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空气化工产品公司（APD）与FULLER H B CO（FUL）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FULLER H B CO的3.5倍（$3.1B vs $892.0M）。空气化工产品公司净利率更高（21.9% vs 7.5%，领先14.3%）。空气化工产品公司同比增速更快（5.8% vs -2.8%）。FULLER H B CO自由现金流更多（$68.9M vs $-350.5M）。过去两年FULLER H B CO的营收复合增速更高（5.0% 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。
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
APD vs FUL — 直观对比
营收规模更大
APD
是对方的3.5倍
$892.0M
营收增速更快
APD
高出8.7%
-2.8%
净利率更高
APD
高出14.3%
7.5%
自由现金流更多
FUL
多$419.4M
$-350.5M
两年增速更快
FUL
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $892.0M |
| 净利润 | $678.2M | $67.2M |
| 毛利率 | 32.1% | 32.0% |
| 营业利润率 | 23.7% | 12.3% |
| 净利率 | 21.9% | 7.5% |
| 营收同比 | 5.8% | -2.8% |
| 净利润同比 | 9.8% | 21.3% |
| 每股收益（稀释后） | $3.04 | $1.22 |
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APDFUL
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $892.0M | ||
| Q2 25 | $3.0B | $898.1M | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.2B | $917.9M | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.9B | $810.4M |
净利润APDFUL
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $67.2M | ||
| Q2 25 | $713.8M | $41.8M | ||
| Q1 25 | $-1.7B | — | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | $55.4M | ||
| Q2 24 | $696.6M | — | ||
| Q1 24 | $572.4M | $31.0M |
毛利率APDFUL
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 32.0% | ||
| Q2 25 | 32.5% | 31.9% | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | 30.0% | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | 29.5% |
营业利润率APDFUL
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | 12.3% | ||
| Q2 25 | 26.2% | 11.1% | ||
| Q1 25 | -79.8% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | 11.4% | ||
| Q2 24 | 24.7% | — | ||
| Q1 24 | 21.7% | 8.3% |
净利率APDFUL
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 7.5% | ||
| Q2 25 | 23.6% | 4.7% | ||
| Q1 25 | -59.3% | — | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | 6.0% | ||
| Q2 24 | 23.3% | — | ||
| Q1 24 | 19.5% | 3.8% |
每股收益（稀释后）APDFUL
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | $1.22 | ||
| Q2 25 | $3.20 | $0.76 | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | $0.98 | ||
| Q2 24 | $3.13 | — | ||
| Q1 24 | $2.57 | $0.55 |
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 | $122.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $2.0B |
| 总资产 | $41.2B | $5.2B |
| 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APDFUL
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | $122.5M | ||
| Q2 25 | $2.3B | $96.8M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | $131.4M | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | $165.2M |
股东权益APDFUL
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $2.0B | ||
| Q2 25 | $15.5B | $1.9B | ||
| Q1 25 | $14.7B | — | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | $1.8B | ||
| Q2 24 | $15.1B | — | ||
| Q1 24 | $14.9B | $1.8B |
总资产APDFUL
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $5.2B | ||
| Q2 25 | $41.7B | $5.1B | ||
| Q1 25 | $38.9B | — | ||
| Q4 24 | $40.0B | — | ||
| Q3 24 | $39.6B | $5.0B | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.9B | $4.7B |
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 | $99.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $68.9M |
| 自由现金流率自由现金流/营收 | -11.3% | 7.7% |
| 资本支出强度资本支出/营收 | 40.3% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.47× |
| 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APDFUL
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $99.0M | ||
| Q2 25 | $855.8M | — | ||
| Q1 25 | $328.1M | — | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | — | $169.4M | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $801.7M | $47.4M |
自由现金流APDFUL
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $68.9M | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | $99.9M | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | $4.1M |
自由现金流率APDFUL
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | 0.5% |
资本支出强度APDFUL
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 3.4% | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | 7.6% | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | 5.3% |
现金转化率APDFUL
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 3.06× | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.40× | 1.53× |
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% |
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
