vs
空气化工产品公司（APD）与希悦尔（SEE）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希悦尔的2.2倍（$3.1B vs $1.4B）。空气化工产品公司净利率更高（21.9% vs 3.1%，领先18.7%）。空气化工产品公司同比增速更快（5.8% vs 2.6%）。希悦尔自由现金流更多（$257.7M 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 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
APD vs SEE — 直观对比
营收规模更大
APD
是对方的2.2倍
$1.4B
营收增速更快
APD
高出3.2%
2.6%
净利率更高
APD
高出18.7%
3.1%
自由现金流更多
SEE
多$608.2M
$-350.5M
两年增速更快
APD
近两年复合增速
2.7%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.4B |
| 净利润 | $678.2M | $43.8M |
| 毛利率 | 32.1% | 28.6% |
| 营业利润率 | 23.7% | 11.4% |
| 净利率 | 21.9% | 3.1% |
| 营收同比 | 5.8% | 2.6% |
| 净利润同比 | 9.8% | 700.0% |
| 每股收益（稀释后） | $3.04 | $0.30 |
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APDSEE
| Q4 25 | $3.1B | $1.4B | ||
| Q3 25 | $3.2B | $1.3B | ||
| Q2 25 | $3.0B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $2.9B | $1.4B | ||
| Q3 24 | $3.2B | $1.3B | ||
| Q2 24 | $3.0B | $1.3B | ||
| Q1 24 | $2.9B | $1.3B |
净利润APDSEE
| Q4 25 | $678.2M | $43.8M | ||
| Q3 25 | $4.9M | $255.1M | ||
| Q2 25 | $713.8M | $93.1M | ||
| Q1 25 | $-1.7B | $113.5M | ||
| Q4 24 | $617.4M | $-7.3M | ||
| Q3 24 | $1.9B | $91.7M | ||
| Q2 24 | $696.6M | $98.3M | ||
| Q1 24 | $572.4M | $82.0M |
毛利率APDSEE
| Q4 25 | 32.1% | 28.6% | ||
| Q3 25 | 32.3% | 29.8% | ||
| Q2 25 | 32.5% | 30.7% | ||
| Q1 25 | 29.6% | 30.9% | ||
| Q4 24 | 31.2% | 30.0% | ||
| Q3 24 | 34.0% | 30.1% | ||
| Q2 24 | 32.8% | 31.2% | ||
| Q1 24 | 32.0% | 30.3% |
营业利润率APDSEE
| Q4 25 | 23.7% | 11.4% | ||
| Q3 25 | 0.5% | 13.8% | ||
| Q2 25 | 26.2% | 15.0% | ||
| Q1 25 | -79.8% | 14.5% | ||
| Q4 24 | 22.0% | 11.7% | ||
| Q3 24 | 76.1% | 13.9% | ||
| Q2 24 | 24.7% | 15.4% | ||
| Q1 24 | 21.7% | 14.0% |
净利率APDSEE
| Q4 25 | 21.9% | 3.1% | ||
| Q3 25 | 0.2% | 19.0% | ||
| Q2 25 | 23.6% | 7.0% | ||
| Q1 25 | -59.3% | 9.0% | ||
| Q4 24 | 21.1% | -0.5% | ||
| Q3 24 | 61.2% | 6.9% | ||
| Q2 24 | 23.3% | 7.4% | ||
| Q1 24 | 19.5% | 6.2% |
每股收益（稀释后）APDSEE
| Q4 25 | $3.04 | $0.30 | ||
| Q3 25 | $0.03 | $1.73 | ||
| Q2 25 | $3.20 | $0.63 | ||
| Q1 25 | $-7.77 | $0.77 | ||
| Q4 24 | $2.77 | $-0.05 | ||
| Q3 24 | $8.75 | $0.63 | ||
| Q2 24 | $3.13 | $0.67 | ||
| Q1 24 | $2.57 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $15.4B | $1.2B |
| 总资产 | $41.2B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资APDSEE
| Q4 25 | $1.0B | $344.0M | ||
| Q3 25 | $1.9B | $282.5M | ||
| Q2 25 | $2.3B | $354.4M | ||
| Q1 25 | $1.6B | $335.2M | ||
| Q4 24 | $2.0B | $371.8M | ||
| Q3 24 | $3.0B | $386.0M | ||
| Q2 24 | $2.4B | $388.6M | ||
| Q1 24 | $2.6B | $352.8M |
总债务APDSEE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益APDSEE
| Q4 25 | $15.4B | $1.2B | ||
| Q3 25 | $15.0B | $1.2B | ||
| Q2 25 | $15.5B | $953.1M | ||
| Q1 25 | $14.7B | $797.9M | ||
| Q4 24 | $16.7B | $624.5M | ||
| Q3 24 | $17.0B | $771.2M | ||
| Q2 24 | $15.1B | $650.1M | ||
| Q1 24 | $14.9B | $598.3M |
总资产APDSEE
| Q4 25 | $41.2B | $7.0B | ||
| Q3 25 | $41.1B | $7.1B | ||
| Q2 25 | $41.7B | $7.2B | ||
| Q1 25 | $38.9B | $7.0B | ||
| Q4 24 | $40.0B | $7.0B | ||
| Q3 24 | $39.6B | $7.3B | ||
| Q2 24 | $37.0B | $7.3B | ||
| Q1 24 | $35.9B | $7.2B |
负债/权益比APDSEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $257.7M |
| 自由现金流率自由现金流/营收 | -11.3% | 18.5% |
| 资本支出强度资本支出/营收 | 40.3% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.33× | 6.70× |
| 过去12个月自由现金流最近4个季度 | — | $458.5M |
8季度趋势，按日历期对齐
经营现金流APDSEE
| Q4 25 | $900.7M | $293.6M | ||
| Q3 25 | — | $165.9M | ||
| Q2 25 | $855.8M | $136.6M | ||
| Q1 25 | $328.1M | $31.9M | ||
| Q4 24 | $811.7M | $244.2M | ||
| Q3 24 | — | $170.5M | ||
| Q2 24 | $1.3B | $188.2M | ||
| Q1 24 | $801.7M | $125.1M |
自由现金流APDSEE
| Q4 25 | $-350.5M | $257.7M | ||
| Q3 25 | — | $119.6M | ||
| Q2 25 | $-640.0M | $93.2M | ||
| Q1 25 | $-1.6B | $-12.0M | ||
| Q4 24 | $-1.3B | $185.1M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | $-345.2M | $129.5M | ||
| Q1 24 | $-867.7M | $78.0M |
自由现金流率APDSEE
| Q4 25 | -11.3% | 18.5% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | -21.2% | 7.0% | ||
| Q1 25 | -53.6% | -0.9% | ||
| Q4 24 | -44.5% | 13.6% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | -11.6% | 9.7% | ||
| Q1 24 | -29.6% | 5.9% |
资本支出强度APDSEE
| Q4 25 | 40.3% | 2.6% | ||
| Q3 25 | 47.9% | 3.4% | ||
| Q2 25 | 49.5% | 3.3% | ||
| Q1 25 | 64.9% | 3.5% | ||
| Q4 24 | 72.2% | 4.4% | ||
| Q3 24 | 65.1% | 4.1% | ||
| Q2 24 | 53.8% | 4.4% | ||
| Q1 24 | 57.0% | 3.6% |
现金转化率APDSEE
| Q4 25 | 1.33× | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | 1.20× | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | 1.81× | 1.91× | ||
| Q1 24 | 1.40× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
