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APOGEE ENTERPRISES, INC.（APOG）与MSA Safety Inc（MSA）财务数据对比。点击上方公司名可切换其他公司
MSA Safety Inc的季度营收约是APOGEE ENTERPRISES, INC.的1.5倍（$510.9M vs $351.4M），MSA Safety Inc净利率更高（17.0% vs 4.7%，领先12.3%），MSA Safety Inc同比增速更快（2.2% vs 1.6%），过去两年MSA Safety Inc的营收复合增速更高（11.2% vs 2.9%）
Apogee Enterprises是一家美国音频设备制造商，主营音频接口、模数与数模转换器、USB及iOS麦克风，同时还开发音频制作相关软件，产品广泛服务于专业录音、音乐创作等音频领域，在全球音频行业拥有较高的认可度。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
APOG vs MSA — 直观对比
营收规模更大
MSA
是对方的1.5倍
$351.4M
营收增速更快
MSA
高出0.6%
1.6%
净利率更高
MSA
高出12.3%
4.7%
两年增速更快
MSA
近两年复合增速
2.9%
损益表 — Q4 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $351.4M | $510.9M |
| 净利润 | $16.6M | $86.9M |
| 毛利率 | 22.4% | 46.9% |
| 营业利润率 | 7.3% | 22.3% |
| 净利率 | 4.7% | 17.0% |
| 营收同比 | 1.6% | 2.2% |
| 净利润同比 | 568.8% | -1.2% |
| 每股收益（稀释后） | $0.78 | $2.22 |
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APOGMSA
| Q1 26 | $351.4M | — | ||
| Q4 25 | $348.6M | $510.9M | ||
| Q3 25 | $358.2M | $468.4M | ||
| Q2 25 | $346.6M | $474.1M | ||
| Q1 25 | $345.7M | $421.3M | ||
| Q4 24 | $341.3M | $499.7M | ||
| Q3 24 | $342.4M | $432.7M | ||
| Q2 24 | $331.5M | $462.5M |
净利润APOGMSA
| Q1 26 | $16.6M | — | ||
| Q4 25 | $16.5M | $86.9M | ||
| Q3 25 | $23.6M | $69.6M | ||
| Q2 25 | $-2.7M | $62.8M | ||
| Q1 25 | $2.5M | $59.6M | ||
| Q4 24 | $21.0M | $87.9M | ||
| Q3 24 | $30.6M | $66.6M | ||
| Q2 24 | $31.0M | $72.2M |
毛利率APOGMSA
| Q1 26 | 22.4% | — | ||
| Q4 25 | 23.8% | 46.9% | ||
| Q3 25 | 23.1% | 46.5% | ||
| Q2 25 | 21.7% | 46.6% | ||
| Q1 25 | 21.6% | 45.9% | ||
| Q4 24 | 26.1% | 46.9% | ||
| Q3 24 | 28.4% | 47.9% | ||
| Q2 24 | 29.8% | 48.2% |
营业利润率APOGMSA
| Q1 26 | 7.3% | — | ||
| Q4 25 | 7.1% | 22.3% | ||
| Q3 25 | 7.5% | 20.1% | ||
| Q2 25 | 2.0% | 18.1% | ||
| Q1 25 | 1.8% | 18.5% | ||
| Q4 24 | 8.4% | 23.5% | ||
| Q3 24 | 12.3% | 21.1% | ||
| Q2 24 | 12.5% | 21.6% |
净利率APOGMSA
| Q1 26 | 4.7% | — | ||
| Q4 25 | 4.7% | 17.0% | ||
| Q3 25 | 6.6% | 14.9% | ||
| Q2 25 | -0.8% | 13.2% | ||
| Q1 25 | 0.7% | 14.1% | ||
| Q4 24 | 6.1% | 17.6% | ||
| Q3 24 | 8.9% | 15.4% | ||
| Q2 24 | 9.4% | 15.6% |
每股收益（稀释后）APOGMSA
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.77 | $2.22 | ||
| Q3 25 | $1.10 | $1.77 | ||
| Q2 25 | $-0.13 | $1.59 | ||
| Q1 25 | $0.12 | $1.51 | ||
| Q4 24 | $0.96 | $2.22 | ||
| Q3 24 | $1.40 | $1.69 | ||
| Q2 24 | $1.41 | $1.83 |
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 | $39.5M | $165.1M |
| 总债务越低越好 | $232.3M | $580.9M |
| 股东权益账面价值 | $511.8M | $1.4B |
| 总资产 | $1.1B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.45× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资APOGMSA
| Q1 26 | $39.5M | — | ||
| Q4 25 | $41.3M | $165.1M | ||
| Q3 25 | $39.5M | $170.0M | ||
| Q2 25 | $32.8M | $147.0M | ||
| Q1 25 | $41.4M | $170.6M | ||
| Q4 24 | $43.9M | $164.6M | ||
| Q3 24 | $51.0M | $154.4M | ||
| Q2 24 | $30.4M | $146.8M |
总债务APOGMSA
| Q1 26 | $232.3M | — | ||
| Q4 25 | — | $580.9M | ||
| Q3 25 | — | $628.6M | ||
| Q2 25 | — | $679.3M | ||
| Q1 25 | $285.0M | $502.1M | ||
| Q4 24 | — | $508.0M | ||
| Q3 24 | — | $554.7M | ||
| Q2 24 | — | $588.2M |
股东权益APOGMSA
| Q1 26 | $511.8M | — | ||
| Q4 25 | $512.3M | $1.4B | ||
| Q3 25 | $500.2M | $1.3B | ||
| Q2 25 | $481.8M | $1.3B | ||
| Q1 25 | $487.9M | $1.2B | ||
| Q4 24 | $522.1M | $1.1B | ||
| Q3 24 | $506.4M | $1.1B | ||
| Q2 24 | $480.0M | $1.0B |
总资产APOGMSA
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $1.2B | $2.6B | ||
| Q2 25 | $1.2B | $2.6B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.2B | $2.2B | ||
| Q3 24 | $917.1M | $2.2B | ||
| Q2 24 | $889.0M | $2.2B |
负债/权益比APOGMSA
| Q1 26 | 0.45× | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | 0.58× | 0.42× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.57× |
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 | $122.5M | $122.4M |
| 自由现金流经营现金流 - 资本支出 | — | $106.0M |
| 自由现金流率自由现金流/营收 | — | 20.8% |
| 资本支出强度资本支出/营收 | 7.8% | 3.2% |
| 现金转化率经营现金流/净利润 | 7.37× | 1.41× |
| 过去12个月自由现金流最近4个季度 | — | $295.4M |
8季度趋势，按日历期对齐
经营现金流APOGMSA
| Q1 26 | $122.5M | — | ||
| Q4 25 | $29.3M | $122.4M | ||
| Q3 25 | $57.1M | $112.5M | ||
| Q2 25 | $-19.8M | $67.2M | ||
| Q1 25 | $30.0M | $61.8M | ||
| Q4 24 | $31.0M | $107.9M | ||
| Q3 24 | $58.7M | $84.3M | ||
| Q2 24 | $5.5M | $53.3M |
自由现金流APOGMSA
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $106.0M | ||
| Q3 25 | $52.4M | $100.5M | ||
| Q2 25 | $-26.9M | $37.9M | ||
| Q1 25 | $19.1M | $51.0M | ||
| Q4 24 | $22.0M | $93.5M | ||
| Q3 24 | $50.2M | $70.1M | ||
| Q2 24 | $-1.8M | $39.0M |
自由现金流率APOGMSA
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 20.8% | ||
| Q3 25 | 14.6% | 21.4% | ||
| Q2 25 | -7.8% | 8.0% | ||
| Q1 25 | 5.5% | 12.1% | ||
| Q4 24 | 6.4% | 18.7% | ||
| Q3 24 | 14.7% | 16.2% | ||
| Q2 24 | -0.5% | 8.4% |
资本支出强度APOGMSA
| Q1 26 | 7.8% | — | ||
| Q4 25 | 1.9% | 3.2% | ||
| Q3 25 | 1.3% | 2.6% | ||
| Q2 25 | 2.1% | 6.2% | ||
| Q1 25 | 3.2% | 2.6% | ||
| Q4 24 | 2.6% | 2.9% | ||
| Q3 24 | 2.5% | 3.3% | ||
| Q2 24 | 2.2% | 3.1% |
现金转化率APOGMSA
| Q1 26 | 7.37× | — | ||
| Q4 25 | 1.77× | 1.41× | ||
| Q3 25 | 2.41× | 1.62× | ||
| Q2 25 | — | 1.07× | ||
| Q1 25 | 12.08× | 1.04× | ||
| Q4 24 | 1.48× | 1.23× | ||
| Q3 24 | 1.92× | 1.27× | ||
| Q2 24 | 0.18× | 0.74× |
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
APOG
| Architectural Services | $127.1M | 36% |
| Architectural Metals | $110.0M | 31% |
| Architectural Glass | $67.4M | 19% |
| Performance Surfaces | $54.3M | 15% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
