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盛美半导体（ACMR）与Ultragenyx Pharmaceutical Inc.（RARE）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Ultragenyx Pharmaceutical Inc.的1.2倍（$244.4M vs $207.3M），盛美半导体净利率更高（3.3% vs -62.0%，领先65.3%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 9.4%），盛美半导体自由现金流更多（$20.1M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
ACMR vs RARE — 直观对比
营收规模更大
ACMR
是对方的1.2倍
$207.3M
营收增速更快
RARE
高出16.5%
9.4%
净利率更高
ACMR
高出65.3%
-62.0%
自由现金流更多
ACMR
多$120.9M
$-100.8M
两年增速更快
RARE
近两年复合增速
26.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $207.3M |
| 净利润 | $8.0M | $-128.6M |
| 毛利率 | 40.9% | — |
| 营业利润率 | 9.4% | -54.7% |
| 净利率 | 3.3% | -62.0% |
| 营收同比 | 9.4% | 25.9% |
| 净利润同比 | -74.1% | 3.5% |
| 每股收益（稀释后） | $0.11 | $-1.28 |
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ACMRRARE
| Q4 25 | $244.4M | $207.3M | ||
| Q3 25 | $269.2M | $159.9M | ||
| Q2 25 | $215.4M | $166.5M | ||
| Q1 25 | $172.3M | $139.3M | ||
| Q4 24 | $223.5M | $164.6M | ||
| Q3 24 | $204.0M | $139.5M | ||
| Q2 24 | $202.5M | $147.0M | ||
| Q1 24 | $152.2M | $108.8M |
净利润ACMRRARE
| Q4 25 | $8.0M | $-128.6M | ||
| Q3 25 | $35.9M | $-180.4M | ||
| Q2 25 | $29.8M | $-115.0M | ||
| Q1 25 | $20.4M | $-151.1M | ||
| Q4 24 | $31.1M | $-133.2M | ||
| Q3 24 | $30.9M | $-133.5M | ||
| Q2 24 | $24.2M | $-131.6M | ||
| Q1 24 | $17.4M | $-170.7M |
毛利率ACMRRARE
| Q4 25 | 40.9% | — | ||
| Q3 25 | 42.0% | — | ||
| Q2 25 | 48.5% | — | ||
| Q1 25 | 47.9% | — | ||
| Q4 24 | 49.6% | — | ||
| Q3 24 | 51.4% | — | ||
| Q2 24 | 47.8% | — | ||
| Q1 24 | 52.0% | — |
营业利润率ACMRRARE
| Q4 25 | 9.4% | -54.7% | ||
| Q3 25 | 10.7% | -106.9% | ||
| Q2 25 | 14.7% | -64.8% | ||
| Q1 25 | 15.0% | -102.6% | ||
| Q4 24 | 19.7% | -74.3% | ||
| Q3 24 | 21.7% | -94.6% | ||
| Q2 24 | 18.6% | -79.1% | ||
| Q1 24 | 16.6% | -151.9% |
净利率ACMRRARE
| Q4 25 | 3.3% | -62.0% | ||
| Q3 25 | 13.3% | -112.8% | ||
| Q2 25 | 13.8% | -69.0% | ||
| Q1 25 | 11.8% | -108.5% | ||
| Q4 24 | 13.9% | -80.9% | ||
| Q3 24 | 15.2% | -95.7% | ||
| Q2 24 | 12.0% | -89.5% | ||
| Q1 24 | 11.5% | -156.8% |
每股收益（稀释后）ACMRRARE
| Q4 25 | $0.11 | $-1.28 | ||
| Q3 25 | $0.52 | $-1.81 | ||
| Q2 25 | $0.44 | $-1.17 | ||
| Q1 25 | $0.30 | $-1.57 | ||
| Q4 24 | $0.47 | $-1.34 | ||
| Q3 24 | $0.45 | $-1.40 | ||
| Q2 24 | $0.35 | $-1.52 | ||
| Q1 24 | $0.26 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $-80.0M |
| 总资产 | $2.9B | $1.5B |
| 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ACMRRARE
| Q4 25 | $792.9M | $421.0M | ||
| Q3 25 | $1.1B | $202.5M | ||
| Q2 25 | $463.2M | $176.3M | ||
| Q1 25 | $475.6M | $127.1M | ||
| Q4 24 | $426.8M | $174.0M | ||
| Q3 24 | $353.8M | $150.6M | ||
| Q2 24 | $343.6M | $480.7M | ||
| Q1 24 | $230.0M | $112.3M |
总债务ACMRRARE
| 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ACMRRARE
| Q4 25 | $1.5B | $-80.0M | ||
| Q3 25 | $1.4B | $9.2M | ||
| Q2 25 | $986.5M | $151.3M | ||
| Q1 25 | $949.1M | $144.2M | ||
| Q4 24 | $904.6M | $255.0M | ||
| Q3 24 | $888.2M | $346.8M | ||
| Q2 24 | $833.2M | $432.4M | ||
| Q1 24 | $796.2M | $140.3M |
总资产ACMRRARE
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | $2.8B | $1.2B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.7B | $1.6B | ||
| Q1 24 | $1.6B | $1.3B |
负债/权益比ACMRRARE
| 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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-100.8M |
| 自由现金流率自由现金流/营收 | 8.2% | -48.6% |
| 资本支出强度资本支出/营收 | 5.6% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
经营现金流ACMRRARE
| Q4 25 | $33.9M | $-99.8M | ||
| Q3 25 | $-4.6M | $-91.4M | ||
| Q2 25 | $-44.9M | $-108.3M | ||
| Q1 25 | $5.3M | $-166.5M | ||
| Q4 24 | $88.6M | $-79.3M | ||
| Q3 24 | $11.9M | $-67.0M | ||
| Q2 24 | $61.6M | $-77.0M | ||
| Q1 24 | $-9.6M | $-190.7M |
自由现金流ACMRRARE
| Q4 25 | $20.1M | $-100.8M | ||
| Q3 25 | $-15.6M | $-92.7M | ||
| Q2 25 | $-59.6M | $-110.7M | ||
| Q1 25 | $-11.4M | $-167.8M | ||
| Q4 24 | $77.2M | $-79.5M | ||
| Q3 24 | $-20.6M | $-68.6M | ||
| Q2 24 | $48.5M | $-79.0M | ||
| Q1 24 | $-35.1M | $-193.9M |
自由现金流率ACMRRARE
| Q4 25 | 8.2% | -48.6% | ||
| Q3 25 | -5.8% | -58.0% | ||
| Q2 25 | -27.7% | -66.5% | ||
| Q1 25 | -6.6% | -120.5% | ||
| Q4 24 | 34.5% | -48.3% | ||
| Q3 24 | -10.1% | -49.2% | ||
| Q2 24 | 24.0% | -53.7% | ||
| Q1 24 | -23.0% | -178.2% |
资本支出强度ACMRRARE
| Q4 25 | 5.6% | 0.5% | ||
| Q3 25 | 4.1% | 0.8% | ||
| Q2 25 | 6.8% | 1.5% | ||
| Q1 25 | 9.7% | 1.0% | ||
| Q4 24 | 5.1% | 0.1% | ||
| Q3 24 | 16.0% | 1.2% | ||
| Q2 24 | 6.5% | 1.4% | ||
| Q1 24 | 16.7% | 3.0% |
现金转化率ACMRRARE
| Q4 25 | 4.21× | — | ||
| Q3 25 | -0.13× | — | ||
| Q2 25 | -1.51× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 0.39× | — | ||
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
