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空气化工产品公司（APD）与Mueller Water Products, Inc.（MWA）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Mueller Water Products, Inc.的9.8倍（$3.1B vs $318.2M）。空气化工产品公司净利率更高（21.9% vs 13.6%，领先8.3%）。空气化工产品公司同比增速更快（5.8% vs 4.6%）。Mueller Water Products, Inc.自由现金流更多（$44.0M 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 -5.1%）
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。
穆勒水业（Mueller Water Products, Inc.）是总部位于美国佐治亚州亚特兰大的上市企业，为北美规模顶尖的消防栓、闸阀及其他水务基础设施产品生产商与分销商之一，旗下设有Mueller Co.和Mueller Technologies两大业务单元，运营包括Echologics、Mueller Systems在内的十余个品牌及关联主体。
APD vs MWA — 直观对比
营收规模更大
APD
是对方的9.8倍
$318.2M
营收增速更快
APD
高出1.3%
4.6%
净利率更高
APD
高出8.3%
13.6%
自由现金流更多
MWA
多$394.5M
$-350.5M
两年增速更快
APD
近两年复合增速
-5.1%
损益表 — Q1 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $318.2M |
| 净利润 | $678.2M | $43.2M |
| 毛利率 | 32.1% | 37.6% |
| 营业利润率 | 23.7% | 17.8% |
| 净利率 | 21.9% | 13.6% |
| 营收同比 | 5.8% | 4.6% |
| 净利润同比 | 9.8% | 22.4% |
| 每股收益（稀释后） | $3.04 | $0.27 |
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APDMWA
| Q4 25 | $3.1B | $318.2M | ||
| Q3 25 | $3.2B | $380.8M | ||
| Q2 25 | $3.0B | $380.3M | ||
| Q1 25 | $2.9B | $364.3M | ||
| Q4 24 | $2.9B | $304.3M | ||
| Q3 24 | $3.2B | $348.2M | ||
| Q2 24 | $3.0B | $356.7M | ||
| Q1 24 | $2.9B | $353.4M |
净利润APDMWA
| Q4 25 | $678.2M | $43.2M | ||
| Q3 25 | $4.9M | $52.6M | ||
| Q2 25 | $713.8M | $52.5M | ||
| Q1 25 | $-1.7B | $51.3M | ||
| Q4 24 | $617.4M | $35.3M | ||
| Q3 24 | $1.9B | $10.0M | ||
| Q2 24 | $696.6M | $47.3M | ||
| Q1 24 | $572.4M | $44.3M |
毛利率APDMWA
| Q4 25 | 32.1% | 37.6% | ||
| Q3 25 | 32.3% | 36.8% | ||
| Q2 25 | 32.5% | 38.3% | ||
| Q1 25 | 29.6% | 35.1% | ||
| Q4 24 | 31.2% | 33.8% | ||
| Q3 24 | 34.0% | 31.8% | ||
| Q2 24 | 32.8% | 36.8% | ||
| Q1 24 | 32.0% | 36.9% |
营业利润率APDMWA
| Q4 25 | 23.7% | 17.8% | ||
| Q3 25 | 0.5% | 18.3% | ||
| Q2 25 | 26.2% | 19.4% | ||
| Q1 25 | -79.8% | 19.2% | ||
| Q4 24 | 22.0% | 15.6% | ||
| Q3 24 | 76.1% | 8.2% | ||
| Q2 24 | 24.7% | 18.8% | ||
| Q1 24 | 21.7% | 18.0% |
净利率APDMWA
| Q4 25 | 21.9% | 13.6% | ||
| Q3 25 | 0.2% | 13.8% | ||
| Q2 25 | 23.6% | 13.8% | ||
| Q1 25 | -59.3% | 14.1% | ||
| Q4 24 | 21.1% | 11.6% | ||
| Q3 24 | 61.2% | 2.9% | ||
| Q2 24 | 23.3% | 13.3% | ||
| Q1 24 | 19.5% | 12.5% |
每股收益（稀释后）APDMWA
| Q4 25 | $3.04 | $0.27 | ||
| Q3 25 | $0.03 | $0.34 | ||
| Q2 25 | $3.20 | $0.33 | ||
| Q1 25 | $-7.77 | $0.33 | ||
| Q4 24 | $2.77 | $0.22 | ||
| Q3 24 | $8.75 | $0.07 | ||
| Q2 24 | $3.13 | $0.30 | ||
| Q1 24 | $2.57 | $0.28 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $1.0B |
| 总资产 | $41.2B | $1.8B |
| 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APDMWA
| 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 | — | ||
| Q1 24 | $2.6B | — |
股东权益APDMWA
| Q4 25 | $15.4B | $1.0B | ||
| Q3 25 | $15.0B | $981.7M | ||
| Q2 25 | $15.5B | $929.0M | ||
| Q1 25 | $14.7B | $873.6M | ||
| Q4 24 | $16.7B | $834.1M | ||
| Q3 24 | $17.0B | $810.1M | ||
| Q2 24 | $15.1B | $791.6M | ||
| Q1 24 | $14.9B | $754.5M |
总资产APDMWA
| Q4 25 | $41.2B | $1.8B | ||
| Q3 25 | $41.1B | $1.8B | ||
| Q2 25 | $41.7B | $1.7B | ||
| Q1 25 | $38.9B | $1.7B | ||
| Q4 24 | $40.0B | $1.6B | ||
| Q3 24 | $39.6B | $1.6B | ||
| Q2 24 | $37.0B | $1.6B | ||
| Q1 24 | $35.9B | $1.5B |
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 | $61.2M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $44.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 13.8% |
| 资本支出强度资本支出/营收 | 40.3% | 5.4% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.42× |
| 过去12个月自由现金流最近4个季度 | — | $173.8M |
8季度趋势，按日历期对齐
经营现金流APDMWA
| Q4 25 | $900.7M | $61.2M | ||
| Q3 25 | — | $83.5M | ||
| Q2 25 | $855.8M | $67.4M | ||
| Q1 25 | $328.1M | $14.3M | ||
| Q4 24 | $811.7M | $54.1M | ||
| Q3 24 | — | $89.3M | ||
| Q2 24 | $1.3B | $87.3M | ||
| Q1 24 | $801.7M | $-5.7M |
自由现金流APDMWA
| Q4 25 | $-350.5M | $44.0M | ||
| Q3 25 | — | $69.0M | ||
| Q2 25 | $-640.0M | $55.7M | ||
| Q1 25 | $-1.6B | $5.1M | ||
| Q4 24 | $-1.3B | $42.2M | ||
| Q3 24 | — | $69.9M | ||
| Q2 24 | $-345.2M | $75.1M | ||
| Q1 24 | $-867.7M | $-15.8M |
自由现金流率APDMWA
| Q4 25 | -11.3% | 13.8% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | -21.2% | 14.6% | ||
| Q1 25 | -53.6% | 1.4% | ||
| Q4 24 | -44.5% | 13.9% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | -11.6% | 21.1% | ||
| Q1 24 | -29.6% | -4.5% |
资本支出强度APDMWA
| Q4 25 | 40.3% | 5.4% | ||
| Q3 25 | 47.9% | 3.8% | ||
| Q2 25 | 49.5% | 3.1% | ||
| Q1 25 | 64.9% | 2.5% | ||
| Q4 24 | 72.2% | 3.9% | ||
| Q3 24 | 65.1% | 5.6% | ||
| Q2 24 | 53.8% | 3.4% | ||
| Q1 24 | 57.0% | 2.9% |
现金转化率APDMWA
| Q4 25 | 1.33× | 1.42× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | 1.20× | 1.28× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 1.31× | 1.53× | ||
| Q3 24 | — | 8.93× | ||
| Q2 24 | 1.81× | 1.85× | ||
| Q1 24 | 1.40× | -0.13× |
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% |
MWA
| Water Flow Solutions | $173.0M | 54% |
| Water Management Solutions | $145.2M | 46% |
