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伊萨（ESAB）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
伊萨的季度营收约是VinFast Auto Ltd.的1.0倍（$727.8M vs $718.6M），伊萨净利率更高（7.5% vs -2.8%，领先10.3%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
ESAB vs VFS — 直观对比
营收规模更大
ESAB
是对方的1.0倍
$718.6M
净利率更高
ESAB
高出10.3%
-2.8%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $727.8M | $718.6M |
| 净利润 | $54.8M | $-20.0M |
| 毛利率 | 37.0% | — |
| 营业利润率 | 14.6% | -96.1% |
| 净利率 | 7.5% | -2.8% |
| 营收同比 | 8.5% | — |
| 净利润同比 | 2.1% | — |
| 每股收益（稀释后） | $0.90 | — |
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ESABVFS
| Q4 25 | $727.8M | — | ||
| Q3 25 | $715.6M | $718.6M | ||
| Q2 25 | $678.1M | $663.0M | ||
| Q1 25 | — | $656.5M | ||
| Q4 24 | $670.8M | — | ||
| Q3 24 | $673.3M | $511.6M | ||
| Q2 24 | $707.1M | — | ||
| Q1 24 | $689.7M | $302.6M |
净利润ESABVFS
| Q4 25 | $54.8M | — | ||
| Q3 25 | $66.9M | $-20.0M | ||
| Q2 25 | $67.4M | $-51.8M | ||
| Q1 25 | — | $-26.1M | ||
| Q4 24 | $53.7M | — | ||
| Q3 24 | $68.2M | $-10.4M | ||
| Q2 24 | $82.9M | — | ||
| Q1 24 | $60.0M | $-618.3M |
毛利率ESABVFS
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 37.0% | — |
营业利润率ESABVFS
| Q4 25 | 14.6% | — | ||
| Q3 25 | 15.2% | -96.1% | ||
| Q2 25 | 16.2% | -79.0% | ||
| Q1 25 | — | -74.0% | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 15.7% | -65.9% | ||
| Q2 24 | 16.9% | — | ||
| Q1 24 | 16.0% | -139.4% |
净利率ESABVFS
| Q4 25 | 7.5% | — | ||
| Q3 25 | 9.3% | -2.8% | ||
| Q2 25 | 9.9% | -7.8% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 10.1% | -2.0% | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 8.7% | -204.3% |
每股收益（稀释后）ESABVFS
| Q4 25 | $0.90 | — | ||
| Q3 25 | $1.09 | — | ||
| Q2 25 | $1.10 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0.87 | — | ||
| Q3 24 | $1.11 | — | ||
| Q2 24 | $1.35 | — | ||
| Q1 24 | $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 | $218.2M | $8.8M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $2.1B | — |
| 总资产 | $4.9B | $183.2M |
| 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ESABVFS
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | $8.8M | ||
| Q2 25 | $291.3M | $650.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | $249.4M | — | ||
| Q3 24 | $253.7M | $1.9M | ||
| Q2 24 | $228.5M | — | ||
| Q1 24 | $76.5M | $3.0M |
总债务ESABVFS
| 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ESABVFS
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $1.9B | $-7.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.6B | — |
总资产ESABVFS
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.4B | $183.2M | ||
| Q2 25 | $4.2B | $7.2B | ||
| Q1 25 | — | $158.2M | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $4.1B | $151.8M | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $3.8B | $145.6M |
负债/权益比ESABVFS
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $70.3M | — |
| 自由现金流率自由现金流/营收 | 9.7% | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 1.49× | — |
| 过去12个月自由现金流最近4个季度 | $238.0M | — |
8季度趋势，按日历期对齐
经营现金流ESABVFS
| Q4 25 | $81.5M | — | ||
| Q3 25 | $46.6M | — | ||
| Q2 25 | $35.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $126.9M | — | ||
| Q3 24 | $101.0M | — | ||
| Q2 24 | $83.0M | — | ||
| Q1 24 | $44.5M | — |
自由现金流ESABVFS
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | — | ||
| Q2 25 | $28.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $102.2M | — | ||
| Q3 24 | $90.4M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $37.1M | — |
自由现金流率ESABVFS
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 5.4% | — |
资本支出强度ESABVFS
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.1% | — |
现金转化率ESABVFS
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.00× | — | ||
| Q1 24 | 0.74× | — |
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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
