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盛美半导体（ACMR）与达尔科技（DIOD）财务数据对比。点击上方公司名可切换其他公司
达尔科技的季度营收约是盛美半导体的1.6倍（$391.6M vs $244.4M），盛美半导体净利率更高（3.3% vs 2.6%，领先0.7%），达尔科技同比增速更快（15.4% vs 9.4%），盛美半导体自由现金流更多（$20.1M vs $12.4M），过去两年盛美半导体的营收复合增速更高（26.7% vs 13.9%）
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。
达尔科技是一家全球性半导体制造商，主营分立器件、模拟及混合信号半导体产品的设计、生产与销售，产品广泛应用于汽车、工业、消费电子、计算及通信基础设施等核心领域，服务全球各地客户。
ACMR vs DIOD — 直观对比
营收规模更大
DIOD
是对方的1.6倍
$244.4M
营收增速更快
DIOD
高出6.0%
9.4%
净利率更高
ACMR
高出0.7%
2.6%
自由现金流更多
ACMR
多$7.7M
$12.4M
两年增速更快
ACMR
近两年复合增速
13.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $391.6M |
| 净利润 | $8.0M | $10.2M |
| 毛利率 | 40.9% | 31.1% |
| 营业利润率 | 9.4% | 3.4% |
| 净利率 | 3.3% | 2.6% |
| 营收同比 | 9.4% | 15.4% |
| 净利润同比 | -74.1% | 23.8% |
| 每股收益（稀释后） | $0.11 | $0.23 |
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ACMRDIOD
| Q4 25 | $244.4M | $391.6M | ||
| Q3 25 | $269.2M | $392.2M | ||
| Q2 25 | $215.4M | $366.2M | ||
| Q1 25 | $172.3M | $332.1M | ||
| Q4 24 | $223.5M | $339.3M | ||
| Q3 24 | $204.0M | $350.1M | ||
| Q2 24 | $202.5M | $319.8M | ||
| Q1 24 | $152.2M | $302.0M |
净利润ACMRDIOD
| Q4 25 | $8.0M | $10.2M | ||
| Q3 25 | $35.9M | $14.3M | ||
| Q2 25 | $29.8M | $46.1M | ||
| Q1 25 | $20.4M | $-4.4M | ||
| Q4 24 | $31.1M | $8.2M | ||
| Q3 24 | $30.9M | $13.7M | ||
| Q2 24 | $24.2M | $8.0M | ||
| Q1 24 | $17.4M | $14.0M |
毛利率ACMRDIOD
| Q4 25 | 40.9% | 31.1% | ||
| Q3 25 | 42.0% | 30.7% | ||
| Q2 25 | 48.5% | 31.5% | ||
| Q1 25 | 47.9% | 31.5% | ||
| Q4 24 | 49.6% | 32.7% | ||
| Q3 24 | 51.4% | 33.7% | ||
| Q2 24 | 47.8% | 33.6% | ||
| Q1 24 | 52.0% | 33.0% |
营业利润率ACMRDIOD
| Q4 25 | 9.4% | 3.4% | ||
| Q3 25 | 10.7% | 3.0% | ||
| Q2 25 | 14.7% | 2.6% | ||
| Q1 25 | 15.0% | 0.4% | ||
| Q4 24 | 19.7% | 3.5% | ||
| Q3 24 | 21.7% | 6.2% | ||
| Q2 24 | 18.6% | 1.2% | ||
| Q1 24 | 16.6% | 4.3% |
净利率ACMRDIOD
| Q4 25 | 3.3% | 2.6% | ||
| Q3 25 | 13.3% | 3.6% | ||
| Q2 25 | 13.8% | 12.6% | ||
| Q1 25 | 11.8% | -1.3% | ||
| Q4 24 | 13.9% | 2.4% | ||
| Q3 24 | 15.2% | 3.9% | ||
| Q2 24 | 12.0% | 2.5% | ||
| Q1 24 | 11.5% | 4.6% |
每股收益（稀释后）ACMRDIOD
| Q4 25 | $0.11 | $0.23 | ||
| Q3 25 | $0.52 | $0.31 | ||
| Q2 25 | $0.44 | $0.99 | ||
| Q1 25 | $0.30 | $-0.10 | ||
| Q4 24 | $0.47 | $0.18 | ||
| Q3 24 | $0.45 | $0.30 | ||
| Q2 24 | $0.35 | $0.17 | ||
| Q1 24 | $0.26 | $0.30 |
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 | $377.0M |
| 总债务越低越好 | $214.0M | $25.7M |
| 股东权益账面价值 | $1.5B | $1.9B |
| 总资产 | $2.9B | $2.4B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资ACMRDIOD
| Q4 25 | $792.9M | $377.0M | ||
| Q3 25 | $1.1B | $386.4M | ||
| Q2 25 | $463.2M | $327.3M | ||
| Q1 25 | $475.6M | $343.9M | ||
| Q4 24 | $426.8M | $316.1M | ||
| Q3 24 | $353.8M | $319.3M | ||
| Q2 24 | $343.6M | $273.9M | ||
| Q1 24 | $230.0M | $276.0M |
总债务ACMRDIOD
| Q4 25 | $214.0M | $25.7M | ||
| Q3 25 | $242.0M | $24.9M | ||
| Q2 25 | $225.1M | $26.4M | ||
| Q1 25 | $202.5M | $20.5M | ||
| Q4 24 | $150.0M | $20.7M | ||
| Q3 24 | $150.0M | $22.2M | ||
| Q2 24 | $90.5M | $20.3M | ||
| Q1 24 | $60.0M | $20.9M |
股东权益ACMRDIOD
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.4B | $1.9B | ||
| Q2 25 | $986.5M | $1.9B | ||
| Q1 25 | $949.1M | $1.8B | ||
| Q4 24 | $904.6M | $1.8B | ||
| Q3 24 | $888.2M | $1.8B | ||
| Q2 24 | $833.2M | $1.8B | ||
| Q1 24 | $796.2M | $1.7B |
总资产ACMRDIOD
| Q4 25 | $2.9B | $2.4B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $1.9B | $2.4B | ||
| Q4 24 | $1.9B | $2.4B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.7B | $2.4B | ||
| Q1 24 | $1.6B | $2.4B |
负债/权益比ACMRDIOD
| Q4 25 | 0.15× | 0.01× | ||
| Q3 25 | 0.17× | 0.01× | ||
| Q2 25 | 0.23× | 0.01× | ||
| Q1 25 | 0.21× | 0.01× | ||
| Q4 24 | 0.17× | 0.01× | ||
| Q3 24 | 0.17× | 0.01× | ||
| Q2 24 | 0.11× | 0.01× | ||
| Q1 24 | 0.08× | 0.01× |
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 | $38.1M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $12.4M |
| 自由现金流率自由现金流/营收 | 8.2% | 3.2% |
| 资本支出强度资本支出/营收 | 5.6% | 6.6% |
| 现金转化率经营现金流/净利润 | 4.21× | 3.74× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $137.2M |
8季度趋势，按日历期对齐
经营现金流ACMRDIOD
| Q4 25 | $33.9M | $38.1M | ||
| Q3 25 | $-4.6M | $79.1M | ||
| Q2 25 | $-44.9M | $41.5M | ||
| Q1 25 | $5.3M | $56.7M | ||
| Q4 24 | $88.6M | $81.8M | ||
| Q3 24 | $11.9M | $54.4M | ||
| Q2 24 | $61.6M | $14.4M | ||
| Q1 24 | $-9.6M | $-31.1M |
自由现金流ACMRDIOD
| Q4 25 | $20.1M | $12.4M | ||
| Q3 25 | $-15.6M | $62.8M | ||
| Q2 25 | $-59.6M | $21.1M | ||
| Q1 25 | $-11.4M | $40.8M | ||
| Q4 24 | $77.2M | $62.1M | ||
| Q3 24 | $-20.6M | $39.4M | ||
| Q2 24 | $48.5M | $-3.5M | ||
| Q1 24 | $-35.1M | $-51.5M |
自由现金流率ACMRDIOD
| Q4 25 | 8.2% | 3.2% | ||
| Q3 25 | -5.8% | 16.0% | ||
| Q2 25 | -27.7% | 5.8% | ||
| Q1 25 | -6.6% | 12.3% | ||
| Q4 24 | 34.5% | 18.3% | ||
| Q3 24 | -10.1% | 11.2% | ||
| Q2 24 | 24.0% | -1.1% | ||
| Q1 24 | -23.0% | -17.1% |
资本支出强度ACMRDIOD
| Q4 25 | 5.6% | 6.6% | ||
| Q3 25 | 4.1% | 4.2% | ||
| Q2 25 | 6.8% | 5.6% | ||
| Q1 25 | 9.7% | 4.8% | ||
| Q4 24 | 5.1% | 5.8% | ||
| Q3 24 | 16.0% | 4.3% | ||
| Q2 24 | 6.5% | 5.6% | ||
| Q1 24 | 16.7% | 6.7% |
现金转化率ACMRDIOD
| Q4 25 | 4.21× | 3.74× | ||
| Q3 25 | -0.13× | 5.54× | ||
| Q2 25 | -1.51× | 0.90× | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | 9.93× | ||
| Q3 24 | 0.39× | 3.95× | ||
| Q2 24 | 2.54× | 1.80× | ||
| Q1 24 | -0.55× | -2.22× |
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% |
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
