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空气化工产品公司（APD）与史丹利百得（SWK）财务数据对比。点击上方公司名可切换其他公司
史丹利百得的季度营收约是空气化工产品公司的1.2倍（$3.8B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 1.4%，领先20.5%），空气化工产品公司同比增速更快（5.8% vs 0.1%），史丹利百得自由现金流更多（$155.3M 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 0.3%）
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。
史丹利百得是美国知名的工业工具、家用五金产品制造商，同时提供安防类产品，前身为史丹利工具有限公司，由史丹利与百得于2010年3月12日合并而来，总部位于康涅狄格州大哈特福德地区的新不列颠市。
APD vs SWK — 直观对比
营收规模更大
SWK
是对方的1.2倍
$3.1B
营收增速更快
APD
高出5.7%
0.1%
净利率更高
APD
高出20.5%
1.4%
自由现金流更多
SWK
多$505.8M
$-350.5M
两年增速更快
APD
近两年复合增速
0.3%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $3.8B |
| 净利润 | $678.2M | $51.4M |
| 毛利率 | 32.1% | 31.4% |
| 营业利润率 | 23.7% | — |
| 净利率 | 21.9% | 1.4% |
| 营收同比 | 5.8% | 0.1% |
| 净利润同比 | 9.8% | -43.6% |
| 每股收益（稀释后） | $3.04 | $0.34 |
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APDSWK
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | $3.8B | ||
| Q2 25 | $3.0B | $3.9B | ||
| Q1 25 | $2.9B | $3.7B | ||
| Q4 24 | $2.9B | $3.7B | ||
| Q3 24 | $3.2B | $3.8B | ||
| Q2 24 | $3.0B | $4.0B | ||
| Q1 24 | $2.9B | $3.9B |
净利润APDSWK
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $51.4M | ||
| Q2 25 | $713.8M | $101.9M | ||
| Q1 25 | $-1.7B | $90.4M | ||
| Q4 24 | $617.4M | $194.9M | ||
| Q3 24 | $1.9B | $91.1M | ||
| Q2 24 | $696.6M | $-11.2M | ||
| Q1 24 | $572.4M | $19.5M |
毛利率APDSWK
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | 31.4% | ||
| Q2 25 | 32.5% | 27.0% | ||
| Q1 25 | 29.6% | 29.9% | ||
| Q4 24 | 31.2% | 30.8% | ||
| Q3 24 | 34.0% | 29.9% | ||
| Q2 24 | 32.8% | 28.4% | ||
| Q1 24 | 32.0% | 28.6% |
营业利润率APDSWK
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | — | ||
| Q4 24 | 22.0% | 3.4% | ||
| Q3 24 | 76.1% | 10.6% | ||
| Q2 24 | 24.7% | 9.5% | ||
| Q1 24 | 21.7% | 8.3% |
净利率APDSWK
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | 1.4% | ||
| Q2 25 | 23.6% | 2.6% | ||
| Q1 25 | -59.3% | 2.4% | ||
| Q4 24 | 21.1% | 5.2% | ||
| Q3 24 | 61.2% | 2.4% | ||
| Q2 24 | 23.3% | -0.3% | ||
| Q1 24 | 19.5% | 0.5% |
每股收益（稀释后）APDSWK
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | $0.34 | ||
| Q2 25 | $3.20 | $0.67 | ||
| Q1 25 | $-7.77 | $0.60 | ||
| Q4 24 | $2.77 | $1.29 | ||
| Q3 24 | $8.75 | $0.60 | ||
| Q2 24 | $3.13 | $-0.07 | ||
| Q1 24 | $2.57 | $0.13 |
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 | $268.3M |
| 总债务越低越好 | — | $5.3B |
| 股东权益账面价值 | $15.4B | $9.0B |
| 总资产 | $41.2B | $21.8B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资APDSWK
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | $268.3M | ||
| Q2 25 | $2.3B | $311.8M | ||
| Q1 25 | $1.6B | $344.8M | ||
| Q4 24 | $2.0B | $290.5M | ||
| Q3 24 | $3.0B | $298.7M | ||
| Q2 24 | $2.4B | $318.5M | ||
| Q1 24 | $2.6B | $476.6M |
总债务APDSWK
| Q4 25 | — | — | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $6.1B |
股东权益APDSWK
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | $9.0B | ||
| Q2 25 | $15.5B | $9.1B | ||
| Q1 25 | $14.7B | $8.8B | ||
| Q4 24 | $16.7B | $8.7B | ||
| Q3 24 | $17.0B | $8.9B | ||
| Q2 24 | $15.1B | $8.7B | ||
| Q1 24 | $14.9B | $8.9B |
总资产APDSWK
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | $21.8B | ||
| Q2 25 | $41.7B | $22.5B | ||
| Q1 25 | $38.9B | $22.5B | ||
| Q4 24 | $40.0B | $21.8B | ||
| Q3 24 | $39.6B | $22.5B | ||
| Q2 24 | $37.0B | $22.5B | ||
| Q1 24 | $35.9B | $23.9B |
负债/权益比APDSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.69× |
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 | $221.2M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $155.3M |
| 自由现金流率自由现金流/营收 | -11.3% | 4.1% |
| 资本支出强度资本支出/营收 | 40.3% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.33× | 4.30× |
| 过去12个月自由现金流最近4个季度 | — | $369.6M |
8季度趋势，按日历期对齐
经营现金流APDSWK
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | $221.2M | ||
| Q2 25 | $855.8M | $214.3M | ||
| Q1 25 | $328.1M | $-420.0M | ||
| Q4 24 | $811.7M | $679.1M | ||
| Q3 24 | — | $285.8M | ||
| Q2 24 | $1.3B | $573.0M | ||
| Q1 24 | $801.7M | $-431.0M |
自由现金流APDSWK
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | $155.3M | ||
| Q2 25 | $-640.0M | $134.7M | ||
| Q1 25 | $-1.6B | $-485.0M | ||
| Q4 24 | $-1.3B | $564.6M | ||
| Q3 24 | — | $199.3M | ||
| Q2 24 | $-345.2M | $485.8M | ||
| Q1 24 | $-867.7M | $-496.7M |
自由现金流率APDSWK
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | -21.2% | 3.4% | ||
| Q1 25 | -53.6% | -13.0% | ||
| Q4 24 | -44.5% | 15.2% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | -11.6% | 12.1% | ||
| Q1 24 | -29.6% | -12.8% |
资本支出强度APDSWK
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | 1.8% | ||
| Q2 25 | 49.5% | 2.0% | ||
| Q1 25 | 64.9% | 1.7% | ||
| Q4 24 | 72.2% | 3.1% | ||
| Q3 24 | 65.1% | 2.3% | ||
| Q2 24 | 53.8% | 2.2% | ||
| Q1 24 | 57.0% | 1.7% |
现金转化率APDSWK
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | 1.20× | 2.10× | ||
| Q1 25 | — | -4.65× | ||
| Q4 24 | 1.31× | 3.48× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.40× | -22.10× |
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% |
SWK
| Tools And Outdoor Segment | $3.3B | 87% |
| Engineered Fastening Segment | $500.5M | 13% |
