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盛美半导体（ACMR）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是盛美半导体的24.7倍（$6.0B vs $244.4M）。3M净利率更高（10.8% vs 3.3%，领先7.5%）。盛美半导体同比增速更快（9.4% vs 1.3%）。3M自由现金流更多（$2.0B vs $20.1M）。过去两年盛美半导体的营收复合增速更高（26.7% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
ACMR vs MMM — 直观对比
营收规模更大
MMM
是对方的24.7倍
$244.4M
营收增速更快
ACMR
高出8.1%
1.3%
净利率更高
MMM
高出7.5%
3.3%
自由现金流更多
MMM
多$2.0B
$20.1M
两年增速更快
ACMR
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $6.0B |
| 净利润 | $8.0M | $653.0M |
| 毛利率 | 40.9% | 40.7% |
| 营业利润率 | 9.4% | 23.2% |
| 净利率 | 3.3% | 10.8% |
| 营收同比 | 9.4% | 1.3% |
| 净利润同比 | -74.1% | -41.5% |
| 每股收益（稀释后） | $0.11 | $1.23 |
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ACMRMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $244.4M | $6.1B | ||
| Q3 25 | $269.2M | $6.5B | ||
| Q2 25 | $215.4M | $6.3B | ||
| Q1 25 | $172.3M | $6.0B | ||
| Q4 24 | $223.5M | $6.0B | ||
| Q3 24 | $204.0M | $6.3B | ||
| Q2 24 | $202.5M | $6.3B |
净利润ACMRMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $8.0M | $577.0M | ||
| Q3 25 | $35.9M | $834.0M | ||
| Q2 25 | $29.8M | $723.0M | ||
| Q1 25 | $20.4M | $1.1B | ||
| Q4 24 | $31.1M | $728.0M | ||
| Q3 24 | $30.9M | $1.4B | ||
| Q2 24 | $24.2M | $1.1B |
毛利率ACMRMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 40.9% | 33.6% | ||
| Q3 25 | 42.0% | 41.8% | ||
| Q2 25 | 48.5% | 42.5% | ||
| Q1 25 | 47.9% | 41.6% | ||
| Q4 24 | 49.6% | 51.7% | ||
| Q3 24 | 51.4% | 42.1% | ||
| Q2 24 | 47.8% | 42.9% |
营业利润率ACMRMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 9.4% | 13.0% | ||
| Q3 25 | 10.7% | 22.2% | ||
| Q2 25 | 14.7% | 18.0% | ||
| Q1 25 | 15.0% | 20.9% | ||
| Q4 24 | 19.7% | 12.2% | ||
| Q3 24 | 21.7% | 20.9% | ||
| Q2 24 | 18.6% | 20.3% |
净利率ACMRMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 3.3% | 9.4% | ||
| Q3 25 | 13.3% | 12.8% | ||
| Q2 25 | 13.8% | 11.4% | ||
| Q1 25 | 11.8% | 18.7% | ||
| Q4 24 | 13.9% | 12.1% | ||
| Q3 24 | 15.2% | 21.8% | ||
| Q2 24 | 12.0% | 18.3% |
每股收益（稀释后）ACMRMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $0.11 | $1.07 | ||
| Q3 25 | $0.52 | $1.55 | ||
| Q2 25 | $0.44 | $1.34 | ||
| Q1 25 | $0.30 | $2.04 | ||
| Q4 24 | $0.47 | $1.33 | ||
| Q3 24 | $0.45 | $2.48 | ||
| Q2 24 | $0.35 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | $214.0M | $10.9B |
| 股东权益账面价值 | $1.5B | $3.3B |
| 总资产 | $2.9B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.15× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资ACMRMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $792.9M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $463.2M | — | ||
| Q1 25 | $475.6M | — | ||
| Q4 24 | $426.8M | — | ||
| Q3 24 | $353.8M | — | ||
| Q2 24 | $343.6M | — |
总债务ACMRMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $214.0M | $12.6B | ||
| Q3 25 | $242.0M | $12.6B | ||
| Q2 25 | $225.1M | $13.1B | ||
| Q1 25 | $202.5M | $13.5B | ||
| Q4 24 | $150.0M | $13.0B | ||
| Q3 24 | $150.0M | $13.2B | ||
| Q2 24 | $90.5M | $13.1B |
股东权益ACMRMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.5B | $4.7B | ||
| Q3 25 | $1.4B | $4.6B | ||
| Q2 25 | $986.5M | $4.3B | ||
| Q1 25 | $949.1M | $4.5B | ||
| Q4 24 | $904.6M | $3.8B | ||
| Q3 24 | $888.2M | $4.6B | ||
| Q2 24 | $833.2M | $3.9B |
总资产ACMRMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $2.9B | $37.7B | ||
| Q3 25 | $2.8B | $37.6B | ||
| Q2 25 | $2.0B | $38.0B | ||
| Q1 25 | $1.9B | $40.0B | ||
| Q4 24 | $1.9B | $39.9B | ||
| Q3 24 | $1.8B | $40.9B | ||
| Q2 24 | $1.7B | $43.4B |
负债/权益比ACMRMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 0.15× | 2.68× | ||
| Q3 25 | 0.17× | 2.72× | ||
| Q2 25 | 0.23× | 3.06× | ||
| Q1 25 | 0.21× | 3.02× | ||
| Q4 24 | 0.17× | 3.40× | ||
| Q3 24 | 0.17× | 2.84× | ||
| Q2 24 | 0.11× | 3.34× |
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 | $2.0B |
| 自由现金流率自由现金流/营收 | 8.2% | 33.6% |
| 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 | $3.7B |
8季度趋势，按日历期对齐
经营现金流ACMRMMM
| Q1 26 | — | — | ||
| Q4 25 | $33.9M | $1.6B | ||
| Q3 25 | $-4.6M | $1.8B | ||
| Q2 25 | $-44.9M | $-954.0M | ||
| Q1 25 | $5.3M | $-79.0M | ||
| Q4 24 | $88.6M | $1.8B | ||
| Q3 24 | $11.9M | $-1.8B | ||
| Q2 24 | $61.6M | $1.0B |
自由现金流ACMRMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $20.1M | $1.3B | ||
| Q3 25 | $-15.6M | $1.5B | ||
| Q2 25 | $-59.6M | $-1.2B | ||
| Q1 25 | $-11.4M | $-315.0M | ||
| Q4 24 | $77.2M | $1.5B | ||
| Q3 24 | $-20.6M | $-2.0B | ||
| Q2 24 | $48.5M | $752.0M |
自由现金流率ACMRMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 8.2% | 21.8% | ||
| Q3 25 | -5.8% | 23.6% | ||
| Q2 25 | -27.7% | -18.3% | ||
| Q1 25 | -6.6% | -5.3% | ||
| Q4 24 | 34.5% | 25.4% | ||
| Q3 24 | -10.1% | -32.3% | ||
| Q2 24 | 24.0% | 12.0% |
资本支出强度ACMRMMM
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | 4.0% | ||
| Q3 25 | 4.1% | 3.3% | ||
| Q2 25 | 6.8% | 3.3% | ||
| Q1 25 | 9.7% | 4.0% | ||
| Q4 24 | 5.1% | 4.8% | ||
| Q3 24 | 16.0% | 3.9% | ||
| Q2 24 | 6.5% | 4.3% |
现金转化率ACMRMMM
| Q1 26 | — | — | ||
| Q4 25 | 4.21× | 2.74× | ||
| Q3 25 | -0.13× | 2.11× | ||
| Q2 25 | -1.51× | -1.32× | ||
| Q1 25 | 0.26× | -0.07× | ||
| Q4 24 | 2.85× | 2.50× | ||
| Q3 24 | 0.39× | -1.30× | ||
| Q2 24 | 2.54× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
