vs
是德科技（KEYS）与赛莱默（XYL）财务数据对比。点击上方公司名可切换其他公司
赛莱默的季度营收约是是德科技的1.5倍（$2.1B vs $1.4B），是德科技净利率更高（16.4% vs 8.9%，领先7.5%），是德科技同比增速更快（10.3% vs 2.7%），过去两年是德科技的营收复合增速更高（6.2% vs -1.0%）
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
该文本为植物学对木质部的定义说明，并非赛莱默公司（Xylem Inc.）的企业业务介绍。Xylem Inc.是一家专注于水技术与解决方案的全球企业，提供水务基础设施、水环境治理等相关设备与服务。
KEYS vs XYL — 直观对比
营收规模更大
XYL
是对方的1.5倍
$1.4B
营收增速更快
KEYS
高出7.5%
2.7%
净利率更高
KEYS
高出7.5%
8.9%
两年增速更快
KEYS
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $2.1B |
| 净利润 | $233.0M | $189.0M |
| 毛利率 | 61.2% | 37.8% |
| 营业利润率 | 15.3% | 11.5% |
| 净利率 | 16.4% | 8.9% |
| 营收同比 | 10.3% | 2.7% |
| 净利润同比 | 419.2% | 13.2% |
| 每股收益（稀释后） | $1.35 | $0.79 |
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KEYSXYL
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.3B | ||
| Q2 25 | $1.3B | $2.3B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.2B |
净利润KEYSXYL
| Q1 26 | — | $189.0M | ||
| Q4 25 | $233.0M | $335.0M | ||
| Q3 25 | $191.0M | $227.0M | ||
| Q2 25 | $257.0M | $226.0M | ||
| Q1 25 | $169.0M | $169.0M | ||
| Q4 24 | $-73.0M | $326.0M | ||
| Q3 24 | $389.0M | $217.0M | ||
| Q2 24 | $126.0M | $194.0M |
毛利率KEYSXYL
| Q1 26 | — | 37.8% | ||
| Q4 25 | 61.2% | 38.9% | ||
| Q3 25 | 61.7% | 38.9% | ||
| Q2 25 | 62.3% | 38.8% | ||
| Q1 25 | 63.2% | 37.1% | ||
| Q4 24 | 62.3% | 38.0% | ||
| Q3 24 | 62.0% | 37.3% | ||
| Q2 24 | 62.7% | 37.8% |
营业利润率KEYSXYL
| Q1 26 | — | 11.5% | ||
| Q4 25 | 15.3% | 14.7% | ||
| Q3 25 | 17.3% | 14.7% | ||
| Q2 25 | 15.8% | 13.3% | ||
| Q1 25 | 16.8% | 11.2% | ||
| Q4 24 | 17.9% | 11.8% | ||
| Q3 24 | 16.8% | 13.3% | ||
| Q2 24 | 14.6% | 11.7% |
净利率KEYSXYL
| Q1 26 | — | 8.9% | ||
| Q4 25 | 16.4% | 14.0% | ||
| Q3 25 | 14.1% | 10.0% | ||
| Q2 25 | 19.7% | 9.8% | ||
| Q1 25 | 13.0% | 8.2% | ||
| Q4 24 | -5.7% | 14.5% | ||
| Q3 24 | 32.0% | 10.3% | ||
| Q2 24 | 10.4% | 8.9% |
每股收益（稀释后）KEYSXYL
| Q1 26 | — | $0.79 | ||
| Q4 25 | $1.35 | $1.37 | ||
| Q3 25 | $1.10 | $0.93 | ||
| Q2 25 | $1.49 | $0.93 | ||
| Q1 25 | $0.97 | $0.69 | ||
| Q4 24 | $-0.41 | $1.33 | ||
| Q3 24 | $2.22 | $0.89 | ||
| Q2 24 | $0.72 | $0.80 |
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 | $1.9B | $808.0M |
| 总债务越低越好 | $2.5B | $1.9B |
| 股东权益账面价值 | $5.9B | $11.0B |
| 总资产 | $11.3B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.43× | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资KEYSXYL
| Q1 26 | — | $808.0M | ||
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $2.6B | $1.2B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.6B | $989.0M | ||
| Q2 24 | $1.7B | $815.0M |
总债务KEYSXYL
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $2.5B | $2.0B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $1.8B | $2.0B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | — |
股东权益KEYSXYL
| Q1 26 | — | $11.0B | ||
| Q4 25 | $5.9B | $11.5B | ||
| Q3 25 | $5.7B | $11.2B | ||
| Q2 25 | $5.5B | $11.1B | ||
| Q1 25 | $5.2B | $10.8B | ||
| Q4 24 | $5.1B | $10.6B | ||
| Q3 24 | $5.2B | $10.6B | ||
| Q2 24 | $4.9B | $10.3B |
总资产KEYSXYL
| Q1 26 | — | $17.0B | ||
| Q4 25 | $11.3B | $17.6B | ||
| Q3 25 | $10.7B | $17.3B | ||
| Q2 25 | $10.5B | $17.2B | ||
| Q1 25 | $9.4B | $16.6B | ||
| Q4 24 | $9.3B | $16.5B | ||
| Q3 24 | $9.3B | $16.0B | ||
| Q2 24 | $9.0B | $15.8B |
负债/权益比KEYSXYL
| Q1 26 | — | 0.18× | ||
| Q4 25 | 0.43× | 0.17× | ||
| Q3 25 | 0.45× | 0.18× | ||
| Q2 25 | 0.46× | 0.18× | ||
| Q1 25 | 0.35× | 0.19× | ||
| Q4 24 | 0.35× | 0.19× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.37× | — |
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 | $225.0M | — |
| 自由现金流经营现金流 - 资本支出 | $187.0M | — |
| 自由现金流率自由现金流/营收 | 13.2% | — |
| 资本支出强度资本支出/营收 | 2.7% | 4.2% |
| 现金转化率经营现金流/净利润 | 0.97× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流KEYSXYL
| Q1 26 | — | — | ||
| Q4 25 | $225.0M | $543.0M | ||
| Q3 25 | $322.0M | $360.0M | ||
| Q2 25 | $484.0M | $305.0M | ||
| Q1 25 | $378.0M | $33.0M | ||
| Q4 24 | $359.0M | $575.0M | ||
| Q3 24 | $255.0M | $311.0M | ||
| Q2 24 | $110.0M | $288.0M |
自由现金流KEYSXYL
| Q1 26 | — | — | ||
| Q4 25 | $187.0M | $460.0M | ||
| Q3 25 | $291.0M | $281.0M | ||
| Q2 25 | $457.0M | $207.0M | ||
| Q1 25 | $346.0M | $-38.0M | ||
| Q4 24 | $321.0M | $475.0M | ||
| Q3 24 | $222.0M | $237.0M | ||
| Q2 24 | $74.0M | $215.0M |
自由现金流率KEYSXYL
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | 19.2% | ||
| Q3 25 | 21.5% | 12.4% | ||
| Q2 25 | 35.0% | 9.0% | ||
| Q1 25 | 26.7% | -1.8% | ||
| Q4 24 | 24.9% | 21.1% | ||
| Q3 24 | 18.2% | 11.3% | ||
| Q2 24 | 6.1% | 9.9% |
资本支出强度KEYSXYL
| Q1 26 | — | 4.2% | ||
| Q4 25 | 2.7% | 3.5% | ||
| Q3 25 | 2.3% | 3.5% | ||
| Q2 25 | 2.1% | 4.3% | ||
| Q1 25 | 2.5% | 3.4% | ||
| Q4 24 | 3.0% | 4.4% | ||
| Q3 24 | 2.7% | 3.5% | ||
| Q2 24 | 3.0% | 3.4% |
现金转化率KEYSXYL
| Q1 26 | — | — | ||
| Q4 25 | 0.97× | 1.62× | ||
| Q3 25 | 1.69× | 1.59× | ||
| Q2 25 | 1.88× | 1.35× | ||
| Q1 25 | 2.24× | 0.20× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | 0.66× | 1.43× | ||
| Q2 24 | 0.87× | 1.48× |
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
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
XYL
| Revenue from products | $1.8B | 83% |
| Revenue from services | $368.0M | 17% |
