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盛美半导体（ACMR）与ACV Auctions Inc.（ACVA）财务数据对比。点击上方公司名可切换其他公司
盛美半导体的季度营收约是ACV Auctions Inc.的1.3倍（$244.4M vs $183.6M）。ACV Auctions Inc.同比增速更快（15.1% vs 9.4%）。盛美半导体自由现金流更多（$20.1M vs $-14.7M）。过去两年盛美半导体的营收复合增速更高（26.7% vs 12.3%）
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。
ACV Auctions Inc.是北美领先的数字化二手车批发拍卖平台，主要服务美加两地汽车经销商，提供车辆透明检测、安全支付、物流配送等全链条服务，助力注册批发买卖双方无需线下到场即可高效完成二手车交易。
ACMR vs ACVA — 直观对比
营收规模更大
ACMR
是对方的1.3倍
$183.6M
营收增速更快
ACVA
高出5.7%
9.4%
自由现金流更多
ACMR
多$34.8M
$-14.7M
两年增速更快
ACMR
近两年复合增速
12.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $183.6M |
| 净利润 | $8.0M | — |
| 毛利率 | 40.9% | — |
| 营业利润率 | 9.4% | -9.7% |
| 净利率 | 3.3% | — |
| 营收同比 | 9.4% | 15.1% |
| 净利润同比 | -74.1% | — |
| 每股收益（稀释后） | $0.11 | $-0.12 |
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ACMRACVA
| Q4 25 | $244.4M | $183.6M | ||
| Q3 25 | $269.2M | $199.6M | ||
| Q2 25 | $215.4M | $193.7M | ||
| Q1 25 | $172.3M | $182.7M | ||
| Q4 24 | $223.5M | $159.5M | ||
| Q3 24 | $204.0M | $171.3M | ||
| Q2 24 | $202.5M | $160.6M | ||
| Q1 24 | $152.2M | $145.7M |
净利润ACMRACVA
| Q4 25 | $8.0M | — | ||
| Q3 25 | $35.9M | $-24.5M | ||
| Q2 25 | $29.8M | $-7.3M | ||
| Q1 25 | $20.4M | $-14.8M | ||
| Q4 24 | $31.1M | — | ||
| Q3 24 | $30.9M | $-16.0M | ||
| Q2 24 | $24.2M | $-17.1M | ||
| Q1 24 | $17.4M | $-20.5M |
毛利率ACMRACVA
| 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ACMRACVA
| Q4 25 | 9.4% | -9.7% | ||
| Q3 25 | 10.7% | -11.9% | ||
| Q2 25 | 14.7% | -3.7% | ||
| Q1 25 | 15.0% | -7.9% | ||
| Q4 24 | 19.7% | -16.2% | ||
| Q3 24 | 21.7% | -10.0% | ||
| Q2 24 | 18.6% | -11.6% | ||
| Q1 24 | 16.6% | -15.5% |
净利率ACMRACVA
| Q4 25 | 3.3% | — | ||
| Q3 25 | 13.3% | -12.3% | ||
| Q2 25 | 13.8% | -3.8% | ||
| Q1 25 | 11.8% | -8.1% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.2% | -9.4% | ||
| Q2 24 | 12.0% | -10.6% | ||
| Q1 24 | 11.5% | -14.1% |
每股收益（稀释后）ACMRACVA
| Q4 25 | $0.11 | $-0.12 | ||
| Q3 25 | $0.52 | $-0.14 | ||
| Q2 25 | $0.44 | $-0.04 | ||
| Q1 25 | $0.30 | $-0.09 | ||
| Q4 24 | $0.47 | $-0.15 | ||
| Q3 24 | $0.45 | $-0.10 | ||
| Q2 24 | $0.35 | $-0.10 | ||
| Q1 24 | $0.26 | $-0.13 |
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 | $271.5M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $429.7M |
| 总资产 | $2.9B | $1.1B |
| 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ACMRACVA
| Q4 25 | $792.9M | $271.5M | ||
| Q3 25 | $1.1B | $265.3M | ||
| Q2 25 | $463.2M | $258.4M | ||
| Q1 25 | $475.6M | $291.9M | ||
| Q4 24 | $426.8M | $224.1M | ||
| Q3 24 | $353.8M | $252.5M | ||
| Q2 24 | $343.6M | $215.0M | ||
| Q1 24 | $230.0M | $209.8M |
总债务ACMRACVA
| Q4 25 | $214.0M | — | ||
| Q3 25 | $242.0M | — | ||
| Q2 25 | $225.1M | — | ||
| Q1 25 | $202.5M | — | ||
| Q4 24 | $150.0M | — | ||
| Q3 24 | $150.0M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $60.0M | — |
股东权益ACMRACVA
| Q4 25 | $1.5B | $429.7M | ||
| Q3 25 | $1.4B | $434.4M | ||
| Q2 25 | $986.5M | $448.8M | ||
| Q1 25 | $949.1M | $439.6M | ||
| Q4 24 | $904.6M | $440.0M | ||
| Q3 24 | $888.2M | $456.2M | ||
| Q2 24 | $833.2M | $457.6M | ||
| Q1 24 | $796.2M | $458.3M |
总资产ACMRACVA
| Q4 25 | $2.9B | $1.1B | ||
| Q3 25 | $2.8B | $1.2B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.9B | $984.1M | ||
| Q3 24 | $1.8B | $1.0B | ||
| Q2 24 | $1.7B | $1.0B | ||
| Q1 24 | $1.6B | $1.0B |
负债/权益比ACMRACVA
| 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 | $33.9M | $-12.4M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-14.7M |
| 自由现金流率自由现金流/营收 | 8.2% | -8.0% |
| 资本支出强度资本支出/营收 | 5.6% | 1.2% |
| 现金转化率经营现金流/净利润 | 4.21× | — |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $69.1M |
8季度趋势，按日历期对齐
经营现金流ACMRACVA
| Q4 25 | $33.9M | $-12.4M | ||
| Q3 25 | $-4.6M | $10.3M | ||
| Q2 25 | $-44.9M | $13.7M | ||
| Q1 25 | $5.3M | $66.6M | ||
| Q4 24 | $88.6M | $-3.2M | ||
| Q3 24 | $11.9M | $21.1M | ||
| Q2 24 | $61.6M | $4.5M | ||
| Q1 24 | $-9.6M | $43.0M |
自由现金流ACMRACVA
| Q4 25 | $20.1M | $-14.7M | ||
| Q3 25 | $-15.6M | $7.7M | ||
| Q2 25 | $-59.6M | $10.9M | ||
| Q1 25 | $-11.4M | $65.3M | ||
| Q4 24 | $77.2M | $-3.9M | ||
| Q3 24 | $-20.6M | $20.2M | ||
| Q2 24 | $48.5M | $2.7M | ||
| Q1 24 | $-35.1M | $41.9M |
自由现金流率ACMRACVA
| Q4 25 | 8.2% | -8.0% | ||
| Q3 25 | -5.8% | 3.8% | ||
| Q2 25 | -27.7% | 5.6% | ||
| Q1 25 | -6.6% | 35.7% | ||
| Q4 24 | 34.5% | -2.5% | ||
| Q3 24 | -10.1% | 11.8% | ||
| Q2 24 | 24.0% | 1.7% | ||
| Q1 24 | -23.0% | 28.8% |
资本支出强度ACMRACVA
| Q4 25 | 5.6% | 1.2% | ||
| Q3 25 | 4.1% | 1.3% | ||
| Q2 25 | 6.8% | 1.5% | ||
| Q1 25 | 9.7% | 0.7% | ||
| Q4 24 | 5.1% | 0.4% | ||
| Q3 24 | 16.0% | 0.6% | ||
| Q2 24 | 6.5% | 1.1% | ||
| Q1 24 | 16.7% | 0.7% |
现金转化率ACMRACVA
| Q4 25 | 4.21× | — | ||
| Q3 25 | -0.13× | — | ||
| Q2 25 | -1.51× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 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
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% |
ACVA
| Auction Marketplace Revenue | $77.6M | 42% |
| Other Marketplace Revenue | $72.4M | 39% |
| Customer Assurance | $24.1M | 13% |
| Data Services Revenue | $9.4M | 5% |
