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美国航空集团（AAL）与盛美半导体（ACMR）财务数据对比。点击上方公司名可切换其他公司
美国航空集团的季度营收约是盛美半导体的57.3倍（$14.0B vs $244.4M）。盛美半导体净利率更高（3.3% vs 0.7%，领先2.6%）。盛美半导体同比增速更快（9.4% vs 2.5%）。盛美半导体自由现金流更多（$20.1M vs $-1.9B）。过去两年盛美半导体的营收复合增速更高（26.7% vs 5.5%）
美国航空集团是美国头部航司，总部坐落于得克萨斯州沃斯堡的达拉斯-沃斯堡都会区，按客运量、日航班量计算为全球最大航司。集团旗下连同区域子公司及以American Eagle品牌运营的合作航司，每日运营近6800个航班，覆盖48个国家近350个目的地，拥有完善的国内外航线网络。
盛美半导体（ACM Research, Inc.）是全球领先的半导体制造设备供应商，专注于研发、生产及销售晶圆湿法处理相关设备，覆盖清洗、电镀、刻蚀等品类，产品广泛应用于逻辑、存储、功率等各类先进芯片的生产流程，服务全球多地区芯片制造企业。
AAL vs ACMR — 直观对比
营收规模更大
AAL
是对方的57.3倍
$244.4M
营收增速更快
ACMR
高出6.9%
2.5%
净利率更高
ACMR
高出2.6%
0.7%
自由现金流更多
ACMR
多$1.9B
$-1.9B
两年增速更快
ACMR
近两年复合增速
5.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $244.4M |
| 净利润 | $99.0M | $8.0M |
| 毛利率 | — | 40.9% |
| 营业利润率 | 3.2% | 9.4% |
| 净利率 | 0.7% | 3.3% |
| 营收同比 | 2.5% | 9.4% |
| 净利润同比 | -83.2% | -74.1% |
| 每股收益（稀释后） | $0.15 | $0.11 |
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AALACMR
| Q4 25 | $14.0B | $244.4M | ||
| Q3 25 | $13.7B | $269.2M | ||
| Q2 25 | $14.4B | $215.4M | ||
| Q1 25 | $12.6B | $172.3M | ||
| Q4 24 | $13.7B | $223.5M | ||
| Q3 24 | $13.6B | $204.0M | ||
| Q2 24 | $14.3B | $202.5M | ||
| Q1 24 | $12.6B | $152.2M |
净利润AALACMR
| Q4 25 | $99.0M | $8.0M | ||
| Q3 25 | $-114.0M | $35.9M | ||
| Q2 25 | $599.0M | $29.8M | ||
| Q1 25 | $-473.0M | $20.4M | ||
| Q4 24 | $590.0M | $31.1M | ||
| Q3 24 | $-149.0M | $30.9M | ||
| Q2 24 | $717.0M | $24.2M | ||
| Q1 24 | $-312.0M | $17.4M |
毛利率AALACMR
| Q4 25 | — | 40.9% | ||
| Q3 25 | — | 42.0% | ||
| Q2 25 | — | 48.5% | ||
| Q1 25 | — | 47.9% | ||
| Q4 24 | — | 49.6% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 47.8% | ||
| Q1 24 | — | 52.0% |
营业利润率AALACMR
| Q4 25 | 3.2% | 9.4% | ||
| Q3 25 | 1.1% | 10.7% | ||
| Q2 25 | 7.9% | 14.7% | ||
| Q1 25 | -2.2% | 15.0% | ||
| Q4 24 | 8.3% | 19.7% | ||
| Q3 24 | 0.7% | 21.7% | ||
| Q2 24 | 9.7% | 18.6% | ||
| Q1 24 | 0.1% | 16.6% |
净利率AALACMR
| Q4 25 | 0.7% | 3.3% | ||
| Q3 25 | -0.8% | 13.3% | ||
| Q2 25 | 4.2% | 13.8% | ||
| Q1 25 | -3.8% | 11.8% | ||
| Q4 24 | 4.3% | 13.9% | ||
| Q3 24 | -1.1% | 15.2% | ||
| Q2 24 | 5.0% | 12.0% | ||
| Q1 24 | -2.5% | 11.5% |
每股收益（稀释后）AALACMR
| Q4 25 | $0.15 | $0.11 | ||
| Q3 25 | $-0.17 | $0.52 | ||
| Q2 25 | $0.91 | $0.44 | ||
| Q1 25 | $-0.72 | $0.30 | ||
| Q4 24 | $0.94 | $0.47 | ||
| Q3 24 | $-0.23 | $0.45 | ||
| Q2 24 | $1.01 | $0.35 | ||
| Q1 24 | $-0.48 | $0.26 |
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 | — | $792.9M |
| 总债务越低越好 | $25.3B | $214.0M |
| 股东权益账面价值 | $-3.7B | $1.5B |
| 总资产 | $61.8B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资AALACMR
| Q4 25 | — | $792.9M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $463.2M | ||
| Q1 25 | — | $475.6M | ||
| Q4 24 | — | $426.8M | ||
| Q3 24 | — | $353.8M | ||
| Q2 24 | — | $343.6M | ||
| Q1 24 | — | $230.0M |
总债务AALACMR
| Q4 25 | $25.3B | $214.0M | ||
| Q3 25 | $25.1B | $242.0M | ||
| Q2 25 | $25.3B | $225.1M | ||
| Q1 25 | $24.7B | $202.5M | ||
| Q4 24 | $25.2B | $150.0M | ||
| Q3 24 | $26.3B | $150.0M | ||
| Q2 24 | $27.6B | $90.5M | ||
| Q1 24 | $28.2B | $60.0M |
股东权益AALACMR
| Q4 25 | $-3.7B | $1.5B | ||
| Q3 25 | $-4.0B | $1.4B | ||
| Q2 25 | $-3.9B | $986.5M | ||
| Q1 25 | $-4.5B | $949.1M | ||
| Q4 24 | $-4.0B | $904.6M | ||
| Q3 24 | $-4.9B | $888.2M | ||
| Q2 24 | $-4.7B | $833.2M | ||
| Q1 24 | $-5.5B | $796.2M |
总资产AALACMR
| Q4 25 | $61.8B | $2.9B | ||
| Q3 25 | $62.1B | $2.8B | ||
| Q2 25 | $63.7B | $2.0B | ||
| Q1 25 | $62.6B | $1.9B | ||
| Q4 24 | $61.8B | $1.9B | ||
| Q3 24 | $63.5B | $1.8B | ||
| Q2 24 | $64.1B | $1.7B | ||
| Q1 24 | $64.4B | $1.6B |
负债/权益比AALACMR
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | 0.17× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.11× | ||
| Q1 24 | — | 0.08× |
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 | $-274.0M | $33.9M |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $20.1M |
| 自由现金流率自由现金流/营收 | -13.6% | 8.2% |
| 资本支出强度资本支出/营收 | 11.6% | 5.6% |
| 现金转化率经营现金流/净利润 | -2.77× | 4.21× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $-66.6M |
8季度趋势，按日历期对齐
经营现金流AALACMR
| Q4 25 | $-274.0M | $33.9M | ||
| Q3 25 | $-46.0M | $-4.6M | ||
| Q2 25 | $963.0M | $-44.9M | ||
| Q1 25 | $2.5B | $5.3M | ||
| Q4 24 | $398.0M | $88.6M | ||
| Q3 24 | $277.0M | $11.9M | ||
| Q2 24 | $1.1B | $61.6M | ||
| Q1 24 | $2.2B | $-9.6M |
自由现金流AALACMR
| Q4 25 | $-1.9B | $20.1M | ||
| Q3 25 | $-872.0M | $-15.6M | ||
| Q2 25 | $464.0M | $-59.6M | ||
| Q1 25 | $1.6B | $-11.4M | ||
| Q4 24 | $-342.0M | $77.2M | ||
| Q3 24 | $-191.0M | $-20.6M | ||
| Q2 24 | $477.0M | $48.5M | ||
| Q1 24 | $1.4B | $-35.1M |
自由现金流率AALACMR
| Q4 25 | -13.6% | 8.2% | ||
| Q3 25 | -6.4% | -5.8% | ||
| Q2 25 | 3.2% | -27.7% | ||
| Q1 25 | 13.0% | -6.6% | ||
| Q4 24 | -2.5% | 34.5% | ||
| Q3 24 | -1.4% | -10.1% | ||
| Q2 24 | 3.3% | 24.0% | ||
| Q1 24 | 10.8% | -23.0% |
资本支出强度AALACMR
| Q4 25 | 11.6% | 5.6% | ||
| Q3 25 | 6.0% | 4.1% | ||
| Q2 25 | 3.5% | 6.8% | ||
| Q1 25 | 6.6% | 9.7% | ||
| Q4 24 | 5.4% | 5.1% | ||
| Q3 24 | 3.4% | 16.0% | ||
| Q2 24 | 4.5% | 6.5% | ||
| Q1 24 | 6.6% | 16.7% |
现金转化率AALACMR
| Q4 25 | -2.77× | 4.21× | ||
| Q3 25 | — | -0.13× | ||
| Q2 25 | 1.61× | -1.51× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 0.67× | 2.85× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | 1.57× | 2.54× | ||
| Q1 24 | — | -0.55× |
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
AAL
| Passenger Travel | $11.6B | 83% |
| Loyalty Program Travel Redemptions | $1.1B | 8% |
| Loyalty Program Marketing Services | $945.0M | 7% |
| Cargo And Freight | $227.0M | 2% |
| Other Revenue | $169.0M | 1% |
ACMR
| Total Single Wafer And Semi Critical Cleaning Equipment | $159.9M | 65% |
| ECP Front End And Packaging Furnace And Other Technologies | $64.1M | 26% |
| Advanced Packaging Exclude ECP Services Spares | $20.5M | 8% |
