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盛美半导体（ACMR）与VEECO INSTRUMENTS INC（VECO）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VEECO INSTRUMENTS INC的1.5倍（$244.4M vs $165.0M）。盛美半导体净利率更高（3.3% vs 0.7%，领先2.6%）。盛美半导体同比增速更快（9.4% vs -9.4%）。VEECO INSTRUMENTS INC自由现金流更多（$21.7M vs $20.1M）。过去两年盛美半导体的营收复合增速更高（26.7% vs -2.8%）
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。
维易科仪器公司是全球领先的资本设备供应商，总部位于美国，专注于设计和制造半导体及化合物半导体制造、数据存储、科研领域使用的工艺系统，产品广泛应用于先进封装、光子学、电力电子和显示技术等前沿领域。
ACMR vs VECO — 直观对比
营收规模更大
ACMR
是对方的1.5倍
$165.0M
营收增速更快
ACMR
高出18.8%
-9.4%
净利率更高
ACMR
高出2.6%
0.7%
自由现金流更多
VECO
多$1.5M
$20.1M
两年增速更快
ACMR
近两年复合增速
-2.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $165.0M |
| 净利润 | $8.0M | $1.1M |
| 毛利率 | 40.9% | 36.7% |
| 营业利润率 | 9.4% | -0.8% |
| 净利率 | 3.3% | 0.7% |
| 营收同比 | 9.4% | -9.4% |
| 净利润同比 | -74.1% | -92.6% |
| 每股收益（稀释后） | $0.11 | $0.02 |
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ACMRVECO
| Q4 25 | $244.4M | $165.0M | ||
| Q3 25 | $269.2M | $165.9M | ||
| Q2 25 | $215.4M | $166.1M | ||
| Q1 25 | $172.3M | $167.3M | ||
| Q4 24 | $223.5M | $182.1M | ||
| Q3 24 | $204.0M | $184.8M | ||
| Q2 24 | $202.5M | $175.9M | ||
| Q1 24 | $152.2M | $174.5M |
净利润ACMRVECO
| Q4 25 | $8.0M | $1.1M | ||
| Q3 25 | $35.9M | $10.6M | ||
| Q2 25 | $29.8M | $11.7M | ||
| Q1 25 | $20.4M | $11.9M | ||
| Q4 24 | $31.1M | $15.0M | ||
| Q3 24 | $30.9M | $22.0M | ||
| Q2 24 | $24.2M | $14.9M | ||
| Q1 24 | $17.4M | $21.9M |
毛利率ACMRVECO
| Q4 25 | 40.9% | 36.7% | ||
| Q3 25 | 42.0% | 40.8% | ||
| Q2 25 | 48.5% | 41.4% | ||
| Q1 25 | 47.9% | 40.9% | ||
| Q4 24 | 49.6% | 40.6% | ||
| Q3 24 | 51.4% | 42.9% | ||
| Q2 24 | 47.8% | 42.9% | ||
| Q1 24 | 52.0% | 43.2% |
营业利润率ACMRVECO
| Q4 25 | 9.4% | -0.8% | ||
| Q3 25 | 10.7% | 6.4% | ||
| Q2 25 | 14.7% | 7.4% | ||
| Q1 25 | 15.0% | 8.5% | ||
| Q4 24 | 19.7% | 2.1% | ||
| Q3 24 | 21.7% | 13.2% | ||
| Q2 24 | 18.6% | 9.5% | ||
| Q1 24 | 16.6% | 12.6% |
净利率ACMRVECO
| Q4 25 | 3.3% | 0.7% | ||
| Q3 25 | 13.3% | 6.4% | ||
| Q2 25 | 13.8% | 7.1% | ||
| Q1 25 | 11.8% | 7.1% | ||
| Q4 24 | 13.9% | 8.2% | ||
| Q3 24 | 15.2% | 11.9% | ||
| Q2 24 | 12.0% | 8.5% | ||
| Q1 24 | 11.5% | 12.5% |
每股收益（稀释后）ACMRVECO
| Q4 25 | $0.11 | $0.02 | ||
| Q3 25 | $0.52 | $0.17 | ||
| Q2 25 | $0.44 | $0.20 | ||
| Q1 25 | $0.30 | $0.20 | ||
| Q4 24 | $0.47 | $0.25 | ||
| Q3 24 | $0.45 | $0.36 | ||
| Q2 24 | $0.35 | $0.25 | ||
| Q1 24 | $0.26 | $0.37 |
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 | $163.5M |
| 总债务越低越好 | $214.0M | $226.0M |
| 股东权益账面价值 | $1.5B | $885.5M |
| 总资产 | $2.9B | $1.3B |
| 负债/权益比越低杠杆越低 | 0.15× | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资ACMRVECO
| Q4 25 | $792.9M | $163.5M | ||
| Q3 25 | $1.1B | $193.2M | ||
| Q2 25 | $463.2M | $188.9M | ||
| Q1 25 | $475.6M | $174.9M | ||
| Q4 24 | $426.8M | $145.6M | ||
| Q3 24 | $353.8M | $163.2M | ||
| Q2 24 | $343.6M | $174.2M | ||
| Q1 24 | $230.0M | $174.0M |
总债务ACMRVECO
| Q4 25 | $214.0M | $226.0M | ||
| Q3 25 | $242.0M | $225.7M | ||
| Q2 25 | $225.1M | $225.4M | ||
| Q1 25 | $202.5M | $250.0M | ||
| Q4 24 | $150.0M | $276.2M | ||
| Q3 24 | $150.0M | $275.9M | ||
| Q2 24 | $90.5M | $275.6M | ||
| Q1 24 | $60.0M | $275.2M |
股东权益ACMRVECO
| Q4 25 | $1.5B | $885.5M | ||
| Q3 25 | $1.4B | $876.0M | ||
| Q2 25 | $986.5M | $856.2M | ||
| Q1 25 | $949.1M | $811.9M | ||
| Q4 24 | $904.6M | $770.8M | ||
| Q3 24 | $888.2M | $746.5M | ||
| Q2 24 | $833.2M | $715.0M | ||
| Q1 24 | $796.2M | $687.9M |
总资产ACMRVECO
| Q4 25 | $2.9B | $1.3B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.6B | $1.2B |
负债/权益比ACMRVECO
| Q4 25 | 0.15× | 0.26× | ||
| Q3 25 | 0.17× | 0.26× | ||
| Q2 25 | 0.23× | 0.26× | ||
| Q1 25 | 0.21× | 0.31× | ||
| Q4 24 | 0.17× | 0.36× | ||
| Q3 24 | 0.17× | 0.37× | ||
| Q2 24 | 0.11× | 0.39× | ||
| Q1 24 | 0.08× | 0.40× |
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 | $24.9M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $21.7M |
| 自由现金流率自由现金流/营收 | 8.2% | 13.1% |
| 资本支出强度资本支出/营收 | 5.6% | 2.0% |
| 现金转化率经营现金流/净利润 | 4.21× | 22.38× |
| 过去12个月自由现金流最近4个季度 | $-66.6M | $53.3M |
8季度趋势，按日历期对齐
经营现金流ACMRVECO
| Q4 25 | $33.9M | $24.9M | ||
| Q3 25 | $-4.6M | $15.5M | ||
| Q2 25 | $-44.9M | $9.0M | ||
| Q1 25 | $5.3M | $20.0M | ||
| Q4 24 | $88.6M | $28.4M | ||
| Q3 24 | $11.9M | $17.6M | ||
| Q2 24 | $61.6M | $8.5M | ||
| Q1 24 | $-9.6M | $9.4M |
自由现金流ACMRVECO
| Q4 25 | $20.1M | $21.7M | ||
| Q3 25 | $-15.6M | $13.0M | ||
| Q2 25 | $-59.6M | $5.4M | ||
| Q1 25 | $-11.4M | $13.2M | ||
| Q4 24 | $77.2M | $23.2M | ||
| Q3 24 | $-20.6M | $13.6M | ||
| Q2 24 | $48.5M | $5.5M | ||
| Q1 24 | $-35.1M | $3.4M |
自由现金流率ACMRVECO
| Q4 25 | 8.2% | 13.1% | ||
| Q3 25 | -5.8% | 7.8% | ||
| Q2 25 | -27.7% | 3.3% | ||
| Q1 25 | -6.6% | 7.9% | ||
| Q4 24 | 34.5% | 12.7% | ||
| Q3 24 | -10.1% | 7.4% | ||
| Q2 24 | 24.0% | 3.1% | ||
| Q1 24 | -23.0% | 1.9% |
资本支出强度ACMRVECO
| Q4 25 | 5.6% | 2.0% | ||
| Q3 25 | 4.1% | 1.6% | ||
| Q2 25 | 6.8% | 2.2% | ||
| Q1 25 | 9.7% | 4.0% | ||
| Q4 24 | 5.1% | 2.8% | ||
| Q3 24 | 16.0% | 2.2% | ||
| Q2 24 | 6.5% | 1.7% | ||
| Q1 24 | 16.7% | 3.4% |
现金转化率ACMRVECO
| Q4 25 | 4.21× | 22.38× | ||
| Q3 25 | -0.13× | 1.47× | ||
| Q2 25 | -1.51× | 0.77× | ||
| Q1 25 | 0.26× | 1.67× | ||
| Q4 24 | 2.85× | 1.90× | ||
| Q3 24 | 0.39× | 0.80× | ||
| Q2 24 | 2.54× | 0.57× | ||
| Q1 24 | -0.55× | 0.43× |
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% |
VECO
| Asia Pacific Excluding China | $89.9M | 54% |
| Other | $44.8M | 27% |
| Compound Semiconductor | $20.1M | 12% |
| Data Storage | $10.2M | 6% |
