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豪士科（OSK）与TransDigm Group（TDG）财务数据对比。点击上方公司名可切换其他公司
豪士科的季度营收约是TransDigm Group的1.2倍（$2.7B vs $2.3B），TransDigm Group净利率更高（19.5% vs 5.0%，领先14.5%），TransDigm Group同比增速更快（13.9% vs 3.5%），TransDigm Group自由现金流更多（$772.0M vs $540.3M），过去两年TransDigm Group的营收复合增速更高（9.1% vs 2.8%）
豪士科（原称豪士科卡车）是美国知名工业企业，主营特种卡车、军用车辆、机场消防设备、高空作业设备等产品的设计与制造。旗下拥有威斯康星州的消防车制造商Pierce Manufacturing，以及生产各类升降作业设备的JLG工业公司。
TransDigm Group是总部位于美国俄亥俄州克利夫兰的上市航空航天制造企业，1993年由私募股权机构通过杠杆收购整合四家工业航空企业组建而成。公司专注于研发生产定制化航空航天部件，多年来通过多起收购持续拓展自身产品矩阵。
OSK vs TDG — 直观对比
营收规模更大
OSK
是对方的1.2倍
$2.3B
营收增速更快
TDG
高出10.4%
3.5%
净利率更高
TDG
高出14.5%
5.0%
自由现金流更多
TDG
多$231.7M
$540.3M
两年增速更快
TDG
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.3B |
| 净利润 | $133.8M | $445.0M |
| 毛利率 | 15.8% | 59.2% |
| 营业利润率 | 7.9% | 45.6% |
| 净利率 | 5.0% | 19.5% |
| 营收同比 | 3.5% | 13.9% |
| 净利润同比 | -12.6% | -9.7% |
| 每股收益（稀释后） | — | $6.62 |
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OSKTDG
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.7B | $2.2B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.6B | $2.0B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $2.8B | $2.0B | ||
| Q1 24 | $2.5B | $1.9B |
净利润OSKTDG
| Q4 25 | $133.8M | $445.0M | ||
| Q3 25 | $196.2M | $610.0M | ||
| Q2 25 | $204.8M | $492.0M | ||
| Q1 25 | $112.2M | $479.0M | ||
| Q4 24 | $153.1M | $493.0M | ||
| Q3 24 | $180.3M | $468.0M | ||
| Q2 24 | $168.6M | $461.0M | ||
| Q1 24 | $179.4M | $403.0M |
毛利率OSKTDG
| Q4 25 | 15.8% | 59.2% | ||
| Q3 25 | 17.5% | 60.3% | ||
| Q2 25 | 19.2% | 59.5% | ||
| Q1 25 | 17.3% | 59.3% | ||
| Q4 24 | 17.2% | 61.6% | ||
| Q3 24 | 18.5% | 57.5% | ||
| Q2 24 | 19.2% | 59.6% | ||
| Q1 24 | 18.5% | 60.0% |
营业利润率OSKTDG
| Q4 25 | 7.9% | 45.6% | ||
| Q3 25 | 9.7% | 47.6% | ||
| Q2 25 | 10.7% | 46.4% | ||
| Q1 25 | 7.6% | 46.1% | ||
| Q4 24 | 8.6% | 48.6% | ||
| Q3 24 | 9.7% | 43.1% | ||
| Q2 24 | 9.2% | 45.7% | ||
| Q1 24 | 10.2% | 45.2% |
净利率OSKTDG
| Q4 25 | 5.0% | 19.5% | ||
| Q3 25 | 7.3% | 25.0% | ||
| Q2 25 | 7.5% | 22.0% | ||
| Q1 25 | 4.9% | 22.3% | ||
| Q4 24 | 5.9% | 24.6% | ||
| Q3 24 | 6.6% | 21.4% | ||
| Q2 24 | 5.9% | 22.5% | ||
| Q1 24 | 7.1% | 21.0% |
每股收益（稀释后）OSKTDG
| Q4 25 | — | $6.62 | ||
| Q3 25 | — | $7.75 | ||
| Q2 25 | — | $8.47 | ||
| Q1 25 | — | $8.24 | ||
| Q4 24 | — | $7.62 | ||
| Q3 24 | — | $5.82 | ||
| Q2 24 | — | $7.96 | ||
| Q1 24 | — | $6.97 |
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 | $479.8M | $2.5B |
| 总债务越低越好 | — | $29.2B |
| 股东权益账面价值 | $4.5B | $-9.3B |
| 总资产 | $10.1B | $23.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资OSKTDG
| Q4 25 | $479.8M | $2.5B | ||
| Q3 25 | $211.8M | $2.8B | ||
| Q2 25 | $191.7M | $2.8B | ||
| Q1 25 | $210.3M | $2.4B | ||
| Q4 24 | $204.9M | $2.5B | ||
| Q3 24 | $160.9M | $6.3B | ||
| Q2 24 | $141.4M | $3.4B | ||
| Q1 24 | $69.9M | $4.3B |
总债务OSKTDG
| Q4 25 | — | $29.2B | ||
| Q3 25 | — | $29.2B | ||
| Q2 25 | — | $24.3B | ||
| Q1 25 | — | $24.3B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | $602.3M | $24.3B | ||
| Q2 24 | $599.1M | $21.4B | ||
| Q1 24 | $598.9M | $21.3B |
股东权益OSKTDG
| Q4 25 | $4.5B | $-9.3B | ||
| Q3 25 | $4.5B | $-9.7B | ||
| Q2 25 | $4.5B | $-5.0B | ||
| Q1 25 | $4.2B | $-5.7B | ||
| Q4 24 | $4.2B | $-6.3B | ||
| Q3 24 | $4.1B | $-6.3B | ||
| Q2 24 | $3.9B | $-2.5B | ||
| Q1 24 | $3.8B | $-3.0B |
总资产OSKTDG
| Q4 25 | $10.1B | $23.8B | ||
| Q3 25 | $9.8B | $22.9B | ||
| Q2 25 | $10.0B | $22.7B | ||
| Q1 25 | $9.8B | $21.9B | ||
| Q4 24 | $9.4B | $21.5B | ||
| Q3 24 | $9.9B | $25.6B | ||
| Q2 24 | $9.7B | $21.8B | ||
| Q1 24 | $9.5B | $21.6B |
负债/权益比OSKTDG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 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 | $600.1M | $832.0M |
| 自由现金流经营现金流 - 资本支出 | $540.3M | $772.0M |
| 自由现金流率自由现金流/营收 | 20.1% | 33.8% |
| 资本支出强度资本支出/营收 | 2.2% | 2.6% |
| 现金转化率经营现金流/净利润 | 4.49× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $618.0M | $1.9B |
8季度趋势，按日历期对齐
经营现金流OSKTDG
| Q4 25 | $600.1M | $832.0M | ||
| Q3 25 | $489.0M | $507.0M | ||
| Q2 25 | $89.2M | $631.0M | ||
| Q1 25 | $-394.9M | $148.0M | ||
| Q4 24 | $790.8M | $752.0M | ||
| Q3 24 | $326.1M | $572.0M | ||
| Q2 24 | $-211.0M | $608.0M | ||
| Q1 24 | $-355.8M | $229.0M |
自由现金流OSKTDG
| Q4 25 | $540.3M | $772.0M | ||
| Q3 25 | $464.3M | $441.0M | ||
| Q2 25 | $48.6M | $573.0M | ||
| Q1 25 | $-435.2M | $92.0M | ||
| Q4 24 | $703.3M | $710.0M | ||
| Q3 24 | $272.2M | $531.0M | ||
| Q2 24 | $-250.5M | $568.0M | ||
| Q1 24 | $-455.9M | $181.0M |
自由现金流率OSKTDG
| Q4 25 | 20.1% | 33.8% | ||
| Q3 25 | 17.3% | 18.1% | ||
| Q2 25 | 1.8% | 25.6% | ||
| Q1 25 | -18.8% | 4.3% | ||
| Q4 24 | 27.1% | 35.4% | ||
| Q3 24 | 9.9% | 24.3% | ||
| Q2 24 | -8.8% | 27.8% | ||
| Q1 24 | -17.9% | 9.4% |
资本支出强度OSKTDG
| Q4 25 | 2.2% | 2.6% | ||
| Q3 25 | 0.9% | 2.7% | ||
| Q2 25 | 1.5% | 2.6% | ||
| Q1 25 | 1.7% | 2.6% | ||
| Q4 24 | 3.4% | 2.1% | ||
| Q3 24 | 2.0% | 1.9% | ||
| Q2 24 | 1.4% | 2.0% | ||
| Q1 24 | 3.9% | 2.5% |
现金转化率OSKTDG
| Q4 25 | 4.49× | 1.87× | ||
| Q3 25 | 2.49× | 0.83× | ||
| Q2 25 | 0.44× | 1.28× | ||
| Q1 25 | -3.52× | 0.31× | ||
| Q4 24 | 5.17× | 1.53× | ||
| Q3 24 | 1.81× | 1.22× | ||
| Q2 24 | -1.25× | 1.32× | ||
| Q1 24 | -1.98× | 0.57× |
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
OSK
| Vocational Segment | $922.4M | 34% |
| Aerial Works Platforms | $548.6M | 20% |
| Other Access Equipment | $311.8M | 12% |
| Telehandlers | $311.2M | 12% |
| Airport Products | $252.7M | 9% |
| Delivery Vehicles | $165.0M | 6% |
| Other Vocational | $130.7M | 5% |
| Transferred Over Time | $23.5M | 1% |
TDG
| Airframe | $1.0B | 45% |
| Defense | $603.0M | 26% |
| Commercial Aftermarket | $368.0M | 16% |
| Commercial OEM | $253.0M | 11% |
| Non Aviation Related Business | $40.0M | 2% |
