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空气化工产品公司（APD）与VALHI INC（VHI）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VALHI INC的6.3倍（$3.1B vs $494.5M）。空气化工产品公司净利率更高（21.9% vs -10.8%，领先32.6%）。空气化工产品公司同比增速更快（5.8% vs 2.8%）。VALHI INC自由现金流更多（$89.8M 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 -3.5%）
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。
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
APD vs VHI — 直观对比
营收规模更大
APD
是对方的6.3倍
$494.5M
营收增速更快
APD
高出3.0%
2.8%
净利率更高
APD
高出32.6%
-10.8%
自由现金流更多
VHI
多$440.3M
$-350.5M
两年增速更快
APD
近两年复合增速
-3.5%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $494.5M |
| 净利润 | $678.2M | $-53.2M |
| 毛利率 | 32.1% | 6.9% |
| 营业利润率 | 23.7% | -6.2% |
| 净利率 | 21.9% | -10.8% |
| 营收同比 | 5.8% | 2.8% |
| 净利润同比 | 9.8% | -333.3% |
| 每股收益（稀释后） | $3.04 | $-1.86 |
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APDVHI
| Q4 25 | $3.1B | $494.5M | ||
| Q3 25 | $3.2B | $503.5M | ||
| Q2 25 | $3.0B | $540.4M | ||
| Q1 25 | $2.9B | $538.6M | ||
| Q4 24 | $2.9B | $480.9M | ||
| Q3 24 | $3.2B | $533.6M | ||
| Q2 24 | $3.0B | $559.7M | ||
| Q1 24 | $2.9B | $530.6M |
净利润APDVHI
| Q4 25 | $678.2M | $-53.2M | ||
| Q3 25 | $4.9M | $-22.2M | ||
| Q2 25 | $713.8M | $900.0K | ||
| Q1 25 | $-1.7B | $16.9M | ||
| Q4 24 | $617.4M | $22.8M | ||
| Q3 24 | $1.9B | $57.5M | ||
| Q2 24 | $696.6M | $19.9M | ||
| Q1 24 | $572.4M | $7.8M |
毛利率APDVHI
| Q4 25 | 32.1% | 6.9% | ||
| Q3 25 | 32.3% | 12.0% | ||
| Q2 25 | 32.5% | 14.5% | ||
| Q1 25 | 29.6% | 22.7% | ||
| Q4 24 | 31.2% | 20.9% | ||
| Q3 24 | 34.0% | 21.8% | ||
| Q2 24 | 32.8% | 21.7% | ||
| Q1 24 | 32.0% | 16.3% |
营业利润率APDVHI
| Q4 25 | 23.7% | -6.2% | ||
| Q3 25 | 0.5% | 1.7% | ||
| Q2 25 | 26.2% | 6.6% | ||
| Q1 25 | -79.8% | 9.3% | ||
| Q4 24 | 22.0% | 11.8% | ||
| Q3 24 | 76.1% | 12.7% | ||
| Q2 24 | 24.7% | 9.8% | ||
| Q1 24 | 21.7% | 5.9% |
净利率APDVHI
| Q4 25 | 21.9% | -10.8% | ||
| Q3 25 | 0.2% | -4.4% | ||
| Q2 25 | 23.6% | 0.2% | ||
| Q1 25 | -59.3% | 3.1% | ||
| Q4 24 | 21.1% | 4.7% | ||
| Q3 24 | 61.2% | 10.8% | ||
| Q2 24 | 23.3% | 3.6% | ||
| Q1 24 | 19.5% | 1.5% |
每股收益（稀释后）APDVHI
| Q4 25 | $3.04 | $-1.86 | ||
| Q3 25 | $0.03 | $-0.78 | ||
| Q2 25 | $3.20 | $0.03 | ||
| Q1 25 | $-7.77 | $0.59 | ||
| Q4 24 | $2.77 | $0.81 | ||
| Q3 24 | $8.75 | $2.01 | ||
| Q2 24 | $3.13 | $0.70 | ||
| Q1 24 | $2.57 | $0.27 |
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 | $216.9M |
| 总债务越低越好 | — | $590.9M |
| 股东权益账面价值 | $15.4B | $1.0B |
| 总资产 | $41.2B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资APDVHI
| Q4 25 | $1.0B | $216.9M | ||
| Q3 25 | $1.9B | $186.6M | ||
| Q2 25 | $2.3B | $190.9M | ||
| Q1 25 | $1.6B | $196.4M | ||
| Q4 24 | $2.0B | $350.2M | ||
| Q3 24 | $3.0B | $316.7M | ||
| Q2 24 | $2.4B | $386.9M | ||
| Q1 24 | $2.6B | $372.7M |
总债务APDVHI
| Q4 25 | — | $590.9M | ||
| Q3 25 | — | $661.5M | ||
| Q2 25 | — | $544.8M | ||
| Q1 25 | — | $525.9M | ||
| Q4 24 | — | $484.4M | ||
| Q3 24 | — | $526.6M | ||
| Q2 24 | — | $497.4M | ||
| Q1 24 | — | $511.2M |
股东权益APDVHI
| Q4 25 | $15.4B | $1.0B | ||
| Q3 25 | $15.0B | $1.0B | ||
| Q2 25 | $15.5B | $1.1B | ||
| Q1 25 | $14.7B | $1.1B | ||
| Q4 24 | $16.7B | $1.0B | ||
| Q3 24 | $17.0B | $1.0B | ||
| Q2 24 | $15.1B | $962.6M | ||
| Q1 24 | $14.9B | $928.2M |
总资产APDVHI
| Q4 25 | $41.2B | $2.6B | ||
| Q3 25 | $41.1B | $2.7B | ||
| Q2 25 | $41.7B | $2.8B | ||
| Q1 25 | $38.9B | $2.8B | ||
| Q4 24 | $40.0B | $2.8B | ||
| Q3 24 | $39.6B | $2.8B | ||
| Q2 24 | $37.0B | $2.5B | ||
| Q1 24 | $35.9B | $2.6B |
负债/权益比APDVHI
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.55× |
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 | $100.6M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $89.8M |
| 自由现金流率自由现金流/营收 | -11.3% | 18.2% |
| 资本支出强度资本支出/营收 | 40.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.33× | — |
| 过去12个月自由现金流最近4个季度 | — | $-82.1M |
8季度趋势，按日历期对齐
经营现金流APDVHI
| Q4 25 | $900.7M | $100.6M | ||
| Q3 25 | — | $-1.9M | ||
| Q2 25 | $855.8M | $21.7M | ||
| Q1 25 | $328.1M | $-155.9M | ||
| Q4 24 | $811.7M | $45.8M | ||
| Q3 24 | — | $13.5M | ||
| Q2 24 | $1.3B | $33.5M | ||
| Q1 24 | $801.7M | $-48.8M |
自由现金流APDVHI
| Q4 25 | $-350.5M | $89.8M | ||
| Q3 25 | — | $-12.3M | ||
| Q2 25 | $-640.0M | $9.1M | ||
| Q1 25 | $-1.6B | $-168.7M | ||
| Q4 24 | $-1.3B | $33.3M | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | $-345.2M | $29.7M | ||
| Q1 24 | $-867.7M | $-53.8M |
自由现金流率APDVHI
| Q4 25 | -11.3% | 18.2% | ||
| Q3 25 | — | -2.4% | ||
| Q2 25 | -21.2% | 1.7% | ||
| Q1 25 | -53.6% | -31.3% | ||
| Q4 24 | -44.5% | 6.9% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | -11.6% | 5.3% | ||
| Q1 24 | -29.6% | -10.1% |
资本支出强度APDVHI
| Q4 25 | 40.3% | 2.2% | ||
| Q3 25 | 47.9% | 2.1% | ||
| Q2 25 | 49.5% | 2.3% | ||
| Q1 25 | 64.9% | 2.4% | ||
| Q4 24 | 72.2% | 2.6% | ||
| Q3 24 | 65.1% | 1.8% | ||
| Q2 24 | 53.8% | 0.7% | ||
| Q1 24 | 57.0% | 0.9% |
现金转化率APDVHI
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 24.11× | ||
| Q1 25 | — | -9.22× | ||
| Q4 24 | 1.31× | 2.01× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | 1.81× | 1.68× | ||
| Q1 24 | 1.40× | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
