vs
安费诺（APH）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
安费诺的季度营收约是梅西百货的1.4倍（$6.4B vs $4.7B），安费诺净利率更高（18.6% vs 0.2%，领先18.3%），安费诺同比增速更快（49.1% vs -0.6%），安费诺自由现金流更多（$1.5B vs $-101.0M），过去两年安费诺的营收复合增速更高（40.6% vs -23.8%）
安费诺是一家总部位于美国的电子零部件制造企业，核心产品涵盖电子连接器、光纤连接器、同轴电缆等各类线缆及互连系统，是全球互连解决方案领域的主流供应商，品牌名称源自其前身American Phenolic Corp的名称缩写组合。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
APH vs M — 直观对比
营收规模更大
APH
是对方的1.4倍
$4.7B
营收增速更快
APH
高出49.7%
-0.6%
净利率更高
APH
高出18.3%
0.2%
自由现金流更多
APH
多$1.6B
$-101.0M
两年增速更快
APH
近两年复合增速
-23.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.7B |
| 净利润 | $1.2B | $11.0M |
| 毛利率 | 38.2% | 39.4% |
| 营业利润率 | 26.8% | 0.9% |
| 净利率 | 18.6% | 0.2% |
| 营收同比 | 49.1% | -0.6% |
| 净利润同比 | 60.2% | -60.7% |
| 每股收益（稀释后） | $0.93 | $0.04 |
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APHM
| Q4 25 | $6.4B | $4.7B | ||
| Q3 25 | $6.2B | $4.8B | ||
| Q2 25 | $5.7B | $4.6B | ||
| Q1 25 | $4.8B | $7.8B | ||
| Q4 24 | $4.3B | $4.7B | ||
| Q3 24 | $4.0B | $4.9B | ||
| Q2 24 | $3.6B | $4.8B | ||
| Q1 24 | $3.3B | $8.1B |
净利润APHM
| Q4 25 | $1.2B | $11.0M | ||
| Q3 25 | $1.2B | $87.0M | ||
| Q2 25 | $1.1B | $38.0M | ||
| Q1 25 | $737.8M | $342.0M | ||
| Q4 24 | $746.1M | $28.0M | ||
| Q3 24 | $604.4M | $150.0M | ||
| Q2 24 | $524.8M | $62.0M | ||
| Q1 24 | $548.7M | $-71.0M |
毛利率APHM
| Q4 25 | 38.2% | 39.4% | ||
| Q3 25 | 38.1% | 39.7% | ||
| Q2 25 | 36.3% | 39.2% | ||
| Q1 25 | 34.2% | 35.7% | ||
| Q4 24 | 34.3% | 39.6% | ||
| Q3 24 | 33.6% | 40.5% | ||
| Q2 24 | 33.6% | 39.2% | ||
| Q1 24 | 33.4% | 37.5% |
营业利润率APHM
| Q4 25 | 26.8% | 0.9% | ||
| Q3 25 | 27.5% | 3.1% | ||
| Q2 25 | 25.1% | 2.0% | ||
| Q1 25 | 21.3% | 6.4% | ||
| Q4 24 | 22.1% | 1.3% | ||
| Q3 24 | 20.3% | 4.5% | ||
| Q2 24 | 19.4% | 2.6% | ||
| Q1 24 | 21.0% | -0.9% |
净利率APHM
| Q4 25 | 18.6% | 0.2% | ||
| Q3 25 | 20.1% | 1.8% | ||
| Q2 25 | 19.3% | 0.8% | ||
| Q1 25 | 15.3% | 4.4% | ||
| Q4 24 | 17.3% | 0.6% | ||
| Q3 24 | 15.0% | 3.0% | ||
| Q2 24 | 14.5% | 1.3% | ||
| Q1 24 | 16.9% | -0.9% |
每股收益（稀释后）APHM
| Q4 25 | $0.93 | $0.04 | ||
| Q3 25 | $0.97 | $0.31 | ||
| Q2 25 | $0.86 | $0.13 | ||
| Q1 25 | $0.58 | $1.22 | ||
| Q4 24 | $0.16 | $0.10 | ||
| Q3 24 | $0.48 | $0.53 | ||
| Q2 24 | $0.41 | $0.22 | ||
| Q1 24 | $0.87 | $-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 | $11.4B | $447.0M |
| 总债务越低越好 | $14.6B | $2.4B |
| 股东权益账面价值 | $13.4B | $4.3B |
| 总资产 | $36.2B | $17.1B |
| 负债/权益比越低杠杆越低 | 1.09× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资APHM
| Q4 25 | $11.4B | $447.0M | ||
| Q3 25 | $3.9B | $829.0M | ||
| Q2 25 | $3.2B | $932.0M | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $3.3B | $315.0M | ||
| Q3 24 | $1.6B | $646.0M | ||
| Q2 24 | $1.3B | $876.0M | ||
| Q1 24 | $2.0B | $1.0B |
总债务APHM
| Q4 25 | $14.6B | $2.4B | ||
| Q3 25 | $7.1B | $2.4B | ||
| Q2 25 | $7.1B | $2.8B | ||
| Q1 25 | $6.8B | $2.8B | ||
| Q4 24 | $6.5B | $2.8B | ||
| Q3 24 | $5.1B | $3.0B | ||
| Q2 24 | $5.0B | $3.0B | ||
| Q1 24 | $3.6B | $3.0B |
股东权益APHM
| Q4 25 | $13.4B | $4.3B | ||
| Q3 25 | $12.5B | $4.5B | ||
| Q2 25 | $11.5B | $4.5B | ||
| Q1 25 | $10.3B | $4.6B | ||
| Q4 24 | $9.8B | $4.1B | ||
| Q3 24 | $9.5B | $4.3B | ||
| Q2 24 | $9.0B | $4.2B | ||
| Q1 24 | $8.7B | $4.1B |
总资产APHM
| Q4 25 | $36.2B | $17.1B | ||
| Q3 25 | $27.1B | $15.6B | ||
| Q2 25 | $25.7B | $16.1B | ||
| Q1 25 | $22.9B | $16.4B | ||
| Q4 24 | $21.4B | $17.3B | ||
| Q3 24 | $19.6B | $15.8B | ||
| Q2 24 | $18.6B | $16.4B | ||
| Q1 24 | $16.7B | $16.2B |
负债/权益比APHM
| Q4 25 | 1.09× | 0.56× | ||
| Q3 25 | 0.57× | 0.55× | ||
| Q2 25 | 0.62× | 0.62× | ||
| Q1 25 | 0.66× | 0.61× | ||
| Q4 24 | 0.66× | 0.67× | ||
| Q3 24 | 0.54× | 0.70× | ||
| Q2 24 | 0.56× | 0.72× | ||
| Q1 24 | 0.41× | 0.72× |
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 | $1.7B | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $-101.0M |
| 自由现金流率自由现金流/营收 | 22.8% | -2.1% |
| 资本支出强度资本支出/营收 | 3.9% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.44× | -0.73× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流APHM
| Q4 25 | $1.7B | $-8.0M | ||
| Q3 25 | $1.5B | $319.0M | ||
| Q2 25 | $1.4B | $-64.0M | ||
| Q1 25 | $764.9M | $1.3B | ||
| Q4 24 | $847.1M | $-167.0M | ||
| Q3 24 | $704.0M | $8.0M | ||
| Q2 24 | $664.1M | $129.0M | ||
| Q1 24 | $599.5M | $1.1B |
自由现金流APHM
| Q4 25 | $1.5B | $-101.0M | ||
| Q3 25 | $1.2B | $240.0M | ||
| Q2 25 | $1.1B | $-164.0M | ||
| Q1 25 | $576.3M | $1.2B | ||
| Q4 24 | $647.3M | $-295.0M | ||
| Q3 24 | $474.0M | $-109.0M | ||
| Q2 24 | $522.8M | $-25.0M | ||
| Q1 24 | $505.2M | $1.0B |
自由现金流率APHM
| Q4 25 | 22.8% | -2.1% | ||
| Q3 25 | 19.6% | 5.0% | ||
| Q2 25 | 19.8% | -3.6% | ||
| Q1 25 | 12.0% | 15.3% | ||
| Q4 24 | 15.0% | -6.2% | ||
| Q3 24 | 11.7% | -2.2% | ||
| Q2 24 | 14.5% | -0.5% | ||
| Q1 24 | 15.5% | 12.3% |
资本支出强度APHM
| Q4 25 | 3.9% | 2.0% | ||
| Q3 25 | 4.2% | 1.6% | ||
| Q2 25 | 5.3% | 2.2% | ||
| Q1 25 | 3.9% | 1.5% | ||
| Q4 24 | 4.6% | 2.7% | ||
| Q3 24 | 5.7% | 2.4% | ||
| Q2 24 | 3.9% | 3.2% | ||
| Q1 24 | 2.9% | 1.8% |
现金转化率APHM
| Q4 25 | 1.44× | -0.73× | ||
| Q3 25 | 1.18× | 3.67× | ||
| Q2 25 | 1.30× | -1.68× | ||
| Q1 25 | 1.04× | 3.82× | ||
| Q4 24 | 1.14× | -5.96× | ||
| Q3 24 | 1.16× | 0.05× | ||
| Q2 24 | 1.27× | 2.08× | ||
| Q1 24 | 1.09× | — |
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
APH
| Communications Solutions Segment | $3.5B | 54% |
| Harsh Environment Solutions Segment | $1.7B | 26% |
| Sales Channel Through Intermediary | $1.4B | 21% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
