vs
空气化工产品公司（APD）与BJ's Wholesale Club Holdings, Inc.（BJ）财务数据对比。点击上方公司名可切换其他公司
BJ's Wholesale Club Holdings, Inc.的季度营收约是空气化工产品公司的1.7倍（$5.3B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 2.8%，领先19.0%），空气化工产品公司同比增速更快（5.8% vs 4.9%），BJ's Wholesale Club Holdings, Inc.自由现金流更多（$-13.7M vs $-350.5M），过去两年空气化工产品公司的营收复合增速更高（2.9% vs -0.1%）
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。
BJ's Wholesale Club Holdings是美国区域型会员制仓储连锁商超，总部位于马萨诸塞州马尔伯勒，业务覆盖美国东部地区及俄亥俄、密歇根、肯塔基州路易斯维尔、印第安纳、田纳西、佛罗里达、阿拉巴马等地，主要竞争对手为好市多和山姆会员店。
APD vs BJ — 直观对比
营收规模更大
BJ
是对方的1.7倍
$3.1B
营收增速更快
APD
高出1.0%
4.9%
净利率更高
APD
高出19.0%
2.8%
自由现金流更多
BJ
多$336.8M
$-350.5M
两年增速更快
APD
近两年复合增速
-0.1%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $5.3B |
| 净利润 | $678.2M | $152.1M |
| 毛利率 | 32.1% | 19.0% |
| 营业利润率 | 23.7% | 4.1% |
| 净利率 | 21.9% | 2.8% |
| 营收同比 | 5.8% | 4.9% |
| 净利润同比 | 9.8% | -2.4% |
| 每股收益（稀释后） | $3.04 | $1.15 |
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APDBJ
| Q4 25 | $3.1B | $5.3B | ||
| Q3 25 | $3.2B | $5.4B | ||
| Q2 25 | $3.0B | $5.2B | ||
| Q1 25 | $2.9B | $5.3B | ||
| Q4 24 | $2.9B | $5.1B | ||
| Q3 24 | $3.2B | $5.2B | ||
| Q2 24 | $3.0B | $4.9B | ||
| Q1 24 | $2.9B | $5.4B |
净利润APDBJ
| Q4 25 | $678.2M | $152.1M | ||
| Q3 25 | $4.9M | $150.7M | ||
| Q2 25 | $713.8M | $149.8M | ||
| Q1 25 | $-1.7B | $122.7M | ||
| Q4 24 | $617.4M | $155.7M | ||
| Q3 24 | $1.9B | $145.0M | ||
| Q2 24 | $696.6M | $111.0M | ||
| Q1 24 | $572.4M | $145.9M |
毛利率APDBJ
| Q4 25 | 32.1% | 19.0% | ||
| Q3 25 | 32.3% | 18.7% | ||
| Q2 25 | 32.5% | 18.8% | ||
| Q1 25 | 29.6% | 18.0% | ||
| Q4 24 | 31.2% | 19.1% | ||
| Q3 24 | 34.0% | 18.4% | ||
| Q2 24 | 32.8% | 18.0% | ||
| Q1 24 | 32.0% | 18.0% |
营业利润率APDBJ
| Q4 25 | 23.7% | 4.1% | ||
| Q3 25 | 0.5% | 4.0% | ||
| Q2 25 | 26.2% | 4.0% | ||
| Q1 25 | -79.8% | 3.4% | ||
| Q4 24 | 22.0% | 4.5% | ||
| Q3 24 | 76.1% | 3.9% | ||
| Q2 24 | 24.7% | 3.3% | ||
| Q1 24 | 21.7% | 4.0% |
净利率APDBJ
| Q4 25 | 21.9% | 2.8% | ||
| Q3 25 | 0.2% | 2.8% | ||
| Q2 25 | 23.6% | 2.9% | ||
| Q1 25 | -59.3% | 2.3% | ||
| Q4 24 | 21.1% | 3.1% | ||
| Q3 24 | 61.2% | 2.8% | ||
| Q2 24 | 23.3% | 2.3% | ||
| Q1 24 | 19.5% | 2.7% |
每股收益（稀释后）APDBJ
| Q4 25 | $3.04 | $1.15 | ||
| Q3 25 | $0.03 | $1.14 | ||
| Q2 25 | $3.20 | $1.13 | ||
| Q1 25 | $-7.77 | $0.92 | ||
| Q4 24 | $2.77 | $1.17 | ||
| Q3 24 | $8.75 | $1.08 | ||
| Q2 24 | $3.13 | $0.83 | ||
| Q1 24 | $2.57 | $1.09 |
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 | $45.1M |
| 总债务越低越好 | — | $399.0M |
| 股东权益账面价值 | $15.4B | $2.2B |
| 总资产 | $41.2B | $7.5B |
| 负债/权益比越低杠杆越低 | — | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资APDBJ
| Q4 25 | $1.0B | $45.1M | ||
| Q3 25 | $1.9B | $47.3M | ||
| Q2 25 | $2.3B | $39.5M | ||
| Q1 25 | $1.6B | $28.3M | ||
| Q4 24 | $2.0B | $33.9M | ||
| Q3 24 | $3.0B | $38.1M | ||
| Q2 24 | $2.4B | $35.1M | ||
| Q1 24 | $2.6B | $36.0M |
总债务APDBJ
| Q4 25 | — | $399.0M | ||
| Q3 25 | — | $399.0M | ||
| Q2 25 | — | $398.9M | ||
| Q1 25 | — | $398.8M | ||
| Q4 24 | — | $398.7M | ||
| Q3 24 | — | $398.6M | ||
| Q2 24 | — | $398.5M | ||
| Q1 24 | — | $398.4M |
股东权益APDBJ
| Q4 25 | $15.4B | $2.2B | ||
| Q3 25 | $15.0B | $2.1B | ||
| Q2 25 | $15.5B | $2.0B | ||
| Q1 25 | $14.7B | $1.8B | ||
| Q4 24 | $16.7B | $1.8B | ||
| Q3 24 | $17.0B | $1.7B | ||
| Q2 24 | $15.1B | $1.5B | ||
| Q1 24 | $14.9B | $1.5B |
总资产APDBJ
| Q4 25 | $41.2B | $7.5B | ||
| Q3 25 | $41.1B | $7.2B | ||
| Q2 25 | $41.7B | $7.2B | ||
| Q1 25 | $38.9B | $7.1B | ||
| Q4 24 | $40.0B | $7.2B | ||
| Q3 24 | $39.6B | $6.9B | ||
| Q2 24 | $37.0B | $6.8B | ||
| Q1 24 | $35.9B | $6.7B |
负债/权益比APDBJ
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.20× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 0.23× | ||
| Q3 24 | — | 0.24× | ||
| Q2 24 | — | 0.26× | ||
| Q1 24 | — | 0.27× |
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 | $181.1M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $-13.7M |
| 自由现金流率自由现金流/营收 | -11.3% | -0.3% |
| 资本支出强度资本支出/营收 | 40.3% | 3.6% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.19× |
| 过去12个月自由现金流最近4个季度 | — | $249.6M |
8季度趋势，按日历期对齐
经营现金流APDBJ
| Q4 25 | $900.7M | $181.1M | ||
| Q3 25 | — | $249.9M | ||
| Q2 25 | $855.8M | $208.1M | ||
| Q1 25 | $328.1M | $271.9M | ||
| Q4 24 | $811.7M | $206.8M | ||
| Q3 24 | — | $221.4M | ||
| Q2 24 | $1.3B | $200.8M | ||
| Q1 24 | $801.7M | $274.4M |
自由现金流APDBJ
| Q4 25 | $-350.5M | $-13.7M | ||
| Q3 25 | — | $84.3M | ||
| Q2 25 | $-640.0M | $67.6M | ||
| Q1 25 | $-1.6B | $111.5M | ||
| Q4 24 | $-1.3B | $18.8M | ||
| Q3 24 | — | $87.5M | ||
| Q2 24 | $-345.2M | $95.1M | ||
| Q1 24 | $-867.7M | $155.2M |
自由现金流率APDBJ
| Q4 25 | -11.3% | -0.3% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | -21.2% | 1.3% | ||
| Q1 25 | -53.6% | 2.1% | ||
| Q4 24 | -44.5% | 0.4% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | -11.6% | 1.9% | ||
| Q1 24 | -29.6% | 2.9% |
资本支出强度APDBJ
| Q4 25 | 40.3% | 3.6% | ||
| Q3 25 | 47.9% | 3.1% | ||
| Q2 25 | 49.5% | 2.7% | ||
| Q1 25 | 64.9% | 3.0% | ||
| Q4 24 | 72.2% | 3.7% | ||
| Q3 24 | 65.1% | 2.6% | ||
| Q2 24 | 53.8% | 2.1% | ||
| Q1 24 | 57.0% | 2.2% |
现金转化率APDBJ
| Q4 25 | 1.33× | 1.19× | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | 1.20× | 1.39× | ||
| Q1 25 | — | 2.22× | ||
| Q4 24 | 1.31× | 1.33× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | 1.81× | 1.81× | ||
| Q1 24 | 1.40× | 1.88× |
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% |
BJ
| Products | $5.4B | 102% |
| Membership | $129.8M | 2% |
