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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与Worthington Steel, Inc.（WS）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Worthington Steel, Inc.的1.6倍（$1.4B vs $871.9M），Worthington Steel, Inc.净利率更高（2.2% vs -5.4%，领先7.6%），Worthington Steel, Inc.同比增速更快（18.0% vs 0.2%），Worthington Steel, Inc.自由现金流更多（$74.6M vs $54.7M），过去两年Worthington Steel, Inc.的营收复合增速更高（3.9% 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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
AXL vs WS — 直观对比
营收规模更大
AXL
是对方的1.6倍
$871.9M
营收增速更快
WS
高出17.8%
0.2%
净利率更高
WS
高出7.6%
-5.4%
自由现金流更多
WS
多$19.9M
$54.7M
两年增速更快
WS
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $871.9M |
| 净利润 | $-75.3M | $18.8M |
| 毛利率 | 10.2% | 10.7% |
| 营业利润率 | -2.4% | 2.5% |
| 净利率 | -5.4% | 2.2% |
| 营收同比 | 0.2% | 18.0% |
| 净利润同比 | -449.6% | 46.9% |
| 每股收益（稀释后） | $-0.62 | $0.37 |
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AXLWS
| Q4 25 | $1.4B | $871.9M | ||
| Q3 25 | $1.5B | $872.9M | ||
| Q2 25 | $1.5B | $832.9M | ||
| Q1 25 | $1.4B | $687.4M | ||
| Q4 24 | $1.4B | $739.0M | ||
| Q3 24 | $1.5B | $834.0M | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | $805.8M |
净利润AXLWS
| Q4 25 | $-75.3M | $18.8M | ||
| Q3 25 | $9.2M | $36.8M | ||
| Q2 25 | $39.3M | $55.7M | ||
| Q1 25 | $7.1M | $13.8M | ||
| Q4 24 | $-13.7M | $12.8M | ||
| Q3 24 | $10.0M | $28.4M | ||
| Q2 24 | $18.2M | — | ||
| Q1 24 | $20.5M | $49.0M |
毛利率AXLWS
| Q4 25 | 10.2% | 10.7% | ||
| Q3 25 | 12.6% | 13.2% | ||
| Q2 25 | 13.1% | 15.2% | ||
| Q1 25 | 12.3% | 11.8% | ||
| Q4 24 | 11.2% | 10.8% | ||
| Q3 24 | 11.4% | 12.0% | ||
| Q2 24 | 13.3% | — | ||
| Q1 24 | 12.4% | 14.9% |
营业利润率AXLWS
| Q4 25 | -2.4% | 2.5% | ||
| Q3 25 | 3.2% | 5.5% | ||
| Q2 25 | 3.6% | 8.0% | ||
| Q1 25 | 3.0% | 2.7% | ||
| Q4 24 | 2.6% | 2.6% | ||
| Q3 24 | 2.8% | 5.2% | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 4.8% | 8.2% |
净利率AXLWS
| Q4 25 | -5.4% | 2.2% | ||
| Q3 25 | 0.6% | 4.2% | ||
| Q2 25 | 2.6% | 6.7% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | -1.0% | 1.7% | ||
| Q3 24 | 0.7% | 3.4% | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.3% | 6.1% |
每股收益（稀释后）AXLWS
| Q4 25 | $-0.62 | $0.37 | ||
| Q3 25 | $0.07 | $0.72 | ||
| Q2 25 | $0.32 | $1.11 | ||
| Q1 25 | $0.06 | $0.27 | ||
| Q4 24 | $-0.11 | $0.25 | ||
| Q3 24 | $0.08 | $0.56 | ||
| Q2 24 | $0.15 | — | ||
| Q1 24 | $0.17 | $0.98 |
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 | $89.8M |
| 总债务越低越好 | $4.0B | $72.1M |
| 股东权益账面价值 | $640.0M | $1.1B |
| 总资产 | $6.7B | $2.1B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资AXLWS
| Q4 25 | $708.9M | $89.8M | ||
| Q3 25 | $714.1M | $78.3M | ||
| Q2 25 | $586.5M | $38.0M | ||
| Q1 25 | $549.2M | $63.3M | ||
| Q4 24 | $552.9M | $52.0M | ||
| Q3 24 | $542.5M | $36.0M | ||
| Q2 24 | $519.9M | — | ||
| Q1 24 | $469.8M | $60.8M |
总债务AXLWS
| Q4 25 | $4.0B | $72.1M | ||
| Q3 25 | $2.6B | $73.4M | ||
| Q2 25 | $2.6B | $151.5M | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | $115.0M | ||
| Q3 24 | $2.6B | $122.2M | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | $147.2M |
股东权益AXLWS
| Q4 25 | $640.0M | $1.1B | ||
| Q3 25 | $718.4M | $1.1B | ||
| Q2 25 | $673.0M | $1.1B | ||
| Q1 25 | $596.3M | $1.0B | ||
| Q4 24 | $562.8M | $1.0B | ||
| Q3 24 | $616.3M | $1.0B | ||
| Q2 24 | $609.6M | — | ||
| Q1 24 | $621.4M | $937.6M |
总资产AXLWS
| Q4 25 | $6.7B | $2.1B | ||
| Q3 25 | $5.3B | $2.2B | ||
| Q2 25 | $5.3B | $2.0B | ||
| Q1 25 | $5.1B | $1.8B | ||
| Q4 24 | $5.1B | $1.7B | ||
| Q3 24 | $5.3B | $1.8B | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.4B | $1.8B |
负债/权益比AXLWS
| Q4 25 | 6.31× | 0.06× | ||
| Q3 25 | 3.61× | 0.07× | ||
| Q2 25 | 3.86× | 0.14× | ||
| Q1 25 | 4.38× | — | ||
| Q4 24 | 4.58× | 0.11× | ||
| Q3 24 | 4.28× | 0.12× | ||
| Q2 24 | 4.42× | — | ||
| Q1 24 | 4.40× | 0.16× |
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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $74.6M |
| 自由现金流率自由现金流/营收 | 4.0% | 8.6% |
| 资本支出强度资本支出/营收 | 4.8% | 2.8% |
| 现金转化率经营现金流/净利润 | — | 5.28× |
| 过去12个月自由现金流最近4个季度 | $155.1M | $72.5M |
8季度趋势，按日历期对齐
经营现金流AXLWS
| Q4 25 | $120.5M | $99.3M | ||
| Q3 25 | $143.3M | $-6.3M | ||
| Q2 25 | $91.9M | $53.9M | ||
| Q1 25 | $55.9M | $53.8M | ||
| Q4 24 | $151.2M | $68.0M | ||
| Q3 24 | $143.6M | $54.6M | ||
| Q2 24 | $142.8M | — | ||
| Q1 24 | $17.8M | $44.7M |
自由现金流AXLWS
| Q4 25 | $54.7M | $74.6M | ||
| Q3 25 | $79.2M | $-35.7M | ||
| Q2 25 | $34.6M | $8.4M | ||
| Q1 25 | $-13.4M | $25.2M | ||
| Q4 24 | $73.2M | $33.2M | ||
| Q3 24 | $70.4M | $33.1M | ||
| Q2 24 | $94.0M | — | ||
| Q1 24 | $-30.2M | $22.3M |
自由现金流率AXLWS
| Q4 25 | 4.0% | 8.6% | ||
| Q3 25 | 5.3% | -4.1% | ||
| Q2 25 | 2.3% | 1.0% | ||
| Q1 25 | -0.9% | 3.7% | ||
| Q4 24 | 5.3% | 4.5% | ||
| Q3 24 | 4.7% | 4.0% | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | -1.9% | 2.8% |
资本支出强度AXLWS
| Q4 25 | 4.8% | 2.8% | ||
| Q3 25 | 4.3% | 3.4% | ||
| Q2 25 | 3.7% | 5.5% | ||
| Q1 25 | 4.9% | 4.2% | ||
| Q4 24 | 5.6% | 4.7% | ||
| Q3 24 | 4.9% | 2.6% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 3.0% | 2.8% |
现金转化率AXLWS
| Q4 25 | — | 5.28× | ||
| Q3 25 | 15.58× | -0.17× | ||
| Q2 25 | 2.34× | 0.97× | ||
| Q1 25 | 7.87× | 3.90× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | 14.36× | 1.92× | ||
| Q2 24 | 7.85× | — | ||
| Q1 24 | 0.87× | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
