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盛美半导体（ACMR）与Energy Recovery, Inc.（ERII）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Energy Recovery, Inc.的3.7倍（$244.4M vs $66.9M）。Energy Recovery, Inc.净利率更高（40.2% vs 3.3%，领先37.0%）。盛美半导体同比增速更快（9.4% vs -0.3%）。盛美半导体自由现金流更多（$20.1M vs $6.4M）。过去两年Energy Recovery, Inc.的营收复合增速更高（135.2% 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。
Energy Recovery, Inc.是一家美国制造商，专注生产为水务及二氧化碳制冷行业提供的能量回收装置，产品可帮助相关行业在工艺流程中回收利用富余能量，助力客户降低能耗成本，提升运营的绿色低碳水平，在细分领域拥有领先的技术积累。
ACMR vs ERII — 直观对比
营收规模更大
ACMR
是对方的3.7倍
$66.9M
营收增速更快
ACMR
高出9.7%
-0.3%
净利率更高
ERII
高出37.0%
3.3%
自由现金流更多
ACMR
多$13.7M
$6.4M
两年增速更快
ERII
近两年复合增速
26.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $66.9M |
| 净利润 | $8.0M | $26.9M |
| 毛利率 | 40.9% | 67.2% |
| 营业利润率 | 9.4% | 46.8% |
| 净利率 | 3.3% | 40.2% |
| 营收同比 | 9.4% | -0.3% |
| 净利润同比 | -74.1% | 14.7% |
| 每股收益（稀释后） | $0.11 | $0.49 |
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ACMRERII
| Q4 25 | $244.4M | $66.9M | ||
| Q3 25 | $269.2M | $32.0M | ||
| Q2 25 | $215.4M | $28.1M | ||
| Q1 25 | $172.3M | $8.1M | ||
| Q4 24 | $223.5M | $67.1M | ||
| Q3 24 | $204.0M | $38.6M | ||
| Q2 24 | $202.5M | $27.2M | ||
| Q1 24 | $152.2M | $12.1M |
净利润ACMRERII
| Q4 25 | $8.0M | $26.9M | ||
| Q3 25 | $35.9M | $3.9M | ||
| Q2 25 | $29.8M | $2.1M | ||
| Q1 25 | $20.4M | $-9.9M | ||
| Q4 24 | $31.1M | $23.5M | ||
| Q3 24 | $30.9M | $8.5M | ||
| Q2 24 | $24.2M | $-642.0K | ||
| Q1 24 | $17.4M | $-8.3M |
毛利率ACMRERII
| Q4 25 | 40.9% | 67.2% | ||
| Q3 25 | 42.0% | 64.2% | ||
| Q2 25 | 48.5% | 64.0% | ||
| Q1 25 | 47.9% | 55.3% | ||
| Q4 24 | 49.6% | 70.2% | ||
| Q3 24 | 51.4% | 65.1% | ||
| Q2 24 | 47.8% | 64.6% | ||
| Q1 24 | 52.0% | 59.0% |
营业利润率ACMRERII
| Q4 25 | 9.4% | 46.8% | ||
| Q3 25 | 10.7% | 11.4% | ||
| Q2 25 | 14.7% | 5.3% | ||
| Q1 25 | 15.0% | -155.8% | ||
| Q4 24 | 19.7% | 38.2% | ||
| Q3 24 | 21.7% | 18.3% | ||
| Q2 24 | 18.6% | -7.4% | ||
| Q1 24 | 16.6% | -90.4% |
净利率ACMRERII
| Q4 25 | 3.3% | 40.2% | ||
| Q3 25 | 13.3% | 12.1% | ||
| Q2 25 | 13.8% | 7.3% | ||
| Q1 25 | 11.8% | -122.5% | ||
| Q4 24 | 13.9% | 35.0% | ||
| Q3 24 | 15.2% | 22.0% | ||
| Q2 24 | 12.0% | -2.4% | ||
| Q1 24 | 11.5% | -68.3% |
每股收益（稀释后）ACMRERII
| Q4 25 | $0.11 | $0.49 | ||
| Q3 25 | $0.52 | $0.07 | ||
| Q2 25 | $0.44 | $0.04 | ||
| Q1 25 | $0.30 | $-0.18 | ||
| Q4 24 | $0.47 | $0.40 | ||
| Q3 24 | $0.45 | $0.15 | ||
| Q2 24 | $0.35 | $-0.01 | ||
| Q1 24 | $0.26 | $-0.14 |
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 | $75.2M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $206.2M |
| 总资产 | $2.9B | $231.5M |
| 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ACMRERII
| Q4 25 | $792.9M | $75.2M | ||
| Q3 25 | $1.1B | $70.4M | ||
| Q2 25 | $463.2M | $79.5M | ||
| Q1 25 | $475.6M | $83.5M | ||
| Q4 24 | $426.8M | $78.0M | ||
| Q3 24 | $353.8M | $118.6M | ||
| Q2 24 | $343.6M | $101.0M | ||
| Q1 24 | $230.0M | $117.4M |
总债务ACMRERII
| 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 | — | ||
| Q1 24 | $60.0M | — |
股东权益ACMRERII
| Q4 25 | $1.5B | $206.2M | ||
| Q3 25 | $1.4B | $180.8M | ||
| Q2 25 | $986.5M | $185.2M | ||
| Q1 25 | $949.1M | $198.1M | ||
| Q4 24 | $904.6M | $210.0M | ||
| Q3 24 | $888.2M | $233.9M | ||
| Q2 24 | $833.2M | $218.5M | ||
| Q1 24 | $796.2M | $216.0M |
总资产ACMRERII
| Q4 25 | $2.9B | $231.5M | ||
| Q3 25 | $2.8B | $209.6M | ||
| Q2 25 | $2.0B | $212.3M | ||
| Q1 25 | $1.9B | $225.4M | ||
| Q4 24 | $1.9B | $242.8M | ||
| Q3 24 | $1.8B | $262.7M | ||
| Q2 24 | $1.7B | $249.0M | ||
| Q1 24 | $1.6B | $244.3M |
负债/权益比ACMRERII
| 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× | — | ||
| 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 | $7.1M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $6.4M |
| 自由现金流率自由现金流/营收 | 8.2% | 9.6% |
| 资本支出强度资本支出/营收 | 5.6% | 1.0% |
| 现金转化率经营现金流/净利润 | 4.21× | 0.26× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $17.4M |
8季度趋势，按日历期对齐
经营现金流ACMRERII
| Q4 25 | $33.9M | $7.1M | ||
| Q3 25 | $-4.6M | $-3.1M | ||
| Q2 25 | $-44.9M | $4.1M | ||
| Q1 25 | $5.3M | $10.7M | ||
| Q4 24 | $88.6M | $9.0M | ||
| Q3 24 | $11.9M | $-3.0M | ||
| Q2 24 | $61.6M | $8.1M | ||
| Q1 24 | $-9.6M | $6.5M |
自由现金流ACMRERII
| Q4 25 | $20.1M | $6.4M | ||
| Q3 25 | $-15.6M | $-3.5M | ||
| Q2 25 | $-59.6M | $4.0M | ||
| Q1 25 | $-11.4M | $10.5M | ||
| Q4 24 | $77.2M | $8.9M | ||
| Q3 24 | $-20.6M | $-3.2M | ||
| Q2 24 | $48.5M | $7.9M | ||
| Q1 24 | $-35.1M | $5.7M |
自由现金流率ACMRERII
| Q4 25 | 8.2% | 9.6% | ||
| Q3 25 | -5.8% | -10.9% | ||
| Q2 25 | -27.7% | 14.3% | ||
| Q1 25 | -6.6% | 130.0% | ||
| Q4 24 | 34.5% | 13.2% | ||
| Q3 24 | -10.1% | -8.2% | ||
| Q2 24 | 24.0% | 28.9% | ||
| Q1 24 | -23.0% | 46.9% |
资本支出强度ACMRERII
| Q4 25 | 5.6% | 1.0% | ||
| Q3 25 | 4.1% | 1.1% | ||
| Q2 25 | 6.8% | 0.5% | ||
| Q1 25 | 9.7% | 2.4% | ||
| Q4 24 | 5.1% | 0.2% | ||
| Q3 24 | 16.0% | 0.4% | ||
| Q2 24 | 6.5% | 0.7% | ||
| Q1 24 | 16.7% | 6.8% |
现金转化率ACMRERII
| Q4 25 | 4.21× | 0.26× | ||
| Q3 25 | -0.13× | -0.81× | ||
| Q2 25 | -1.51× | 2.02× | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | 0.38× | ||
| Q3 24 | 0.39× | -0.35× | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | -0.55× | — |
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% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
