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空气化工产品公司（APD）与美世（MERC）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美世的6.9倍（$3.1B vs $449.5M）。空气化工产品公司净利率更高（21.9% vs -68.7%，领先90.5%）。空气化工产品公司同比增速更快（5.8% vs -8.0%）。美世自由现金流更多（$32.0M 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 -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
APD vs MERC — 直观对比
营收规模更大
APD
是对方的6.9倍
$449.5M
营收增速更快
APD
高出13.8%
-8.0%
净利率更高
APD
高出90.5%
-68.7%
自由现金流更多
MERC
多$382.5M
$-350.5M
两年增速更快
APD
近两年复合增速
-9.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $449.5M |
| 净利润 | $678.2M | $-308.7M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | -62.0% |
| 净利率 | 21.9% | -68.7% |
| 营收同比 | 5.8% | -8.0% |
| 净利润同比 | 9.8% | -1947.7% |
| 每股收益（稀释后） | $3.04 | $-4.61 |
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APDMERC
| Q4 25 | $3.1B | $449.5M | ||
| Q3 25 | $3.2B | $458.1M | ||
| Q2 25 | $3.0B | $453.5M | ||
| Q1 25 | $2.9B | $507.0M | ||
| Q4 24 | $2.9B | $488.4M | ||
| Q3 24 | $3.2B | $502.1M | ||
| Q2 24 | $3.0B | $499.4M | ||
| Q1 24 | $2.9B | $553.4M |
净利润APDMERC
| Q4 25 | $678.2M | $-308.7M | ||
| Q3 25 | $4.9M | $-80.8M | ||
| Q2 25 | $713.8M | $-86.1M | ||
| Q1 25 | $-1.7B | $-22.3M | ||
| Q4 24 | $617.4M | $16.7M | ||
| Q3 24 | $1.9B | $-17.6M | ||
| Q2 24 | $696.6M | $-67.6M | ||
| Q1 24 | $572.4M | $-16.7M |
毛利率APDMERC
| 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APDMERC
| Q4 25 | 23.7% | -62.0% | ||
| Q3 25 | 0.5% | -14.8% | ||
| Q2 25 | 26.2% | -12.9% | ||
| Q1 25 | -79.8% | 1.3% | ||
| Q4 24 | 22.0% | 10.3% | ||
| Q3 24 | 76.1% | 1.8% | ||
| Q2 24 | 24.7% | -8.8% | ||
| Q1 24 | 21.7% | -0.1% |
净利率APDMERC
| Q4 25 | 21.9% | -68.7% | ||
| Q3 25 | 0.2% | -17.6% | ||
| Q2 25 | 23.6% | -19.0% | ||
| Q1 25 | -59.3% | -4.4% | ||
| Q4 24 | 21.1% | 3.4% | ||
| Q3 24 | 61.2% | -3.5% | ||
| Q2 24 | 23.3% | -13.5% | ||
| Q1 24 | 19.5% | -3.0% |
每股收益（稀释后）APDMERC
| Q4 25 | $3.04 | $-4.61 | ||
| Q3 25 | $0.03 | $-1.21 | ||
| Q2 25 | $3.20 | $-1.29 | ||
| Q1 25 | $-7.77 | $-0.33 | ||
| Q4 24 | $2.77 | $0.25 | ||
| Q3 24 | $8.75 | $-0.26 | ||
| Q2 24 | $3.13 | $-1.01 | ||
| Q1 24 | $2.57 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $15.4B | $68.1M |
| 总资产 | $41.2B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资APDMERC
| Q4 25 | $1.0B | $186.8M | ||
| Q3 25 | $1.9B | $98.1M | ||
| Q2 25 | $2.3B | $146.5M | ||
| Q1 25 | $1.6B | $181.5M | ||
| Q4 24 | $2.0B | $184.9M | ||
| Q3 24 | $3.0B | $239.0M | ||
| Q2 24 | $2.4B | $263.2M | ||
| Q1 24 | $2.6B | $274.3M |
总债务APDMERC
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益APDMERC
| Q4 25 | $15.4B | $68.1M | ||
| Q3 25 | $15.0B | $359.5M | ||
| Q2 25 | $15.5B | $446.5M | ||
| Q1 25 | $14.7B | $437.4M | ||
| Q4 24 | $16.7B | $429.8M | ||
| Q3 24 | $17.0B | $516.8M | ||
| Q2 24 | $15.1B | $487.7M | ||
| Q1 24 | $14.9B | $573.6M |
总资产APDMERC
| Q4 25 | $41.2B | $2.0B | ||
| Q3 25 | $41.1B | $2.3B | ||
| Q2 25 | $41.7B | $2.4B | ||
| Q1 25 | $38.9B | $2.3B | ||
| Q4 24 | $40.0B | $2.3B | ||
| Q3 24 | $39.6B | $2.5B | ||
| Q2 24 | $37.0B | $2.5B | ||
| Q1 24 | $35.9B | $2.6B |
负债/权益比APDMERC
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× | ||
| Q1 24 | — | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $32.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 7.1% |
| 资本支出强度资本支出/营收 | 40.3% | 3.1% |
| 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 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流APDMERC
| Q4 25 | $900.7M | $46.2M | ||
| Q3 25 | — | $-30.1M | ||
| Q2 25 | $855.8M | $-4.5M | ||
| Q1 25 | $328.1M | $-3.0M | ||
| Q4 24 | $811.7M | $71.2M | ||
| Q3 24 | — | $-13.9M | ||
| Q2 24 | $1.3B | $62.2M | ||
| Q1 24 | $801.7M | $-29.2M |
自由现金流APDMERC
| Q4 25 | $-350.5M | $32.0M | ||
| Q3 25 | — | $-60.1M | ||
| Q2 25 | $-640.0M | $-28.9M | ||
| Q1 25 | $-1.6B | $-23.1M | ||
| Q4 24 | $-1.3B | $50.4M | ||
| Q3 24 | — | $-41.2M | ||
| Q2 24 | $-345.2M | $44.3M | ||
| Q1 24 | $-867.7M | $-47.7M |
自由现金流率APDMERC
| Q4 25 | -11.3% | 7.1% | ||
| Q3 25 | — | -13.1% | ||
| Q2 25 | -21.2% | -6.4% | ||
| Q1 25 | -53.6% | -4.6% | ||
| Q4 24 | -44.5% | 10.3% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | -11.6% | 8.9% | ||
| Q1 24 | -29.6% | -8.6% |
资本支出强度APDMERC
| Q4 25 | 40.3% | 3.1% | ||
| Q3 25 | 47.9% | 6.6% | ||
| Q2 25 | 49.5% | 5.4% | ||
| Q1 25 | 64.9% | 4.0% | ||
| Q4 24 | 72.2% | 4.2% | ||
| Q3 24 | 65.1% | 5.4% | ||
| Q2 24 | 53.8% | 3.6% | ||
| Q1 24 | 57.0% | 3.3% |
现金转化率APDMERC
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | — | ||
| 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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
