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伊萨（ESAB）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是伊萨的2.0倍（$1.4B vs $727.8M），孩之宝净利率更高（13.9% vs 7.5%，领先6.4%），孩之宝同比增速更快（31.3% vs 8.5%），孩之宝自由现金流更多（$389.5M vs $70.3M），过去两年孩之宝的营收复合增速更高（38.2% vs 2.8%）
ESAB（全称Elektriska Svetsnings-Aktiebolaget）是一家美国与瑞典合资的跨国工业企业，主营焊接、切割设备及配套耗材的研发、生产与销售，为全球制造业、基建等多领域客户提供专业可靠的工业解决方案，在全球工业市场拥有较高知名度。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
ESAB vs HAS — 直观对比
营收规模更大
HAS
是对方的2.0倍
$727.8M
营收增速更快
HAS
高出22.7%
8.5%
净利率更高
HAS
高出6.4%
7.5%
自由现金流更多
HAS
多$319.2M
$70.3M
两年增速更快
HAS
近两年复合增速
2.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $727.8M | $1.4B |
| 净利润 | $54.8M | $201.6M |
| 毛利率 | 37.0% | 68.7% |
| 营业利润率 | 14.6% | 20.6% |
| 净利率 | 7.5% | 13.9% |
| 营收同比 | 8.5% | 31.3% |
| 净利润同比 | 2.1% | 687.8% |
| 每股收益（稀释后） | $0.90 | $1.46 |
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ESABHAS
| Q4 25 | $727.8M | $1.4B | ||
| Q3 25 | $715.6M | $1.4B | ||
| Q2 25 | $678.1M | $980.8M | ||
| Q1 25 | — | $887.1M | ||
| Q4 24 | $670.8M | $1.1B | ||
| Q3 24 | $673.3M | $1.3B | ||
| Q2 24 | $707.1M | $995.3M | ||
| Q1 24 | $689.7M | $757.3M |
净利润ESABHAS
| Q4 25 | $54.8M | $201.6M | ||
| Q3 25 | $66.9M | $233.2M | ||
| Q2 25 | $67.4M | $-855.8M | ||
| Q1 25 | — | $98.6M | ||
| Q4 24 | $53.7M | $-34.3M | ||
| Q3 24 | $68.2M | $223.2M | ||
| Q2 24 | $82.9M | $138.5M | ||
| Q1 24 | $60.0M | $58.2M |
毛利率ESABHAS
| Q4 25 | 37.0% | 68.7% | ||
| Q3 25 | 37.2% | 70.1% | ||
| Q2 25 | 37.6% | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | 38.5% | 67.4% | ||
| Q3 24 | 37.7% | 70.4% | ||
| Q2 24 | 38.2% | 76.1% | ||
| Q1 24 | 37.0% | 73.0% |
营业利润率ESABHAS
| Q4 25 | 14.6% | 20.6% | ||
| Q3 25 | 15.2% | 24.6% | ||
| Q2 25 | 16.2% | -81.4% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | 16.6% | 5.4% | ||
| Q3 24 | 15.7% | 23.6% | ||
| Q2 24 | 16.9% | 21.3% | ||
| Q1 24 | 16.0% | 15.3% |
净利率ESABHAS
| Q4 25 | 7.5% | 13.9% | ||
| Q3 25 | 9.3% | 16.8% | ||
| Q2 25 | 9.9% | -87.3% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | 8.0% | -3.1% | ||
| Q3 24 | 10.1% | 17.4% | ||
| Q2 24 | 11.7% | 13.9% | ||
| Q1 24 | 8.7% | 7.7% |
每股收益（稀释后）ESABHAS
| Q4 25 | $0.90 | $1.46 | ||
| Q3 25 | $1.09 | $1.64 | ||
| Q2 25 | $1.10 | $-6.10 | ||
| Q1 25 | — | $0.70 | ||
| Q4 24 | $0.87 | $-0.25 | ||
| Q3 24 | $1.11 | $1.59 | ||
| Q2 24 | $1.35 | $0.99 | ||
| Q1 24 | $0.98 | $0.42 |
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 | $218.2M | — |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $2.1B | $565.5M |
| 总资产 | $4.9B | $5.6B |
| 负债/权益比越低杠杆越低 | 0.63× | — |
8季度趋势，按日历期对齐
现金及短期投资ESABHAS
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | — | ||
| Q2 25 | $291.3M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $249.4M | — | ||
| Q3 24 | $253.7M | — | ||
| Q2 24 | $228.5M | — | ||
| Q1 24 | $76.5M | — |
总债务ESABHAS
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $992.8M | — |
股东权益ESABHAS
| Q4 25 | $2.1B | $565.5M | ||
| Q3 25 | $2.1B | $433.8M | ||
| Q2 25 | $1.9B | $269.7M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.6B | $1.0B |
总资产ESABHAS
| Q4 25 | $4.9B | $5.6B | ||
| Q3 25 | $4.4B | $5.5B | ||
| Q2 25 | $4.2B | $5.2B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | $4.0B | $6.3B | ||
| Q3 24 | $4.1B | $7.2B | ||
| Q2 24 | $4.0B | $6.9B | ||
| Q1 24 | $3.8B | $6.2B |
负债/权益比ESABHAS
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.61× | — |
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 | $81.5M | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $70.3M | $389.5M |
| 自由现金流率自由现金流/营收 | 9.7% | 26.9% |
| 资本支出强度资本支出/营收 | 1.5% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.49× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $238.0M | $829.9M |
8季度趋势，按日历期对齐
经营现金流ESABHAS
| Q4 25 | $81.5M | $403.2M | ||
| Q3 25 | $46.6M | $280.6M | ||
| Q2 25 | $35.4M | $71.3M | ||
| Q1 25 | — | $138.1M | ||
| Q4 24 | $126.9M | $259.8M | ||
| Q3 24 | $101.0M | $222.5M | ||
| Q2 24 | $83.0M | $187.3M | ||
| Q1 24 | $44.5M | $177.8M |
自由现金流ESABHAS
| Q4 25 | $70.3M | $389.5M | ||
| Q3 25 | $37.4M | $260.9M | ||
| Q2 25 | $28.1M | $55.2M | ||
| Q1 25 | — | $124.3M | ||
| Q4 24 | $102.2M | $200.8M | ||
| Q3 24 | $90.4M | $174.0M | ||
| Q2 24 | $74.0M | $135.4M | ||
| Q1 24 | $37.1M | $132.0M |
自由现金流率ESABHAS
| Q4 25 | 9.7% | 26.9% | ||
| Q3 25 | 5.2% | 18.8% | ||
| Q2 25 | 4.1% | 5.6% | ||
| Q1 25 | — | 14.0% | ||
| Q4 24 | 15.2% | 18.2% | ||
| Q3 24 | 13.4% | 13.6% | ||
| Q2 24 | 10.5% | 13.6% | ||
| Q1 24 | 5.4% | 17.4% |
资本支出强度ESABHAS
| Q4 25 | 1.5% | 0.9% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 1.1% | 1.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | 3.7% | 5.4% | ||
| Q3 24 | 1.6% | 3.8% | ||
| Q2 24 | 1.3% | 5.2% | ||
| Q1 24 | 1.1% | 6.0% |
现金转化率ESABHAS
| Q4 25 | 1.49× | 2.00× | ||
| Q3 25 | 0.70× | 1.20× | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 1.48× | 1.00× | ||
| Q2 24 | 1.00× | 1.35× | ||
| Q1 24 | 0.74× | 3.05× |
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
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
