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American Water Works（AWK）与滨特尔（PNR）财务数据对比。点击上方公司名可切换其他公司
American Water Works的季度营收约是滨特尔的1.2倍（$1.3B vs $1.0B），American Water Works净利率更高（18.7% vs 16.6%，领先2.1%），American Water Works同比增速更快（5.8% vs 2.6%），滨特尔自由现金流更多（$-85.7M vs $-385.0M），过去两年American Water Works的营收复合增速更高（12.6% vs -2.9%）
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。
滨特尔（股票代码PNR）是知名水处理企业，注册地位于爱尔兰，税务居民身份归属英国，美国区总部设于明尼苏达州金谷市。品牌起源于美国，2017年数据显示其65%的营收来自美国和加拿大，2014年集团完成架构重组，注册地由瑞士变更为爱尔兰。
AWK vs PNR — 直观对比
营收规模更大
AWK
是对方的1.2倍
$1.0B
营收增速更快
AWK
高出3.2%
2.6%
净利率更高
AWK
高出2.1%
16.6%
自由现金流更多
PNR
多$299.3M
$-385.0M
两年增速更快
AWK
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.0B |
| 净利润 | $238.0M | $172.4M |
| 毛利率 | — | 41.8% |
| 营业利润率 | 31.9% | 20.3% |
| 净利率 | 18.7% | 16.6% |
| 营收同比 | 5.8% | 2.6% |
| 净利润同比 | -0.4% | 11.3% |
| 每股收益（稀释后） | $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AWKPNR
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.3B | $1.0B | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.2B | $972.9M | ||
| Q3 24 | $1.3B | $993.4M | ||
| Q2 24 | $1.1B | $1.1B |
净利润AWKPNR
| Q1 26 | — | $172.4M | ||
| Q4 25 | $238.0M | $166.1M | ||
| Q3 25 | $379.0M | $184.3M | ||
| Q2 25 | $289.0M | $148.5M | ||
| Q1 25 | $205.0M | $154.9M | ||
| Q4 24 | $239.0M | $166.4M | ||
| Q3 24 | $350.0M | $139.6M | ||
| Q2 24 | $277.0M | $186.1M |
毛利率AWKPNR
| Q1 26 | — | 41.8% | ||
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.7% | ||
| Q1 25 | — | 39.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | 39.8% |
营业利润率AWKPNR
| Q1 26 | — | 20.3% | ||
| Q4 25 | 31.9% | 20.1% | ||
| Q3 25 | 42.2% | 22.7% | ||
| Q2 25 | 38.4% | 19.4% | ||
| Q1 25 | 32.7% | 20.1% | ||
| Q4 24 | 33.3% | 20.1% | ||
| Q3 24 | 40.9% | 18.1% | ||
| Q2 24 | 39.4% | 22.6% |
净利率AWKPNR
| Q1 26 | — | 16.6% | ||
| Q4 25 | 18.7% | 16.3% | ||
| Q3 25 | 26.1% | 18.0% | ||
| Q2 25 | 22.7% | 13.2% | ||
| Q1 25 | 18.1% | 15.3% | ||
| Q4 24 | 19.9% | 17.1% | ||
| Q3 24 | 26.4% | 14.1% | ||
| Q2 24 | 24.3% | 16.9% |
每股收益（稀释后）AWKPNR
| Q1 26 | — | — | ||
| Q4 25 | $1.22 | $1.01 | ||
| Q3 25 | $1.94 | $1.12 | ||
| Q2 25 | $1.48 | $0.90 | ||
| Q1 25 | $1.05 | $0.93 | ||
| Q4 24 | $1.22 | $0.99 | ||
| Q3 24 | $1.80 | $0.84 | ||
| Q2 24 | $1.42 | $1.11 |
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 | $67.7M |
| 总债务越低越好 | $12.8B | $1.9B |
| 股东权益账面价值 | $10.8B | $3.8B |
| 总资产 | $35.4B | $7.1B |
| 负债/权益比越低杠杆越低 | 1.18× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资AWKPNR
| Q1 26 | — | $67.7M | ||
| Q4 25 | $98.0M | — | ||
| Q3 25 | $166.0M | $128.4M | ||
| Q2 25 | $94.0M | $143.0M | ||
| Q1 25 | $114.0M | $140.6M | ||
| Q4 24 | $96.0M | $118.7M | ||
| Q3 24 | $127.0M | $218.1M | ||
| Q2 24 | $48.0M | $214.3M |
总债务AWKPNR
| Q1 26 | — | $1.9B | ||
| Q4 25 | $12.8B | $1.6B | ||
| Q3 25 | $13.0B | $1.6B | ||
| Q2 25 | $12.3B | $1.4B | ||
| Q1 25 | $13.3B | $1.8B | ||
| Q4 24 | $12.5B | $1.6B | ||
| Q3 24 | $12.6B | — | ||
| Q2 24 | $12.6B | $1.8B |
股东权益AWKPNR
| Q1 26 | — | $3.8B | ||
| Q4 25 | $10.8B | $3.9B | ||
| Q3 25 | $10.9B | $3.8B | ||
| Q2 25 | $10.7B | $3.7B | ||
| Q1 25 | $10.5B | $3.6B | ||
| Q4 24 | $10.3B | $3.6B | ||
| Q3 24 | $10.4B | $3.5B | ||
| Q2 24 | $10.2B | $3.4B |
总资产AWKPNR
| Q1 26 | — | $7.1B | ||
| Q4 25 | $35.4B | $6.9B | ||
| Q3 25 | $34.7B | $6.8B | ||
| Q2 25 | $33.9B | $6.5B | ||
| Q1 25 | $33.2B | $6.7B | ||
| Q4 24 | $32.8B | $6.4B | ||
| Q3 24 | $31.8B | $6.5B | ||
| Q2 24 | $31.2B | $6.5B |
负债/权益比AWKPNR
| Q1 26 | — | 0.51× | ||
| Q4 25 | 1.18× | 0.42× | ||
| Q3 25 | 1.19× | 0.42× | ||
| Q2 25 | 1.15× | 0.38× | ||
| Q1 25 | 1.26× | 0.51× | ||
| Q4 24 | 1.21× | 0.46× | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.24× | 0.51× |
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 | $-85.7M |
| 自由现金流率自由现金流/营收 | -30.3% | -8.3% |
| 资本支出强度资本支出/营收 | 82.5% | 1.8% |
| 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 | $716.0M |
8季度趋势，按日历期对齐
经营现金流AWKPNR
| Q1 26 | — | — | ||
| Q4 25 | $663.0M | $50.8M | ||
| Q3 25 | $764.0M | $196.3M | ||
| Q2 25 | $301.0M | $606.6M | ||
| Q1 25 | $331.0M | $-38.9M | ||
| Q4 24 | $639.0M | $86.5M | ||
| Q3 24 | $679.0M | $248.6M | ||
| Q2 24 | $345.0M | $539.2M |
自由现金流AWKPNR
| Q1 26 | — | $-85.7M | ||
| Q4 25 | $-385.0M | $27.1M | ||
| Q3 25 | $-33.0M | $178.9M | ||
| Q2 25 | $-432.0M | $595.7M | ||
| Q1 25 | $-217.0M | $-55.7M | ||
| Q4 24 | $-255.0M | $63.8M | ||
| Q3 24 | $-4.0M | $233.2M | ||
| Q2 24 | $-325.0M | $522.2M |
自由现金流率AWKPNR
| Q1 26 | — | -8.3% | ||
| Q4 25 | -30.3% | 2.7% | ||
| Q3 25 | -2.3% | 17.5% | ||
| Q2 25 | -34.0% | 53.0% | ||
| Q1 25 | -19.1% | -5.5% | ||
| Q4 24 | -21.2% | 6.6% | ||
| Q3 24 | -0.3% | 23.5% | ||
| Q2 24 | -28.5% | 47.5% |
资本支出强度AWKPNR
| Q1 26 | — | 1.8% | ||
| Q4 25 | 82.5% | 2.3% | ||
| Q3 25 | 54.8% | 1.7% | ||
| Q2 25 | 57.6% | 1.0% | ||
| Q1 25 | 48.3% | 1.7% | ||
| Q4 24 | 74.4% | 2.3% | ||
| Q3 24 | 51.4% | 1.6% | ||
| Q2 24 | 58.8% | 1.5% |
现金转化率AWKPNR
| Q1 26 | — | — | ||
| Q4 25 | 2.79× | 0.31× | ||
| Q3 25 | 2.02× | 1.07× | ||
| Q2 25 | 1.04× | 4.08× | ||
| Q1 25 | 1.61× | -0.25× | ||
| Q4 24 | 2.67× | 0.52× | ||
| Q3 24 | 1.94× | 1.78× | ||
| Q2 24 | 1.25× | 2.90× |
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% |
PNR
| Water Solutions | $391.0M | 38% |
| Pool | $387.1M | 37% |
| Flow | $258.1M | 25% |
