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空气化工产品公司（APD）与沃茨水工业（WTS）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沃茨水工业的5.0倍（$3.1B vs $625.1M）。空气化工产品公司净利率更高（21.9% vs 13.4%，领先8.5%）。沃茨水工业同比增速更快（15.7% vs 5.8%）。沃茨水工业自由现金流更多（$140.3M vs $-350.5M）。过去两年沃茨水工业的营收复合增速更高（4.6% 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。
沃茨水工业旗下AERCO是暖通管道领域的商用冷凝锅炉、高效热水设备及能量回收系统供应商，服务覆盖教育、住宿、政府、办公楼、医疗、工业、多户型住宅等多元市场，1949年推出行业首款半即热式无罐蒸汽热水器，1988年推出首款冷凝全调制设备。
APD vs WTS — 直观对比
营收规模更大
APD
是对方的5.0倍
$625.1M
营收增速更快
WTS
高出9.8%
5.8%
净利率更高
APD
高出8.5%
13.4%
自由现金流更多
WTS
多$490.8M
$-350.5M
两年增速更快
WTS
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $625.1M |
| 净利润 | $678.2M | $83.7M |
| 毛利率 | 32.1% | 49.5% |
| 营业利润率 | 23.7% | 18.2% |
| 净利率 | 21.9% | 13.4% |
| 营收同比 | 5.8% | 15.7% |
| 净利润同比 | 9.8% | 24.0% |
| 每股收益（稀释后） | $3.04 | $2.50 |
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APDWTS
| Q4 25 | $3.1B | $625.1M | ||
| Q3 25 | $3.2B | $611.7M | ||
| Q2 25 | $3.0B | $643.7M | ||
| Q1 25 | $2.9B | $558.0M | ||
| Q4 24 | $2.9B | $540.4M | ||
| Q3 24 | $3.2B | $543.6M | ||
| Q2 24 | $3.0B | $597.3M | ||
| Q1 24 | $2.9B | $570.9M |
净利润APDWTS
| Q4 25 | $678.2M | $83.7M | ||
| Q3 25 | $4.9M | $82.2M | ||
| Q2 25 | $713.8M | $100.9M | ||
| Q1 25 | $-1.7B | $74.0M | ||
| Q4 24 | $617.4M | $67.5M | ||
| Q3 24 | $1.9B | $69.1M | ||
| Q2 24 | $696.6M | $82.0M | ||
| Q1 24 | $572.4M | $72.6M |
毛利率APDWTS
| Q4 25 | 32.1% | 49.5% | ||
| Q3 25 | 32.3% | 48.8% | ||
| Q2 25 | 32.5% | 50.6% | ||
| Q1 25 | 29.6% | 48.8% | ||
| Q4 24 | 31.2% | 46.7% | ||
| Q3 24 | 34.0% | 47.3% | ||
| Q2 24 | 32.8% | 47.7% | ||
| Q1 24 | 32.0% | 46.9% |
营业利润率APDWTS
| Q4 25 | 23.7% | 18.2% | ||
| Q3 25 | 0.5% | 18.2% | ||
| Q2 25 | 26.2% | 21.0% | ||
| Q1 25 | -79.8% | 15.7% | ||
| Q4 24 | 22.0% | 16.5% | ||
| Q3 24 | 76.1% | 17.1% | ||
| Q2 24 | 24.7% | 18.7% | ||
| Q1 24 | 21.7% | 16.9% |
净利率APDWTS
| Q4 25 | 21.9% | 13.4% | ||
| Q3 25 | 0.2% | 13.4% | ||
| Q2 25 | 23.6% | 15.7% | ||
| Q1 25 | -59.3% | 13.3% | ||
| Q4 24 | 21.1% | 12.5% | ||
| Q3 24 | 61.2% | 12.7% | ||
| Q2 24 | 23.3% | 13.7% | ||
| Q1 24 | 19.5% | 12.7% |
每股收益（稀释后）APDWTS
| Q4 25 | $3.04 | $2.50 | ||
| Q3 25 | $0.03 | $2.45 | ||
| Q2 25 | $3.20 | $3.01 | ||
| Q1 25 | $-7.77 | $2.21 | ||
| Q4 24 | $2.77 | $2.02 | ||
| Q3 24 | $8.75 | $2.06 | ||
| Q2 24 | $3.13 | $2.44 | ||
| Q1 24 | $2.57 | $2.17 |
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 | $405.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $2.0B |
| 总资产 | $41.2B | $2.9B |
| 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APDWTS
| Q4 25 | $1.0B | $405.5M | ||
| Q3 25 | $1.9B | $457.7M | ||
| Q2 25 | $2.3B | $369.3M | ||
| Q1 25 | $1.6B | $336.8M | ||
| Q4 24 | $2.0B | $386.9M | ||
| Q3 24 | $3.0B | $303.9M | ||
| Q2 24 | $2.4B | $279.4M | ||
| Q1 24 | $2.6B | $237.1M |
股东权益APDWTS
| Q4 25 | $15.4B | $2.0B | ||
| Q3 25 | $15.0B | $2.0B | ||
| Q2 25 | $15.5B | $1.9B | ||
| Q1 25 | $14.7B | $1.8B | ||
| Q4 24 | $16.7B | $1.7B | ||
| Q3 24 | $17.0B | $1.7B | ||
| Q2 24 | $15.1B | $1.6B | ||
| Q1 24 | $14.9B | $1.6B |
总资产APDWTS
| Q4 25 | $41.2B | $2.9B | ||
| Q3 25 | $41.1B | $2.7B | ||
| Q2 25 | $41.7B | $2.6B | ||
| Q1 25 | $38.9B | $2.5B | ||
| Q4 24 | $40.0B | $2.4B | ||
| Q3 24 | $39.6B | $2.4B | ||
| Q2 24 | $37.0B | $2.4B | ||
| Q1 24 | $35.9B | $2.3B |
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 | $154.7M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $140.3M |
| 自由现金流率自由现金流/营收 | -11.3% | 22.4% |
| 资本支出强度资本支出/营收 | 40.3% | 2.3% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.85× |
| 过去12个月自由现金流最近4个季度 | — | $356.3M |
8季度趋势，按日历期对齐
经营现金流APDWTS
| Q4 25 | $900.7M | $154.7M | ||
| Q3 25 | — | $122.4M | ||
| Q2 25 | $855.8M | $69.7M | ||
| Q1 25 | $328.1M | $55.2M | ||
| Q4 24 | $811.7M | $139.5M | ||
| Q3 24 | — | $90.7M | ||
| Q2 24 | $1.3B | $85.3M | ||
| Q1 24 | $801.7M | $45.6M |
自由现金流APDWTS
| Q4 25 | $-350.5M | $140.3M | ||
| Q3 25 | — | $110.9M | ||
| Q2 25 | $-640.0M | $59.5M | ||
| Q1 25 | $-1.6B | $45.6M | ||
| Q4 24 | $-1.3B | $127.5M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | $-345.2M | $78.5M | ||
| Q1 24 | $-867.7M | $35.5M |
自由现金流率APDWTS
| Q4 25 | -11.3% | 22.4% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | -21.2% | 9.2% | ||
| Q1 25 | -53.6% | 8.2% | ||
| Q4 24 | -44.5% | 23.6% | ||
| Q3 24 | — | 15.5% | ||
| Q2 24 | -11.6% | 13.1% | ||
| Q1 24 | -29.6% | 6.2% |
资本支出强度APDWTS
| Q4 25 | 40.3% | 2.3% | ||
| Q3 25 | 47.9% | 1.9% | ||
| Q2 25 | 49.5% | 1.6% | ||
| Q1 25 | 64.9% | 1.7% | ||
| Q4 24 | 72.2% | 2.2% | ||
| Q3 24 | 65.1% | 1.2% | ||
| Q2 24 | 53.8% | 1.1% | ||
| Q1 24 | 57.0% | 1.8% |
现金转化率APDWTS
| Q4 25 | 1.33× | 1.85× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | 1.20× | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | 1.31× | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | 1.81× | 1.04× | ||
| Q1 24 | 1.40× | 0.63× |
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% |
WTS
暂无分部数据
