vs
盛美半导体（ACMR）与Axon Enterprise（AXON）财务数据对比。点击上方公司名可切换其他公司
Axon Enterprise的季度营收约是盛美半导体的3.3倍（$796.7M vs $244.4M）。盛美半导体净利率更高（3.3% vs 0.3%，领先2.9%）。Axon Enterprise同比增速更快（38.9% vs 9.4%）。Axon Enterprise自由现金流更多（$155.4M vs $20.1M）。过去两年Axon Enterprise的营收复合增速更高（31.5% vs 26.7%）
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。
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
ACMR vs AXON — 直观对比
营收规模更大
AXON
是对方的3.3倍
$244.4M
营收增速更快
AXON
高出29.6%
9.4%
净利率更高
ACMR
高出2.9%
0.3%
自由现金流更多
AXON
多$135.3M
$20.1M
两年增速更快
AXON
近两年复合增速
26.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $796.7M |
| 净利润 | $8.0M | $2.7M |
| 毛利率 | 40.9% | 57.9% |
| 营业利润率 | 9.4% | -6.3% |
| 净利率 | 3.3% | 0.3% |
| 营收同比 | 9.4% | 38.9% |
| 净利润同比 | -74.1% | -98.0% |
| 每股收益（稀释后） | $0.11 | $0.02 |
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ACMRAXON
| Q4 25 | $244.4M | $796.7M | ||
| Q3 25 | $269.2M | $710.6M | ||
| Q2 25 | $215.4M | $668.5M | ||
| Q1 25 | $172.3M | $603.6M | ||
| Q4 24 | $223.5M | $573.4M | ||
| Q3 24 | $204.0M | $544.3M | ||
| Q2 24 | $202.5M | $504.1M | ||
| Q1 24 | $152.2M | $460.7M |
净利润ACMRAXON
| Q4 25 | $8.0M | $2.7M | ||
| Q3 25 | $35.9M | $-2.2M | ||
| Q2 25 | $29.8M | $36.1M | ||
| Q1 25 | $20.4M | $88.0M | ||
| Q4 24 | $31.1M | $136.0M | ||
| Q3 24 | $30.9M | $67.0M | ||
| Q2 24 | $24.2M | $40.8M | ||
| Q1 24 | $17.4M | $133.2M |
毛利率ACMRAXON
| Q4 25 | 40.9% | 57.9% | ||
| Q3 25 | 42.0% | 60.1% | ||
| Q2 25 | 48.5% | 60.4% | ||
| Q1 25 | 47.9% | 60.6% | ||
| Q4 24 | 49.6% | 60.5% | ||
| Q3 24 | 51.4% | 60.8% | ||
| Q2 24 | 47.8% | 60.3% | ||
| Q1 24 | 52.0% | 56.4% |
营业利润率ACMRAXON
| Q4 25 | 9.4% | -6.3% | ||
| Q3 25 | 10.7% | -0.3% | ||
| Q2 25 | 14.7% | -0.2% | ||
| Q1 25 | 15.0% | -1.5% | ||
| Q4 24 | 19.7% | -2.6% | ||
| Q3 24 | 21.7% | 4.4% | ||
| Q2 24 | 18.6% | 6.5% | ||
| Q1 24 | 16.6% | 3.5% |
净利率ACMRAXON
| Q4 25 | 3.3% | 0.3% | ||
| Q3 25 | 13.3% | -0.3% | ||
| Q2 25 | 13.8% | 5.4% | ||
| Q1 25 | 11.8% | 14.6% | ||
| Q4 24 | 13.9% | 23.7% | ||
| Q3 24 | 15.2% | 12.3% | ||
| Q2 24 | 12.0% | 8.1% | ||
| Q1 24 | 11.5% | 28.9% |
每股收益（稀释后）ACMRAXON
| Q4 25 | $0.11 | $0.02 | ||
| Q3 25 | $0.52 | $-0.03 | ||
| Q2 25 | $0.44 | $0.44 | ||
| Q1 25 | $0.30 | $1.08 | ||
| Q4 24 | $0.47 | $1.68 | ||
| Q3 24 | $0.45 | $0.86 | ||
| Q2 24 | $0.35 | $0.53 | ||
| Q1 24 | $0.26 | $1.73 |
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 | $1.7B |
| 总债务越低越好 | $214.0M | $1.8B |
| 股东权益账面价值 | $1.5B | $3.2B |
| 总资产 | $2.9B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资ACMRAXON
| Q4 25 | $792.9M | $1.7B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $463.2M | $2.1B | ||
| Q1 25 | $475.6M | $2.2B | ||
| Q4 24 | $426.8M | $788.1M | ||
| Q3 24 | $353.8M | $1.0B | ||
| Q2 24 | $343.6M | $968.9M | ||
| Q1 24 | $230.0M | $964.1M |
总债务ACMRAXON
| Q4 25 | $214.0M | $1.8B | ||
| Q3 25 | $242.0M | $2.0B | ||
| Q2 25 | $225.1M | $2.0B | ||
| Q1 25 | $202.5M | $2.0B | ||
| Q4 24 | $150.0M | $680.3M | ||
| Q3 24 | $150.0M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $60.0M | — |
股东权益ACMRAXON
| Q4 25 | $1.5B | $3.2B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $986.5M | $2.7B | ||
| Q1 25 | $949.1M | $2.6B | ||
| Q4 24 | $904.6M | $2.3B | ||
| Q3 24 | $888.2M | $2.1B | ||
| Q2 24 | $833.2M | $1.9B | ||
| Q1 24 | $796.2M | $1.8B |
总资产ACMRAXON
| Q4 25 | $2.9B | $7.0B | ||
| Q3 25 | $2.8B | $6.7B | ||
| Q2 25 | $2.0B | $6.2B | ||
| Q1 25 | $1.9B | $6.1B | ||
| Q4 24 | $1.9B | $4.5B | ||
| Q3 24 | $1.8B | $4.0B | ||
| Q2 24 | $1.7B | $3.7B | ||
| Q1 24 | $1.6B | $3.6B |
负债/权益比ACMRAXON
| Q4 25 | 0.15× | 0.56× | ||
| Q3 25 | 0.17× | 0.66× | ||
| Q2 25 | 0.23× | 0.73× | ||
| Q1 25 | 0.21× | 0.79× | ||
| Q4 24 | 0.17× | 0.29× | ||
| 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 | $217.2M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $155.4M |
| 自由现金流率自由现金流/营收 | 8.2% | 19.5% |
| 资本支出强度资本支出/营收 | 5.6% | 7.8% |
| 现金转化率经营现金流/净利润 | 4.21× | 79.14× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $75.1M |
8季度趋势，按日历期对齐
经营现金流ACMRAXON
| Q4 25 | $33.9M | $217.2M | ||
| Q3 25 | $-4.6M | $60.0M | ||
| Q2 25 | $-44.9M | $-91.7M | ||
| Q1 25 | $5.3M | $25.8M | ||
| Q4 24 | $88.6M | $250.2M | ||
| Q3 24 | $11.9M | $91.3M | ||
| Q2 24 | $61.6M | $82.8M | ||
| Q1 24 | $-9.6M | $-15.9M |
自由现金流ACMRAXON
| Q4 25 | $20.1M | $155.4M | ||
| Q3 25 | $-15.6M | $33.4M | ||
| Q2 25 | $-59.6M | $-114.7M | ||
| Q1 25 | $-11.4M | $932.0K | ||
| Q4 24 | $77.2M | $225.4M | ||
| Q3 24 | $-20.6M | $64.8M | ||
| Q2 24 | $48.5M | $71.4M | ||
| Q1 24 | $-35.1M | $-32.1M |
自由现金流率ACMRAXON
| Q4 25 | 8.2% | 19.5% | ||
| Q3 25 | -5.8% | 4.7% | ||
| Q2 25 | -27.7% | -17.2% | ||
| Q1 25 | -6.6% | 0.2% | ||
| Q4 24 | 34.5% | 39.3% | ||
| Q3 24 | -10.1% | 11.9% | ||
| Q2 24 | 24.0% | 14.2% | ||
| Q1 24 | -23.0% | -7.0% |
资本支出强度ACMRAXON
| Q4 25 | 5.6% | 7.8% | ||
| Q3 25 | 4.1% | 3.7% | ||
| Q2 25 | 6.8% | 3.4% | ||
| Q1 25 | 9.7% | 4.1% | ||
| Q4 24 | 5.1% | 4.3% | ||
| Q3 24 | 16.0% | 4.9% | ||
| Q2 24 | 6.5% | 2.2% | ||
| Q1 24 | 16.7% | 3.5% |
现金转化率ACMRAXON
| Q4 25 | 4.21× | 79.14× | ||
| Q3 25 | -0.13× | — | ||
| Q2 25 | -1.51× | -2.54× | ||
| Q1 25 | 0.26× | 0.29× | ||
| Q4 24 | 2.85× | 1.84× | ||
| Q3 24 | 0.39× | 1.36× | ||
| Q2 24 | 2.54× | 2.03× | ||
| Q1 24 | -0.55× | -0.12× |
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% |
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
