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盛美半导体（ACMR）与Applied Digital Corp.（APLD）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Applied Digital Corp.的1.8倍（$231.3M vs $126.6M），盛美半导体净利率更高（7.5% vs -11.4%，领先18.9%），Applied Digital Corp.同比增速更快（98.2% vs 34.2%），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs 6.9%）
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。
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
ACMR vs APLD — 直观对比
营收规模更大
ACMR
是对方的1.8倍
$126.6M
营收增速更快
APLD
高出64.0%
34.2%
净利率更高
ACMR
高出18.9%
-11.4%
两年增速更快
APLD
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $231.3M | $126.6M |
| 净利润 | $17.3M | $-14.4M |
| 毛利率 | 46.4% | 20.6% |
| 营业利润率 | 15.6% | -24.5% |
| 净利率 | 7.5% | -11.4% |
| 营收同比 | 34.2% | 98.2% |
| 净利润同比 | -44.7% | 89.6% |
| 每股收益（稀释后） | $0.24 | $-0.07 |
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ACMRAPLD
| Q1 26 | $231.3M | — | ||
| Q4 25 | $244.4M | $126.6M | ||
| Q3 25 | $269.2M | $64.2M | ||
| Q2 25 | $215.4M | $-33.3M | ||
| Q1 25 | $172.3M | $52.9M | ||
| Q4 24 | $223.5M | $63.9M | ||
| Q3 24 | $204.0M | $60.7M | ||
| Q2 24 | $202.5M | $43.7M |
净利润ACMRAPLD
| Q1 26 | $17.3M | — | ||
| Q4 25 | $8.0M | $-14.4M | ||
| Q3 25 | $35.9M | $-16.9M | ||
| Q2 25 | $29.8M | $-52.5M | ||
| Q1 25 | $20.4M | $-35.6M | ||
| Q4 24 | $31.1M | $-138.7M | ||
| Q3 24 | $30.9M | $-4.2M | ||
| Q2 24 | $24.2M | $-64.5M |
毛利率ACMRAPLD
| Q1 26 | 46.4% | — | ||
| Q4 25 | 40.9% | 20.6% | ||
| Q3 25 | 42.0% | 13.4% | ||
| Q2 25 | 48.5% | — | ||
| Q1 25 | 47.9% | 7.1% | ||
| Q4 24 | 49.6% | 18.0% | ||
| Q3 24 | 51.4% | -0.6% | ||
| Q2 24 | 47.8% | -9.1% |
营业利润率ACMRAPLD
| Q1 26 | 15.6% | — | ||
| Q4 25 | 9.4% | -24.5% | ||
| Q3 25 | 10.7% | -34.7% | ||
| Q2 25 | 14.7% | — | ||
| Q1 25 | 15.0% | -35.8% | ||
| Q4 24 | 19.7% | -29.1% | ||
| Q3 24 | 21.7% | 15.6% | ||
| Q2 24 | 18.6% | -68.4% |
净利率ACMRAPLD
| Q1 26 | 7.5% | — | ||
| Q4 25 | 3.3% | -11.4% | ||
| Q3 25 | 13.3% | -26.4% | ||
| Q2 25 | 13.8% | 157.8% | ||
| Q1 25 | 11.8% | -67.2% | ||
| Q4 24 | 13.9% | -217.2% | ||
| Q3 24 | 15.2% | -7.0% | ||
| Q2 24 | 12.0% | -147.5% |
每股收益（稀释后）ACMRAPLD
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.11 | $-0.07 | ||
| Q3 25 | $0.52 | $-0.07 | ||
| Q2 25 | $0.44 | $-0.31 | ||
| Q1 25 | $0.30 | $-0.16 | ||
| Q4 24 | $0.47 | $-0.66 | ||
| Q3 24 | $0.45 | $-0.03 | ||
| Q2 24 | $0.35 | $-0.57 |
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 | $872.3M | $1.9B |
| 总债务越低越好 | $314.8M | — |
| 股东权益账面价值 | $2.1B | $1.4B |
| 总资产 | $3.1B | $5.2B |
| 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ACMRAPLD
| Q1 26 | $872.3M | — | ||
| Q4 25 | $792.9M | $1.9B | ||
| Q3 25 | $1.1B | $73.9M | ||
| Q2 25 | $463.2M | $41.6M | ||
| Q1 25 | $475.6M | $68.7M | ||
| Q4 24 | $426.8M | $286.2M | ||
| Q3 24 | $353.8M | $58.2M | ||
| Q2 24 | $343.6M | $3.3M |
总债务ACMRAPLD
| Q1 26 | $314.8M | — | ||
| 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 | — |
股东权益ACMRAPLD
| Q1 26 | $2.1B | — | ||
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.4B | $1.0B | ||
| Q2 25 | $986.5M | $497.7M | ||
| Q1 25 | $949.1M | $454.6M | ||
| Q4 24 | $904.6M | $434.6M | ||
| Q3 24 | $888.2M | $241.8M | ||
| Q2 24 | $833.2M | $124.8M |
总资产ACMRAPLD
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.8B | $937.7M | ||
| Q2 24 | $1.7B | $762.9M |
负债/权益比ACMRAPLD
| Q1 26 | 0.15× | — | ||
| 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× | — |
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 | — | $-15.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-567.9M |
| 自由现金流率自由现金流/营收 | — | -448.6% |
| 资本支出强度资本支出/营收 | — | 436.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-1.3B |
8季度趋势，按日历期对齐
经营现金流ACMRAPLD
| Q1 26 | — | — | ||
| Q4 25 | $33.9M | $-15.8M | ||
| Q3 25 | $-4.6M | $-82.0M | ||
| Q2 25 | $-44.9M | $6.9M | ||
| Q1 25 | $5.3M | $5.9M | ||
| Q4 24 | $88.6M | $-52.3M | ||
| Q3 24 | $11.9M | $-75.9M | ||
| Q2 24 | $61.6M | $-34.1M |
自由现金流ACMRAPLD
| Q1 26 | — | — | ||
| Q4 25 | $20.1M | $-567.9M | ||
| Q3 25 | $-15.6M | $-331.4M | ||
| Q2 25 | $-59.6M | $-191.4M | ||
| Q1 25 | $-11.4M | $-251.6M | ||
| Q4 24 | $77.2M | $-223.3M | ||
| Q3 24 | $-20.6M | $-130.7M | ||
| Q2 24 | $48.5M | $-88.9M |
自由现金流率ACMRAPLD
| Q1 26 | — | — | ||
| Q4 25 | 8.2% | -448.6% | ||
| Q3 25 | -5.8% | -516.1% | ||
| Q2 25 | -27.7% | 574.8% | ||
| Q1 25 | -6.6% | -475.4% | ||
| Q4 24 | 34.5% | -349.6% | ||
| Q3 24 | -10.1% | -215.3% | ||
| Q2 24 | 24.0% | -203.5% |
资本支出强度ACMRAPLD
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | 436.1% | ||
| Q3 25 | 4.1% | 388.4% | ||
| Q2 25 | 6.8% | -595.4% | ||
| Q1 25 | 9.7% | 486.6% | ||
| Q4 24 | 5.1% | 267.8% | ||
| Q3 24 | 16.0% | 90.3% | ||
| Q2 24 | 6.5% | 125.4% |
现金转化率ACMRAPLD
| Q1 26 | — | — | ||
| 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× | — |
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
暂无分部数据
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
