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盛美半导体（ACMR）与Ribbon Communications Inc.（RBBN）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Ribbon Communications Inc.的1.5倍（$244.4M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs 3.3%，领先51.5%），盛美半导体同比增速更快（9.4% vs -10.3%），过去两年盛美半导体的营收复合增速更高（26.7% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
ACMR vs RBBN — 直观对比
营收规模更大
ACMR
是对方的1.5倍
$162.6M
营收增速更快
ACMR
高出19.7%
-10.3%
净利率更高
RBBN
高出51.5%
3.3%
两年增速更快
ACMR
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $162.6M |
| 净利润 | $8.0M | $89.1M |
| 毛利率 | 40.9% | 42.9% |
| 营业利润率 | 9.4% | 37.6% |
| 净利率 | 3.3% | 54.8% |
| 营收同比 | 9.4% | -10.3% |
| 净利润同比 | -74.1% | — |
| 每股收益（稀释后） | $0.11 | $0.50 |
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ACMRRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $244.4M | $227.3M | ||
| Q3 25 | $269.2M | $215.4M | ||
| Q2 25 | $215.4M | $220.6M | ||
| Q1 25 | $172.3M | $181.3M | ||
| Q4 24 | $223.5M | $251.4M | ||
| Q3 24 | $204.0M | $210.2M | ||
| Q2 24 | $202.5M | $192.6M |
净利润ACMRRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $8.0M | — | ||
| Q3 25 | $35.9M | $-12.1M | ||
| Q2 25 | $29.8M | $-11.1M | ||
| Q1 25 | $20.4M | $-26.2M | ||
| Q4 24 | $31.1M | — | ||
| Q3 24 | $30.9M | $-13.4M | ||
| Q2 24 | $24.2M | $-16.8M |
毛利率ACMRRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 40.9% | 53.3% | ||
| Q3 25 | 42.0% | 50.1% | ||
| Q2 25 | 48.5% | 49.6% | ||
| Q1 25 | 47.9% | 45.4% | ||
| Q4 24 | 49.6% | 55.7% | ||
| Q3 24 | 51.4% | 52.1% | ||
| Q2 24 | 47.8% | 50.8% |
营业利润率ACMRRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 9.4% | 4.1% | ||
| Q3 25 | 10.7% | 1.3% | ||
| Q2 25 | 14.7% | 1.9% | ||
| Q1 25 | 15.0% | -10.8% | ||
| Q4 24 | 19.7% | 13.2% | ||
| Q3 24 | 21.7% | -0.4% | ||
| Q2 24 | 18.6% | -1.0% |
净利率ACMRRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | 3.3% | — | ||
| Q3 25 | 13.3% | -5.6% | ||
| Q2 25 | 13.8% | -5.0% | ||
| Q1 25 | 11.8% | -14.5% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 15.2% | -6.4% | ||
| Q2 24 | 12.0% | -8.7% |
每股收益（稀释后）ACMRRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.11 | $0.50 | ||
| Q3 25 | $0.52 | $-0.07 | ||
| Q2 25 | $0.44 | $-0.06 | ||
| Q1 25 | $0.30 | $-0.15 | ||
| Q4 24 | $0.47 | $0.05 | ||
| Q3 24 | $0.45 | $-0.08 | ||
| Q2 24 | $0.35 | $-0.10 |
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 | $67.6M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $419.1M |
| 总资产 | $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ACMRRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $792.9M | $96.4M | ||
| Q3 25 | $1.1B | $74.8M | ||
| Q2 25 | $463.2M | $60.5M | ||
| Q1 25 | $475.6M | $71.2M | ||
| Q4 24 | $426.8M | $87.8M | ||
| Q3 24 | $353.8M | $37.2M | ||
| Q2 24 | $343.6M | $64.6M |
总债务ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $214.0M | $342.1M | ||
| Q3 25 | $242.0M | $344.3M | ||
| Q2 25 | $225.1M | $346.5M | ||
| Q1 25 | $202.5M | $347.4M | ||
| Q4 24 | $150.0M | $348.3M | ||
| Q3 24 | $150.0M | $349.1M | ||
| Q2 24 | $90.5M | $350.0M |
股东权益ACMRRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $1.5B | $449.0M | ||
| Q3 25 | $1.4B | $360.1M | ||
| Q2 25 | $986.5M | $370.4M | ||
| Q1 25 | $949.1M | $381.8M | ||
| Q4 24 | $904.6M | $404.6M | ||
| Q3 24 | $888.2M | $395.5M | ||
| Q2 24 | $833.2M | $405.0M |
总资产ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.9B | $1.1B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.8B | $1.1B | ||
| Q2 24 | $1.7B | $1.1B |
负债/权益比ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | 0.15× | 0.76× | ||
| Q3 25 | 0.17× | 0.96× | ||
| Q2 25 | 0.23× | 0.94× | ||
| Q1 25 | 0.21× | 0.91× | ||
| Q4 24 | 0.17× | 0.86× | ||
| Q3 24 | 0.17× | 0.88× | ||
| Q2 24 | 0.11× | 0.86× |
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 | — |
| 自由现金流率自由现金流/营收 | 8.2% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $33.9M | $29.2M | ||
| Q3 25 | $-4.6M | $26.5M | ||
| Q2 25 | $-44.9M | $-795.0K | ||
| Q1 25 | $5.3M | $-3.5M | ||
| Q4 24 | $88.6M | $61.8M | ||
| Q3 24 | $11.9M | $-14.8M | ||
| Q2 24 | $61.6M | $-9.8M |
自由现金流ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $20.1M | $27.3M | ||
| Q3 25 | $-15.6M | $21.0M | ||
| Q2 25 | $-59.6M | $-6.5M | ||
| Q1 25 | $-11.4M | $-15.7M | ||
| Q4 24 | $77.2M | $53.8M | ||
| Q3 24 | $-20.6M | $-23.7M | ||
| Q2 24 | $48.5M | $-12.9M |
自由现金流率ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | 8.2% | 12.0% | ||
| Q3 25 | -5.8% | 9.7% | ||
| Q2 25 | -27.7% | -2.9% | ||
| Q1 25 | -6.6% | -8.7% | ||
| Q4 24 | 34.5% | 21.4% | ||
| Q3 24 | -10.1% | -11.3% | ||
| Q2 24 | 24.0% | -6.7% |
资本支出强度ACMRRBBN
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | 0.9% | ||
| Q3 25 | 4.1% | 2.6% | ||
| Q2 25 | 6.8% | 2.6% | ||
| Q1 25 | 9.7% | 6.7% | ||
| Q4 24 | 5.1% | 3.2% | ||
| Q3 24 | 16.0% | 4.2% | ||
| Q2 24 | 6.5% | 1.6% |
现金转化率ACMRRBBN
| Q1 26 | — | — | ||
| 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× | — |
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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
