vs
American Water Works（AWK）与艺康（ECL）财务数据对比。点击上方公司名可切换其他公司
艺康的季度营收约是American Water Works的3.2倍（$4.1B vs $1.3B），American Water Works净利率更高（18.7% vs 10.6%，领先8.1%），艺康同比增速更快（10.0% vs 5.8%），过去两年American Water Works的营收复合增速更高（12.6% vs 1.0%）
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。
艺康（Ecolab）总部位于美国明尼苏达州圣保罗市，是全球领先的水处理、清洁消毒与卫生防护产品提供商，核心客户群体覆盖各领域商业机构与工业企业，可助力客户提升运营效率、保障公共卫生安全、实现可持续发展。
AWK vs ECL — 直观对比
营收规模更大
ECL
是对方的3.2倍
$1.3B
营收增速更快
ECL
高出4.2%
5.8%
净利率更高
AWK
高出8.1%
10.6%
两年增速更快
AWK
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $4.1B |
| 净利润 | $238.0M | $432.6M |
| 毛利率 | — | — |
| 营业利润率 | 31.9% | 15.3% |
| 净利率 | 18.7% | 10.6% |
| 营收同比 | 5.8% | 10.0% |
| 净利润同比 | -0.4% | 1.3% |
| 每股收益（稀释后） | $1.22 | $1.52 |
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AWKECL
| Q2 26 | — | $4.1B | ||
| Q4 25 | $1.3B | $4.2B | ||
| Q3 25 | $1.5B | $4.2B | ||
| Q2 25 | $1.3B | $4.0B | ||
| Q1 25 | $1.1B | $3.7B | ||
| Q4 24 | $1.2B | $4.0B | ||
| Q3 24 | $1.3B | $4.0B | ||
| Q2 24 | $1.1B | $4.0B |
净利润AWKECL
| Q2 26 | — | $432.6M | ||
| Q4 25 | $238.0M | $563.9M | ||
| Q3 25 | $379.0M | $585.0M | ||
| Q2 25 | $289.0M | $524.2M | ||
| Q1 25 | $205.0M | $402.5M | ||
| Q4 24 | $239.0M | $472.9M | ||
| Q3 24 | $350.0M | $736.5M | ||
| Q2 24 | $277.0M | $490.9M |
毛利率AWKECL
| Q2 26 | — | — | ||
| Q4 25 | — | 44.0% | ||
| Q3 25 | — | 44.8% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 43.3% | ||
| Q3 24 | — | 43.4% | ||
| Q2 24 | — | 43.8% |
营业利润率AWKECL
| Q2 26 | — | 15.3% | ||
| Q4 25 | 31.9% | 17.0% | ||
| Q3 25 | 42.2% | 18.3% | ||
| Q2 25 | 38.4% | 17.6% | ||
| Q1 25 | 32.7% | 15.0% | ||
| Q4 24 | 33.3% | 14.6% | ||
| Q3 24 | 40.9% | 26.1% | ||
| Q2 24 | 39.4% | 16.5% |
净利率AWKECL
| Q2 26 | — | 10.6% | ||
| Q4 25 | 18.7% | 13.4% | ||
| Q3 25 | 26.1% | 14.0% | ||
| Q2 25 | 22.7% | 13.0% | ||
| Q1 25 | 18.1% | 10.9% | ||
| Q4 24 | 19.9% | 11.8% | ||
| Q3 24 | 26.4% | 18.4% | ||
| Q2 24 | 24.3% | 12.3% |
每股收益（稀释后）AWKECL
| Q2 26 | — | $1.52 | ||
| Q4 25 | $1.22 | $1.98 | ||
| Q3 25 | $1.94 | $2.05 | ||
| Q2 25 | $1.48 | $1.84 | ||
| Q1 25 | $1.05 | $1.41 | ||
| Q4 24 | $1.22 | $1.65 | ||
| Q3 24 | $1.80 | $2.58 | ||
| Q2 24 | $1.42 | $1.71 |
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 | $519.8K |
| 总债务越低越好 | $12.8B | $8.5M |
| 股东权益账面价值 | $10.8B | $10.0M |
| 总资产 | $35.4B | $25.0M |
| 负债/权益比越低杠杆越低 | 1.18× | 0.85× |
8季度趋势，按日历期对齐
现金及短期投资AWKECL
| Q2 26 | — | $519.8K | ||
| Q4 25 | $98.0M | $646.2M | ||
| Q3 25 | $166.0M | $2.0B | ||
| Q2 25 | $94.0M | $1.9B | ||
| Q1 25 | $114.0M | $1.2B | ||
| Q4 24 | $96.0M | $1.3B | ||
| Q3 24 | $127.0M | $1.3B | ||
| Q2 24 | $48.0M | $384.0M |
总债务AWKECL
| Q2 26 | — | $8.5M | ||
| Q4 25 | $12.8B | $7.4B | ||
| Q3 25 | $13.0B | $8.1B | ||
| Q2 25 | $12.3B | $7.5B | ||
| Q1 25 | $13.3B | $7.0B | ||
| Q4 24 | $12.5B | $6.9B | ||
| Q3 24 | $12.6B | $7.0B | ||
| Q2 24 | $12.6B | $7.5B |
股东权益AWKECL
| Q2 26 | — | $10.0M | ||
| Q4 25 | $10.8B | $9.8B | ||
| Q3 25 | $10.9B | $9.7B | ||
| Q2 25 | $10.7B | $9.3B | ||
| Q1 25 | $10.5B | $8.9B | ||
| Q4 24 | $10.3B | $8.8B | ||
| Q3 24 | $10.4B | $8.5B | ||
| Q2 24 | $10.2B | $8.3B |
总资产AWKECL
| Q2 26 | — | $25.0M | ||
| Q4 25 | $35.4B | $24.7B | ||
| Q3 25 | $34.7B | $23.9B | ||
| Q2 25 | $33.9B | $23.7B | ||
| Q1 25 | $33.2B | $22.4B | ||
| Q4 24 | $32.8B | $22.4B | ||
| Q3 24 | $31.8B | $22.1B | ||
| Q2 24 | $31.2B | $21.5B |
负债/权益比AWKECL
| Q2 26 | — | 0.85× | ||
| Q4 25 | 1.18× | 0.75× | ||
| Q3 25 | 1.19× | 0.83× | ||
| Q2 25 | 1.15× | 0.81× | ||
| Q1 25 | 1.26× | 0.79× | ||
| Q4 24 | 1.21× | 0.79× | ||
| Q3 24 | 1.21× | 0.82× | ||
| Q2 24 | 1.24× | 0.91× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | — |
| 自由现金流率自由现金流/营收 | -30.3% | — |
| 资本支出强度资本支出/营收 | 82.5% | — |
| 现金转化率经营现金流/净利润 | 2.79× | — |
| 过去12个月自由现金流最近4个季度 | $-1.1B | — |
8季度趋势，按日历期对齐
经营现金流AWKECL
| Q2 26 | — | — | ||
| Q4 25 | $663.0M | $1.1B | ||
| Q3 25 | $764.0M | $791.3M | ||
| Q2 25 | $301.0M | $701.8M | ||
| Q1 25 | $331.0M | $369.4M | ||
| Q4 24 | $639.0M | $766.7M | ||
| Q3 24 | $679.0M | $786.7M | ||
| Q2 24 | $345.0M | $611.1M |
自由现金流AWKECL
| Q2 26 | — | — | ||
| Q4 25 | $-385.0M | $758.0M | ||
| Q3 25 | $-33.0M | $529.7M | ||
| Q2 25 | $-432.0M | $485.1M | ||
| Q1 25 | $-217.0M | $131.5M | ||
| Q4 24 | $-255.0M | $407.0M | ||
| Q3 24 | $-4.0M | $550.3M | ||
| Q2 24 | $-325.0M | $414.2M |
自由现金流率AWKECL
| Q2 26 | — | — | ||
| Q4 25 | -30.3% | 18.1% | ||
| Q3 25 | -2.3% | 12.7% | ||
| Q2 25 | -34.0% | 12.1% | ||
| Q1 25 | -19.1% | 3.6% | ||
| Q4 24 | -21.2% | 10.2% | ||
| Q3 24 | -0.3% | 13.8% | ||
| Q2 24 | -28.5% | 10.4% |
资本支出强度AWKECL
| Q2 26 | — | — | ||
| Q4 25 | 82.5% | 7.9% | ||
| Q3 25 | 54.8% | 6.3% | ||
| Q2 25 | 57.6% | 5.4% | ||
| Q1 25 | 48.3% | 6.4% | ||
| Q4 24 | 74.4% | 9.0% | ||
| Q3 24 | 51.4% | 5.9% | ||
| Q2 24 | 58.8% | 4.9% |
现金转化率AWKECL
| Q2 26 | — | — | ||
| Q4 25 | 2.79× | 1.93× | ||
| Q3 25 | 2.02× | 1.35× | ||
| Q2 25 | 1.04× | 1.34× | ||
| Q1 25 | 1.61× | 0.92× | ||
| Q4 24 | 2.67× | 1.62× | ||
| Q3 24 | 1.94× | 1.07× | ||
| Q2 24 | 1.25× | 1.24× |
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% |
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
