vs
空气化工产品公司（APD）与RESIDEO TECHNOLOGIES, INC.（REZI）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RESIDEO TECHNOLOGIES, INC.的1.6倍（$3.1B vs $1.9B），空气化工产品公司净利率更高（21.9% vs 7.2%，领先14.7%），空气化工产品公司同比增速更快（5.8% vs 2.0%），RESIDEO TECHNOLOGIES, INC.自由现金流更多（$262.0M vs $-350.5M），过去两年RESIDEO TECHNOLOGIES, INC.的营收复合增速更高（12.9% 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。
Resideo Technologies是2018年从霍尼韦尔分拆成立的美国跨国企业，主营住宅场景的温控、空气质量调节、湿度控制及安防系统，业务覆盖美国及全球市场。公司下设产品、分销两大业务板块，生产销售温度照明控制、安防、水气监测等智能家居硬件及配套软件产品。
APD vs REZI — 直观对比
营收规模更大
APD
是对方的1.6倍
$1.9B
营收增速更快
APD
高出3.8%
2.0%
净利率更高
APD
高出14.7%
7.2%
自由现金流更多
REZI
多$612.5M
$-350.5M
两年增速更快
REZI
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.9B |
| 净利润 | $678.2M | $136.0M |
| 毛利率 | 32.1% | 29.6% |
| 营业利润率 | 23.7% | 7.4% |
| 净利率 | 21.9% | 7.2% |
| 营收同比 | 5.8% | 2.0% |
| 净利润同比 | 9.8% | 491.3% |
| 每股收益（稀释后） | $3.04 | $0.99 |
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APDREZI
| Q4 25 | $3.1B | $1.9B | ||
| Q3 25 | $3.2B | $1.9B | ||
| Q2 25 | $3.0B | $1.9B | ||
| Q1 25 | $2.9B | $1.8B | ||
| Q4 24 | $2.9B | $1.9B | ||
| Q3 24 | $3.2B | $1.8B | ||
| Q2 24 | $3.0B | $1.6B | ||
| Q1 24 | $2.9B | $1.5B |
净利润APDREZI
| Q4 25 | $678.2M | $136.0M | ||
| Q3 25 | $4.9M | $156.0M | ||
| Q2 25 | $713.8M | $-825.0M | ||
| Q1 25 | $-1.7B | $6.0M | ||
| Q4 24 | $617.4M | $23.0M | ||
| Q3 24 | $1.9B | $20.0M | ||
| Q2 24 | $696.6M | $30.0M | ||
| Q1 24 | $572.4M | $43.0M |
毛利率APDREZI
| Q4 25 | 32.1% | 29.6% | ||
| Q3 25 | 32.3% | 29.8% | ||
| Q2 25 | 32.5% | 29.3% | ||
| Q1 25 | 29.6% | 28.9% | ||
| Q4 24 | 31.2% | 28.5% | ||
| Q3 24 | 34.0% | 28.7% | ||
| Q2 24 | 32.8% | 28.1% | ||
| Q1 24 | 32.0% | 26.9% |
营业利润率APDREZI
| Q4 25 | 23.7% | 7.4% | ||
| Q3 25 | 0.5% | 8.3% | ||
| Q2 25 | 26.2% | 9.1% | ||
| Q1 25 | -79.8% | 7.7% | ||
| Q4 24 | 22.0% | 7.8% | ||
| Q3 24 | 76.1% | 6.9% | ||
| Q2 24 | 24.7% | 7.7% | ||
| Q1 24 | 21.7% | 8.6% |
净利率APDREZI
| Q4 25 | 21.9% | 7.2% | ||
| Q3 25 | 0.2% | 8.4% | ||
| Q2 25 | 23.6% | -42.5% | ||
| Q1 25 | -59.3% | 0.3% | ||
| Q4 24 | 21.1% | 1.2% | ||
| Q3 24 | 61.2% | 1.1% | ||
| Q2 24 | 23.3% | 1.9% | ||
| Q1 24 | 19.5% | 2.9% |
每股收益（稀释后）APDREZI
| Q4 25 | $3.04 | $0.99 | ||
| Q3 25 | $0.03 | $0.85 | ||
| Q2 25 | $3.20 | $-5.59 | ||
| Q1 25 | $-7.77 | $-0.02 | ||
| Q4 24 | $2.77 | $0.06 | ||
| Q3 24 | $8.75 | $0.07 | ||
| Q2 24 | $3.13 | $0.19 | ||
| Q1 24 | $2.57 | $0.29 |
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 | $661.0M |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $15.4B | $2.9B |
| 总资产 | $41.2B | $8.4B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资APDREZI
| Q4 25 | $1.0B | $661.0M | ||
| Q3 25 | $1.9B | $345.0M | ||
| Q2 25 | $2.3B | $753.0M | ||
| Q1 25 | $1.6B | $577.0M | ||
| Q4 24 | $2.0B | $692.0M | ||
| Q3 24 | $3.0B | $531.0M | ||
| Q2 24 | $2.4B | $413.0M | ||
| Q1 24 | $2.6B | $603.0M |
总债务APDREZI
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.4B |
股东权益APDREZI
| Q4 25 | $15.4B | $2.9B | ||
| Q3 25 | $15.0B | $2.8B | ||
| Q2 25 | $15.5B | $2.6B | ||
| Q1 25 | $14.7B | $3.3B | ||
| Q4 24 | $16.7B | $3.3B | ||
| Q3 24 | $17.0B | $3.4B | ||
| Q2 24 | $15.1B | $3.3B | ||
| Q1 24 | $14.9B | $2.8B |
总资产APDREZI
| Q4 25 | $41.2B | $8.4B | ||
| Q3 25 | $41.1B | $8.2B | ||
| Q2 25 | $41.7B | $8.5B | ||
| Q1 25 | $38.9B | $8.1B | ||
| Q4 24 | $40.0B | $8.2B | ||
| Q3 24 | $39.6B | $8.1B | ||
| Q2 24 | $37.0B | $8.0B | ||
| Q1 24 | $35.9B | $6.5B |
负债/权益比APDREZI
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.60× | ||
| Q2 24 | — | 0.61× | ||
| Q1 24 | — | 0.51× |
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 | $299.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $262.0M |
| 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% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.33× | 2.20× |
| 过去12个月自由现金流最近4个季度 | — | $-1.3B |
8季度趋势，按日历期对齐
经营现金流APDREZI
| Q4 25 | $900.7M | $299.0M | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | $855.8M | $200.0M | ||
| Q1 25 | $328.1M | $-65.0M | ||
| Q4 24 | $811.7M | $203.0M | ||
| Q3 24 | — | $147.0M | ||
| Q2 24 | $1.3B | $92.0M | ||
| Q1 24 | $801.7M | $2.0M |
自由现金流APDREZI
| Q4 25 | $-350.5M | $262.0M | ||
| Q3 25 | — | $-1.6B | ||
| Q2 25 | $-640.0M | $180.0M | ||
| Q1 25 | $-1.6B | $-96.0M | ||
| Q4 24 | $-1.3B | $181.0M | ||
| Q3 24 | — | $125.0M | ||
| Q2 24 | $-345.2M | $77.0M | ||
| Q1 24 | $-867.7M | $-19.0M |
自由现金流率APDREZI
| Q4 25 | -11.3% | 13.8% | ||
| Q3 25 | — | -85.8% | ||
| Q2 25 | -21.2% | 9.3% | ||
| Q1 25 | -53.6% | -5.4% | ||
| Q4 24 | -44.5% | 9.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | -11.6% | 4.8% | ||
| Q1 24 | -29.6% | -1.3% |
资本支出强度APDREZI
| Q4 25 | 40.3% | 2.0% | ||
| Q3 25 | 47.9% | 1.5% | ||
| Q2 25 | 49.5% | 1.0% | ||
| Q1 25 | 64.9% | 1.8% | ||
| Q4 24 | 72.2% | 1.2% | ||
| Q3 24 | 65.1% | 1.2% | ||
| Q2 24 | 53.8% | 0.9% | ||
| Q1 24 | 57.0% | 1.4% |
现金转化率APDREZI
| Q4 25 | 1.33× | 2.20× | ||
| Q3 25 | — | -10.07× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | -10.83× | ||
| Q4 24 | 1.31× | 8.83× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | 1.81× | 3.07× | ||
| Q1 24 | 1.40× | 0.05× |
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% |
REZI
| ADI Global Distribution Segment | $1.2B | 62% |
| Safety And Security | $257.0M | 14% |
| Air | $211.0M | 11% |
| Energy Service | $153.0M | 8% |
| Public Utilities Inventory Water | $91.0M | 5% |
