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空气化工产品公司（APD）与NACCO INDUSTRIES INC（NC）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NACCO INDUSTRIES INC的46.5倍（$3.1B vs $66.8M）。空气化工产品公司净利率更高（21.9% vs -5.8%，领先27.6%）。空气化工产品公司同比增速更快（5.8% vs -5.2%）。过去两年NACCO INDUSTRIES INC的营收复合增速更高（11.9% 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。
纳科工业是一家总部位于美国俄亥俄州克利夫兰的上市控股公司，核心业务聚焦采矿与自然资源领域，旗下划分煤炭开采、北美采矿、矿产管理三大业务板块。其中煤炭开采板块采用服务型商业模式，依据长期合约为发电企业及活性炭生产商运营露天煤矿。
APD vs NC — 直观对比
营收规模更大
APD
是对方的46.5倍
$66.8M
营收增速更快
APD
高出11.0%
-5.2%
净利率更高
APD
高出27.6%
-5.8%
两年增速更快
NC
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $66.8M |
| 净利润 | $678.2M | $-3.8M |
| 毛利率 | 32.1% | 18.0% |
| 营业利润率 | 23.7% | 11.3% |
| 净利率 | 21.9% | -5.8% |
| 营收同比 | 5.8% | -5.2% |
| 净利润同比 | 9.8% | -150.8% |
| 每股收益（稀释后） | $3.04 | $-0.53 |
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APDNC
| Q4 25 | $3.1B | $66.8M | ||
| Q3 25 | $3.2B | $76.6M | ||
| Q2 25 | $3.0B | $68.2M | ||
| Q1 25 | $2.9B | $65.6M | ||
| Q4 24 | $2.9B | $70.4M | ||
| Q3 24 | $3.2B | $61.7M | ||
| Q2 24 | $3.0B | $52.3M | ||
| Q1 24 | $2.9B | $53.3M |
净利润APDNC
| Q4 25 | $678.2M | $-3.8M | ||
| Q3 25 | $4.9M | $13.3M | ||
| Q2 25 | $713.8M | $3.3M | ||
| Q1 25 | $-1.7B | $4.9M | ||
| Q4 24 | $617.4M | $7.6M | ||
| Q3 24 | $1.9B | $15.6M | ||
| Q2 24 | $696.6M | $6.0M | ||
| Q1 24 | $572.4M | $4.6M |
毛利率APDNC
| Q4 25 | 32.1% | 18.0% | ||
| Q3 25 | 32.3% | 13.0% | ||
| Q2 25 | 32.5% | 10.0% | ||
| Q1 25 | 29.6% | 14.7% | ||
| Q4 24 | 31.2% | 12.0% | ||
| Q3 24 | 34.0% | 11.7% | ||
| Q2 24 | 32.8% | 13.4% | ||
| Q1 24 | 32.0% | 13.2% |
营业利润率APDNC
| Q4 25 | 23.7% | 11.3% | ||
| Q3 25 | 0.5% | 8.8% | ||
| Q2 25 | 26.2% | -0.1% | ||
| Q1 25 | -79.8% | 11.7% | ||
| Q4 24 | 22.0% | 5.5% | ||
| Q3 24 | 76.1% | 31.9% | ||
| Q2 24 | 24.7% | 14.1% | ||
| Q1 24 | 21.7% | 8.9% |
净利率APDNC
| Q4 25 | 21.9% | -5.8% | ||
| Q3 25 | 0.2% | 17.3% | ||
| Q2 25 | 23.6% | 4.8% | ||
| Q1 25 | -59.3% | 7.5% | ||
| Q4 24 | 21.1% | 10.7% | ||
| Q3 24 | 61.2% | 25.4% | ||
| Q2 24 | 23.3% | 11.4% | ||
| Q1 24 | 19.5% | 8.6% |
每股收益（稀释后）APDNC
| Q4 25 | $3.04 | $-0.53 | ||
| Q3 25 | $0.03 | $1.78 | ||
| Q2 25 | $3.20 | $0.44 | ||
| Q1 25 | $-7.77 | $0.66 | ||
| Q4 24 | $2.77 | $0.99 | ||
| Q3 24 | $8.75 | $2.14 | ||
| Q2 24 | $3.13 | $0.81 | ||
| Q1 24 | $2.57 | $0.61 |
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 | $49.7M |
| 总债务越低越好 | — | $100.8M |
| 股东权益账面价值 | $15.4B | $429.2M |
| 总资产 | $41.2B | $661.2M |
| 负债/权益比越低杠杆越低 | — | 0.23× |
8季度趋势，按日历期对齐
现金及短期投资APDNC
| Q4 25 | $1.0B | $49.7M | ||
| Q3 25 | $1.9B | $52.7M | ||
| Q2 25 | $2.3B | $49.4M | ||
| Q1 25 | $1.6B | $61.9M | ||
| Q4 24 | $2.0B | $72.8M | ||
| Q3 24 | $3.0B | $63.1M | ||
| Q2 24 | $2.4B | $62.4M | ||
| Q1 24 | $2.6B | $61.8M |
总债务APDNC
| Q4 25 | — | $100.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $99.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $29.0M | ||
| Q1 24 | — | $28.4M |
股东权益APDNC
| Q4 25 | $15.4B | $429.2M | ||
| Q3 25 | $15.0B | $426.4M | ||
| Q2 25 | $15.5B | $413.1M | ||
| Q1 25 | $14.7B | $409.1M | ||
| Q4 24 | $16.7B | $404.9M | ||
| Q3 24 | $17.0B | $397.3M | ||
| Q2 24 | $15.1B | $384.1M | ||
| Q1 24 | $14.9B | $381.6M |
总资产APDNC
| Q4 25 | $41.2B | $661.2M | ||
| Q3 25 | $41.1B | $637.6M | ||
| Q2 25 | $41.7B | $631.3M | ||
| Q1 25 | $38.9B | $634.2M | ||
| Q4 24 | $40.0B | $631.7M | ||
| Q3 24 | $39.6B | $597.4M | ||
| Q2 24 | $37.0B | $560.1M | ||
| Q1 24 | $35.9B | $538.0M |
负债/权益比APDNC
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.07× |
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 | $11.4M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | — |
| 自由现金流率自由现金流/营收 | -11.3% | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流APDNC
| Q4 25 | $900.7M | $11.4M | ||
| Q3 25 | — | $42.3M | ||
| Q2 25 | $855.8M | $-7.8M | ||
| Q1 25 | $328.1M | $5.0M | ||
| Q4 24 | $811.7M | $25.2M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | $1.3B | $4.1M | ||
| Q1 24 | $801.7M | $-9.8M |
自由现金流APDNC
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
自由现金流率APDNC
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
资本支出强度APDNC
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
现金转化率APDNC
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 3.19× | ||
| Q2 25 | 1.20× | -2.39× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | 1.31× | 3.33× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | 1.81× | 0.68× | ||
| Q1 24 | 1.40× | -2.14× |
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% |
NC
| Transferred Over Time | $42.7M | 64% |
| Transferred At Point In Time | $24.1M | 36% |
