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空气化工产品公司（APD）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是空气化工产品公司的1.2倍（$3.7B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 20.2%，领先1.6%），SHOPIFY INC.同比增速更快（30.6% vs 5.8%），SHOPIFY INC.自由现金流更多（$715.0M vs $-350.5M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
APD vs SHOP — 直观对比
营收规模更大
SHOP
是对方的1.2倍
$3.1B
营收增速更快
SHOP
高出24.8%
5.8%
净利率更高
APD
高出1.6%
20.2%
自由现金流更多
SHOP
多$1.1B
$-350.5M
两年增速更快
SHOP
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $3.7B |
| 净利润 | $678.2M | $743.0M |
| 毛利率 | 32.1% | 46.1% |
| 营业利润率 | 23.7% | 17.2% |
| 净利率 | 21.9% | 20.2% |
| 营收同比 | 5.8% | 30.6% |
| 净利润同比 | 9.8% | -42.5% |
| 每股收益（稀释后） | $3.04 | $0.58 |
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APDSHOP
| Q4 25 | $3.1B | $3.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.0B | $2.7B | ||
| Q1 25 | $2.9B | $2.4B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.0B | $2.0B | ||
| Q1 24 | $2.9B | $1.9B |
净利润APDSHOP
| Q4 25 | $678.2M | $743.0M | ||
| Q3 25 | $4.9M | $264.0M | ||
| Q2 25 | $713.8M | $906.0M | ||
| Q1 25 | $-1.7B | $-682.0M | ||
| Q4 24 | $617.4M | $1.3B | ||
| Q3 24 | $1.9B | $828.0M | ||
| Q2 24 | $696.6M | $171.0M | ||
| Q1 24 | $572.4M | $-273.0M |
毛利率APDSHOP
| Q4 25 | 32.1% | 46.1% | ||
| Q3 25 | 32.3% | 48.9% | ||
| Q2 25 | 32.5% | 48.6% | ||
| Q1 25 | 29.6% | 49.5% | ||
| Q4 24 | 31.2% | 48.1% | ||
| Q3 24 | 34.0% | 51.7% | ||
| Q2 24 | 32.8% | 51.1% | ||
| Q1 24 | 32.0% | 51.4% |
营业利润率APDSHOP
| Q4 25 | 23.7% | 17.2% | ||
| Q3 25 | 0.5% | 12.1% | ||
| Q2 25 | 26.2% | 10.9% | ||
| Q1 25 | -79.8% | 8.6% | ||
| Q4 24 | 22.0% | 16.5% | ||
| Q3 24 | 76.1% | 13.1% | ||
| Q2 24 | 24.7% | 11.8% | ||
| Q1 24 | 21.7% | 4.6% |
净利率APDSHOP
| Q4 25 | 21.9% | 20.2% | ||
| Q3 25 | 0.2% | 9.3% | ||
| Q2 25 | 23.6% | 33.8% | ||
| Q1 25 | -59.3% | -28.9% | ||
| Q4 24 | 21.1% | 46.0% | ||
| Q3 24 | 61.2% | 38.3% | ||
| Q2 24 | 23.3% | 8.4% | ||
| Q1 24 | 19.5% | -14.7% |
每股收益（稀释后）APDSHOP
| Q4 25 | $3.04 | $0.58 | ||
| Q3 25 | $0.03 | $0.20 | ||
| Q2 25 | $3.20 | $0.69 | ||
| Q1 25 | $-7.77 | $-0.53 | ||
| Q4 24 | $2.77 | $0.99 | ||
| Q3 24 | $8.75 | $0.64 | ||
| Q2 24 | $3.13 | $0.13 | ||
| Q1 24 | $2.57 | $-0.21 |
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 | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $13.5B |
| 总资产 | $41.2B | $15.2B |
| 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APDSHOP
| Q4 25 | $1.0B | $5.8B | ||
| Q3 25 | $1.9B | $6.3B | ||
| Q2 25 | $2.3B | $5.8B | ||
| Q1 25 | $1.6B | $5.5B | ||
| Q4 24 | $2.0B | $5.5B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
股东权益APDSHOP
| Q4 25 | $15.4B | $13.5B | ||
| Q3 25 | $15.0B | $12.5B | ||
| Q2 25 | $15.5B | $12.1B | ||
| Q1 25 | $14.7B | $11.1B | ||
| Q4 24 | $16.7B | $11.6B | ||
| Q3 24 | $17.0B | $10.1B | ||
| Q2 24 | $15.1B | $9.2B | ||
| Q1 24 | $14.9B | $8.9B |
总资产APDSHOP
| Q4 25 | $41.2B | $15.2B | ||
| Q3 25 | $41.1B | $15.0B | ||
| Q2 25 | $41.7B | $14.6B | ||
| Q1 25 | $38.9B | $13.4B | ||
| Q4 24 | $40.0B | $13.9B | ||
| Q3 24 | $39.6B | — | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.9B | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $715.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 19.5% |
| 资本支出强度资本支出/营收 | 40.3% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.33× | 0.98× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流APDSHOP
| Q4 25 | $900.7M | $725.0M | ||
| Q3 25 | — | $513.0M | ||
| Q2 25 | $855.8M | $428.0M | ||
| Q1 25 | $328.1M | $367.0M | ||
| Q4 24 | $811.7M | $615.0M | ||
| Q3 24 | — | $423.0M | ||
| Q2 24 | $1.3B | $340.0M | ||
| Q1 24 | $801.7M | $238.0M |
自由现金流APDSHOP
| Q4 25 | $-350.5M | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | $-640.0M | $422.0M | ||
| Q1 25 | $-1.6B | $363.0M | ||
| Q4 24 | $-1.3B | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | $-345.2M | $333.0M | ||
| Q1 24 | $-867.7M | $232.0M |
自由现金流率APDSHOP
| Q4 25 | -11.3% | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | -21.2% | 15.7% | ||
| Q1 25 | -53.6% | 15.4% | ||
| Q4 24 | -44.5% | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | -11.6% | 16.3% | ||
| Q1 24 | -29.6% | 12.5% |
资本支出强度APDSHOP
| Q4 25 | 40.3% | 0.3% | ||
| Q3 25 | 47.9% | 0.2% | ||
| Q2 25 | 49.5% | 0.2% | ||
| Q1 25 | 64.9% | 0.2% | ||
| Q4 24 | 72.2% | 0.1% | ||
| Q3 24 | 65.1% | 0.1% | ||
| Q2 24 | 53.8% | 0.3% | ||
| Q1 24 | 57.0% | 0.3% |
现金转化率APDSHOP
| Q4 25 | 1.33× | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 1.20× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | 1.81× | 1.99× | ||
| Q1 24 | 1.40× | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
