vs
空气化工产品公司（APD）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是空气化工产品公司的1.4倍（$4.4B vs $3.1B），标普全球净利率更高（26.8% vs 21.9%，领先4.9%），标普全球同比增速更快（191.7% vs 5.8%），空气化工产品公司自由现金流更多（$-350.5M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
APD vs VG — 直观对比
营收规模更大
VG
是对方的1.4倍
$3.1B
营收增速更快
VG
高出185.8%
5.8%
净利率更高
VG
高出4.9%
21.9%
自由现金流更多
APD
多$1.2B
$-1.5B
两年增速更快
VG
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $4.4B |
| 净利润 | $678.2M | $1.2B |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 38.7% |
| 净利率 | 21.9% | 26.8% |
| 营收同比 | 5.8% | 191.7% |
| 净利润同比 | 9.8% | 20.3% |
| 每股收益（稀释后） | $3.04 | $0.41 |
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APDVG
| Q4 25 | $3.1B | $4.4B | ||
| Q3 25 | $3.2B | $3.3B | ||
| Q2 25 | $3.0B | $3.1B | ||
| Q1 25 | $2.9B | $2.9B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $3.2B | $926.0M | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $2.9B | $1.4B |
净利润APDVG
| Q4 25 | $678.2M | $1.2B | ||
| Q3 25 | $4.9M | $550.0M | ||
| Q2 25 | $713.8M | $475.0M | ||
| Q1 25 | $-1.7B | $517.0M | ||
| Q4 24 | $617.4M | $990.0M | ||
| Q3 24 | $1.9B | $-294.0M | ||
| Q2 24 | $696.6M | $352.0M | ||
| Q1 24 | $572.4M | $698.0M |
毛利率APDVG
| 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% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDVG
| Q4 25 | 23.7% | 38.7% | ||
| Q3 25 | 0.5% | 39.7% | ||
| Q2 25 | 26.2% | 33.5% | ||
| Q1 25 | -79.8% | 37.3% | ||
| Q4 24 | 22.0% | 39.0% | ||
| Q3 24 | 76.1% | 20.4% | ||
| Q2 24 | 24.7% | 32.8% | ||
| Q1 24 | 21.7% | 43.6% |
净利率APDVG
| Q4 25 | 21.9% | 26.8% | ||
| Q3 25 | 0.2% | 16.5% | ||
| Q2 25 | 23.6% | 15.3% | ||
| Q1 25 | -59.3% | 17.9% | ||
| Q4 24 | 21.1% | 65.0% | ||
| Q3 24 | 61.2% | -31.7% | ||
| Q2 24 | 23.3% | 31.8% | ||
| Q1 24 | 19.5% | 49.4% |
每股收益（稀释后）APDVG
| Q4 25 | $3.04 | $0.41 | ||
| Q3 25 | $0.03 | $0.16 | ||
| Q2 25 | $3.20 | $0.14 | ||
| Q1 25 | $-7.77 | $0.15 | ||
| Q4 24 | $2.77 | $0.35 | ||
| Q3 24 | $8.75 | $-0.15 | ||
| Q2 24 | $3.13 | $0.12 | ||
| Q1 24 | $2.57 | $0.25 |
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 | $2.4B |
| 总债务越低越好 | — | $34.2B |
| 股东权益账面价值 | $15.4B | $6.7B |
| 总资产 | $41.2B | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资APDVG
| Q4 25 | $1.0B | $2.4B | ||
| Q3 25 | $1.9B | $1.9B | ||
| Q2 25 | $2.3B | $2.2B | ||
| Q1 25 | $1.6B | $3.6B | ||
| Q4 24 | $2.0B | $3.6B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
总债务APDVG
| Q4 25 | — | $34.2B | ||
| Q3 25 | — | $32.6B | ||
| Q2 25 | — | $30.0B | ||
| Q1 25 | — | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APDVG
| Q4 25 | $15.4B | $6.7B | ||
| Q3 25 | $15.0B | $5.7B | ||
| Q2 25 | $15.5B | $5.3B | ||
| Q1 25 | $14.7B | $4.9B | ||
| Q4 24 | $16.7B | $2.9B | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | — | ||
| Q1 24 | $14.9B | — |
总资产APDVG
| Q4 25 | $41.2B | $53.4B | ||
| Q3 25 | $41.1B | $50.1B | ||
| Q2 25 | $41.7B | $46.5B | ||
| Q1 25 | $38.9B | $45.1B | ||
| Q4 24 | $40.0B | $43.5B | ||
| Q3 24 | $39.6B | — | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.9B | — |
负债/权益比APDVG
| Q4 25 | — | 5.07× | ||
| Q3 25 | — | 5.73× | ||
| Q2 25 | — | 5.69× | ||
| Q1 25 | — | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $-1.5B |
| 自由现金流率自由现金流/营收 | -11.3% | -34.1% |
| 资本支出强度资本支出/营收 | 40.3% | 81.6% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.77× |
| 过去12个月自由现金流最近4个季度 | — | $-6.8B |
8季度趋势，按日历期对齐
经营现金流APDVG
| Q4 25 | $900.7M | $2.1B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $855.8M | $1.5B | ||
| Q1 25 | $328.1M | $1.1B | ||
| Q4 24 | $811.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $801.7M | $638.0M |
自由现金流APDVG
| Q4 25 | $-350.5M | $-1.5B | ||
| Q3 25 | — | $-1.4B | ||
| Q2 25 | $-640.0M | $-1.5B | ||
| Q1 25 | $-1.6B | $-2.4B | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | $-2.4B |
自由现金流率APDVG
| Q4 25 | -11.3% | -34.1% | ||
| Q3 25 | — | -42.4% | ||
| Q2 25 | -21.2% | -49.1% | ||
| Q1 25 | -53.6% | -81.3% | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | -167.3% |
资本支出强度APDVG
| Q4 25 | 40.3% | 81.6% | ||
| Q3 25 | 47.9% | 98.9% | ||
| Q2 25 | 49.5% | 96.1% | ||
| Q1 25 | 64.9% | 119.8% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | 212.4% |
现金转化率APDVG
| Q4 25 | 1.33× | 1.77× | ||
| Q3 25 | — | 3.42× | ||
| Q2 25 | 1.20× | 3.07× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.40× | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
