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盛美半导体（ACMR）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是盛美半导体的1.1倍（$273.0M vs $244.4M），Forestar Group Inc.净利率更高（5.6% vs 3.3%，领先2.3%），盛美半导体同比增速更快（9.4% vs 9.0%），盛美半导体自由现金流更多（$20.1M vs $-157.1M），过去两年盛美半导体的营收复合增速更高（26.7% vs -9.6%）
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。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
ACMR vs FOR — 直观对比
营收规模更大
FOR
是对方的1.1倍
$244.4M
营收增速更快
ACMR
高出0.4%
9.0%
净利率更高
FOR
高出2.3%
3.3%
自由现金流更多
ACMR
多$177.2M
$-157.1M
两年增速更快
ACMR
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $273.0M |
| 净利润 | $8.0M | $15.4M |
| 毛利率 | 40.9% | 20.1% |
| 营业利润率 | 9.4% | 7.6% |
| 净利率 | 3.3% | 5.6% |
| 营收同比 | 9.4% | 9.0% |
| 净利润同比 | -74.1% | -6.7% |
| 每股收益（稀释后） | $0.11 | $0.30 |
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ACMRFOR
| Q4 25 | $244.4M | $273.0M | ||
| Q3 25 | $269.2M | $670.5M | ||
| Q2 25 | $215.4M | $390.5M | ||
| Q1 25 | $172.3M | $351.0M | ||
| Q4 24 | $223.5M | $250.4M | ||
| Q3 24 | $204.0M | $551.3M | ||
| Q2 24 | $202.5M | $318.4M | ||
| Q1 24 | $152.2M | $333.8M |
净利润ACMRFOR
| Q4 25 | $8.0M | $15.4M | ||
| Q3 25 | $35.9M | $86.9M | ||
| Q2 25 | $29.8M | $32.9M | ||
| Q1 25 | $20.4M | $31.6M | ||
| Q4 24 | $31.1M | $16.5M | ||
| Q3 24 | $30.9M | $81.5M | ||
| Q2 24 | $24.2M | $38.7M | ||
| Q1 24 | $17.4M | $45.0M |
毛利率ACMRFOR
| Q4 25 | 40.9% | 20.1% | ||
| Q3 25 | 42.0% | 22.3% | ||
| Q2 25 | 48.5% | 20.4% | ||
| Q1 25 | 47.9% | 22.6% | ||
| Q4 24 | 49.6% | 22.0% | ||
| Q3 24 | 51.4% | 23.9% | ||
| Q2 24 | 47.8% | 22.5% | ||
| Q1 24 | 52.0% | 24.9% |
营业利润率ACMRFOR
| Q4 25 | 9.4% | 7.6% | ||
| Q3 25 | 10.7% | 16.9% | ||
| Q2 25 | 14.7% | 11.2% | ||
| Q1 25 | 15.0% | 11.6% | ||
| Q4 24 | 19.7% | 8.7% | ||
| Q3 24 | 21.7% | 19.7% | ||
| Q2 24 | 18.6% | 16.2% | ||
| Q1 24 | 16.6% | 17.6% |
净利率ACMRFOR
| Q4 25 | 3.3% | 5.6% | ||
| Q3 25 | 13.3% | 13.0% | ||
| Q2 25 | 13.8% | 8.4% | ||
| Q1 25 | 11.8% | 9.0% | ||
| Q4 24 | 13.9% | 6.6% | ||
| Q3 24 | 15.2% | 14.8% | ||
| Q2 24 | 12.0% | 12.2% | ||
| Q1 24 | 11.5% | 13.5% |
每股收益（稀释后）ACMRFOR
| Q4 25 | $0.11 | $0.30 | ||
| Q3 25 | $0.52 | $1.70 | ||
| Q2 25 | $0.44 | $0.65 | ||
| Q1 25 | $0.30 | $0.62 | ||
| Q4 24 | $0.47 | $0.32 | ||
| Q3 24 | $0.45 | $1.59 | ||
| Q2 24 | $0.35 | $0.76 | ||
| Q1 24 | $0.26 | $0.89 |
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 | $211.7M |
| 总债务越低越好 | $214.0M | $793.2M |
| 股东权益账面价值 | $1.5B | $1.8B |
| 总资产 | $2.9B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ACMRFOR
| Q4 25 | $792.9M | $211.7M | ||
| Q3 25 | $1.1B | $379.2M | ||
| Q2 25 | $463.2M | $189.2M | ||
| Q1 25 | $475.6M | $174.3M | ||
| Q4 24 | $426.8M | $132.0M | ||
| Q3 24 | $353.8M | $481.2M | ||
| Q2 24 | $343.6M | $359.2M | ||
| Q1 24 | $230.0M | $416.2M |
总债务ACMRFOR
| Q4 25 | $214.0M | $793.2M | ||
| Q3 25 | $242.0M | $802.7M | ||
| Q2 25 | $225.1M | $872.8M | ||
| Q1 25 | $202.5M | $872.5M | ||
| Q4 24 | $150.0M | $806.8M | ||
| Q3 24 | $150.0M | $706.4M | ||
| Q2 24 | $90.5M | $706.1M | ||
| Q1 24 | $60.0M | $705.7M |
股东权益ACMRFOR
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $986.5M | $1.7B | ||
| Q1 25 | $949.1M | $1.6B | ||
| Q4 24 | $904.6M | $1.6B | ||
| Q3 24 | $888.2M | $1.6B | ||
| Q2 24 | $833.2M | $1.5B | ||
| Q1 24 | $796.2M | $1.5B |
总资产ACMRFOR
| Q4 25 | $2.9B | $3.2B | ||
| Q3 25 | $2.8B | $3.1B | ||
| Q2 25 | $2.0B | $3.1B | ||
| Q1 25 | $1.9B | $3.0B | ||
| Q4 24 | $1.9B | $3.0B | ||
| Q3 24 | $1.8B | $2.8B | ||
| Q2 24 | $1.7B | $2.7B | ||
| Q1 24 | $1.6B | $2.6B |
负债/权益比ACMRFOR
| Q4 25 | 0.15× | 0.44× | ||
| Q3 25 | 0.17× | 0.45× | ||
| Q2 25 | 0.23× | 0.52× | ||
| Q1 25 | 0.21× | 0.53× | ||
| Q4 24 | 0.17× | 0.50× | ||
| Q3 24 | 0.17× | 0.44× | ||
| Q2 24 | 0.11× | 0.47× | ||
| Q1 24 | 0.08× | 0.48× |
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 | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-157.1M |
| 自由现金流率自由现金流/营收 | 8.2% | -57.5% |
| 资本支出强度资本支出/营收 | 5.6% | 0.0% |
| 现金转化率经营现金流/净利润 | 4.21× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $93.0M |
8季度趋势，按日历期对齐
经营现金流ACMRFOR
| Q4 25 | $33.9M | $-157.0M | ||
| Q3 25 | $-4.6M | $256.3M | ||
| Q2 25 | $-44.9M | $15.8M | ||
| Q1 25 | $5.3M | $-19.8M | ||
| Q4 24 | $88.6M | $-450.0M | ||
| Q3 24 | $11.9M | $119.2M | ||
| Q2 24 | $61.6M | $-61.7M | ||
| Q1 24 | $-9.6M | $-59.2M |
自由现金流ACMRFOR
| Q4 25 | $20.1M | $-157.1M | ||
| Q3 25 | $-15.6M | $255.6M | ||
| Q2 25 | $-59.6M | $15.0M | ||
| Q1 25 | $-11.4M | $-20.5M | ||
| Q4 24 | $77.2M | — | ||
| Q3 24 | $-20.6M | $118.4M | ||
| Q2 24 | $48.5M | $-62.3M | ||
| Q1 24 | $-35.1M | $-59.8M |
自由现金流率ACMRFOR
| Q4 25 | 8.2% | -57.5% | ||
| Q3 25 | -5.8% | 38.1% | ||
| Q2 25 | -27.7% | 3.8% | ||
| Q1 25 | -6.6% | -5.8% | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | -10.1% | 21.5% | ||
| Q2 24 | 24.0% | -19.6% | ||
| Q1 24 | -23.0% | -17.9% |
资本支出强度ACMRFOR
| Q4 25 | 5.6% | 0.0% | ||
| Q3 25 | 4.1% | 0.1% | ||
| Q2 25 | 6.8% | 0.2% | ||
| Q1 25 | 9.7% | 0.2% | ||
| Q4 24 | 5.1% | 0.0% | ||
| Q3 24 | 16.0% | 0.1% | ||
| Q2 24 | 6.5% | 0.2% | ||
| Q1 24 | 16.7% | 0.2% |
现金转化率ACMRFOR
| Q4 25 | 4.21× | -10.19× | ||
| Q3 25 | -0.13× | 2.95× | ||
| Q2 25 | -1.51× | 0.48× | ||
| Q1 25 | 0.26× | -0.63× | ||
| Q4 24 | 2.85× | -27.27× | ||
| Q3 24 | 0.39× | 1.46× | ||
| Q2 24 | 2.54× | -1.59× | ||
| Q1 24 | -0.55× | -1.32× |
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% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
