vs
亚玛芬体育（AS）与FULLER H B CO（FUL）财务数据对比。点击上方公司名可切换其他公司
亚玛芬体育的季度营收约是FULLER H B CO的1.2倍（$1.1B vs $892.0M），FULLER H B CO净利率更高（7.5% vs 1.8%，领先5.7%），亚玛芬体育自由现金流更多（$92.2M vs $68.9M）
亚玛芬体育是芬兰跨国运动装备企业，总部位于赫尔辛基，成立于1950年。早年为涉足烟草贸易、航运、出版等领域的多元化工业集团，后逐步转型专注于体育用品的生产与营销，现有员工超9700人，2018年起成为中国安踏体育旗下子公司。
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
AS vs FUL — 直观对比
营收规模更大
AS
是对方的1.2倍
$892.0M
净利率更高
FUL
高出5.7%
1.8%
自由现金流更多
AS
多$23.3M
$68.9M
损益表 — Q1 FY2024 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $892.0M |
| 净利润 | $19.0M | $67.2M |
| 毛利率 | 52.8% | 32.0% |
| 营业利润率 | 12.4% | 12.3% |
| 净利率 | 1.8% | 7.5% |
| 营收同比 | — | -2.8% |
| 净利润同比 | — | 21.3% |
| 每股收益（稀释后） | $0.05 | $1.22 |
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ASFUL
| Q3 25 | — | $892.0M | ||
| Q2 25 | — | $898.1M | ||
| Q3 24 | — | $917.9M | ||
| Q1 24 | $1.1B | $810.4M | ||
| Q4 23 | $1.3B | $902.9M | ||
| Q3 23 | — | $900.6M | ||
| Q2 23 | — | $898.2M | ||
| Q1 23 | — | $809.2M |
净利润ASFUL
| Q3 25 | — | $67.2M | ||
| Q2 25 | — | $41.8M | ||
| Q3 24 | — | $55.4M | ||
| Q1 24 | $19.0M | $31.0M | ||
| Q4 23 | $-95.0M | $45.0M | ||
| Q3 23 | — | $37.6M | ||
| Q2 23 | — | $40.4M | ||
| Q1 23 | — | $21.9M |
毛利率ASFUL
| Q3 25 | — | 32.0% | ||
| Q2 25 | — | 31.9% | ||
| Q3 24 | — | 30.0% | ||
| Q1 24 | 52.8% | 29.5% | ||
| Q4 23 | 51.9% | 30.3% | ||
| Q3 23 | — | 29.3% | ||
| Q2 23 | — | 28.6% | ||
| Q1 23 | — | 26.5% |
营业利润率ASFUL
| Q3 25 | — | 12.3% | ||
| Q2 25 | — | 11.1% | ||
| Q3 24 | — | 11.4% | ||
| Q1 24 | 12.4% | 8.3% | ||
| Q4 23 | — | 12.6% | ||
| Q3 23 | — | 10.1% | ||
| Q2 23 | — | 10.0% | ||
| Q1 23 | — | 7.4% |
净利率ASFUL
| Q3 25 | — | 7.5% | ||
| Q2 25 | — | 4.7% | ||
| Q3 24 | — | 6.0% | ||
| Q1 24 | 1.8% | 3.8% | ||
| Q4 23 | -7.2% | 5.0% | ||
| Q3 23 | — | 4.2% | ||
| Q2 23 | — | 4.5% | ||
| Q1 23 | — | 2.7% |
每股收益（稀释后）ASFUL
| Q3 25 | — | $1.22 | ||
| Q2 25 | — | $0.76 | ||
| Q3 24 | — | $0.98 | ||
| Q1 24 | $0.05 | $0.55 | ||
| Q4 23 | $-0.11 | $0.80 | ||
| Q3 23 | — | $0.67 | ||
| Q2 23 | — | $0.73 | ||
| Q1 23 | — | $0.39 |
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 | — | $122.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $2.0B |
| 总资产 | — | $5.2B |
| 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ASFUL
| Q3 25 | — | $122.5M | ||
| Q2 25 | — | $96.8M | ||
| Q3 24 | — | $131.4M | ||
| Q1 24 | — | $165.2M | ||
| Q4 23 | $483.4M | $179.5M | ||
| Q3 23 | — | $94.9M | ||
| Q2 23 | — | $103.2M | ||
| Q1 23 | — | $125.5M |
总债务ASFUL
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | $6.3B | $1.8B | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
股东权益ASFUL
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.9B | ||
| Q3 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B | ||
| Q4 23 | $-156.8M | $1.8B | ||
| Q3 23 | — | $1.7B | ||
| Q2 23 | — | $1.7B | ||
| Q1 23 | — | $1.6B |
总资产ASFUL
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.1B | ||
| Q3 24 | — | $5.0B | ||
| Q1 24 | — | $4.7B | ||
| Q4 23 | $8.4B | $4.7B | ||
| Q3 23 | — | $4.7B | ||
| Q2 23 | — | $4.6B | ||
| Q1 23 | — | $4.5B |
负债/权益比ASFUL
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 1.05× | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
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 | $114.3M | $99.0M |
| 自由现金流经营现金流 - 资本支出 | $92.2M | $68.9M |
| 自由现金流率自由现金流/营收 | 8.8% | 7.7% |
| 资本支出强度资本支出/营收 | 2.1% | 3.4% |
| 现金转化率经营现金流/净利润 | 6.02× | 1.47× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ASFUL
| Q3 25 | — | $99.0M | ||
| Q2 25 | — | — | ||
| Q3 24 | — | $169.4M | ||
| Q1 24 | $114.3M | $47.4M | ||
| Q4 23 | $199.0M | $161.7M | ||
| Q3 23 | — | $108.3M | ||
| Q2 23 | — | $102.9M | ||
| Q1 23 | — | $5.5M |
自由现金流ASFUL
| Q3 25 | — | $68.9M | ||
| Q2 25 | — | — | ||
| Q3 24 | — | $99.9M | ||
| Q1 24 | $92.2M | $4.1M | ||
| Q4 23 | $75.4M | $152.1M | ||
| Q3 23 | — | $81.3M | ||
| Q2 23 | — | $67.9M | ||
| Q1 23 | — | $-42.1M |
自由现金流率ASFUL
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q3 24 | — | 10.9% | ||
| Q1 24 | 8.8% | 0.5% | ||
| Q4 23 | 5.7% | 16.8% | ||
| Q3 23 | — | 9.0% | ||
| Q2 23 | — | 7.6% | ||
| Q1 23 | — | -5.2% |
资本支出强度ASFUL
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | — | ||
| Q3 24 | — | 7.6% | ||
| Q1 24 | 2.1% | 5.3% | ||
| Q4 23 | 9.4% | 1.1% | ||
| Q3 23 | — | 3.0% | ||
| Q2 23 | — | 3.9% | ||
| Q1 23 | — | 5.9% |
现金转化率ASFUL
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | — | ||
| Q3 24 | — | 3.06× | ||
| Q1 24 | 6.02× | 1.53× | ||
| Q4 23 | — | 3.59× | ||
| Q3 23 | — | 2.88× | ||
| Q2 23 | — | 2.55× | ||
| Q1 23 | — | 0.25× |
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
AS
| Americas2 | $409.6M | 39% |
| EMEA1 | $356.9M | 34% |
| Greater China3 | $205.6M | 20% |
| Asia Pacific4 | $78.2M | 7% |
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
