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空气化工产品公司（APD）与FRIEDMAN INDUSTRIES INC（FRD）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FRIEDMAN INDUSTRIES INC的18.5倍（$3.1B vs $168.0M）。空气化工产品公司净利率更高（21.9% vs 1.8%，领先20.0%）。FRIEDMAN INDUSTRIES INC同比增速更快（78.6% vs 5.8%）。FRIEDMAN INDUSTRIES INC自由现金流更多（$-6.3M vs $-350.5M）。过去两年FRIEDMAN INDUSTRIES INC的营收复合增速更高（33.6% 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。
赫尔曼与弗里德曼（H&F）是一家美国私募股权公司，由沃伦·赫尔曼与塔利·弗里德曼于1984年创立，主要通过杠杆收购及成长资本开展投资业务，核心投资方向覆盖传媒、金融服务、专业服务与信息服务等多个领域。
APD vs FRD — 直观对比
营收规模更大
APD
是对方的18.5倍
$168.0M
营收增速更快
FRD
高出72.7%
5.8%
净利率更高
APD
高出20.0%
1.8%
自由现金流更多
FRD
多$344.2M
$-350.5M
两年增速更快
FRD
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $168.0M |
| 净利润 | $678.2M | $3.0M |
| 毛利率 | 32.1% | 2.3% |
| 营业利润率 | 23.7% | 2.3% |
| 净利率 | 21.9% | 1.8% |
| 营收同比 | 5.8% | 78.6% |
| 净利润同比 | 9.8% | 364.1% |
| 每股收益（稀释后） | $3.04 | $0.43 |
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APDFRD
| Q4 25 | $3.1B | $168.0M | ||
| Q3 25 | $3.2B | $152.4M | ||
| Q2 25 | $3.0B | $134.8M | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | $94.1M | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.0B | $114.6M | ||
| Q1 24 | $2.9B | — |
净利润APDFRD
| Q4 25 | $678.2M | $3.0M | ||
| Q3 25 | $4.9M | $2.2M | ||
| Q2 25 | $713.8M | $5.0M | ||
| Q1 25 | $-1.7B | — | ||
| Q4 24 | $617.4M | $-1.2M | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $696.6M | $2.6M | ||
| Q1 24 | $572.4M | — |
毛利率APDFRD
| Q4 25 | 32.1% | 2.3% | ||
| Q3 25 | 32.3% | 1.9% | ||
| Q2 25 | 32.5% | 5.2% | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | -1.2% | ||
| Q1 24 | 32.0% | — |
营业利润率APDFRD
| Q4 25 | 23.7% | 2.3% | ||
| Q3 25 | 0.5% | 1.9% | ||
| Q2 25 | 26.2% | 5.2% | ||
| Q1 25 | -79.8% | — | ||
| Q4 24 | 22.0% | -1.3% | ||
| Q3 24 | 76.1% | — | ||
| Q2 24 | 24.7% | -1.2% | ||
| Q1 24 | 21.7% | — |
净利率APDFRD
| Q4 25 | 21.9% | 1.8% | ||
| Q3 25 | 0.2% | 1.5% | ||
| Q2 25 | 23.6% | 3.7% | ||
| Q1 25 | -59.3% | — | ||
| Q4 24 | 21.1% | -1.2% | ||
| Q3 24 | 61.2% | — | ||
| Q2 24 | 23.3% | 2.2% | ||
| Q1 24 | 19.5% | — |
每股收益（稀释后）APDFRD
| Q4 25 | $3.04 | $0.43 | ||
| Q3 25 | $0.03 | $0.32 | ||
| Q2 25 | $3.20 | $0.71 | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | $-0.17 | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | $0.37 | ||
| Q1 24 | $2.57 | — |
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 | $3.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $142.2M |
| 总资产 | $41.2B | $311.9M |
| 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APDFRD
| Q4 25 | $1.0B | $3.0M | ||
| Q3 25 | $1.9B | $4.6M | ||
| Q2 25 | $2.3B | $2.1M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | $1.1M | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | $4.1M | ||
| Q1 24 | $2.6B | — |
股东权益APDFRD
| Q4 25 | $15.4B | $142.2M | ||
| Q3 25 | $15.0B | $139.3M | ||
| Q2 25 | $15.5B | $137.3M | ||
| Q1 25 | $14.7B | — | ||
| Q4 24 | $16.7B | $127.3M | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | $129.7M | ||
| Q1 24 | $14.9B | — |
总资产APDFRD
| Q4 25 | $41.2B | $311.9M | ||
| Q3 25 | $41.1B | $311.3M | ||
| Q2 25 | $41.7B | $219.1M | ||
| Q1 25 | $38.9B | — | ||
| Q4 24 | $40.0B | $210.3M | ||
| Q3 24 | $39.6B | — | ||
| Q2 24 | $37.0B | $222.8M | ||
| Q1 24 | $35.9B | — |
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 | $-4.7M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $-6.3M |
| 自由现金流率自由现金流/营收 | -11.3% | -3.8% |
| 资本支出强度资本支出/营收 | 40.3% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.33× | -1.56× |
| 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APDFRD
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $855.8M | $15.5M | ||
| Q1 25 | $328.1M | — | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.3B | $-6.1M | ||
| Q1 24 | $801.7M | — |
自由现金流APDFRD
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | $13.7M | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | $-7.1M | ||
| Q1 24 | $-867.7M | — |
自由现金流率APDFRD
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | 10.2% | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | -6.2% | ||
| Q1 24 | -29.6% | — |
资本支出强度APDFRD
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | 1.3% | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | 0.9% | ||
| Q1 24 | 57.0% | — |
现金转化率APDFRD
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 3.08× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | -2.36× | ||
| Q1 24 | 1.40× | — |
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% |
FRD
| Prime Coil | $152.0M | 90% |
| Manufactured Pipe | $14.9M | 9% |
| Customer Owned | $1.1M | 1% |
