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盛美半导体（ACMR）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是盛美半导体的1.5倍（$375.3M vs $244.4M），ROYAL GOLD INC净利率更高（24.9% vs 3.3%，领先21.6%），ROYAL GOLD INC同比增速更快（85.3% vs 9.4%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
ACMR vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.5倍
$244.4M
营收增速更快
RGLD
高出75.9%
9.4%
净利率更高
RGLD
高出21.6%
3.3%
两年增速更快
RGLD
近两年复合增速
26.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $375.3M |
| 净利润 | $8.0M | $93.6M |
| 毛利率 | 40.9% | 64.6% |
| 营业利润率 | 9.4% | 56.2% |
| 净利率 | 3.3% | 24.9% |
| 营收同比 | 9.4% | 85.3% |
| 净利润同比 | -74.1% | -12.8% |
| 每股收益（稀释后） | $0.11 | $1.04 |
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ACMRRGLD
| Q4 25 | $244.4M | $375.3M | ||
| Q3 25 | $269.2M | $252.1M | ||
| Q2 25 | $215.4M | $209.6M | ||
| Q1 25 | $172.3M | $193.4M | ||
| Q4 24 | $223.5M | $202.6M | ||
| Q3 24 | $204.0M | $193.8M | ||
| Q2 24 | $202.5M | $174.1M | ||
| Q1 24 | $152.2M | $148.9M |
净利润ACMRRGLD
| Q4 25 | $8.0M | $93.6M | ||
| Q3 25 | $35.9M | $126.8M | ||
| Q2 25 | $29.8M | $132.3M | ||
| Q1 25 | $20.4M | $113.5M | ||
| Q4 24 | $31.1M | $107.4M | ||
| Q3 24 | $30.9M | $96.2M | ||
| Q2 24 | $24.2M | $81.2M | ||
| Q1 24 | $17.4M | $47.2M |
毛利率ACMRRGLD
| Q4 25 | 40.9% | 64.6% | ||
| Q3 25 | 42.0% | 73.6% | ||
| Q2 25 | 48.5% | 72.6% | ||
| Q1 25 | 47.9% | 69.4% | ||
| Q4 24 | 49.6% | 70.3% | ||
| Q3 24 | 51.4% | 66.6% | ||
| Q2 24 | 47.8% | 64.7% | ||
| Q1 24 | 52.0% | 58.4% |
营业利润率ACMRRGLD
| Q4 25 | 9.4% | 56.2% | ||
| Q3 25 | 10.7% | 64.4% | ||
| Q2 25 | 14.7% | 67.7% | ||
| Q1 25 | 15.0% | 63.6% | ||
| Q4 24 | 19.7% | 65.9% | ||
| Q3 24 | 21.7% | 61.3% | ||
| Q2 24 | 18.6% | 58.6% | ||
| Q1 24 | 16.6% | 50.7% |
净利率ACMRRGLD
| Q4 25 | 3.3% | 24.9% | ||
| Q3 25 | 13.3% | 50.3% | ||
| Q2 25 | 13.8% | 63.1% | ||
| Q1 25 | 11.8% | 58.7% | ||
| Q4 24 | 13.9% | 53.0% | ||
| Q3 24 | 15.2% | 49.7% | ||
| Q2 24 | 12.0% | 46.6% | ||
| Q1 24 | 11.5% | 31.7% |
每股收益（稀释后）ACMRRGLD
| Q4 25 | $0.11 | $1.04 | ||
| Q3 25 | $0.52 | $1.92 | ||
| Q2 25 | $0.44 | $2.01 | ||
| Q1 25 | $0.30 | $1.72 | ||
| Q4 24 | $0.47 | $1.63 | ||
| Q3 24 | $0.45 | $1.46 | ||
| Q2 24 | $0.35 | $1.23 | ||
| Q1 24 | $0.26 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $214.0M | — |
| 股东权益账面价值 | $1.5B | $7.2B |
| 总资产 | $2.9B | $9.5B |
| 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ACMRRGLD
| Q4 25 | $792.9M | $233.7M | ||
| Q3 25 | $1.1B | $172.8M | ||
| Q2 25 | $463.2M | $248.2M | ||
| Q1 25 | $475.6M | $240.8M | ||
| Q4 24 | $426.8M | $195.5M | ||
| Q3 24 | $353.8M | $127.9M | ||
| Q2 24 | $343.6M | $74.2M | ||
| Q1 24 | $230.0M | $137.9M |
总债务ACMRRGLD
| Q4 25 | $214.0M | — | ||
| Q3 25 | $242.0M | — | ||
| Q2 25 | $225.1M | — | ||
| Q1 25 | $202.5M | — | ||
| Q4 24 | $150.0M | — | ||
| Q3 24 | $150.0M | $0 | ||
| Q2 24 | $90.5M | $50.0M | ||
| Q1 24 | $60.0M | — |
股东权益ACMRRGLD
| Q4 25 | $1.5B | $7.2B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $986.5M | $3.3B | ||
| Q1 25 | $949.1M | $3.2B | ||
| Q4 24 | $904.6M | $3.1B | ||
| Q3 24 | $888.2M | $3.0B | ||
| Q2 24 | $833.2M | $3.0B | ||
| Q1 24 | $796.2M | $2.9B |
总资产ACMRRGLD
| Q4 25 | $2.9B | $9.5B | ||
| Q3 25 | $2.8B | $4.5B | ||
| Q2 25 | $2.0B | $3.6B | ||
| Q1 25 | $1.9B | $3.5B | ||
| Q4 24 | $1.9B | $3.4B | ||
| Q3 24 | $1.8B | $3.3B | ||
| Q2 24 | $1.7B | $3.3B | ||
| Q1 24 | $1.6B | $3.3B |
负债/权益比ACMRRGLD
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.17× | 0.00× | ||
| Q2 24 | 0.11× | 0.02× | ||
| 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 | $241.7M |
| 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× | 2.58× |
| 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ACMRRGLD
| Q4 25 | $33.9M | $241.7M | ||
| Q3 25 | $-4.6M | $174.0M | ||
| Q2 25 | $-44.9M | $152.8M | ||
| Q1 25 | $5.3M | $136.4M | ||
| Q4 24 | $88.6M | $141.1M | ||
| Q3 24 | $11.9M | $136.7M | ||
| Q2 24 | $61.6M | $113.5M | ||
| Q1 24 | $-9.6M | $138.3M |
自由现金流ACMRRGLD
| Q4 25 | $20.1M | — | ||
| Q3 25 | $-15.6M | — | ||
| Q2 25 | $-59.6M | — | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $77.2M | — | ||
| Q3 24 | $-20.6M | — | ||
| Q2 24 | $48.5M | — | ||
| Q1 24 | $-35.1M | — |
自由现金流率ACMRRGLD
| Q4 25 | 8.2% | — | ||
| Q3 25 | -5.8% | — | ||
| Q2 25 | -27.7% | — | ||
| Q1 25 | -6.6% | — | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | -10.1% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | -23.0% | — |
资本支出强度ACMRRGLD
| Q4 25 | 5.6% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 16.0% | — | ||
| Q2 24 | 6.5% | — | ||
| Q1 24 | 16.7% | — |
现金转化率ACMRRGLD
| Q4 25 | 4.21× | 2.58× | ||
| Q3 25 | -0.13× | 1.37× | ||
| Q2 25 | -1.51× | 1.15× | ||
| Q1 25 | 0.26× | 1.20× | ||
| Q4 24 | 2.85× | 1.31× | ||
| Q3 24 | 0.39× | 1.42× | ||
| Q2 24 | 2.54× | 1.40× | ||
| Q1 24 | -0.55× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
