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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）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
AMERICAN AXLE & MANUFACTURING HOLDINGS INC的季度营收约是FULLER H B CO的1.6倍（$1.4B vs $892.0M），FULLER H B CO净利率更高（7.5% vs -5.4%，领先13.0%），AMERICAN AXLE & MANUFACTURING HOLDINGS INC同比增速更快（0.2% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $54.7M），过去两年FULLER H B CO的营收复合增速更高（5.0% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs FUL — 直观对比
营收规模更大
AXL
是对方的1.6倍
$892.0M
营收增速更快
AXL
高出3.0%
-2.8%
净利率更高
FUL
高出13.0%
-5.4%
自由现金流更多
FUL
多$14.2M
$54.7M
两年增速更快
FUL
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $892.0M |
| 净利润 | $-75.3M | $67.2M |
| 毛利率 | 10.2% | 32.0% |
| 营业利润率 | -2.4% | 12.3% |
| 净利率 | -5.4% | 7.5% |
| 营收同比 | 0.2% | -2.8% |
| 净利润同比 | -449.6% | 21.3% |
| 每股收益（稀释后） | $-0.62 | $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AXLFUL
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.5B | $892.0M | ||
| Q2 25 | $1.5B | $898.1M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.5B | $917.9M | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | $810.4M |
净利润AXLFUL
| Q4 25 | $-75.3M | — | ||
| Q3 25 | $9.2M | $67.2M | ||
| Q2 25 | $39.3M | $41.8M | ||
| Q1 25 | $7.1M | — | ||
| Q4 24 | $-13.7M | — | ||
| Q3 24 | $10.0M | $55.4M | ||
| Q2 24 | $18.2M | — | ||
| Q1 24 | $20.5M | $31.0M |
毛利率AXLFUL
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | 32.0% | ||
| Q2 25 | 13.1% | 31.9% | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | 11.4% | 30.0% | ||
| Q2 24 | 13.3% | — | ||
| Q1 24 | 12.4% | 29.5% |
营业利润率AXLFUL
| Q4 25 | -2.4% | — | ||
| Q3 25 | 3.2% | 12.3% | ||
| Q2 25 | 3.6% | 11.1% | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.8% | 11.4% | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 4.8% | 8.3% |
净利率AXLFUL
| Q4 25 | -5.4% | — | ||
| Q3 25 | 0.6% | 7.5% | ||
| Q2 25 | 2.6% | 4.7% | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | -1.0% | — | ||
| Q3 24 | 0.7% | 6.0% | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.3% | 3.8% |
每股收益（稀释后）AXLFUL
| Q4 25 | $-0.62 | — | ||
| Q3 25 | $0.07 | $1.22 | ||
| Q2 25 | $0.32 | $0.76 | ||
| Q1 25 | $0.06 | — | ||
| Q4 24 | $-0.11 | — | ||
| Q3 24 | $0.08 | $0.98 | ||
| Q2 24 | $0.15 | — | ||
| Q1 24 | $0.17 | $0.55 |
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 | $708.9M | $122.5M |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $640.0M | $2.0B |
| 总资产 | $6.7B | $5.2B |
| 负债/权益比越低杠杆越低 | 6.31× | — |
8季度趋势，按日历期对齐
现金及短期投资AXLFUL
| Q4 25 | $708.9M | — | ||
| Q3 25 | $714.1M | $122.5M | ||
| Q2 25 | $586.5M | $96.8M | ||
| Q1 25 | $549.2M | — | ||
| Q4 24 | $552.9M | — | ||
| Q3 24 | $542.5M | $131.4M | ||
| Q2 24 | $519.9M | — | ||
| Q1 24 | $469.8M | $165.2M |
总债务AXLFUL
| Q4 25 | $4.0B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益AXLFUL
| Q4 25 | $640.0M | — | ||
| Q3 25 | $718.4M | $2.0B | ||
| Q2 25 | $673.0M | $1.9B | ||
| Q1 25 | $596.3M | — | ||
| Q4 24 | $562.8M | — | ||
| Q3 24 | $616.3M | $1.8B | ||
| Q2 24 | $609.6M | — | ||
| Q1 24 | $621.4M | $1.8B |
总资产AXLFUL
| Q4 25 | $6.7B | — | ||
| Q3 25 | $5.3B | $5.2B | ||
| Q2 25 | $5.3B | $5.1B | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.3B | $5.0B | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.4B | $4.7B |
负债/权益比AXLFUL
| Q4 25 | 6.31× | — | ||
| Q3 25 | 3.61× | — | ||
| Q2 25 | 3.86× | — | ||
| Q1 25 | 4.38× | — | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 4.42× | — | ||
| Q1 24 | 4.40× | — |
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 | $120.5M | $99.0M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $68.9M |
| 自由现金流率自由现金流/营收 | 4.0% | 7.7% |
| 资本支出强度资本支出/营收 | 4.8% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 1.47× |
| 过去12个月自由现金流最近4个季度 | $155.1M | — |
8季度趋势，按日历期对齐
经营现金流AXLFUL
| Q4 25 | $120.5M | — | ||
| Q3 25 | $143.3M | $99.0M | ||
| Q2 25 | $91.9M | — | ||
| Q1 25 | $55.9M | — | ||
| Q4 24 | $151.2M | — | ||
| Q3 24 | $143.6M | $169.4M | ||
| Q2 24 | $142.8M | — | ||
| Q1 24 | $17.8M | $47.4M |
自由现金流AXLFUL
| Q4 25 | $54.7M | — | ||
| Q3 25 | $79.2M | $68.9M | ||
| Q2 25 | $34.6M | — | ||
| Q1 25 | $-13.4M | — | ||
| Q4 24 | $73.2M | — | ||
| Q3 24 | $70.4M | $99.9M | ||
| Q2 24 | $94.0M | — | ||
| Q1 24 | $-30.2M | $4.1M |
自由现金流率AXLFUL
| Q4 25 | 4.0% | — | ||
| Q3 25 | 5.3% | 7.7% | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 4.7% | 10.9% | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | -1.9% | 0.5% |
资本支出强度AXLFUL
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.3% | 3.4% | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 4.9% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 4.9% | 7.6% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 3.0% | 5.3% |
现金转化率AXLFUL
| Q4 25 | — | — | ||
| Q3 25 | 15.58× | 1.47× | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 7.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 14.36× | 3.06× | ||
| Q2 24 | 7.85× | — | ||
| Q1 24 | 0.87× | 1.53× |
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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
