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空气化工产品公司（APD）与CDW Corporation（CDW）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是空气化工产品公司的1.8倍（$5.5B vs $3.1B），CDW Corporation同比增速更快（6.3% vs 5.8%），CDW Corporation自由现金流更多（$395.9M vs $-350.5M），过去两年CDW Corporation的营收复合增速更高（6.3% 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。
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
APD vs CDW — 直观对比
营收规模更大
CDW
是对方的1.8倍
$3.1B
营收增速更快
CDW
高出0.4%
5.8%
自由现金流更多
CDW
多$746.4M
$-350.5M
两年增速更快
CDW
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $5.5B |
| 净利润 | $678.2M | — |
| 毛利率 | 32.1% | 22.8% |
| 营业利润率 | 23.7% | 7.8% |
| 净利率 | 21.9% | — |
| 营收同比 | 5.8% | 6.3% |
| 净利润同比 | 9.8% | — |
| 每股收益（稀释后） | $3.04 | $2.13 |
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APDCDW
| Q4 25 | $3.1B | $5.5B | ||
| Q3 25 | $3.2B | $5.7B | ||
| Q2 25 | $3.0B | $6.0B | ||
| Q1 25 | $2.9B | $5.2B | ||
| Q4 24 | $2.9B | $5.2B | ||
| Q3 24 | $3.2B | $5.5B | ||
| Q2 24 | $3.0B | $5.4B | ||
| Q1 24 | $2.9B | $4.9B |
净利润APDCDW
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $291.0M | ||
| Q2 25 | $713.8M | $271.2M | ||
| Q1 25 | $-1.7B | $224.9M | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | $316.4M | ||
| Q2 24 | $696.6M | $281.1M | ||
| Q1 24 | $572.4M | $216.1M |
毛利率APDCDW
| Q4 25 | 32.1% | 22.8% | ||
| Q3 25 | 32.3% | 21.9% | ||
| Q2 25 | 32.5% | 20.8% | ||
| Q1 25 | 29.6% | 21.6% | ||
| Q4 24 | 31.2% | 22.3% | ||
| Q3 24 | 34.0% | 21.8% | ||
| Q2 24 | 32.8% | 21.8% | ||
| Q1 24 | 32.0% | 21.8% |
营业利润率APDCDW
| Q4 25 | 23.7% | 7.8% | ||
| Q3 25 | 0.5% | 7.7% | ||
| Q2 25 | 26.2% | 7.0% | ||
| Q1 25 | -79.8% | 7.0% | ||
| Q4 24 | 22.0% | 7.9% | ||
| Q3 24 | 76.1% | 8.7% | ||
| Q2 24 | 24.7% | 8.0% | ||
| Q1 24 | 21.7% | 6.7% |
净利率APDCDW
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 5.1% | ||
| Q2 25 | 23.6% | 4.5% | ||
| Q1 25 | -59.3% | 4.3% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | 5.7% | ||
| Q2 24 | 23.3% | 5.2% | ||
| Q1 24 | 19.5% | 4.4% |
每股收益（稀释后）APDCDW
| Q4 25 | $3.04 | $2.13 | ||
| Q3 25 | $0.03 | $2.21 | ||
| Q2 25 | $3.20 | $2.05 | ||
| Q1 25 | $-7.77 | $1.69 | ||
| Q4 24 | $2.77 | $1.97 | ||
| Q3 24 | $8.75 | $2.34 | ||
| Q2 24 | $3.13 | $2.07 | ||
| Q1 24 | $2.57 | $1.59 |
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 | $618.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $2.6B |
| 总资产 | $41.2B | $16.0B |
| 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APDCDW
| Q4 25 | $1.0B | $618.7M | ||
| Q3 25 | $1.9B | $452.9M | ||
| Q2 25 | $2.3B | $481.0M | ||
| Q1 25 | $1.6B | $688.1M | ||
| Q4 24 | $2.0B | $717.7M | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $2.4B | $665.3M | ||
| Q1 24 | $2.6B | $803.8M |
股东权益APDCDW
| Q4 25 | $15.4B | $2.6B | ||
| Q3 25 | $15.0B | $2.5B | ||
| Q2 25 | $15.5B | $2.5B | ||
| Q1 25 | $14.7B | $2.3B | ||
| Q4 24 | $16.7B | $2.4B | ||
| Q3 24 | $17.0B | $2.3B | ||
| Q2 24 | $15.1B | $2.2B | ||
| Q1 24 | $14.9B | $2.1B |
总资产APDCDW
| Q4 25 | $41.2B | $16.0B | ||
| Q3 25 | $41.1B | $15.2B | ||
| Q2 25 | $41.7B | $15.3B | ||
| Q1 25 | $38.9B | $15.0B | ||
| Q4 24 | $40.0B | $14.7B | ||
| Q3 24 | $39.6B | $14.4B | ||
| Q2 24 | $37.0B | $13.6B | ||
| Q1 24 | $35.9B | $13.2B |
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 | $433.8M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $395.9M |
| 自由现金流率自由现金流/营收 | -11.3% | 7.2% |
| 资本支出强度资本支出/营收 | 40.3% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.33× | — |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流APDCDW
| Q4 25 | $900.7M | $433.8M | ||
| Q3 25 | — | $328.3M | ||
| Q2 25 | $855.8M | $155.9M | ||
| Q1 25 | $328.1M | $287.2M | ||
| Q4 24 | $811.7M | $345.3M | ||
| Q3 24 | — | $342.1M | ||
| Q2 24 | $1.3B | $149.9M | ||
| Q1 24 | $801.7M | $440.0M |
自由现金流APDCDW
| Q4 25 | $-350.5M | $395.9M | ||
| Q3 25 | — | $298.5M | ||
| Q2 25 | $-640.0M | $133.4M | ||
| Q1 25 | $-1.6B | $260.3M | ||
| Q4 24 | $-1.3B | $316.7M | ||
| Q3 24 | — | $308.5M | ||
| Q2 24 | $-345.2M | $119.0M | ||
| Q1 24 | $-867.7M | $410.5M |
自由现金流率APDCDW
| Q4 25 | -11.3% | 7.2% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | -21.2% | 2.2% | ||
| Q1 25 | -53.6% | 5.0% | ||
| Q4 24 | -44.5% | 6.1% | ||
| Q3 24 | — | 5.6% | ||
| Q2 24 | -11.6% | 2.2% | ||
| Q1 24 | -29.6% | 8.4% |
资本支出强度APDCDW
| Q4 25 | 40.3% | 0.7% | ||
| Q3 25 | 47.9% | 0.5% | ||
| Q2 25 | 49.5% | 0.4% | ||
| Q1 25 | 64.9% | 0.5% | ||
| Q4 24 | 72.2% | 0.6% | ||
| Q3 24 | 65.1% | 0.6% | ||
| Q2 24 | 53.8% | 0.6% | ||
| Q1 24 | 57.0% | 0.6% |
现金转化率APDCDW
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | 1.20× | 0.57× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.08× | ||
| Q2 24 | 1.81× | 0.53× | ||
| Q1 24 | 1.40× | 2.04× |
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% |
CDW
暂无分部数据
