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空气化工产品公司（APD）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
Leidos的季度营收约是空气化工产品公司的1.4倍（$4.2B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 7.8%，领先14.1%），空气化工产品公司同比增速更快（5.8% vs -3.5%），Leidos自由现金流更多（$452.0M vs $-350.5M），过去两年Leidos的营收复合增速更高（3.1% 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。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
APD vs LDOS — 直观对比
营收规模更大
LDOS
是对方的1.4倍
$3.1B
营收增速更快
APD
高出9.3%
-3.5%
净利率更高
APD
高出14.1%
7.8%
自由现金流更多
LDOS
多$802.5M
$-350.5M
两年增速更快
LDOS
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $4.2B |
| 净利润 | $678.2M | $327.0M |
| 毛利率 | 32.1% | 17.4% |
| 营业利润率 | 23.7% | 11.3% |
| 净利率 | 21.9% | 7.8% |
| 营收同比 | 5.8% | -3.5% |
| 净利润同比 | 9.8% | 15.1% |
| 每股收益（稀释后） | $3.04 | $2.54 |
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APDLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.2B | $4.2B | ||
| Q2 25 | $3.0B | $4.2B | ||
| Q1 25 | $2.9B | $4.3B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.2B | $4.2B | ||
| Q2 24 | $3.0B | $4.1B |
净利润APDLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $678.2M | $367.0M | ||
| Q3 25 | $4.9M | $391.0M | ||
| Q2 25 | $713.8M | $363.0M | ||
| Q1 25 | $-1.7B | $284.0M | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | $364.0M | ||
| Q2 24 | $696.6M | $322.0M |
毛利率APDLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 32.1% | 18.0% | ||
| Q3 25 | 32.3% | 18.0% | ||
| Q2 25 | 32.5% | 17.5% | ||
| Q1 25 | 29.6% | 15.6% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | 17.8% | ||
| Q2 24 | 32.8% | 16.6% |
营业利润率APDLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 23.7% | 12.0% | ||
| Q3 25 | 0.5% | 13.5% | ||
| Q2 25 | 26.2% | 12.5% | ||
| Q1 25 | -79.8% | 9.7% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | 12.4% | ||
| Q2 24 | 24.7% | 11.6% |
净利率APDLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 21.9% | 8.2% | ||
| Q3 25 | 0.2% | 9.2% | ||
| Q2 25 | 23.6% | 8.6% | ||
| Q1 25 | -59.3% | 6.5% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | 8.7% | ||
| Q2 24 | 23.3% | 7.8% |
每股收益（稀释后）APDLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $3.04 | $2.82 | ||
| Q3 25 | $0.03 | $3.01 | ||
| Q2 25 | $3.20 | $2.77 | ||
| Q1 25 | $-7.77 | $2.10 | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | $2.68 | ||
| Q2 24 | $3.13 | $2.37 |
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 | $1.1B |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $15.4B | $4.9B |
| 总资产 | $41.2B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资APDLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.0B | $974.0M | ||
| Q3 25 | $1.9B | $930.0M | ||
| Q2 25 | $2.3B | $842.0M | ||
| Q1 25 | $1.6B | $943.0M | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | $1.2B | ||
| Q2 24 | $2.4B | $823.0M |
总债务APDLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
股东权益APDLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $15.4B | $4.9B | ||
| Q3 25 | $15.0B | $4.7B | ||
| Q2 25 | $15.5B | $4.3B | ||
| Q1 25 | $14.7B | $4.4B | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | $4.6B | ||
| Q2 24 | $15.1B | $4.5B |
总资产APDLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $41.2B | $13.5B | ||
| Q3 25 | $41.1B | $13.5B | ||
| Q2 25 | $41.7B | $13.2B | ||
| Q1 25 | $38.9B | $13.1B | ||
| Q4 24 | $40.0B | — | ||
| Q3 24 | $39.6B | $13.3B | ||
| Q2 24 | $37.0B | $12.9B |
负债/权益比APDLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 0.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.92× |
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 | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $452.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 10.8% |
| 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× | 1.51× |
| 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APDLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $711.0M | ||
| Q2 25 | $855.8M | $58.0M | ||
| Q1 25 | $328.1M | $299.0M | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | — | $656.0M | ||
| Q2 24 | $1.3B | $374.0M |
自由现金流APDLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $680.0M | ||
| Q2 25 | $-640.0M | $36.0M | ||
| Q1 25 | $-1.6B | $213.0M | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | $633.0M | ||
| Q2 24 | $-345.2M | $351.0M |
自由现金流率APDLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | -21.2% | 0.9% | ||
| Q1 25 | -53.6% | 4.9% | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | -11.6% | 8.5% |
资本支出强度APDLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 0.7% | ||
| Q2 25 | 49.5% | 0.5% | ||
| Q1 25 | 64.9% | 2.0% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | 0.6% | ||
| Q2 24 | 53.8% | 0.6% |
现金转化率APDLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 1.82× | ||
| Q2 25 | 1.20× | 0.16× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.80× | ||
| Q2 24 | 1.81× | 1.16× |
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% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
