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盛美半导体（ACMR）与ADT Inc.（ADT）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是盛美半导体的5.2倍（$1.3B vs $244.4M）。ADT Inc.净利率更高（11.4% vs 3.3%，领先8.1%）。盛美半导体同比增速更快（9.4% vs 2.9%）。ADT Inc.自由现金流更多（$323.5M vs $20.1M）。过去两年盛美半导体的营收复合增速更高（26.7% vs 2.7%）
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。
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
ACMR vs ADT — 直观对比
营收规模更大
ADT
是对方的5.2倍
$244.4M
营收增速更快
ACMR
高出6.5%
2.9%
净利率更高
ADT
高出8.1%
3.3%
自由现金流更多
ADT
多$303.4M
$20.1M
两年增速更快
ACMR
近两年复合增速
2.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $1.3B |
| 净利润 | $8.0M | $145.4M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 9.4% | 26.1% |
| 净利率 | 3.3% | 11.4% |
| 营收同比 | 9.4% | 2.9% |
| 净利润同比 | -74.1% | -23.5% |
| 每股收益（稀释后） | $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ACMRADT
| Q4 25 | $244.4M | $1.3B | ||
| Q3 25 | $269.2M | $1.3B | ||
| Q2 25 | $215.4M | $1.3B | ||
| Q1 25 | $172.3M | $1.3B | ||
| Q4 24 | $223.5M | $1.2B | ||
| Q3 24 | $204.0M | $1.2B | ||
| Q2 24 | $202.5M | $1.2B | ||
| Q1 24 | $152.2M | $1.2B |
净利润ACMRADT
| Q4 25 | $8.0M | $145.4M | ||
| Q3 25 | $35.9M | $145.1M | ||
| Q2 25 | $29.8M | $165.2M | ||
| Q1 25 | $20.4M | $140.2M | ||
| Q4 24 | $31.1M | $190.0M | ||
| Q3 24 | $30.9M | $127.2M | ||
| Q2 24 | $24.2M | $92.4M | ||
| Q1 24 | $17.4M | $91.6M |
毛利率ACMRADT
| 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ACMRADT
| Q4 25 | 9.4% | 26.1% | ||
| Q3 25 | 10.7% | 24.3% | ||
| Q2 25 | 14.7% | 26.6% | ||
| Q1 25 | 15.0% | 25.2% | ||
| Q4 24 | 19.7% | 32.4% | ||
| Q3 24 | 21.7% | 26.2% | ||
| Q2 24 | 18.6% | 23.6% | ||
| Q1 24 | 16.6% | 16.2% |
净利率ACMRADT
| Q4 25 | 3.3% | 11.4% | ||
| Q3 25 | 13.3% | 11.2% | ||
| Q2 25 | 13.8% | 12.8% | ||
| Q1 25 | 11.8% | 11.1% | ||
| Q4 24 | 13.9% | 15.3% | ||
| Q3 24 | 15.2% | 10.2% | ||
| Q2 24 | 12.0% | 7.7% | ||
| Q1 24 | 11.5% | 7.6% |
每股收益（稀释后）ACMRADT
| Q4 25 | $0.11 | — | ||
| Q3 25 | $0.52 | — | ||
| Q2 25 | $0.44 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.47 | — | ||
| Q3 24 | $0.45 | — | ||
| Q2 24 | $0.35 | — | ||
| Q1 24 | $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 | $80.8M |
| 总债务越低越好 | $214.0M | $7.4B |
| 股东权益账面价值 | $1.5B | $3.8B |
| 总资产 | $2.9B | $15.8B |
| 负债/权益比越低杠杆越低 | 0.15× | 1.95× |
8季度趋势，按日历期对齐
现金及短期投资ACMRADT
| Q4 25 | $792.9M | $80.8M | ||
| Q3 25 | $1.1B | $62.8M | ||
| Q2 25 | $463.2M | $45.2M | ||
| Q1 25 | $475.6M | $3.7M | ||
| Q4 24 | $426.8M | $96.2M | ||
| Q3 24 | $353.8M | $95.3M | ||
| Q2 24 | $343.6M | $37.9M | ||
| Q1 24 | $230.0M | $4.0M |
总债务ACMRADT
| Q4 25 | $214.0M | $7.4B | ||
| Q3 25 | $242.0M | $7.3B | ||
| Q2 25 | $225.1M | $6.8B | ||
| Q1 25 | $202.5M | $7.6B | ||
| Q4 24 | $150.0M | $7.5B | ||
| Q3 24 | $150.0M | $7.5B | ||
| Q2 24 | $90.5M | $7.5B | ||
| Q1 24 | $60.0M | $7.6B |
股东权益ACMRADT
| Q4 25 | $1.5B | $3.8B | ||
| Q3 25 | $1.4B | $3.7B | ||
| Q2 25 | $986.5M | $3.7B | ||
| Q1 25 | $949.1M | $3.6B | ||
| Q4 24 | $904.6M | $3.8B | ||
| Q3 24 | $888.2M | $3.9B | ||
| Q2 24 | $833.2M | $3.8B | ||
| Q1 24 | $796.2M | $3.7B |
总资产ACMRADT
| Q4 25 | $2.9B | $15.8B | ||
| Q3 25 | $2.8B | $16.0B | ||
| Q2 25 | $2.0B | $16.0B | ||
| Q1 25 | $1.9B | $15.8B | ||
| Q4 24 | $1.9B | $16.1B | ||
| Q3 24 | $1.8B | $16.1B | ||
| Q2 24 | $1.7B | $16.0B | ||
| Q1 24 | $1.6B | $15.9B |
负债/权益比ACMRADT
| Q4 25 | 0.15× | 1.95× | ||
| Q3 25 | 0.17× | 1.99× | ||
| Q2 25 | 0.23× | 1.84× | ||
| Q1 25 | 0.21× | 2.10× | ||
| Q4 24 | 0.17× | 1.98× | ||
| Q3 24 | 0.17× | 1.93× | ||
| Q2 24 | 0.11× | 1.98× | ||
| Q1 24 | 0.08× | 2.03× |
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 | $373.6M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $323.5M |
| 自由现金流率自由现金流/营收 | 8.2% | 25.4% |
| 资本支出强度资本支出/营收 | 5.6% | 3.9% |
| 现金转化率经营现金流/净利润 | 4.21× | 2.57× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $1.7B |
8季度趋势，按日历期对齐
经营现金流ACMRADT
| Q4 25 | $33.9M | $373.6M | ||
| Q3 25 | $-4.6M | $480.1M | ||
| Q2 25 | $-44.9M | $563.9M | ||
| Q1 25 | $5.3M | $466.6M | ||
| Q4 24 | $88.6M | $459.7M | ||
| Q3 24 | $11.9M | $498.2M | ||
| Q2 24 | $61.6M | $563.2M | ||
| Q1 24 | $-9.6M | $363.8M |
自由现金流ACMRADT
| Q4 25 | $20.1M | $323.5M | ||
| Q3 25 | $-15.6M | $437.4M | ||
| Q2 25 | $-59.6M | $526.3M | ||
| Q1 25 | $-11.4M | $421.2M | ||
| Q4 24 | $77.2M | $426.0M | ||
| Q3 24 | $-20.6M | $455.5M | ||
| Q2 24 | $48.5M | $516.5M | ||
| Q1 24 | $-35.1M | $323.1M |
自由现金流率ACMRADT
| Q4 25 | 8.2% | 25.4% | ||
| Q3 25 | -5.8% | 33.7% | ||
| Q2 25 | -27.7% | 40.9% | ||
| Q1 25 | -6.6% | 33.2% | ||
| Q4 24 | 34.5% | 34.3% | ||
| Q3 24 | -10.1% | 36.6% | ||
| Q2 24 | 24.0% | 42.9% | ||
| Q1 24 | -23.0% | 26.7% |
资本支出强度ACMRADT
| Q4 25 | 5.6% | 3.9% | ||
| Q3 25 | 4.1% | 3.3% | ||
| Q2 25 | 6.8% | 2.9% | ||
| Q1 25 | 9.7% | 3.6% | ||
| Q4 24 | 5.1% | 2.7% | ||
| Q3 24 | 16.0% | 3.4% | ||
| Q2 24 | 6.5% | 3.9% | ||
| Q1 24 | 16.7% | 3.4% |
现金转化率ACMRADT
| Q4 25 | 4.21× | 2.57× | ||
| Q3 25 | -0.13× | 3.31× | ||
| Q2 25 | -1.51× | 3.41× | ||
| Q1 25 | 0.26× | 3.33× | ||
| Q4 24 | 2.85× | 2.42× | ||
| Q3 24 | 0.39× | 3.92× | ||
| Q2 24 | 2.54× | 6.10× | ||
| Q1 24 | -0.55× | 3.97× |
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% |
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Amortization Of Deferred Subscriber Acquisition Revenue | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
