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Wabtec（WAB）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是Wabtec的1.4倍（$4.1B vs $3.0B），Wabtec净利率更高（12.3% vs 2.7%，领先9.6%），Wabtec同比增速更快（13.0% vs -0.9%），过去两年Wabtec的营收复合增速更高（5.6% vs -4.5%）
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
WAB vs WHR — 直观对比
营收规模更大
WHR
是对方的1.4倍
$3.0B
营收增速更快
WAB
高出13.9%
-0.9%
净利率更高
WAB
高出9.6%
2.7%
两年增速更快
WAB
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $4.1B |
| 净利润 | $363.0M | $109.0M |
| 毛利率 | 36.0% | 14.0% |
| 营业利润率 | 17.5% | 6.0% |
| 净利率 | 12.3% | 2.7% |
| 营收同比 | 13.0% | -0.9% |
| 净利润同比 | 11.0% | 127.8% |
| 每股收益（稀释后） | $2.12 | $1.92 |
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WABWHR
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.0B | $4.1B | ||
| Q3 25 | $2.9B | $4.0B | ||
| Q2 25 | $2.7B | $3.8B | ||
| Q1 25 | $2.6B | $3.6B | ||
| Q4 24 | $2.6B | $4.1B | ||
| Q3 24 | $2.7B | $4.0B | ||
| Q2 24 | $2.6B | $4.0B |
净利润WABWHR
| Q1 26 | $363.0M | — | ||
| Q4 25 | $202.0M | $109.0M | ||
| Q3 25 | $310.0M | $73.0M | ||
| Q2 25 | $336.0M | $65.0M | ||
| Q1 25 | $322.0M | $71.0M | ||
| Q4 24 | $212.0M | $-392.0M | ||
| Q3 24 | $283.0M | $109.0M | ||
| Q2 24 | $289.0M | $219.0M |
毛利率WABWHR
| Q1 26 | 36.0% | — | ||
| Q4 25 | 32.6% | 14.0% | ||
| Q3 25 | 34.7% | 14.7% | ||
| Q2 25 | 34.7% | 16.2% | ||
| Q1 25 | 34.5% | 16.8% | ||
| Q4 24 | 30.9% | 16.2% | ||
| Q3 24 | 33.0% | 16.1% | ||
| Q2 24 | 33.1% | 15.7% |
营业利润率WABWHR
| Q1 26 | 17.5% | — | ||
| Q4 25 | 12.0% | 6.0% | ||
| Q3 25 | 17.0% | 5.1% | ||
| Q2 25 | 17.4% | 5.4% | ||
| Q1 25 | 18.2% | 5.1% | ||
| Q4 24 | 12.9% | -3.3% | ||
| Q3 24 | 16.3% | 6.6% | ||
| Q2 24 | 16.3% | 3.3% |
净利率WABWHR
| Q1 26 | 12.3% | — | ||
| Q4 25 | 6.8% | 2.7% | ||
| Q3 25 | 10.7% | 1.8% | ||
| Q2 25 | 12.4% | 1.7% | ||
| Q1 25 | 12.3% | 2.0% | ||
| Q4 24 | 8.2% | -9.5% | ||
| Q3 24 | 10.6% | 2.7% | ||
| Q2 24 | 10.9% | 5.5% |
每股收益（稀释后）WABWHR
| Q1 26 | $2.12 | — | ||
| Q4 25 | $1.18 | $1.92 | ||
| Q3 25 | $1.81 | $1.29 | ||
| Q2 25 | $1.96 | $1.17 | ||
| Q1 25 | $1.88 | $1.28 | ||
| Q4 24 | $1.24 | $-7.11 | ||
| Q3 24 | $1.63 | $2.00 | ||
| Q2 24 | $1.64 | $3.96 |
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 | — | $669.0M |
| 总债务越低越好 | $4.7B | $6.2B |
| 股东权益账面价值 | $11.1B | $2.7B |
| 总资产 | $23.2B | $16.0B |
| 负债/权益比越低杠杆越低 | 0.42× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资WABWHR
| Q1 26 | — | — | ||
| Q4 25 | — | $669.0M | ||
| Q3 25 | — | $934.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B |
总债务WABWHR
| Q1 26 | $4.7B | — | ||
| Q4 25 | $5.5B | $6.2B | ||
| Q3 25 | $5.3B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $4.0B | $6.6B | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.0B | — |
股东权益WABWHR
| Q1 26 | $11.1B | — | ||
| Q4 25 | $11.1B | $2.7B | ||
| Q3 25 | $11.0B | $2.6B | ||
| Q2 25 | $10.8B | $2.6B | ||
| Q1 25 | $10.4B | $2.6B | ||
| Q4 24 | $10.1B | $2.7B | ||
| Q3 24 | $10.3B | $3.0B | ||
| Q2 24 | $10.5B | $3.1B |
总资产WABWHR
| Q1 26 | $23.2B | — | ||
| Q4 25 | $22.1B | $16.0B | ||
| Q3 25 | $21.5B | $16.9B | ||
| Q2 25 | $20.4B | $16.8B | ||
| Q1 25 | $19.1B | $16.5B | ||
| Q4 24 | $18.7B | $16.3B | ||
| Q3 24 | $18.6B | $17.2B | ||
| Q2 24 | $18.9B | $17.3B |
负债/权益比WABWHR
| Q1 26 | 0.42× | — | ||
| Q4 25 | 0.50× | 2.26× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.39× | — | ||
| Q4 24 | 0.39× | 2.46× | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 0.38× | — |
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 | $199.0M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $989.0M |
| 自由现金流率自由现金流/营收 | — | 24.1% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | 0.55× | 10.45× |
| 过去12个月自由现金流最近4个季度 | — | $81.0M |
8季度趋势，按日历期对齐
经营现金流WABWHR
| Q1 26 | $199.0M | — | ||
| Q4 25 | $992.0M | $1.1B | ||
| Q3 25 | $367.0M | $33.0M | ||
| Q2 25 | $209.0M | $19.0M | ||
| Q1 25 | $191.0M | $-721.0M | ||
| Q4 24 | $723.0M | $1.1B | ||
| Q3 24 | $542.0M | $214.0M | ||
| Q2 24 | $235.0M | $388.0M |
自由现金流WABWHR
| Q1 26 | — | — | ||
| Q4 25 | $870.0M | $989.0M | ||
| Q3 25 | $312.0M | $-52.0M | ||
| Q2 25 | $170.0M | $-63.0M | ||
| Q1 25 | $147.0M | $-793.0M | ||
| Q4 24 | $639.0M | $970.0M | ||
| Q3 24 | $496.0M | $127.0M | ||
| Q2 24 | $189.0M | $275.0M |
自由现金流率WABWHR
| Q1 26 | — | — | ||
| Q4 25 | 29.3% | 24.1% | ||
| Q3 25 | 10.8% | -1.3% | ||
| Q2 25 | 6.3% | -1.7% | ||
| Q1 25 | 5.6% | -21.9% | ||
| Q4 24 | 24.7% | 23.5% | ||
| Q3 24 | 18.6% | 3.2% | ||
| Q2 24 | 7.1% | 6.9% |
资本支出强度WABWHR
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 3.7% | ||
| Q3 25 | 1.9% | 2.1% | ||
| Q2 25 | 1.4% | 2.2% | ||
| Q1 25 | 1.7% | 2.0% | ||
| Q4 24 | 3.3% | 3.3% | ||
| Q3 24 | 1.7% | 2.2% | ||
| Q2 24 | 1.7% | 2.8% |
现金转化率WABWHR
| Q1 26 | 0.55× | — | ||
| Q4 25 | 4.91× | 10.45× | ||
| Q3 25 | 1.18× | 0.45× | ||
| Q2 25 | 0.62× | 0.29× | ||
| Q1 25 | 0.59× | -10.15× | ||
| Q4 24 | 3.41× | — | ||
| Q3 24 | 1.92× | 1.96× | ||
| Q2 24 | 0.81× | 1.77× |
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
WAB
暂无分部数据
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
