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空气化工产品公司（APD）与凯悦酒店集团（H）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凯悦酒店集团的1.7倍（$3.1B vs $1.8B），空气化工产品公司净利率更高（21.9% vs -1.1%，领先23.0%），凯悦酒店集团同比增速更快（11.7% vs 5.8%），凯悦酒店集团自由现金流更多（$236.0M 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 2.2%）
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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
APD vs H — 直观对比
营收规模更大
APD
是对方的1.7倍
$1.8B
营收增速更快
H
高出5.8%
5.8%
净利率更高
APD
高出23.0%
-1.1%
自由现金流更多
H
多$586.5M
$-350.5M
两年增速更快
APD
近两年复合增速
2.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.8B |
| 净利润 | $678.2M | $-20.0M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 0.4% |
| 净利率 | 21.9% | -1.1% |
| 营收同比 | 5.8% | 11.7% |
| 净利润同比 | 9.8% | 64.3% |
| 每股收益（稀释后） | $3.04 | $-0.20 |
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APDH
| Q4 25 | $3.1B | $1.8B | ||
| Q3 25 | $3.2B | $1.8B | ||
| Q2 25 | $3.0B | $1.8B | ||
| Q1 25 | $2.9B | $1.7B | ||
| Q4 24 | $2.9B | $1.6B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $3.0B | $1.7B | ||
| Q1 24 | $2.9B | $1.7B |
净利润APDH
| Q4 25 | $678.2M | $-20.0M | ||
| Q3 25 | $4.9M | $-49.0M | ||
| Q2 25 | $713.8M | $-3.0M | ||
| Q1 25 | $-1.7B | $20.0M | ||
| Q4 24 | $617.4M | $-56.0M | ||
| Q3 24 | $1.9B | $471.0M | ||
| Q2 24 | $696.6M | $359.0M | ||
| Q1 24 | $572.4M | $522.0M |
毛利率APDH
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDH
| Q4 25 | 23.7% | 0.4% | ||
| Q3 25 | 0.5% | -1.0% | ||
| Q2 25 | 26.2% | 2.1% | ||
| Q1 25 | -79.8% | 3.0% | ||
| Q4 24 | 22.0% | -3.0% | ||
| Q3 24 | 76.1% | 37.3% | ||
| Q2 24 | 24.7% | 27.1% | ||
| Q1 24 | 21.7% | 31.6% |
净利率APDH
| Q4 25 | 21.9% | -1.1% | ||
| Q3 25 | 0.2% | -2.7% | ||
| Q2 25 | 23.6% | -0.2% | ||
| Q1 25 | -59.3% | 1.2% | ||
| Q4 24 | 21.1% | -3.5% | ||
| Q3 24 | 61.2% | 28.9% | ||
| Q2 24 | 23.3% | 21.1% | ||
| Q1 24 | 19.5% | 30.5% |
每股收益（稀释后）APDH
| Q4 25 | $3.04 | $-0.20 | ||
| Q3 25 | $0.03 | $-0.51 | ||
| Q2 25 | $3.20 | $-0.03 | ||
| Q1 25 | $-7.77 | $0.19 | ||
| Q4 24 | $2.77 | $-0.37 | ||
| Q3 24 | $8.75 | $4.63 | ||
| Q2 24 | $3.13 | $3.46 | ||
| Q1 24 | $2.57 | $4.93 |
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 | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $3.3B |
| 总资产 | $41.2B | $14.0B |
| 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APDH
| Q4 25 | $1.0B | $813.0M | ||
| Q3 25 | $1.9B | $749.0M | ||
| Q2 25 | $2.3B | $912.0M | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $2.0B | $1.4B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.6B | $794.0M |
总债务APDH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益APDH
| Q4 25 | $15.4B | $3.3B | ||
| Q3 25 | $15.0B | $3.5B | ||
| Q2 25 | $15.5B | $3.6B | ||
| Q1 25 | $14.7B | $3.5B | ||
| Q4 24 | $16.7B | $3.5B | ||
| Q3 24 | $17.0B | $3.7B | ||
| Q2 24 | $15.1B | $3.9B | ||
| Q1 24 | $14.9B | $3.7B |
总资产APDH
| Q4 25 | $41.2B | $14.0B | ||
| Q3 25 | $41.1B | $15.7B | ||
| Q2 25 | $41.7B | $15.9B | ||
| Q1 25 | $38.9B | $14.0B | ||
| Q4 24 | $40.0B | $13.3B | ||
| Q3 24 | $39.6B | $11.9B | ||
| Q2 24 | $37.0B | $12.8B | ||
| Q1 24 | $35.9B | $11.7B |
负债/权益比APDH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $236.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 13.2% |
| 资本支出强度资本支出/营收 | 40.3% | 4.3% |
| 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 | — | $159.0M |
8季度趋势，按日历期对齐
经营现金流APDH
| Q4 25 | $900.7M | $313.0M | ||
| Q3 25 | — | $-20.0M | ||
| Q2 25 | $855.8M | $-67.0M | ||
| Q1 25 | $328.1M | $153.0M | ||
| Q4 24 | $811.7M | $235.0M | ||
| Q3 24 | — | $-21.0M | ||
| Q2 24 | $1.3B | $177.0M | ||
| Q1 24 | $801.7M | $242.0M |
自由现金流APDH
| Q4 25 | $-350.5M | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | $-640.0M | $-111.0M | ||
| Q1 25 | $-1.6B | $123.0M | ||
| Q4 24 | $-1.3B | $184.0M | ||
| Q3 24 | — | $-64.0M | ||
| Q2 24 | $-345.2M | $135.0M | ||
| Q1 24 | $-867.7M | $208.0M |
自由现金流率APDH
| Q4 25 | -11.3% | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | -21.2% | -6.1% | ||
| Q1 25 | -53.6% | 7.2% | ||
| Q4 24 | -44.5% | 11.5% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | -11.6% | 7.9% | ||
| Q1 24 | -29.6% | 12.1% |
资本支出强度APDH
| Q4 25 | 40.3% | 4.3% | ||
| Q3 25 | 47.9% | 3.9% | ||
| Q2 25 | 49.5% | 2.4% | ||
| Q1 25 | 64.9% | 1.7% | ||
| Q4 24 | 72.2% | 3.2% | ||
| Q3 24 | 65.1% | 2.6% | ||
| Q2 24 | 53.8% | 2.5% | ||
| Q1 24 | 57.0% | 2.0% |
现金转化率APDH
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | 7.65× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | -0.04× | ||
| Q2 24 | 1.81× | 0.49× | ||
| Q1 24 | 1.40× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
