vs
空气化工产品公司（APD）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是空气化工产品公司的1.9倍（$6.0B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 10.8%，领先11.0%），空气化工产品公司同比增速更快（5.8% vs 1.3%），3M自由现金流更多（$2.0B 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 -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
APD vs MMM — 直观对比
营收规模更大
MMM
是对方的1.9倍
$3.1B
营收增速更快
APD
高出4.5%
1.3%
净利率更高
APD
高出11.0%
10.8%
自由现金流更多
MMM
多$2.4B
$-350.5M
两年增速更快
APD
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $6.0B |
| 净利润 | $678.2M | $653.0M |
| 毛利率 | 32.1% | 40.7% |
| 营业利润率 | 23.7% | 23.2% |
| 净利率 | 21.9% | 10.8% |
| 营收同比 | 5.8% | 1.3% |
| 净利润同比 | 9.8% | -41.5% |
| 每股收益（稀释后） | $3.04 | $1.23 |
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APDMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $3.1B | $6.1B | ||
| Q3 25 | $3.2B | $6.5B | ||
| Q2 25 | $3.0B | $6.3B | ||
| Q1 25 | $2.9B | $6.0B | ||
| Q4 24 | $2.9B | $6.0B | ||
| Q3 24 | $3.2B | $6.3B | ||
| Q2 24 | $3.0B | $6.3B |
净利润APDMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $678.2M | $577.0M | ||
| Q3 25 | $4.9M | $834.0M | ||
| Q2 25 | $713.8M | $723.0M | ||
| Q1 25 | $-1.7B | $1.1B | ||
| Q4 24 | $617.4M | $728.0M | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $696.6M | $1.1B |
毛利率APDMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 32.1% | 33.6% | ||
| Q3 25 | 32.3% | 41.8% | ||
| Q2 25 | 32.5% | 42.5% | ||
| Q1 25 | 29.6% | 41.6% | ||
| Q4 24 | 31.2% | 51.7% | ||
| Q3 24 | 34.0% | 42.1% | ||
| Q2 24 | 32.8% | 42.9% |
营业利润率APDMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 23.7% | 13.0% | ||
| Q3 25 | 0.5% | 22.2% | ||
| Q2 25 | 26.2% | 18.0% | ||
| Q1 25 | -79.8% | 20.9% | ||
| Q4 24 | 22.0% | 12.2% | ||
| Q3 24 | 76.1% | 20.9% | ||
| Q2 24 | 24.7% | 20.3% |
净利率APDMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 21.9% | 9.4% | ||
| Q3 25 | 0.2% | 12.8% | ||
| Q2 25 | 23.6% | 11.4% | ||
| Q1 25 | -59.3% | 18.7% | ||
| Q4 24 | 21.1% | 12.1% | ||
| Q3 24 | 61.2% | 21.8% | ||
| Q2 24 | 23.3% | 18.3% |
每股收益（稀释后）APDMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $3.04 | $1.07 | ||
| Q3 25 | $0.03 | $1.55 | ||
| Q2 25 | $3.20 | $1.34 | ||
| Q1 25 | $-7.77 | $2.04 | ||
| Q4 24 | $2.77 | $1.33 | ||
| Q3 24 | $8.75 | $2.48 | ||
| Q2 24 | $3.13 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | — | $10.9B |
| 股东权益账面价值 | $15.4B | $3.3B |
| 总资产 | $41.2B | $35.4B |
| 负债/权益比越低杠杆越低 | — | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资APDMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — |
总债务APDMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | — | $12.6B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | — | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益APDMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $15.4B | $4.7B | ||
| Q3 25 | $15.0B | $4.6B | ||
| Q2 25 | $15.5B | $4.3B | ||
| Q1 25 | $14.7B | $4.5B | ||
| Q4 24 | $16.7B | $3.8B | ||
| Q3 24 | $17.0B | $4.6B | ||
| Q2 24 | $15.1B | $3.9B |
总资产APDMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $41.2B | $37.7B | ||
| Q3 25 | $41.1B | $37.6B | ||
| Q2 25 | $41.7B | $38.0B | ||
| Q1 25 | $38.9B | $40.0B | ||
| Q4 24 | $40.0B | $39.9B | ||
| Q3 24 | $39.6B | $40.9B | ||
| Q2 24 | $37.0B | $43.4B |
负债/权益比APDMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | — | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $2.0B |
| 自由现金流率自由现金流/营收 | -11.3% | 33.6% |
| 资本支出强度资本支出/营收 | 40.3% | — |
| 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 | — | $3.7B |
8季度趋势，按日历期对齐
经营现金流APDMMM
| Q1 26 | — | — | ||
| Q4 25 | $900.7M | $1.6B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $855.8M | $-954.0M | ||
| Q1 25 | $328.1M | $-79.0M | ||
| Q4 24 | $811.7M | $1.8B | ||
| Q3 24 | — | $-1.8B | ||
| Q2 24 | $1.3B | $1.0B |
自由现金流APDMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-350.5M | $1.3B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | $-640.0M | $-1.2B | ||
| Q1 25 | $-1.6B | $-315.0M | ||
| Q4 24 | $-1.3B | $1.5B | ||
| Q3 24 | — | $-2.0B | ||
| Q2 24 | $-345.2M | $752.0M |
自由现金流率APDMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | -11.3% | 21.8% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | -21.2% | -18.3% | ||
| Q1 25 | -53.6% | -5.3% | ||
| Q4 24 | -44.5% | 25.4% | ||
| Q3 24 | — | -32.3% | ||
| Q2 24 | -11.6% | 12.0% |
资本支出强度APDMMM
| Q1 26 | — | — | ||
| Q4 25 | 40.3% | 4.0% | ||
| Q3 25 | 47.9% | 3.3% | ||
| Q2 25 | 49.5% | 3.3% | ||
| Q1 25 | 64.9% | 4.0% | ||
| Q4 24 | 72.2% | 4.8% | ||
| Q3 24 | 65.1% | 3.9% | ||
| Q2 24 | 53.8% | 4.3% |
现金转化率APDMMM
| Q1 26 | — | — | ||
| Q4 25 | 1.33× | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | 1.20× | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | 1.31× | 2.50× | ||
| Q3 24 | — | -1.30× | ||
| Q2 24 | 1.81× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
