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Ferguson Enterprises Inc.（FERG）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
Ferguson Enterprises Inc.的季度营收约是WATSCO INC的5.2倍（$8.2B vs $1.6B）。Ferguson Enterprises Inc.净利率更高（7.0% vs 4.5%，领先2.4%）。Ferguson Enterprises Inc.同比增速更快（5.1% vs -10.0%）。WATSCO INC自由现金流更多（$388.5M vs $312.0M）。过去两年Ferguson Enterprises Inc.的营收复合增速更高（5.7% vs 0.4%）
Ferguson Enterprises Inc.总部位于美国弗吉尼亚州纽波特纽斯，注册地为特拉华州，是美国规模最大的水暖、暖通空调、家电、照明、管材管件、给排水产品分销商。公司95%营收来自美国本土，5%来自加拿大，拥有3.6万家供应商，运营11个区域配送中心、4个主配送中心及近5900个营业网点。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
FERG vs WSO — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.2B | $1.6B |
| 净利润 | $570.0M | $71.7M |
| 毛利率 | 30.7% | 27.1% |
| 营业利润率 | 9.4% | 6.4% |
| 净利率 | 7.0% | 4.5% |
| 营收同比 | 5.1% | -10.0% |
| 净利润同比 | 21.3% | -25.9% |
| 每股收益（稀释后） | $2.90 | $1.82 |
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
| Q4 25 | $8.2B | $1.6B | ||
| Q3 25 | $8.5B | $2.1B | ||
| Q2 25 | $7.6B | $2.1B | ||
| Q1 25 | $6.9B | $1.5B | ||
| Q4 24 | $7.8B | $1.8B | ||
| Q3 24 | $7.9B | $2.2B | ||
| Q2 24 | $7.3B | $2.1B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | $570.0M | $71.7M | ||
| Q3 25 | $700.0M | $161.6M | ||
| Q2 25 | $410.0M | $183.6M | ||
| Q1 25 | $276.0M | $80.1M | ||
| Q4 24 | $470.0M | $96.8M | ||
| Q3 24 | $451.0M | $171.0M | ||
| Q2 24 | $443.0M | $181.4M | ||
| Q1 24 | — | $87.0M |
| Q4 25 | 30.7% | 27.1% | ||
| Q3 25 | 31.7% | 27.5% | ||
| Q2 25 | 31.0% | 29.3% | ||
| Q1 25 | 29.7% | 28.1% | ||
| Q4 24 | 30.1% | 26.7% | ||
| Q3 24 | 31.0% | 26.2% | ||
| Q2 24 | 30.5% | 27.1% | ||
| Q1 24 | — | 27.5% |
| Q4 25 | 9.4% | 6.4% | ||
| Q3 25 | 10.9% | 11.4% | ||
| Q2 25 | 8.0% | 13.2% | ||
| Q1 25 | 6.0% | 7.3% | ||
| Q4 24 | 8.6% | 7.8% | ||
| Q3 24 | 10.2% | 11.6% | ||
| Q2 24 | 8.6% | 12.6% | ||
| Q1 24 | — | 8.1% |
| Q4 25 | 7.0% | 4.5% | ||
| Q3 25 | 8.2% | 7.8% | ||
| Q2 25 | 5.4% | 8.9% | ||
| Q1 25 | 4.0% | 5.2% | ||
| Q4 24 | 6.0% | 5.5% | ||
| Q3 24 | 5.7% | 7.9% | ||
| Q2 24 | 6.1% | 8.5% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | $2.90 | $1.82 | ||
| Q3 25 | $3.53 | $3.98 | ||
| Q2 25 | $2.07 | $4.52 | ||
| Q1 25 | $1.38 | $1.93 | ||
| Q4 24 | $2.34 | $2.42 | ||
| Q3 24 | $2.23 | $4.22 | ||
| Q2 24 | $2.18 | $4.49 | ||
| Q1 24 | — | $2.17 |
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 | $526.0M | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $6.1B | $2.8B |
| 总资产 | $17.7B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
| Q4 25 | $526.0M | $733.3M | ||
| Q3 25 | $674.0M | $524.3M | ||
| Q2 25 | $519.0M | $293.0M | ||
| Q1 25 | $764.0M | $431.8M | ||
| Q4 24 | $601.0M | $781.9M | ||
| Q3 24 | $571.0M | $550.0M | ||
| Q2 24 | — | $424.9M | ||
| Q1 24 | — | $478.9M |
| Q4 25 | — | $361.6M | ||
| Q3 25 | $4.2B | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | $4.0B | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $6.1B | $2.8B | ||
| Q3 25 | $5.8B | $2.8B | ||
| Q2 25 | $5.5B | $2.8B | ||
| Q1 25 | $5.5B | $2.7B | ||
| Q4 24 | $5.7B | $2.7B | ||
| Q3 24 | $5.6B | $2.7B | ||
| Q2 24 | $5.5B | $2.6B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | $17.7B | $4.4B | ||
| Q3 25 | $17.7B | $4.6B | ||
| Q2 25 | $17.3B | $4.7B | ||
| Q1 25 | $16.5B | $4.5B | ||
| Q4 24 | $16.9B | $4.5B | ||
| Q3 24 | $16.6B | $4.5B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | 0.72× | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | 0.70× | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $430.0M | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $312.0M | $388.5M |
| 自由现金流率自由现金流/营收 | 3.8% | 24.6% |
| 资本支出强度资本支出/营收 | 1.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 0.75× | 5.57× |
| 过去12个月自由现金流最近4个季度 | — | $535.1M |
8季度趋势，按日历期对齐
| Q4 25 | $430.0M | $399.8M | ||
| Q3 25 | $541.0M | $354.9M | ||
| Q2 25 | $682.0M | $-7.4M | ||
| Q1 25 | $340.0M | $-177.6M | ||
| Q4 24 | $345.0M | $378.9M | ||
| Q3 24 | — | $232.8M | ||
| Q2 24 | — | $57.7M | ||
| Q1 24 | — | $103.7M |
| Q4 25 | $312.0M | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | $605.0M | $-14.3M | ||
| Q1 25 | $259.0M | $-185.2M | ||
| Q4 24 | $268.0M | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M | ||
| Q1 24 | — | $97.9M |
| Q4 25 | 3.8% | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | 7.9% | -0.7% | ||
| Q1 25 | 3.8% | -12.1% | ||
| Q4 24 | 3.4% | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
| Q4 25 | 1.4% | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 1.2% | 0.5% | ||
| Q4 24 | 1.0% | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | 0.75× | 5.57× | ||
| Q3 25 | 0.77× | 2.20× | ||
| Q2 25 | 1.66× | -0.04× | ||
| Q1 25 | 1.23× | -2.22× | ||
| Q4 24 | 0.73× | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 1.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
