24 | $572.4M | $37.3M |
毛利率APDBDC
| Q4 25 | 32.1% | 36.6% | ||
| Q3 25 | 32.3% | 37.7% | ||
| Q2 25 | 32.5% | 38.5% | ||
| Q1 25 | 29.6% | 39.3% | ||
| Q4 24 | 31.2% | 37.5% | ||
| Q3 24 | 34.0% | 37.3% | ||
| Q2 24 | 32.8% | 37.5% | ||
| Q1 24 | 32.0% | 37.6% |
营业利润率APDBDC
| Q4 25 | 23.7% | 12.2% | ||
| Q3 25 | 0.5% | 10.9% | ||
| Q2 25 | 26.2% | 11.8% | ||
| Q1 25 | -79.8% | 11.6% | ||
| Q4 24 | 22.0% | 10.4% | ||
| Q3 24 | 76.1% | 11.5% | ||
| Q2 24 | 24.7% | 11.4% | ||
| Q1 24 | 21.7% | 9.9% |
净利率APDBDC
| Q4 25 | 21.9% | 9.4% | ||
| Q3 25 | 0.2% | 8.1% | ||
| Q2 25 | 23.6% | 9.1% | ||
| Q1 25 | -59.3% | 8.3% | ||
| Q4 24 | 21.1% | 8.8% | ||
| Q3 24 | 61.2% | 8.2% | ||
| Q2 24 | 23.3% | 8.1% | ||
| Q1 24 | 19.5% | 7.0% |
每股收益（稀释后）APDBDC
| Q4 25 | $3.04 | $1.70 | ||
| Q3 25 | $0.03 | $1.41 | ||
| Q2 25 | $3.20 | $1.53 | ||
| Q1 25 | $-7.77 | $1.27 | ||
| Q4 24 | $2.77 | $1.41 | ||
| Q3 24 | $8.75 | $1.30 | ||
| Q2 24 | $3.13 | $1.19 | ||
| Q1 24 | $2.57 | $0.90 |
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 | $389.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $1.3B |
| 总资产 | $41.2B | $3.5B |
| 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APDBDC
| Q4 25 | $1.0B | $389.9M | ||
| Q3 25 | $1.9B | $314.3M | ||
| Q2 25 | $2.3B | $301.5M | ||
| Q1 25 | $1.6B | $259.0M | ||
| Q4 24 | $2.0B | $370.3M | ||
| Q3 24 | $3.0B | $323.0M | ||
| Q2 24 | $2.4B | $564.8M | ||
| Q1 24 | $2.6B | $506.8M |
股东权益APDBDC
| Q4 25 | $15.4B | $1.3B | ||
| Q3 25 | $15.0B | $1.2B | ||
| Q2 25 | $15.5B | $1.2B | ||
| Q1 25 | $14.7B | $1.2B | ||
| Q4 24 | $16.7B | $1.3B | ||
| Q3 24 | $17.0B | $1.2B | ||
| Q2 24 | $15.1B | $1.2B | ||
| Q1 24 | $14.9B | $1.2B |
总资产APDBDC
| Q4 25 | $41.2B | $3.5B | ||
| Q3 25 | $41.1B | $3.4B | ||
| Q2 25 | $41.7B | $3.4B | ||
| Q1 25 | $38.9B | $3.3B | ||
| Q4 24 | $40.0B | $3.3B | ||
| Q3 24 | $39.6B | $3.3B | ||
| Q2 24 | $37.0B | $3.5B | ||
| Q1 24 | $35.9B | $3.1B |
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 | $160.4M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $121.3M |
| 自由现金流率自由现金流/营收 | -11.3% | 16.8% |
| 资本支出强度资本支出/营收 | 40.3% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.33× | 2.36× |
| 过去12个月自由现金流最近4个季度 | — | $218.7M |
8季度趋势，按日历期对齐
经营现金流APDBDC
| Q4 25 | $900.7M | $160.4M | ||
| Q3 25 | — | $105.0M | ||
| Q2 25 | $855.8M | $82.0M | ||
| Q1 25 | $328.1M | $7.4M | ||
| Q4 24 | $811.7M | $174.7M | ||
| Q3 24 | — | $91.7M | ||
| Q2 24 | $1.3B | $83.0M | ||
| Q1 24 | $801.7M | $2.7M |
自由现金流APDBDC
| Q4 25 | $-350.5M | $121.3M | ||
| Q3 25 | — | $65.3M | ||
| Q2 25 | $-640.0M | $56.9M | ||
| Q1 25 | $-1.6B | $-24.8M | ||
| Q4 24 | $-1.3B | $116.4M | ||
| Q3 24 | — | $67.2M | ||
| Q2 24 | $-345.2M | $61.0M | ||
| Q1 24 | $-867.7M | $-21.5M |
自由现金流率APDBDC
| Q4 25 | -11.3% | 16.8% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | -21.2% | 8.5% | ||
| Q1 25 | -53.6% | -4.0% | ||
| Q4 24 | -44.5% | 17.5% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | -11.6% | 10.1% | ||
| Q1 24 | -29.6% | -4.0% |
资本支出强度APDBDC
| Q4 25 | 40.3% | 5.4% | ||
| Q3 25 | 47.9% | 5.7% | ||
| Q2 25 | 49.5% | 3.7% | ||
| Q1 25 | 64.9% | 5.2% | ||
| Q4 24 | 72.2% | 8.8% | ||
| Q3 24 | 65.1% | 3.7% | ||
| Q2 24 | 53.8% | 3.6% | ||
| Q1 24 | 57.0% | 4.5% |
现金转化率APDBDC
| Q4 25 | 1.33× | 2.36× | ||
| Q3 25 | — | 1.85× | ||
| Q2 25 | 1.20× | 1.34× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 1.31× | 2.99× | ||
| Q3 24 | — | 1.71× | ||
| Q2 24 | 1.81× | 1.69× | ||
| Q1 24 | 1.40× | 0.07× |
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% |
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
