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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.0倍（$1.4B vs $1.4B），希悦尔净利率更高（3.1% vs -5.4%，领先8.6%），希悦尔同比增速更快（2.6% vs 0.2%），希悦尔自由现金流更多（$257.7M vs $54.7M），过去两年希悦尔的营收复合增速更高（2.7% 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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
AXL vs SEE — 直观对比
营收规模更大
SEE
是对方的1.0倍
$1.4B
营收增速更快
SEE
高出2.4%
0.2%
净利率更高
SEE
高出8.6%
-5.4%
自由现金流更多
SEE
多$203.0M
$54.7M
两年增速更快
SEE
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.4B |
| 净利润 | $-75.3M | $43.8M |
| 毛利率 | 10.2% | 28.6% |
| 营业利润率 | -2.4% | 11.4% |
| 净利率 | -5.4% | 3.1% |
| 营收同比 | 0.2% | 2.6% |
| 净利润同比 | -449.6% | 700.0% |
| 每股收益（稀释后） | $-0.62 | $0.30 |
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AXLSEE
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.6B | $1.3B |
净利润AXLSEE
| Q4 25 | $-75.3M | $43.8M | ||
| Q3 25 | $9.2M | $255.1M | ||
| Q2 25 | $39.3M | $93.1M | ||
| Q1 25 | $7.1M | $113.5M | ||
| Q4 24 | $-13.7M | $-7.3M | ||
| Q3 24 | $10.0M | $91.7M | ||
| Q2 24 | $18.2M | $98.3M | ||
| Q1 24 | $20.5M | $82.0M |
毛利率AXLSEE
| Q4 25 | 10.2% | 28.6% | ||
| Q3 25 | 12.6% | 29.8% | ||
| Q2 25 | 13.1% | 30.7% | ||
| Q1 25 | 12.3% | 30.9% | ||
| Q4 24 | 11.2% | 30.0% | ||
| Q3 24 | 11.4% | 30.1% | ||
| Q2 24 | 13.3% | 31.2% | ||
| Q1 24 | 12.4% | 30.3% |
营业利润率AXLSEE
| Q4 25 | -2.4% | 11.4% | ||
| Q3 25 | 3.2% | 13.8% | ||
| Q2 25 | 3.6% | 15.0% | ||
| Q1 25 | 3.0% | 14.5% | ||
| Q4 24 | 2.6% | 11.7% | ||
| Q3 24 | 2.8% | 13.9% | ||
| Q2 24 | 5.3% | 15.4% | ||
| Q1 24 | 4.8% | 14.0% |
净利率AXLSEE
| Q4 25 | -5.4% | 3.1% | ||
| Q3 25 | 0.6% | 19.0% | ||
| Q2 25 | 2.6% | 7.0% | ||
| Q1 25 | 0.5% | 9.0% | ||
| Q4 24 | -1.0% | -0.5% | ||
| Q3 24 | 0.7% | 6.9% | ||
| Q2 24 | 1.1% | 7.4% | ||
| Q1 24 | 1.3% | 6.2% |
每股收益（稀释后）AXLSEE
| Q4 25 | $-0.62 | $0.30 | ||
| Q3 25 | $0.07 | $1.73 | ||
| Q2 25 | $0.32 | $0.63 | ||
| Q1 25 | $0.06 | $0.77 | ||
| Q4 24 | $-0.11 | $-0.05 | ||
| Q3 24 | $0.08 | $0.63 | ||
| Q2 24 | $0.15 | $0.67 | ||
| Q1 24 | $0.17 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | $4.0B | $3.3B |
| 股东权益账面价值 | $640.0M | $1.2B |
| 总资产 | $6.7B | $7.0B |
| 负债/权益比越低杠杆越低 | 6.31× | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资AXLSEE
| Q4 25 | $708.9M | $344.0M | ||
| Q3 25 | $714.1M | $282.5M | ||
| Q2 25 | $586.5M | $354.4M | ||
| Q1 25 | $549.2M | $335.2M | ||
| Q4 24 | $552.9M | $371.8M | ||
| Q3 24 | $542.5M | $386.0M | ||
| Q2 24 | $519.9M | $388.6M | ||
| Q1 24 | $469.8M | $352.8M |
总债务AXLSEE
| Q4 25 | $4.0B | $3.3B | ||
| Q3 25 | $2.6B | $4.0B | ||
| Q2 25 | $2.6B | $4.0B | ||
| Q1 25 | $2.6B | $4.2B | ||
| Q4 24 | $2.6B | $4.2B | ||
| Q3 24 | $2.6B | $4.3B | ||
| Q2 24 | $2.7B | $4.4B | ||
| Q1 24 | $2.7B | $4.5B |
股东权益AXLSEE
| Q4 25 | $640.0M | $1.2B | ||
| Q3 25 | $718.4M | $1.2B | ||
| Q2 25 | $673.0M | $953.1M | ||
| Q1 25 | $596.3M | $797.9M | ||
| Q4 24 | $562.8M | $624.5M | ||
| Q3 24 | $616.3M | $771.2M | ||
| Q2 24 | $609.6M | $650.1M | ||
| Q1 24 | $621.4M | $598.3M |
总资产AXLSEE
| Q4 25 | $6.7B | $7.0B | ||
| Q3 25 | $5.3B | $7.1B | ||
| Q2 25 | $5.3B | $7.2B | ||
| Q1 25 | $5.1B | $7.0B | ||
| Q4 24 | $5.1B | $7.0B | ||
| Q3 24 | $5.3B | $7.3B | ||
| Q2 24 | $5.3B | $7.3B | ||
| Q1 24 | $5.4B | $7.2B |
负债/权益比AXLSEE
| Q4 25 | 6.31× | 2.65× | ||
| Q3 25 | 3.61× | 3.34× | ||
| Q2 25 | 3.86× | 4.18× | ||
| Q1 25 | 4.38× | 5.26× | ||
| Q4 24 | 4.58× | 6.72× | ||
| Q3 24 | 4.28× | 5.62× | ||
| Q2 24 | 4.42× | 6.81× | ||
| Q1 24 | 4.40× | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $257.7M |
| 自由现金流率自由现金流/营收 | 4.0% | 18.5% |
| 资本支出强度资本支出/营收 | 4.8% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 6.70× |
| 过去12个月自由现金流最近4个季度 | $155.1M | $458.5M |
8季度趋势，按日历期对齐
经营现金流AXLSEE
| Q4 25 | $120.5M | $293.6M | ||
| Q3 25 | $143.3M | $165.9M | ||
| Q2 25 | $91.9M | $136.6M | ||
| Q1 25 | $55.9M | $31.9M | ||
| Q4 24 | $151.2M | $244.2M | ||
| Q3 24 | $143.6M | $170.5M | ||
| Q2 24 | $142.8M | $188.2M | ||
| Q1 24 | $17.8M | $125.1M |
自由现金流AXLSEE
| Q4 25 | $54.7M | $257.7M | ||
| Q3 25 | $79.2M | $119.6M | ||
| Q2 25 | $34.6M | $93.2M | ||
| Q1 25 | $-13.4M | $-12.0M | ||
| Q4 24 | $73.2M | $185.1M | ||
| Q3 24 | $70.4M | $115.2M | ||
| Q2 24 | $94.0M | $129.5M | ||
| Q1 24 | $-30.2M | $78.0M |
自由现金流率AXLSEE
| Q4 25 | 4.0% | 18.5% | ||
| Q3 25 | 5.3% | 8.9% | ||
| Q2 25 | 2.3% | 7.0% | ||
| Q1 25 | -0.9% | -0.9% | ||
| Q4 24 | 5.3% | 13.6% | ||
| Q3 24 | 4.7% | 8.6% | ||
| Q2 24 | 5.8% | 9.7% | ||
| Q1 24 | -1.9% | 5.9% |
资本支出强度AXLSEE
| Q4 25 | 4.8% | 2.6% | ||
| Q3 25 | 4.3% | 3.4% | ||
| Q2 25 | 3.7% | 3.3% | ||
| Q1 25 | 4.9% | 3.5% | ||
| Q4 24 | 5.6% | 4.4% | ||
| Q3 24 | 4.9% | 4.1% | ||
| Q2 24 | 3.0% | 4.4% | ||
| Q1 24 | 3.0% | 3.6% |
现金转化率AXLSEE
| Q4 25 | — | 6.70× | ||
| Q3 25 | 15.58× | 0.65× | ||
| Q2 25 | 2.34× | 1.47× | ||
| Q1 25 | 7.87× | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 14.36× | 1.86× | ||
| Q2 24 | 7.85× | 1.91× | ||
| 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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
