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American Water Works（AWK）与Core & Main, Inc.（CNM）财务数据对比。点击上方公司名可切换其他公司
Core & Main, Inc.的季度营收约是American Water Works的1.6倍（$2.1B vs $1.3B），American Water Works净利率更高（18.7% vs 6.6%，领先12.1%），American Water Works同比增速更快（5.8% vs 0.0%），Core & Main, Inc.自由现金流更多（$263.0M vs $-385.0M），过去两年Core & Main, Inc.的营收复合增速更高（19.7% vs 12.6%）
American Water Works通过旗下子公司在美国境内提供专业供水与污水处理服务，业务覆盖14个州的约1700个社区，服务约340万活跃用户，客户群体涵盖住宅用户、食品饮料供应商、商业地产开发商与运营商、能源供应商等商业客户、消防服务及工业类客户等。
Core & Main, Inc.总部位于美国密苏里州圣路易斯，是美国专业的水务及相关防护产品分销商，主营供水、污水处理、雨水排放、消防防护类产品，客户覆盖市政部门、私营水务企业及专业承包商，在全美49个州设有370个分支机构，服务6万客户，在售产品达22.5万种。
AWK vs CNM — 直观对比
营收规模更大
CNM
是对方的1.6倍
$1.3B
营收增速更快
AWK
高出5.8%
0.0%
净利率更高
AWK
高出12.1%
6.6%
自由现金流更多
CNM
多$648.0M
$-385.0M
两年增速更快
CNM
近两年复合增速
12.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.1B |
| 净利润 | $238.0M | $137.0M |
| 毛利率 | — | 27.2% |
| 营业利润率 | 31.9% | 10.7% |
| 净利率 | 18.7% | 6.6% |
| 营收同比 | 5.8% | 0.0% |
| 净利润同比 | -0.4% | 0.0% |
| 每股收益（稀释后） | $1.22 | $0.72 |
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AWKCNM
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.2B | $2.0B | ||
| Q3 24 | $1.3B | $2.0B | ||
| Q2 24 | $1.1B | $1.7B | ||
| Q1 24 | $1.0B | $1.4B |
净利润AWKCNM
| Q4 25 | $238.0M | $137.0M | ||
| Q3 25 | $379.0M | $134.0M | ||
| Q2 25 | $289.0M | $100.0M | ||
| Q1 25 | $205.0M | $64.0M | ||
| Q4 24 | $239.0M | $133.0M | ||
| Q3 24 | $350.0M | $119.0M | ||
| Q2 24 | $277.0M | $95.0M | ||
| Q1 24 | $185.0M | $63.0M |
毛利率AWKCNM
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 26.8% | ||
| Q2 25 | — | 26.7% | ||
| Q1 25 | — | 26.6% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 26.4% | ||
| Q2 24 | — | 26.9% | ||
| Q1 24 | — | 26.7% |
营业利润率AWKCNM
| Q4 25 | 31.9% | 10.7% | ||
| Q3 25 | 42.2% | 10.2% | ||
| Q2 25 | 38.4% | 8.9% | ||
| Q1 25 | 32.7% | 7.3% | ||
| Q4 24 | 33.3% | 10.9% | ||
| Q3 24 | 40.9% | 10.4% | ||
| Q2 24 | 39.4% | 9.6% | ||
| Q1 24 | 32.5% | 8.1% |
净利率AWKCNM
| Q4 25 | 18.7% | 6.6% | ||
| Q3 25 | 26.1% | 6.4% | ||
| Q2 25 | 22.7% | 5.2% | ||
| Q1 25 | 18.1% | 3.8% | ||
| Q4 24 | 19.9% | 6.5% | ||
| Q3 24 | 26.4% | 6.1% | ||
| Q2 24 | 24.3% | 5.5% | ||
| Q1 24 | 18.4% | 4.4% |
每股收益（稀释后）AWKCNM
| Q4 25 | $1.22 | $0.72 | ||
| Q3 25 | $1.94 | $0.70 | ||
| Q2 25 | $1.48 | $0.52 | ||
| Q1 25 | $1.05 | $0.34 | ||
| Q4 24 | $1.22 | $0.69 | ||
| Q3 24 | $1.80 | $0.61 | ||
| Q2 24 | $1.42 | $0.49 | ||
| Q1 24 | $0.95 | $0.34 |
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 | $98.0M | $89.0M |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $10.8B | $2.0B |
| 总资产 | $35.4B | $6.3B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资AWKCNM
| Q4 25 | $98.0M | $89.0M | ||
| Q3 25 | $166.0M | $25.0M | ||
| Q2 25 | $94.0M | $8.0M | ||
| Q1 25 | $114.0M | $8.0M | ||
| Q4 24 | $96.0M | $10.0M | ||
| Q3 24 | $127.0M | $13.0M | ||
| Q2 24 | $48.0M | $30.0M | ||
| Q1 24 | $584.0M | $1.0M |
总债务AWKCNM
| Q4 25 | $12.8B | — | ||
| Q3 25 | $13.0B | — | ||
| Q2 25 | $12.3B | — | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $12.6B | — | ||
| Q2 24 | $12.6B | — | ||
| Q1 24 | $12.6B | — |
股东权益AWKCNM
| Q4 25 | $10.8B | $2.0B | ||
| Q3 25 | $10.9B | $1.9B | ||
| Q2 25 | $10.7B | $1.7B | ||
| Q1 25 | $10.5B | $1.7B | ||
| Q4 24 | $10.3B | $1.7B | ||
| Q3 24 | $10.4B | $1.6B | ||
| Q2 24 | $10.2B | $1.6B | ||
| Q1 24 | $10.0B | $1.5B |
总资产AWKCNM
| Q4 25 | $35.4B | $6.3B | ||
| Q3 25 | $34.7B | $6.3B | ||
| Q2 25 | $33.9B | $6.3B | ||
| Q1 25 | $33.2B | $5.9B | ||
| Q4 24 | $32.8B | $6.2B | ||
| Q3 24 | $31.8B | $6.1B | ||
| Q2 24 | $31.2B | $6.0B | ||
| Q1 24 | $31.1B | $5.1B |
负债/权益比AWKCNM
| Q4 25 | 1.18× | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 1.26× | — |
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 | $663.0M | $271.0M |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | $263.0M |
| 自由现金流率自由现金流/营收 | -30.3% | 12.8% |
| 资本支出强度资本支出/营收 | 82.5% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.79× | 1.98× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $575.0M |
8季度趋势，按日历期对齐
经营现金流AWKCNM
| Q4 25 | $663.0M | $271.0M | ||
| Q3 25 | $764.0M | $34.0M | ||
| Q2 25 | $301.0M | $77.0M | ||
| Q1 25 | $331.0M | $235.0M | ||
| Q4 24 | $639.0M | $260.0M | ||
| Q3 24 | $679.0M | $48.0M | ||
| Q2 24 | $345.0M | $78.0M | ||
| Q1 24 | $382.0M | $294.0M |
自由现金流AWKCNM
| Q4 25 | $-385.0M | $263.0M | ||
| Q3 25 | $-33.0M | $24.0M | ||
| Q2 25 | $-432.0M | $64.0M | ||
| Q1 25 | $-217.0M | $224.0M | ||
| Q4 24 | $-255.0M | $252.0M | ||
| Q3 24 | $-4.0M | $39.0M | ||
| Q2 24 | $-325.0M | $71.0M | ||
| Q1 24 | $-227.0M | $289.0M |
自由现金流率AWKCNM
| Q4 25 | -30.3% | 12.8% | ||
| Q3 25 | -2.3% | 1.1% | ||
| Q2 25 | -34.0% | 3.3% | ||
| Q1 25 | -19.1% | 13.2% | ||
| Q4 24 | -21.2% | 12.4% | ||
| Q3 24 | -0.3% | 2.0% | ||
| Q2 24 | -28.5% | 4.1% | ||
| Q1 24 | -22.6% | 20.1% |
资本支出强度AWKCNM
| Q4 25 | 82.5% | 0.4% | ||
| Q3 25 | 54.8% | 0.5% | ||
| Q2 25 | 57.6% | 0.7% | ||
| Q1 25 | 48.3% | 0.6% | ||
| Q4 24 | 74.4% | 0.4% | ||
| Q3 24 | 51.4% | 0.5% | ||
| Q2 24 | 58.8% | 0.4% | ||
| Q1 24 | 60.7% | 0.3% |
现金转化率AWKCNM
| Q4 25 | 2.79× | 1.98× | ||
| Q3 25 | 2.02× | 0.25× | ||
| Q2 25 | 1.04× | 0.77× | ||
| Q1 25 | 1.61× | 3.67× | ||
| Q4 24 | 2.67× | 1.95× | ||
| Q3 24 | 1.94× | 0.40× | ||
| Q2 24 | 1.25× | 0.82× | ||
| Q1 24 | 2.06× | 4.67× |
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
AWK
| Water Services | $1.0B | 81% |
| Other | $127.0M | 10% |
| Wastewater Services | $101.0M | 8% |
| Miscellaneous Utility Charge | $11.0M | 1% |
CNM
| Pipes Valves And Fitting Products | $1.4B | 67% |
| Storm Drainage Products | $333.0M | 16% |
| Meter Products | $195.0M | 9% |
| Fire Protection Products | $152.0M | 7% |
