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美国航空集团（AAL）与安进（AMGN）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安进的1.4倍（$14.0B vs $9.9B），安进净利率更高（13.5% vs 0.7%，领先12.8%），安进同比增速更快（8.6% vs 2.5%），安进自由现金流更多（$961.0M vs $-1.9B），过去两年安进的营收复合增速更高（15.1% 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。
安进是总部位于美国加利福尼亚州千橡市的跨国生物制药企业，公司名称取自最初的全称「应用分子遗传学」的缩写组合，按营收规模排名位列全球生物医药企业第18位，专注于研发、生产及商业化创新生物药物，为全球患者提供优质治疗选择。
AAL vs AMGN — 直观对比
营收规模更大
AAL
是对方的1.4倍
$9.9B
营收增速更快
AMGN
高出6.1%
2.5%
净利率更高
AMGN
高出12.8%
0.7%
自由现金流更多
AMGN
多$2.9B
$-1.9B
两年增速更快
AMGN
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $9.9B |
| 净利润 | $99.0M | $1.3B |
| 毛利率 | — | 69.8% |
| 营业利润率 | 3.2% | 27.6% |
| 净利率 | 0.7% | 13.5% |
| 营收同比 | 2.5% | 8.6% |
| 净利润同比 | -83.2% | 112.6% |
| 每股收益（稀释后） | $0.15 | $2.45 |
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AALAMGN
| Q4 25 | $14.0B | $9.9B | ||
| Q3 25 | $13.7B | $9.6B | ||
| Q2 25 | $14.4B | $9.2B | ||
| Q1 25 | $12.6B | $8.1B | ||
| Q4 24 | $13.7B | $9.1B | ||
| Q3 24 | $13.6B | $8.5B | ||
| Q2 24 | $14.3B | $8.4B | ||
| Q1 24 | $12.6B | $7.4B |
净利润AALAMGN
| Q4 25 | $99.0M | $1.3B | ||
| Q3 25 | $-114.0M | $3.2B | ||
| Q2 25 | $599.0M | $1.4B | ||
| Q1 25 | $-473.0M | $1.7B | ||
| Q4 24 | $590.0M | $627.0M | ||
| Q3 24 | $-149.0M | $2.8B | ||
| Q2 24 | $717.0M | $746.0M | ||
| Q1 24 | $-312.0M | $-113.0M |
毛利率AALAMGN
| Q4 25 | — | 69.8% | ||
| Q3 25 | — | 67.8% | ||
| Q2 25 | — | 67.2% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 65.7% | ||
| Q3 24 | — | 61.1% | ||
| Q2 24 | — | 61.4% | ||
| Q1 24 | — | 57.0% |
营业利润率AALAMGN
| Q4 25 | 3.2% | 27.6% | ||
| Q3 25 | 1.1% | 26.4% | ||
| Q2 25 | 7.9% | 28.9% | ||
| Q1 25 | -2.2% | 14.5% | ||
| Q4 24 | 8.3% | 25.4% | ||
| Q3 24 | 0.7% | 24.1% | ||
| Q2 24 | 9.7% | 22.8% | ||
| Q1 24 | 0.1% | 13.3% |
净利率AALAMGN
| Q4 25 | 0.7% | 13.5% | ||
| Q3 25 | -0.8% | 33.7% | ||
| Q2 25 | 4.2% | 15.6% | ||
| Q1 25 | -3.8% | 21.2% | ||
| Q4 24 | 4.3% | 6.9% | ||
| Q3 24 | -1.1% | 33.3% | ||
| Q2 24 | 5.0% | 8.9% | ||
| Q1 24 | -2.5% | -1.5% |
每股收益（稀释后）AALAMGN
| Q4 25 | $0.15 | $2.45 | ||
| Q3 25 | $-0.17 | $5.93 | ||
| Q2 25 | $0.91 | $2.65 | ||
| Q1 25 | $-0.72 | $3.20 | ||
| Q4 24 | $0.94 | $1.17 | ||
| Q3 24 | $-0.23 | $5.22 | ||
| Q2 24 | $1.01 | $1.38 | ||
| Q1 24 | $-0.48 | $-0.21 |
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 | — | $9.1B |
| 总债务越低越好 | $25.3B | $54.6B |
| 股东权益账面价值 | $-3.7B | $8.7B |
| 总资产 | $61.8B | $90.6B |
| 负债/权益比越低杠杆越低 | — | 6.31× |
8季度趋势，按日历期对齐
现金及短期投资AALAMGN
| Q4 25 | — | $9.1B | ||
| Q3 25 | — | $9.4B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $8.8B | ||
| Q4 24 | — | $12.0B | ||
| Q3 24 | — | $9.0B | ||
| Q2 24 | — | $9.3B | ||
| Q1 24 | — | $9.7B |
总债务AALAMGN
| Q4 25 | $25.3B | $54.6B | ||
| Q3 25 | $25.1B | $54.6B | ||
| Q2 25 | $25.3B | $56.2B | ||
| Q1 25 | $24.7B | $57.4B | ||
| Q4 24 | $25.2B | $60.1B | ||
| Q3 24 | $26.3B | $60.4B | ||
| Q2 24 | $27.6B | $62.6B | ||
| Q1 24 | $28.2B | $64.0B |
股东权益AALAMGN
| Q4 25 | $-3.7B | $8.7B | ||
| Q3 25 | $-4.0B | $9.6B | ||
| Q2 25 | $-3.9B | $7.4B | ||
| Q1 25 | $-4.5B | $6.2B | ||
| Q4 24 | $-4.0B | $5.9B | ||
| Q3 24 | $-4.9B | $7.5B | ||
| Q2 24 | $-4.7B | $5.9B | ||
| Q1 24 | $-5.5B | $5.0B |
总资产AALAMGN
| Q4 25 | $61.8B | $90.6B | ||
| Q3 25 | $62.1B | $90.1B | ||
| Q2 25 | $63.7B | $87.9B | ||
| Q1 25 | $62.6B | $89.4B | ||
| Q4 24 | $61.8B | $91.8B | ||
| Q3 24 | $63.5B | $90.9B | ||
| Q2 24 | $64.1B | $90.9B | ||
| Q1 24 | $64.4B | $93.0B |
负债/权益比AALAMGN
| Q4 25 | — | 6.31× | ||
| Q3 25 | — | 5.67× | ||
| Q2 25 | — | 7.57× | ||
| Q1 25 | — | 9.24× | ||
| Q4 24 | — | 10.23× | ||
| Q3 24 | — | 8.02× | ||
| Q2 24 | — | 10.57× | ||
| Q1 24 | — | 12.75× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $961.0M |
| 自由现金流率自由现金流/营收 | -13.6% | 9.7% |
| 资本支出强度资本支出/营收 | 11.6% | 6.5% |
| 现金转化率经营现金流/净利润 | -2.77× | 1.20× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $8.1B |
8季度趋势，按日历期对齐
经营现金流AALAMGN
| Q4 25 | $-274.0M | $1.6B | ||
| Q3 25 | $-46.0M | $4.7B | ||
| Q2 25 | $963.0M | $2.3B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $398.0M | $4.8B | ||
| Q3 24 | $277.0M | $3.6B | ||
| Q2 24 | $1.1B | $2.5B | ||
| Q1 24 | $2.2B | $689.0M |
自由现金流AALAMGN
| Q4 25 | $-1.9B | $961.0M | ||
| Q3 25 | $-872.0M | $4.2B | ||
| Q2 25 | $464.0M | $1.9B | ||
| Q1 25 | $1.6B | $980.0M | ||
| Q4 24 | $-342.0M | $4.4B | ||
| Q3 24 | $-191.0M | $3.3B | ||
| Q2 24 | $477.0M | $2.2B | ||
| Q1 24 | $1.4B | $459.0M |
自由现金流率AALAMGN
| Q4 25 | -13.6% | 9.7% | ||
| Q3 25 | -6.4% | 44.4% | ||
| Q2 25 | 3.2% | 20.8% | ||
| Q1 25 | 13.0% | 12.0% | ||
| Q4 24 | -2.5% | 48.4% | ||
| Q3 24 | -1.4% | 39.0% | ||
| Q2 24 | 3.3% | 26.5% | ||
| Q1 24 | 10.8% | 6.2% |
资本支出强度AALAMGN
| Q4 25 | 11.6% | 6.5% | ||
| Q3 25 | 6.0% | 4.6% | ||
| Q2 25 | 3.5% | 4.0% | ||
| Q1 25 | 6.6% | 5.0% | ||
| Q4 24 | 5.4% | 4.1% | ||
| Q3 24 | 3.4% | 3.0% | ||
| Q2 24 | 4.5% | 2.8% | ||
| Q1 24 | 6.6% | 3.1% |
现金转化率AALAMGN
| Q4 25 | -2.77× | 1.20× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | 1.61× | 1.59× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | 0.67× | 7.61× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | 1.57× | 3.30× | ||
| Q1 24 | — | — |
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% |
AMGN
| Products | $9.4B | 95% |
| Xgeva | $291.0M | 3% |
| Vectibix | $163.0M | 2% |
| Aranesp | $115.0M | 1% |
