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盛美半导体（ACMR）与A.O.史密斯（AOS）财务数据对比。点击上方公司名可切换其他公司
A.O.史密斯的季度营收约是盛美半导体的3.7倍（$912.5M vs $244.4M）。A.O.史密斯净利率更高（13.7% vs 3.3%，领先10.4%）。盛美半导体同比增速更快（9.4% vs 0.0%）。A.O.史密斯自由现金流更多（$165.5M vs $20.1M）。过去两年盛美半导体的营收复合增速更高（26.7% vs -3.4%）
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。
A.O.史密斯是美国知名的家用及商用热水器、锅炉生产商，也是北美规模最大的热水器制造销售商，在亚洲市场还供应水处理和净化产品。公司在全球共有27个站点，包括北美5座生产基地，以及位于印度班加罗尔、中国南京、荷兰费尔德霍芬的工厂。
ACMR vs AOS — 直观对比
营收规模更大
AOS
是对方的3.7倍
$244.4M
营收增速更快
ACMR
高出9.4%
0.0%
净利率更高
AOS
高出10.4%
3.3%
自由现金流更多
AOS
多$145.4M
$20.1M
两年增速更快
ACMR
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $912.5M |
| 净利润 | $8.0M | $125.4M |
| 毛利率 | 40.9% | 38.4% |
| 营业利润率 | 9.4% | 17.9% |
| 净利率 | 3.3% | 13.7% |
| 营收同比 | 9.4% | 0.0% |
| 净利润同比 | -74.1% | 14.3% |
| 每股收益（稀释后） | $0.11 | $0.89 |
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ACMRAOS
| Q4 25 | $244.4M | $912.5M | ||
| Q3 25 | $269.2M | $942.5M | ||
| Q2 25 | $215.4M | $1.0B | ||
| Q1 25 | $172.3M | $963.9M | ||
| Q4 24 | $223.5M | $912.4M | ||
| Q3 24 | $204.0M | $902.6M | ||
| Q2 24 | $202.5M | $1.0B | ||
| Q1 24 | $152.2M | $978.8M |
净利润ACMRAOS
| Q4 25 | $8.0M | $125.4M | ||
| Q3 25 | $35.9M | $132.0M | ||
| Q2 25 | $29.8M | $152.2M | ||
| Q1 25 | $20.4M | $136.6M | ||
| Q4 24 | $31.1M | $109.7M | ||
| Q3 24 | $30.9M | $120.1M | ||
| Q2 24 | $24.2M | $156.2M | ||
| Q1 24 | $17.4M | $147.6M |
毛利率ACMRAOS
| Q4 25 | 40.9% | 38.4% | ||
| Q3 25 | 42.0% | 38.7% | ||
| Q2 25 | 48.5% | 39.3% | ||
| Q1 25 | 47.9% | 38.9% | ||
| Q4 24 | 49.6% | 37.1% | ||
| Q3 24 | 51.4% | 37.4% | ||
| Q2 24 | 47.8% | 38.7% | ||
| Q1 24 | 52.0% | 39.3% |
营业利润率ACMRAOS
| Q4 25 | 9.4% | 17.9% | ||
| Q3 25 | 10.7% | 18.6% | ||
| Q2 25 | 14.7% | 20.4% | ||
| Q1 25 | 15.0% | 19.1% | ||
| Q4 24 | 19.7% | 10.1% | ||
| Q3 24 | 21.7% | 19.5% | ||
| Q2 24 | 18.6% | 21.9% | ||
| Q1 24 | 16.6% | 22.0% |
净利率ACMRAOS
| Q4 25 | 3.3% | 13.7% | ||
| Q3 25 | 13.3% | 14.0% | ||
| Q2 25 | 13.8% | 15.0% | ||
| Q1 25 | 11.8% | 14.2% | ||
| Q4 24 | 13.9% | 12.0% | ||
| Q3 24 | 15.2% | 13.3% | ||
| Q2 24 | 12.0% | 15.2% | ||
| Q1 24 | 11.5% | 15.1% |
每股收益（稀释后）ACMRAOS
| Q4 25 | $0.11 | $0.89 | ||
| Q3 25 | $0.52 | $0.94 | ||
| Q2 25 | $0.44 | $1.07 | ||
| Q1 25 | $0.30 | $0.95 | ||
| Q4 24 | $0.47 | $0.75 | ||
| Q3 24 | $0.45 | $0.82 | ||
| Q2 24 | $0.35 | $1.06 | ||
| Q1 24 | $0.26 | $1.00 |
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 | $193.2M |
| 总债务越低越好 | $214.0M | $155.0M |
| 股东权益账面价值 | $1.5B | $1.9B |
| 总资产 | $2.9B | $3.1B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.08× |
8季度趋势，按日历期对齐
现金及短期投资ACMRAOS
| Q4 25 | $792.9M | $193.2M | ||
| Q3 25 | $1.1B | $172.8M | ||
| Q2 25 | $463.2M | $177.9M | ||
| Q1 25 | $475.6M | $200.2M | ||
| Q4 24 | $426.8M | $276.1M | ||
| Q3 24 | $353.8M | $255.6M | ||
| Q2 24 | $343.6M | $233.3M | ||
| Q1 24 | $230.0M | $303.1M |
总债务ACMRAOS
| Q4 25 | $214.0M | $155.0M | ||
| Q3 25 | $242.0M | — | ||
| Q2 25 | $225.1M | — | ||
| Q1 25 | $202.5M | — | ||
| Q4 24 | $150.0M | $193.2M | ||
| Q3 24 | $150.0M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $60.0M | — |
股东权益ACMRAOS
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $986.5M | $1.8B | ||
| Q1 25 | $949.1M | $1.9B | ||
| Q4 24 | $904.6M | $1.9B | ||
| Q3 24 | $888.2M | $1.9B | ||
| Q2 24 | $833.2M | $1.9B | ||
| Q1 24 | $796.2M | $1.9B |
总资产ACMRAOS
| Q4 25 | $2.9B | $3.1B | ||
| Q3 25 | $2.8B | $3.2B | ||
| Q2 25 | $2.0B | $3.2B | ||
| Q1 25 | $1.9B | $3.3B | ||
| Q4 24 | $1.9B | $3.2B | ||
| Q3 24 | $1.8B | $3.2B | ||
| Q2 24 | $1.7B | $3.2B | ||
| Q1 24 | $1.6B | $3.2B |
负债/权益比ACMRAOS
| Q4 25 | 0.15× | 0.08× | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.17× | 0.10× | ||
| 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 | $183.1M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $165.5M |
| 自由现金流率自由现金流/营收 | 8.2% | 18.1% |
| 资本支出强度资本支出/营收 | 5.6% | 1.9% |
| 现金转化率经营现金流/净利润 | 4.21× | 1.46× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $546.0M |
8季度趋势，按日历期对齐
经营现金流ACMRAOS
| Q4 25 | $33.9M | $183.1M | ||
| Q3 25 | $-4.6M | $255.4M | ||
| Q2 25 | $-44.9M | $139.6M | ||
| Q1 25 | $5.3M | $38.7M | ||
| Q4 24 | $88.6M | $221.9M | ||
| Q3 24 | $11.9M | $195.9M | ||
| Q2 24 | $61.6M | $57.4M | ||
| Q1 24 | $-9.6M | $106.6M |
自由现金流ACMRAOS
| Q4 25 | $20.1M | $165.5M | ||
| Q3 25 | $-15.6M | $240.6M | ||
| Q2 25 | $-59.6M | $122.5M | ||
| Q1 25 | $-11.4M | $17.4M | ||
| Q4 24 | $77.2M | $191.3M | ||
| Q3 24 | $-20.6M | $163.4M | ||
| Q2 24 | $48.5M | $34.5M | ||
| Q1 24 | $-35.1M | $84.6M |
自由现金流率ACMRAOS
| Q4 25 | 8.2% | 18.1% | ||
| Q3 25 | -5.8% | 25.5% | ||
| Q2 25 | -27.7% | 12.1% | ||
| Q1 25 | -6.6% | 1.8% | ||
| Q4 24 | 34.5% | 21.0% | ||
| Q3 24 | -10.1% | 18.1% | ||
| Q2 24 | 24.0% | 3.4% | ||
| Q1 24 | -23.0% | 8.6% |
资本支出强度ACMRAOS
| Q4 25 | 5.6% | 1.9% | ||
| Q3 25 | 4.1% | 1.6% | ||
| Q2 25 | 6.8% | 1.7% | ||
| Q1 25 | 9.7% | 2.2% | ||
| Q4 24 | 5.1% | 3.4% | ||
| Q3 24 | 16.0% | 3.6% | ||
| Q2 24 | 6.5% | 2.2% | ||
| Q1 24 | 16.7% | 2.2% |
现金转化率ACMRAOS
| Q4 25 | 4.21× | 1.46× | ||
| Q3 25 | -0.13× | 1.93× | ||
| Q2 25 | -1.51× | 0.92× | ||
| Q1 25 | 0.26× | 0.28× | ||
| Q4 24 | 2.85× | 2.02× | ||
| Q3 24 | 0.39× | 1.63× | ||
| Q2 24 | 2.54× | 0.37× | ||
| Q1 24 | -0.55× | 0.72× |
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% |
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
