vs
盛美半导体（ACMR）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
UiPath, Inc.的季度营收约是盛美半导体的1.7倍（$411.1M vs $244.4M），UiPath, Inc.净利率更高（48.4% vs 3.3%，领先45.1%），UiPath, Inc.同比增速更快（15.9% vs 9.4%），UiPath, Inc.自由现金流更多（$25.1M vs $20.1M），过去两年盛美半导体的营收复合增速更高（26.7% vs 0.7%）
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。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
ACMR vs PATH — 直观对比
营收规模更大
PATH
是对方的1.7倍
$244.4M
营收增速更快
PATH
高出6.5%
9.4%
净利率更高
PATH
高出45.1%
3.3%
自由现金流更多
PATH
多$5.0M
$20.1M
两年增速更快
ACMR
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $411.1M |
| 净利润 | $8.0M | $198.8M |
| 毛利率 | 40.9% | 83.3% |
| 营业利润率 | 9.4% | 3.2% |
| 净利率 | 3.3% | 48.4% |
| 营收同比 | 9.4% | 15.9% |
| 净利润同比 | -74.1% | 1966.2% |
| 每股收益（稀释后） | $0.11 | $0.37 |
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ACMRPATH
| Q4 25 | $244.4M | $411.1M | ||
| Q3 25 | $269.2M | $361.7M | ||
| Q2 25 | $215.4M | $356.6M | ||
| Q1 25 | $172.3M | $423.6M | ||
| Q4 24 | $223.5M | $354.7M | ||
| Q3 24 | $204.0M | $316.3M | ||
| Q2 24 | $202.5M | $335.1M | ||
| Q1 24 | $152.2M | $405.3M |
净利润ACMRPATH
| Q4 25 | $8.0M | $198.8M | ||
| Q3 25 | $35.9M | $1.6M | ||
| Q2 25 | $29.8M | $-22.6M | ||
| Q1 25 | $20.4M | $51.8M | ||
| Q4 24 | $31.1M | $-10.7M | ||
| Q3 24 | $30.9M | $-86.1M | ||
| Q2 24 | $24.2M | $-28.7M | ||
| Q1 24 | $17.4M | $33.9M |
毛利率ACMRPATH
| Q4 25 | 40.9% | 83.3% | ||
| Q3 25 | 42.0% | 82.2% | ||
| Q2 25 | 48.5% | 82.1% | ||
| Q1 25 | 47.9% | 84.8% | ||
| Q4 24 | 49.6% | 82.0% | ||
| Q3 24 | 51.4% | 80.0% | ||
| Q2 24 | 47.8% | 83.5% | ||
| Q1 24 | 52.0% | 86.8% |
营业利润率ACMRPATH
| Q4 25 | 9.4% | 3.2% | ||
| Q3 25 | 10.7% | -5.6% | ||
| Q2 25 | 14.7% | -4.6% | ||
| Q1 25 | 15.0% | 7.9% | ||
| Q4 24 | 19.7% | -12.2% | ||
| Q3 24 | 21.7% | -32.7% | ||
| Q2 24 | 18.6% | -14.8% | ||
| Q1 24 | 16.6% | 3.7% |
净利率ACMRPATH
| Q4 25 | 3.3% | 48.4% | ||
| Q3 25 | 13.3% | 0.4% | ||
| Q2 25 | 13.8% | -6.3% | ||
| Q1 25 | 11.8% | 12.2% | ||
| Q4 24 | 13.9% | -3.0% | ||
| Q3 24 | 15.2% | -27.2% | ||
| Q2 24 | 12.0% | -8.6% | ||
| Q1 24 | 11.5% | 8.4% |
每股收益（稀释后）ACMRPATH
| Q4 25 | $0.11 | $0.37 | ||
| Q3 25 | $0.52 | $0.00 | ||
| Q2 25 | $0.44 | $-0.04 | ||
| Q1 25 | $0.30 | $0.09 | ||
| Q4 24 | $0.47 | $-0.02 | ||
| Q3 24 | $0.45 | $-0.15 | ||
| Q2 24 | $0.35 | $-0.05 | ||
| Q1 24 | $0.26 | $0.07 |
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 | $1.4B |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $1.9B |
| 总资产 | $2.9B | $2.9B |
| 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ACMRPATH
| Q4 25 | $792.9M | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $463.2M | $1.6B | ||
| Q1 25 | $475.6M | $1.6B | ||
| Q4 24 | $426.8M | $1.6B | ||
| Q3 24 | $353.8M | $1.7B | ||
| Q2 24 | $343.6M | $1.9B | ||
| Q1 24 | $230.0M | $1.9B |
总债务ACMRPATH
| 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ACMRPATH
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $986.5M | $1.7B | ||
| Q1 25 | $949.1M | $1.8B | ||
| Q4 24 | $904.6M | $1.7B | ||
| Q3 24 | $888.2M | $1.8B | ||
| Q2 24 | $833.2M | $2.0B | ||
| Q1 24 | $796.2M | $2.0B |
总资产ACMRPATH
| Q4 25 | $2.9B | $2.9B | ||
| Q3 25 | $2.8B | $2.6B | ||
| Q2 25 | $2.0B | $2.6B | ||
| Q1 25 | $1.9B | $2.9B | ||
| Q4 24 | $1.9B | $2.7B | ||
| Q3 24 | $1.8B | $2.7B | ||
| Q2 24 | $1.7B | $2.8B | ||
| Q1 24 | $1.6B | $3.0B |
负债/权益比ACMRPATH
| 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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $25.1M |
| 自由现金流率自由现金流/营收 | 8.2% | 6.1% |
| 资本支出强度资本支出/营收 | 5.6% | 0.8% |
| 现金转化率经营现金流/净利润 | 4.21× | 0.14× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | — |
8季度趋势，按日历期对齐
经营现金流ACMRPATH
| Q4 25 | $33.9M | $28.3M | ||
| Q3 25 | $-4.6M | $41.6M | ||
| Q2 25 | $-44.9M | $119.0M | ||
| Q1 25 | $5.3M | $146.1M | ||
| Q4 24 | $88.6M | $28.1M | ||
| Q3 24 | $11.9M | $46.4M | ||
| Q2 24 | $61.6M | $100.0M | ||
| Q1 24 | $-9.6M | $145.6M |
自由现金流ACMRPATH
| Q4 25 | $20.1M | $25.1M | ||
| Q3 25 | $-15.6M | — | ||
| Q2 25 | $-59.6M | $106.2M | ||
| Q1 25 | $-11.4M | $138.7M | ||
| Q4 24 | $77.2M | $23.2M | ||
| Q3 24 | $-20.6M | $45.0M | ||
| Q2 24 | $48.5M | $98.8M | ||
| Q1 24 | $-35.1M | $141.8M |
自由现金流率ACMRPATH
| Q4 25 | 8.2% | 6.1% | ||
| Q3 25 | -5.8% | — | ||
| Q2 25 | -27.7% | 29.8% | ||
| Q1 25 | -6.6% | 32.7% | ||
| Q4 24 | 34.5% | 6.5% | ||
| Q3 24 | -10.1% | 14.2% | ||
| Q2 24 | 24.0% | 29.5% | ||
| Q1 24 | -23.0% | 35.0% |
资本支出强度ACMRPATH
| Q4 25 | 5.6% | 0.8% | ||
| Q3 25 | 4.1% | 0.0% | ||
| Q2 25 | 6.8% | 3.6% | ||
| Q1 25 | 9.7% | 1.7% | ||
| Q4 24 | 5.1% | 1.4% | ||
| Q3 24 | 16.0% | 0.4% | ||
| Q2 24 | 6.5% | 0.4% | ||
| Q1 24 | 16.7% | 0.9% |
现金转化率ACMRPATH
| Q4 25 | 4.21× | 0.14× | ||
| Q3 25 | -0.13× | 26.25× | ||
| Q2 25 | -1.51× | — | ||
| Q1 25 | 0.26× | 2.82× | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | -0.55× | 4.29× |
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% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
