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空气化工产品公司（APD）与United Rentals（URI）财务数据对比。点击上方公司名可切换其他公司
United Rentals的季度营收约是空气化工产品公司的1.3倍（$4.0B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 13.3%，领先8.5%），United Rentals同比增速更快（7.2% vs 5.8%），United Rentals自由现金流更多（$1.1B vs $-350.5M），过去两年United Rentals的营收复合增速更高（114.0% 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。
United Rentals是美国设备租赁企业，2022年占据北美市场约16%的份额。截至2025年，该公司拥有全球规模最大的租赁车队，覆盖约4800类设备，原始设备成本总计约205.9亿美元，在全球共设1625个营业网点，业务覆盖北美、欧洲、澳大利亚及新西兰。
APD vs URI — 直观对比
营收规模更大
URI
是对方的1.3倍
$3.1B
营收增速更快
URI
高出1.3%
5.8%
净利率更高
APD
高出8.5%
13.3%
自由现金流更多
URI
多$1.4B
$-350.5M
两年增速更快
URI
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $4.0B |
| 净利润 | $678.2M | $531.0M |
| 毛利率 | 32.1% | 36.9% |
| 营业利润率 | 23.7% | 21.8% |
| 净利率 | 21.9% | 13.3% |
| 营收同比 | 5.8% | 7.2% |
| 净利润同比 | 9.8% | 2.5% |
| 每股收益（稀释后） | $3.04 | $8.43 |
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APDURI
| Q1 26 | — | $4.0B | ||
| Q4 25 | $3.1B | $992.0M | ||
| Q3 25 | $3.2B | $938.0M | ||
| Q2 25 | $3.0B | $872.0M | ||
| Q1 25 | $2.9B | $893.0M | ||
| Q4 24 | $2.9B | $1.0B | ||
| Q3 24 | $3.2B | $874.0M | ||
| Q2 24 | $3.0B | $870.0M |
净利润APDURI
| Q1 26 | — | $531.0M | ||
| Q4 25 | $678.2M | $653.0M | ||
| Q3 25 | $4.9M | $701.0M | ||
| Q2 25 | $713.8M | $622.0M | ||
| Q1 25 | $-1.7B | $518.0M | ||
| Q4 24 | $617.4M | $689.0M | ||
| Q3 24 | $1.9B | $708.0M | ||
| Q2 24 | $696.6M | $636.0M |
毛利率APDURI
| Q1 26 | — | 36.9% | ||
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — |
营业利润率APDURI
| Q1 26 | — | 21.8% | ||
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | 90.0% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 76.1% | — | ||
| Q2 24 | 24.7% | — |
净利率APDURI
| Q1 26 | — | 13.3% | ||
| Q4 25 | 21.9% | 65.8% | ||
| Q3 25 | 0.2% | 74.7% | ||
| Q2 25 | 23.6% | 71.3% | ||
| Q1 25 | -59.3% | 58.0% | ||
| Q4 24 | 21.1% | 67.6% | ||
| Q3 24 | 61.2% | 81.0% | ||
| Q2 24 | 23.3% | 73.1% |
每股收益（稀释后）APDURI
| Q1 26 | — | $8.43 | ||
| Q4 25 | $3.04 | $10.20 | ||
| Q3 25 | $0.03 | $10.91 | ||
| Q2 25 | $3.20 | $9.59 | ||
| Q1 25 | $-7.77 | $7.91 | ||
| Q4 24 | $2.77 | $10.41 | ||
| Q3 24 | $8.75 | $10.70 | ||
| Q2 24 | $3.13 | $9.54 |
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 | $156.0M |
| 总债务越低越好 | — | $13.9B |
| 股东权益账面价值 | $15.4B | $9.0B |
| 总资产 | $41.2B | $29.9B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资APDURI
| Q1 26 | — | $156.0M | ||
| Q4 25 | $1.0B | $459.0M | ||
| Q3 25 | $1.9B | $512.0M | ||
| Q2 25 | $2.3B | $548.0M | ||
| Q1 25 | $1.6B | $542.0M | ||
| Q4 24 | $2.0B | $457.0M | ||
| Q3 24 | $3.0B | $479.0M | ||
| Q2 24 | $2.4B | $467.0M |
总债务APDURI
| Q1 26 | — | $13.9B | ||
| Q4 25 | — | $12.7B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $11.5B | ||
| Q4 24 | — | $12.2B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $11.5B |
股东权益APDURI
| Q1 26 | — | $9.0B | ||
| Q4 25 | $15.4B | $9.0B | ||
| Q3 25 | $15.0B | $9.0B | ||
| Q2 25 | $15.5B | $9.0B | ||
| Q1 25 | $14.7B | $8.8B | ||
| Q4 24 | $16.7B | $8.6B | ||
| Q3 24 | $17.0B | $8.6B | ||
| Q2 24 | $15.1B | $8.3B |
总资产APDURI
| Q1 26 | — | $29.9B | ||
| Q4 25 | $41.2B | $29.9B | ||
| Q3 25 | $41.1B | $30.1B | ||
| Q2 25 | $41.7B | $29.2B | ||
| Q1 25 | $38.9B | $28.1B | ||
| Q4 24 | $40.0B | $28.2B | ||
| Q3 24 | $39.6B | $28.4B | ||
| Q2 24 | $37.0B | $27.6B |
负债/权益比APDURI
| Q1 26 | — | 1.55× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.34× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.42× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.39× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $1.1B |
| 自由现金流率自由现金流/营收 | -11.3% | 26.4% |
| 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× | 2.85× |
| 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APDURI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $900.7M | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $855.8M | $1.3B | ||
| Q1 25 | $328.1M | $1.4B | ||
| Q4 24 | $811.7M | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $1.3B | $1.3B |
自由现金流APDURI
| Q1 26 | — | $1.1B | ||
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | $471.0M | ||
| Q3 24 | — | $-168.0M | ||
| Q2 24 | $-345.2M | $-263.0M |
自由现金流率APDURI
| Q1 26 | — | 26.4% | ||
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | 46.2% | ||
| Q3 24 | — | -19.2% | ||
| Q2 24 | -11.6% | -30.2% |
资本支出强度APDURI
| Q1 26 | — | — | ||
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | 56.6% | ||
| Q3 24 | 65.1% | 157.0% | ||
| Q2 24 | 53.8% | 175.6% |
现金转化率APDURI
| Q1 26 | — | 2.85× | ||
| Q4 25 | 1.33× | 1.92× | ||
| Q3 25 | — | 1.68× | ||
| Q2 25 | 1.20× | 2.14× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | 1.31× | 1.52× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | 1.81× | 1.99× |
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% |
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
