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空气化工产品公司（APD）与卡博特（CBT）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卡博特的3.7倍（$3.1B vs $849.0M）。空气化工产品公司净利率更高（21.9% vs 8.6%，领先13.3%）。空气化工产品公司同比增速更快（5.8% vs -11.1%）。卡博特自由现金流更多（$57.0M 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 -8.7%）
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。
卡博特公司是总部位于美国马萨诸塞州波士顿的特种化学品和高性能材料企业，业务覆盖全球20多个国家，拥有36座生产工厂、8个研发中心及28个销售办事处，在特种材料领域具备全球领先的技术和服务能力。
APD vs CBT — 直观对比
营收规模更大
APD
是对方的3.7倍
$849.0M
营收增速更快
APD
高出16.9%
-11.1%
净利率更高
APD
高出13.3%
8.6%
自由现金流更多
CBT
多$407.5M
$-350.5M
两年增速更快
APD
近两年复合增速
-8.7%
损益表 — Q1 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $849.0M |
| 净利润 | $678.2M | $73.0M |
| 毛利率 | 32.1% | 24.9% |
| 营业利润率 | 23.7% | 15.2% |
| 净利率 | 21.9% | 8.6% |
| 营收同比 | 5.8% | -11.1% |
| 净利润同比 | 9.8% | -21.5% |
| 每股收益（稀释后） | $3.04 | $1.37 |
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APDCBT
| Q4 25 | $3.1B | $849.0M | ||
| Q3 25 | $3.2B | $899.0M | ||
| Q2 25 | $3.0B | $923.0M | ||
| Q1 25 | $2.9B | $936.0M | ||
| Q4 24 | $2.9B | $955.0M | ||
| Q3 24 | $3.2B | $1.0B | ||
| Q2 24 | $3.0B | $1.0B | ||
| Q1 24 | $2.9B | $1.0B |
净利润APDCBT
| Q4 25 | $678.2M | $73.0M | ||
| Q3 25 | $4.9M | $43.0M | ||
| Q2 25 | $713.8M | $101.0M | ||
| Q1 25 | $-1.7B | $94.0M | ||
| Q4 24 | $617.4M | $93.0M | ||
| Q3 24 | $1.9B | $137.0M | ||
| Q2 24 | $696.6M | $109.0M | ||
| Q1 24 | $572.4M | $84.0M |
毛利率APDCBT
| Q4 25 | 32.1% | 24.9% | ||
| Q3 25 | 32.3% | 24.5% | ||
| Q2 25 | 32.5% | 26.4% | ||
| Q1 25 | 29.6% | 25.7% | ||
| Q4 24 | 31.2% | 24.6% | ||
| Q3 24 | 34.0% | 24.0% | ||
| Q2 24 | 32.8% | 25.2% | ||
| Q1 24 | 32.0% | 24.1% |
营业利润率APDCBT
| Q4 25 | 23.7% | 15.2% | ||
| Q3 25 | 0.5% | 15.2% | ||
| Q2 25 | 26.2% | 18.1% | ||
| Q1 25 | -79.8% | 17.3% | ||
| Q4 24 | 22.0% | 16.2% | ||
| Q3 24 | 76.1% | 15.0% | ||
| Q2 24 | 24.7% | 16.9% | ||
| Q1 24 | 21.7% | 15.3% |
净利率APDCBT
| Q4 25 | 21.9% | 8.6% | ||
| Q3 25 | 0.2% | 4.8% | ||
| Q2 25 | 23.6% | 10.9% | ||
| Q1 25 | -59.3% | 10.0% | ||
| Q4 24 | 21.1% | 9.7% | ||
| Q3 24 | 61.2% | 13.7% | ||
| Q2 24 | 23.3% | 10.7% | ||
| Q1 24 | 19.5% | 8.2% |
每股收益（稀释后）APDCBT
| Q4 25 | $3.04 | $1.37 | ||
| Q3 25 | $0.03 | $0.80 | ||
| Q2 25 | $3.20 | $1.86 | ||
| Q1 25 | $-7.77 | $1.69 | ||
| Q4 24 | $2.77 | $1.67 | ||
| Q3 24 | $8.75 | $2.41 | ||
| Q2 24 | $3.13 | $1.94 | ||
| Q1 24 | $2.57 | $1.49 |
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 | $230.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $1.6B |
| 总资产 | $41.2B | $3.8B |
| 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APDCBT
| Q4 25 | $1.0B | $230.0M | ||
| Q3 25 | $1.9B | $258.0M | ||
| Q2 25 | $2.3B | $239.0M | ||
| Q1 25 | $1.6B | $213.0M | ||
| Q4 24 | $2.0B | $183.0M | ||
| Q3 24 | $3.0B | $223.0M | ||
| Q2 24 | $2.4B | $197.0M | ||
| Q1 24 | $2.6B | $206.0M |
总债务APDCBT
| Q4 25 | — | — | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APDCBT
| Q4 25 | $15.4B | $1.6B | ||
| Q3 25 | $15.0B | $1.6B | ||
| Q2 25 | $15.5B | $1.5B | ||
| Q1 25 | $14.7B | $1.4B | ||
| Q4 24 | $16.7B | $1.4B | ||
| Q3 24 | $17.0B | $1.4B | ||
| Q2 24 | $15.1B | $1.3B | ||
| Q1 24 | $14.9B | $1.4B |
总资产APDCBT
| Q4 25 | $41.2B | $3.8B | ||
| Q3 25 | $41.1B | $3.8B | ||
| Q2 25 | $41.7B | $3.8B | ||
| Q1 25 | $38.9B | $3.8B | ||
| Q4 24 | $40.0B | $3.6B | ||
| Q3 24 | $39.6B | $3.7B | ||
| Q2 24 | $37.0B | $3.6B | ||
| Q1 24 | $35.9B | $3.6B |
负债/权益比APDCBT
| Q4 25 | — | — | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.75× | ||
| 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 | $900.7M | $126.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $57.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 6.7% |
| 资本支出强度资本支出/营收 | 40.3% | 8.1% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.73× |
| 过去12个月自由现金流最近4个季度 | — | $401.0M |
8季度趋势，按日历期对齐
经营现金流APDCBT
| Q4 25 | $900.7M | $126.0M | ||
| Q3 25 | — | $219.0M | ||
| Q2 25 | $855.8M | $249.0M | ||
| Q1 25 | $328.1M | $73.0M | ||
| Q4 24 | $811.7M | $124.0M | ||
| Q3 24 | — | $204.0M | ||
| Q2 24 | $1.3B | $207.0M | ||
| Q1 24 | $801.7M | $176.0M |
自由现金流APDCBT
| Q4 25 | $-350.5M | $57.0M | ||
| Q3 25 | — | $155.0M | ||
| Q2 25 | $-640.0M | $188.0M | ||
| Q1 25 | $-1.6B | $1.0M | ||
| Q4 24 | $-1.3B | $47.0M | ||
| Q3 24 | — | $112.0M | ||
| Q2 24 | $-345.2M | $155.0M | ||
| Q1 24 | $-867.7M | $133.0M |
自由现金流率APDCBT
| Q4 25 | -11.3% | 6.7% | ||
| Q3 25 | — | 17.2% | ||
| Q2 25 | -21.2% | 20.4% | ||
| Q1 25 | -53.6% | 0.1% | ||
| Q4 24 | -44.5% | 4.9% | ||
| Q3 24 | — | 11.2% | ||
| Q2 24 | -11.6% | 15.3% | ||
| Q1 24 | -29.6% | 13.1% |
资本支出强度APDCBT
| Q4 25 | 40.3% | 8.1% | ||
| Q3 25 | 47.9% | 7.1% | ||
| Q2 25 | 49.5% | 6.6% | ||
| Q1 25 | 64.9% | 7.7% | ||
| Q4 24 | 72.2% | 8.1% | ||
| Q3 24 | 65.1% | 9.2% | ||
| Q2 24 | 53.8% | 5.1% | ||
| Q1 24 | 57.0% | 4.2% |
现金转化率APDCBT
| Q4 25 | 1.33× | 1.73× | ||
| Q3 25 | — | 5.09× | ||
| Q2 25 | 1.20× | 2.47× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | 1.31× | 1.33× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | 1.81× | 1.90× | ||
| Q1 24 | 1.40× | 2.10× |
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% |
CBT
| Reinforcement Materials | $520.0M | 61% |
| Performance Chemicals | $300.0M | 35% |
| Shipping And Handling | $25.0M | 3% |
| Other Products And Services | $4.0M | 0% |
