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空气化工产品公司（APD）与WESCO INTERNATIONAL INC（WCC）财务数据对比。点击上方公司名可切换其他公司
WESCO INTERNATIONAL INC的季度营收约是空气化工产品公司的2.0倍（$6.1B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 2.6%，领先19.2%），WESCO INTERNATIONAL INC同比增速更快（10.3% vs 5.8%），WESCO INTERNATIONAL INC自由现金流更多（$27.5M vs $-350.5M），过去两年WESCO INTERNATIONAL INC的营收复合增速更高（6.5% 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。
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
APD vs WCC — 直观对比
营收规模更大
WCC
是对方的2.0倍
$3.1B
营收增速更快
WCC
高出4.5%
5.8%
净利率更高
APD
高出19.2%
2.6%
自由现金流更多
WCC
多$378.0M
$-350.5M
两年增速更快
WCC
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $6.1B |
| 净利润 | $678.2M | $159.8M |
| 毛利率 | 32.1% | 21.2% |
| 营业利润率 | 23.7% | 5.3% |
| 净利率 | 21.9% | 2.6% |
| 营收同比 | 5.8% | 10.3% |
| 净利润同比 | 9.8% | -3.4% |
| 每股收益（稀释后） | $3.04 | $3.33 |
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APDWCC
| Q4 25 | $3.1B | $6.1B | ||
| Q3 25 | $3.2B | $6.2B | ||
| Q2 25 | $3.0B | $5.9B | ||
| Q1 25 | $2.9B | $5.3B | ||
| Q4 24 | $2.9B | $5.5B | ||
| Q3 24 | $3.2B | $5.5B | ||
| Q2 24 | $3.0B | $5.5B | ||
| Q1 24 | $2.9B | $5.3B |
净利润APDWCC
| Q4 25 | $678.2M | $159.8M | ||
| Q3 25 | $4.9M | $187.5M | ||
| Q2 25 | $713.8M | $174.5M | ||
| Q1 25 | $-1.7B | $118.4M | ||
| Q4 24 | $617.4M | $165.4M | ||
| Q3 24 | $1.9B | $204.3M | ||
| Q2 24 | $696.6M | $232.1M | ||
| Q1 24 | $572.4M | $115.8M |
毛利率APDWCC
| Q4 25 | 32.1% | 21.2% | ||
| Q3 25 | 32.3% | 21.3% | ||
| Q2 25 | 32.5% | 21.1% | ||
| Q1 25 | 29.6% | 21.1% | ||
| Q4 24 | 31.2% | 21.2% | ||
| Q3 24 | 34.0% | 22.1% | ||
| Q2 24 | 32.8% | 21.9% | ||
| Q1 24 | 32.0% | 21.3% |
营业利润率APDWCC
| Q4 25 | 23.7% | 5.3% | ||
| Q3 25 | 0.5% | 5.6% | ||
| Q2 25 | 26.2% | 5.5% | ||
| Q1 25 | -79.8% | 4.5% | ||
| Q4 24 | 22.0% | 5.5% | ||
| Q3 24 | 76.1% | 6.1% | ||
| Q2 24 | 24.7% | 5.9% | ||
| Q1 24 | 21.7% | 4.9% |
净利率APDWCC
| Q4 25 | 21.9% | 2.6% | ||
| Q3 25 | 0.2% | 3.0% | ||
| Q2 25 | 23.6% | 3.0% | ||
| Q1 25 | -59.3% | 2.2% | ||
| Q4 24 | 21.1% | 3.0% | ||
| Q3 24 | 61.2% | 3.7% | ||
| Q2 24 | 23.3% | 4.2% | ||
| Q1 24 | 19.5% | 2.2% |
每股收益（稀释后）APDWCC
| Q4 25 | $3.04 | $3.33 | ||
| Q3 25 | $0.03 | $3.79 | ||
| Q2 25 | $3.20 | $3.83 | ||
| Q1 25 | $-7.77 | $2.10 | ||
| Q4 24 | $2.77 | $3.01 | ||
| Q3 24 | $8.75 | $3.81 | ||
| Q2 24 | $3.13 | $4.28 | ||
| Q1 24 | $2.57 | $1.95 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $5.0B |
| 总资产 | $41.2B | $16.5B |
| 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APDWCC
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
股东权益APDWCC
| Q4 25 | $15.4B | $5.0B | ||
| Q3 25 | $15.0B | $4.8B | ||
| Q2 25 | $15.5B | $4.8B | ||
| Q1 25 | $14.7B | $5.0B | ||
| Q4 24 | $16.7B | $5.0B | ||
| Q3 24 | $17.0B | $5.0B | ||
| Q2 24 | $15.1B | $4.9B | ||
| Q1 24 | $14.9B | $5.0B |
总资产APDWCC
| Q4 25 | $41.2B | $16.5B | ||
| Q3 25 | $41.1B | $16.6B | ||
| Q2 25 | $41.7B | $16.2B | ||
| Q1 25 | $38.9B | $15.5B | ||
| Q4 24 | $40.0B | $15.1B | ||
| Q3 24 | $39.6B | $15.3B | ||
| Q2 24 | $37.0B | $15.1B | ||
| Q1 24 | $35.9B | $15.5B |
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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $27.5M |
| 自由现金流率自由现金流/营收 | -11.3% | 0.5% |
| 资本支出强度资本支出/营收 | 40.3% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.33× | 0.45× |
| 过去12个月自由现金流最近4个季度 | — | $25.2M |
8季度趋势，按日历期对齐
经营现金流APDWCC
| Q4 25 | $900.7M | $71.9M | ||
| Q3 25 | — | $-82.7M | ||
| Q2 25 | $855.8M | $107.8M | ||
| Q1 25 | $328.1M | $28.0M | ||
| Q4 24 | $811.7M | $276.6M | ||
| Q3 24 | — | $302.1M | ||
| Q2 24 | $1.3B | $-223.8M | ||
| Q1 24 | $801.7M | $746.3M |
自由现金流APDWCC
| Q4 25 | $-350.5M | $27.5M | ||
| Q3 25 | — | $-95.9M | ||
| Q2 25 | $-640.0M | $86.0M | ||
| Q1 25 | $-1.6B | $7.6M | ||
| Q4 24 | $-1.3B | $252.3M | ||
| Q3 24 | — | $272.9M | ||
| Q2 24 | $-345.2M | $-244.6M | ||
| Q1 24 | $-867.7M | $725.9M |
自由现金流率APDWCC
| Q4 25 | -11.3% | 0.5% | ||
| Q3 25 | — | -1.5% | ||
| Q2 25 | -21.2% | 1.5% | ||
| Q1 25 | -53.6% | 0.1% | ||
| Q4 24 | -44.5% | 4.6% | ||
| Q3 24 | — | 5.0% | ||
| Q2 24 | -11.6% | -4.5% | ||
| Q1 24 | -29.6% | 13.6% |
资本支出强度APDWCC
| Q4 25 | 40.3% | 0.7% | ||
| Q3 25 | 47.9% | 0.2% | ||
| Q2 25 | 49.5% | 0.4% | ||
| Q1 25 | 64.9% | 0.4% | ||
| Q4 24 | 72.2% | 0.4% | ||
| Q3 24 | 65.1% | 0.5% | ||
| Q2 24 | 53.8% | 0.4% | ||
| Q1 24 | 57.0% | 0.4% |
现金转化率APDWCC
| Q4 25 | 1.33× | 0.45× | ||
| Q3 25 | — | -0.44× | ||
| Q2 25 | 1.20× | 0.62× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 1.31× | 1.67× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | 1.81× | -0.96× | ||
| Q1 24 | 1.40× | 6.44× |
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% |
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
