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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.8倍（$1.4B vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs -5.4%，领先51.5%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 0.2%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $54.7M），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% 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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
AXL vs UTHR — 直观对比
营收规模更大
AXL
是对方的1.8倍
$790.2M
营收增速更快
UTHR
高出7.2%
0.2%
净利率更高
UTHR
高出51.5%
-5.4%
自由现金流更多
UTHR
多$118.6M
$54.7M
两年增速更快
UTHR
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $790.2M |
| 净利润 | $-75.3M | $364.3M |
| 毛利率 | 10.2% | 86.9% |
| 营业利润率 | -2.4% | 45.1% |
| 净利率 | -5.4% | 46.1% |
| 营收同比 | 0.2% | 7.4% |
| 净利润同比 | -449.6% | 20.9% |
| 每股收益（稀释后） | $-0.62 | $7.66 |
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AXLUTHR
| Q4 25 | $1.4B | $790.2M | ||
| Q3 25 | $1.5B | $799.5M | ||
| Q2 25 | $1.5B | $798.6M | ||
| Q1 25 | $1.4B | $794.4M | ||
| Q4 24 | $1.4B | $735.9M | ||
| Q3 24 | $1.5B | $748.9M | ||
| Q2 24 | $1.6B | $714.9M | ||
| Q1 24 | $1.6B | $677.7M |
净利润AXLUTHR
| Q4 25 | $-75.3M | $364.3M | ||
| Q3 25 | $9.2M | $338.7M | ||
| Q2 25 | $39.3M | $309.5M | ||
| Q1 25 | $7.1M | $322.2M | ||
| Q4 24 | $-13.7M | $301.3M | ||
| Q3 24 | $10.0M | $309.1M | ||
| Q2 24 | $18.2M | $278.1M | ||
| Q1 24 | $20.5M | $306.6M |
毛利率AXLUTHR
| Q4 25 | 10.2% | 86.9% | ||
| Q3 25 | 12.6% | 87.4% | ||
| Q2 25 | 13.1% | 89.0% | ||
| Q1 25 | 12.3% | 88.4% | ||
| Q4 24 | 11.2% | 89.7% | ||
| Q3 24 | 11.4% | 88.9% | ||
| Q2 24 | 13.3% | 89.1% | ||
| Q1 24 | 12.4% | 89.2% |
营业利润率AXLUTHR
| Q4 25 | -2.4% | 45.1% | ||
| Q3 25 | 3.2% | 48.6% | ||
| Q2 25 | 3.6% | 45.6% | ||
| Q1 25 | 3.0% | 48.2% | ||
| Q4 24 | 2.6% | 48.6% | ||
| Q3 24 | 2.8% | 45.8% | ||
| Q2 24 | 5.3% | 44.7% | ||
| Q1 24 | 4.8% | 52.6% |
净利率AXLUTHR
| Q4 25 | -5.4% | 46.1% | ||
| Q3 25 | 0.6% | 42.4% | ||
| Q2 25 | 2.6% | 38.8% | ||
| Q1 25 | 0.5% | 40.6% | ||
| Q4 24 | -1.0% | 40.9% | ||
| Q3 24 | 0.7% | 41.3% | ||
| Q2 24 | 1.1% | 38.9% | ||
| Q1 24 | 1.3% | 45.2% |
每股收益（稀释后）AXLUTHR
| Q4 25 | $-0.62 | $7.66 | ||
| Q3 25 | $0.07 | $7.16 | ||
| Q2 25 | $0.32 | $6.41 | ||
| Q1 25 | $0.06 | $6.63 | ||
| Q4 24 | $-0.11 | $6.23 | ||
| Q3 24 | $0.08 | $6.39 | ||
| Q2 24 | $0.15 | $5.85 | ||
| Q1 24 | $0.17 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $640.0M | $7.1B |
| 总资产 | $6.7B | $7.9B |
| 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AXLUTHR
| Q4 25 | $708.9M | $2.9B | ||
| Q3 25 | $714.1M | $2.8B | ||
| Q2 25 | $586.5M | $3.0B | ||
| Q1 25 | $549.2M | $3.3B | ||
| Q4 24 | $552.9M | $3.3B | ||
| Q3 24 | $542.5M | $3.3B | ||
| Q2 24 | $519.9M | $3.0B | ||
| Q1 24 | $469.8M | $2.7B |
总债务AXLUTHR
| 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AXLUTHR
| Q4 25 | $640.0M | $7.1B | ||
| Q3 25 | $718.4M | $6.6B | ||
| Q2 25 | $673.0M | $7.2B | ||
| Q1 25 | $596.3M | $6.8B | ||
| Q4 24 | $562.8M | $6.4B | ||
| Q3 24 | $616.3M | $6.1B | ||
| Q2 24 | $609.6M | $5.7B | ||
| Q1 24 | $621.4M | $5.3B |
总资产AXLUTHR
| Q4 25 | $6.7B | $7.9B | ||
| Q3 25 | $5.3B | $7.4B | ||
| Q2 25 | $5.3B | $7.9B | ||
| Q1 25 | $5.1B | $7.7B | ||
| Q4 24 | $5.1B | $7.4B | ||
| Q3 24 | $5.3B | $7.1B | ||
| Q2 24 | $5.3B | $6.7B | ||
| Q1 24 | $5.4B | $6.5B |
负债/权益比AXLUTHR
| 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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $173.3M |
| 自由现金流率自由现金流/营收 | 4.0% | 21.9% |
| 资本支出强度资本支出/营收 | 4.8% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $155.1M | $1.0B |
8季度趋势，按日历期对齐
经营现金流AXLUTHR
| Q4 25 | $120.5M | $346.2M | ||
| Q3 25 | $143.3M | $562.1M | ||
| Q2 25 | $91.9M | $191.7M | ||
| Q1 25 | $55.9M | $461.2M | ||
| Q4 24 | $151.2M | $341.2M | ||
| Q3 24 | $143.6M | $377.2M | ||
| Q2 24 | $142.8M | $232.2M | ||
| Q1 24 | $17.8M | $376.5M |
自由现金流AXLUTHR
| Q4 25 | $54.7M | $173.3M | ||
| Q3 25 | $79.2M | $351.6M | ||
| Q2 25 | $34.6M | $129.5M | ||
| Q1 25 | $-13.4M | $386.3M | ||
| Q4 24 | $73.2M | $254.5M | ||
| Q3 24 | $70.4M | $300.7M | ||
| Q2 24 | $94.0M | $187.1M | ||
| Q1 24 | $-30.2M | $338.3M |
自由现金流率AXLUTHR
| Q4 25 | 4.0% | 21.9% | ||
| Q3 25 | 5.3% | 44.0% | ||
| Q2 25 | 2.3% | 16.2% | ||
| Q1 25 | -0.9% | 48.6% | ||
| Q4 24 | 5.3% | 34.6% | ||
| Q3 24 | 4.7% | 40.2% | ||
| Q2 24 | 5.8% | 26.2% | ||
| Q1 24 | -1.9% | 49.9% |
资本支出强度AXLUTHR
| Q4 25 | 4.8% | 21.9% | ||
| Q3 25 | 4.3% | 26.3% | ||
| Q2 25 | 3.7% | 7.8% | ||
| Q1 25 | 4.9% | 9.4% | ||
| Q4 24 | 5.6% | 11.8% | ||
| Q3 24 | 4.9% | 10.2% | ||
| Q2 24 | 3.0% | 6.3% | ||
| Q1 24 | 3.0% | 5.6% |
现金转化率AXLUTHR
| Q4 25 | — | 0.95× | ||
| Q3 25 | 15.58× | 1.66× | ||
| Q2 25 | 2.34× | 0.62× | ||
| Q1 25 | 7.87× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 14.36× | 1.22× | ||
| Q2 24 | 7.85× | 0.83× | ||
| Q1 24 | 0.87× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
