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盛美半导体（ACMR）与波音（BA）财务数据对比。点击上方公司名可切换其他公司
波音的季度营收约是盛美半导体的90.9倍（$22.2B vs $244.4M）。盛美半导体净利率更高（3.3% vs -0.0%，领先3.3%）。波音同比增速更快（14.0% vs 9.4%）。盛美半导体自由现金流更多（$20.1M vs $-1.5B）。过去两年盛美半导体的营收复合增速更高（26.7% vs 14.8%）
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。
波音公司是美国跨国航空航天企业，1916年成立，业务覆盖民用飞机、旋翼机、火箭、卫星、导弹的设计、制造与全球销售，同时提供租赁及产品配套支持服务。作为全球头部航空航天制造商，按2022年营收计为全球第四大国防承包商，也是美国按金额计算的最大出口企业。
ACMR vs BA — 直观对比
营收规模更大
BA
是对方的90.9倍
$244.4M
营收增速更快
BA
高出4.6%
9.4%
净利率更高
ACMR
高出3.3%
-0.0%
自由现金流更多
ACMR
多$1.5B
$-1.5B
两年增速更快
ACMR
近两年复合增速
14.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $22.2B |
| 净利润 | $8.0M | $-7.0M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 9.4% | 2.0% |
| 净利率 | 3.3% | -0.0% |
| 营收同比 | 9.4% | 14.0% |
| 净利润同比 | -74.1% | 77.4% |
| 每股收益（稀释后） | $0.11 | $-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ACMRBA
| Q1 26 | — | $22.2B | ||
| Q4 25 | $244.4M | $23.9B | ||
| Q3 25 | $269.2M | $23.3B | ||
| Q2 25 | $215.4M | $22.7B | ||
| Q1 25 | $172.3M | $19.5B | ||
| Q4 24 | $223.5M | $15.2B | ||
| Q3 24 | $204.0M | $17.8B | ||
| Q2 24 | $202.5M | $16.9B |
净利润ACMRBA
| Q1 26 | — | $-7.0M | ||
| Q4 25 | $8.0M | $8.2B | ||
| Q3 25 | $35.9M | $-5.3B | ||
| Q2 25 | $29.8M | $-611.0M | ||
| Q1 25 | $20.4M | $-37.0M | ||
| Q4 24 | $31.1M | $-3.9B | ||
| Q3 24 | $30.9M | $-6.2B | ||
| Q2 24 | $24.2M | $-1.4B |
毛利率ACMRBA
| Q1 26 | — | — | ||
| Q4 25 | 40.9% | 7.6% | ||
| Q3 25 | 42.0% | -10.2% | ||
| Q2 25 | 48.5% | 10.7% | ||
| Q1 25 | 47.9% | 12.4% | ||
| Q4 24 | 49.6% | -10.4% | ||
| Q3 24 | 51.4% | -19.7% | ||
| Q2 24 | 47.8% | 7.3% |
营业利润率ACMRBA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 9.4% | 36.7% | ||
| Q3 25 | 10.7% | -20.5% | ||
| Q2 25 | 14.7% | -0.8% | ||
| Q1 25 | 15.0% | 2.4% | ||
| Q4 24 | 19.7% | -24.7% | ||
| Q3 24 | 21.7% | -32.3% | ||
| Q2 24 | 18.6% | -6.5% |
净利率ACMRBA
| Q1 26 | — | -0.0% | ||
| Q4 25 | 3.3% | 34.3% | ||
| Q3 25 | 13.3% | -22.9% | ||
| Q2 25 | 13.8% | -2.7% | ||
| Q1 25 | 11.8% | -0.2% | ||
| Q4 24 | 13.9% | -25.4% | ||
| Q3 24 | 15.2% | -34.6% | ||
| Q2 24 | 12.0% | -8.5% |
每股收益（稀释后）ACMRBA
| Q1 26 | — | $-0.11 | ||
| Q4 25 | $0.11 | $10.70 | ||
| Q3 25 | $0.52 | $-7.14 | ||
| Q2 25 | $0.44 | $-0.92 | ||
| Q1 25 | $0.30 | $-0.16 | ||
| Q4 24 | $0.47 | $-5.50 | ||
| Q3 24 | $0.45 | $-9.97 | ||
| Q2 24 | $0.35 | $-2.33 |
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 | $9.4B |
| 总债务越低越好 | $214.0M | $44.4B |
| 股东权益账面价值 | $1.5B | $6.0B |
| 总资产 | $2.9B | $164.8B |
| 负债/权益比越低杠杆越低 | 0.15× | 7.41× |
8季度趋势，按日历期对齐
现金及短期投资ACMRBA
| Q1 26 | — | $9.4B | ||
| Q4 25 | $792.9M | $29.4B | ||
| Q3 25 | $1.1B | $23.0B | ||
| Q2 25 | $463.2M | $23.0B | ||
| Q1 25 | $475.6M | $23.7B | ||
| Q4 24 | $426.8M | $26.3B | ||
| Q3 24 | $353.8M | $10.5B | ||
| Q2 24 | $343.6M | $12.6B |
总债务ACMRBA
| Q1 26 | — | $44.4B | ||
| Q4 25 | $214.0M | $45.6B | ||
| Q3 25 | $242.0M | $44.6B | ||
| Q2 25 | $225.1M | $44.6B | ||
| Q1 25 | $202.5M | $45.7B | ||
| Q4 24 | $150.0M | $52.6B | ||
| Q3 24 | $150.0M | $53.2B | ||
| Q2 24 | $90.5M | $53.2B |
股东权益ACMRBA
| Q1 26 | — | $6.0B | ||
| Q4 25 | $1.5B | $5.5B | ||
| Q3 25 | $1.4B | $-8.3B | ||
| Q2 25 | $986.5M | $-3.3B | ||
| Q1 25 | $949.1M | $-3.3B | ||
| Q4 24 | $904.6M | $-3.9B | ||
| Q3 24 | $888.2M | $-23.6B | ||
| Q2 24 | $833.2M | $-18.0B |
总资产ACMRBA
| Q1 26 | — | $164.8B | ||
| Q4 25 | $2.9B | $168.2B | ||
| Q3 25 | $2.8B | $150.0B | ||
| Q2 25 | $2.0B | $155.1B | ||
| Q1 25 | $1.9B | $156.5B | ||
| Q4 24 | $1.9B | $156.4B | ||
| Q3 24 | $1.8B | $137.7B | ||
| Q2 24 | $1.7B | $142.7B |
负债/权益比ACMRBA
| Q1 26 | — | 7.41× | ||
| Q4 25 | 0.15× | 8.37× | ||
| 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 | $33.9M | — |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-1.5B |
| 自由现金流率自由现金流/营收 | 8.2% | -6.5% |
| 资本支出强度资本支出/营收 | 5.6% | — |
| 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 | $-1.0B |
8季度趋势，按日历期对齐
经营现金流ACMRBA
| Q1 26 | — | — | ||
| Q4 25 | $33.9M | $1.3B | ||
| Q3 25 | $-4.6M | $1.1B | ||
| Q2 25 | $-44.9M | $227.0M | ||
| Q1 25 | $5.3M | $-1.6B | ||
| Q4 24 | $88.6M | $-3.5B | ||
| Q3 24 | $11.9M | $-1.3B | ||
| Q2 24 | $61.6M | $-3.9B |
自由现金流ACMRBA
| Q1 26 | — | $-1.5B | ||
| Q4 25 | $20.1M | $375.0M | ||
| Q3 25 | $-15.6M | $238.0M | ||
| Q2 25 | $-59.6M | $-200.0M | ||
| Q1 25 | $-11.4M | $-2.3B | ||
| Q4 24 | $77.2M | $-4.1B | ||
| Q3 24 | $-20.6M | $-2.0B | ||
| Q2 24 | $48.5M | $-4.3B |
自由现金流率ACMRBA
| Q1 26 | — | -6.5% | ||
| Q4 25 | 8.2% | 1.6% | ||
| Q3 25 | -5.8% | 1.0% | ||
| Q2 25 | -27.7% | -0.9% | ||
| Q1 25 | -6.6% | -11.7% | ||
| Q4 24 | 34.5% | -26.9% | ||
| Q3 24 | -10.1% | -11.0% | ||
| Q2 24 | 24.0% | -25.7% |
资本支出强度ACMRBA
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | 4.0% | ||
| Q3 25 | 4.1% | 3.8% | ||
| Q2 25 | 6.8% | 1.9% | ||
| Q1 25 | 9.7% | 3.5% | ||
| Q4 24 | 5.1% | 4.3% | ||
| Q3 24 | 16.0% | 3.4% | ||
| Q2 24 | 6.5% | 2.4% |
现金转化率ACMRBA
| Q1 26 | — | — | ||
| Q4 25 | 4.21× | 0.16× | ||
| 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
| 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% |
BA
| Commercial Airplanes | $9.2B | 41% |
| Defense, Space & Security | $7.6B | 34% |
| Global Services | $5.4B | 24% |
