vs
奥多比（ADBE）与MACOM Technology Solutions Holdings, Inc.（MTSI）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是MACOM Technology Solutions Holdings, Inc.的23.6倍（$6.4B vs $271.6M），奥多比净利率更高（29.5% vs 18.0%，领先11.6%），MACOM Technology Solutions Holdings, Inc.同比增速更快（24.5% vs 12.0%），奥多比自由现金流更多（$2.9B vs $30.0M），过去两年MACOM Technology Solutions Holdings, Inc.的营收复合增速更高（22.4% vs 9.8%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
MACOM是美国知名的射频、微波及毫米波半导体器件与组件研发生产商，总部位于马萨诸塞州洛厄尔，2005年曾是当地规模最大的私营雇主。公司已通过ISO9001国际质量体系认证及ISO14001环境管理体系认证，在北美、欧洲、亚洲及澳大利亚均设有设计中心与销售办事处。
ADBE vs MTSI — 直观对比
营收规模更大
ADBE
是对方的23.6倍
$271.6M
营收增速更快
MTSI
高出12.6%
12.0%
净利率更高
ADBE
高出11.6%
18.0%
自由现金流更多
ADBE
多$2.9B
$30.0M
两年增速更快
MTSI
近两年复合增速
9.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $271.6M |
| 净利润 | $1.9B | $48.8M |
| 毛利率 | 89.6% | 55.9% |
| 营业利润率 | 37.8% | 15.9% |
| 净利率 | 29.5% | 18.0% |
| 营收同比 | 12.0% | 24.5% |
| 净利润同比 | 4.3% | 129.1% |
| 每股收益（稀释后） | $4.60 | $0.64 |
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ADBEMTSI
| Q1 26 | $6.4B | $271.6M | ||
| Q4 25 | $6.2B | $261.2M | ||
| Q3 25 | $6.0B | $252.1M | ||
| Q2 25 | $5.9B | $235.9M | ||
| Q1 25 | $5.7B | $218.1M | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.4B | $200.7M | ||
| Q2 24 | $5.3B | $190.5M |
净利润ADBEMTSI
| Q1 26 | $1.9B | $48.8M | ||
| Q4 25 | $1.9B | $45.1M | ||
| Q3 25 | $1.8B | $36.5M | ||
| Q2 25 | $1.7B | $31.7M | ||
| Q1 25 | $1.8B | $-167.5M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $29.4M | ||
| Q2 24 | $1.6B | $19.9M |
毛利率ADBEMTSI
| Q1 26 | 89.6% | 55.9% | ||
| Q4 25 | 89.5% | 54.5% | ||
| Q3 25 | 89.3% | 55.3% | ||
| Q2 25 | 89.1% | 55.2% | ||
| Q1 25 | 89.1% | 53.7% | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | 54.7% | ||
| Q2 24 | 88.7% | 53.2% |
营业利润率ADBEMTSI
| Q1 26 | 37.8% | 15.9% | ||
| Q4 25 | 36.5% | 15.2% | ||
| Q3 25 | 36.3% | 14.9% | ||
| Q2 25 | 35.9% | 14.8% | ||
| Q1 25 | 37.9% | 8.0% | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 36.8% | 13.7% | ||
| Q2 24 | 35.5% | 10.4% |
净利率ADBEMTSI
| Q1 26 | 29.5% | 18.0% | ||
| Q4 25 | 30.0% | 17.3% | ||
| Q3 25 | 29.6% | 14.5% | ||
| Q2 25 | 28.8% | 13.4% | ||
| Q1 25 | 31.7% | -76.8% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.1% | 14.7% | ||
| Q2 24 | 29.6% | 10.5% |
每股收益（稀释后）ADBEMTSI
| Q1 26 | $4.60 | $0.64 | ||
| Q4 25 | $4.44 | $0.67 | ||
| Q3 25 | $4.18 | $0.48 | ||
| Q2 25 | $3.94 | $0.42 | ||
| Q1 25 | $4.14 | $-2.30 | ||
| Q4 24 | $3.75 | — | ||
| Q3 24 | $3.76 | $0.40 | ||
| Q2 24 | $3.49 | $0.27 |
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 | $6.9B | $768.5M |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $1.4B |
| 总资产 | $29.7B | $2.1B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资ADBEMTSI
| Q1 26 | $6.9B | $768.5M | ||
| Q4 25 | $6.6B | $786.0M | ||
| Q3 25 | $5.9B | $735.2M | ||
| Q2 25 | $5.7B | $681.5M | ||
| Q1 25 | $7.4B | $656.5M | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.5B | $581.9M | ||
| Q2 24 | $8.1B | $521.5M |
总债务ADBEMTSI
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益ADBEMTSI
| Q1 26 | $11.4B | $1.4B | ||
| Q4 25 | $11.6B | $1.3B | ||
| Q3 25 | $11.8B | $1.3B | ||
| Q2 25 | $11.4B | $1.2B | ||
| Q1 25 | $13.1B | $1.2B | ||
| Q4 24 | $14.1B | — | ||
| Q3 24 | $14.5B | $1.1B | ||
| Q2 24 | $14.8B | $1.1B |
总资产ADBEMTSI
| Q1 26 | $29.7B | $2.1B | ||
| Q4 25 | $29.5B | $2.1B | ||
| Q3 25 | $28.8B | $2.0B | ||
| Q2 25 | $28.1B | $1.9B | ||
| Q1 25 | $30.0B | $1.8B | ||
| Q4 24 | $30.2B | — | ||
| Q3 24 | $29.8B | $1.8B | ||
| Q2 24 | $30.0B | $1.7B |
负债/权益比ADBEMTSI
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.28× | — |
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 | $3.0B | $42.9M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $30.0M |
| 自由现金流率自由现金流/营收 | 45.7% | 11.0% |
| 资本支出强度资本支出/营收 | 0.6% | 4.8% |
| 现金转化率经营现金流/净利润 | 1.57× | 0.88× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $161.5M |
8季度趋势，按日历期对齐
经营现金流ADBEMTSI
| Q1 26 | $3.0B | $42.9M | ||
| Q4 25 | $3.2B | $69.6M | ||
| Q3 25 | $2.2B | $60.4M | ||
| Q2 25 | $2.2B | $38.7M | ||
| Q1 25 | $2.5B | $66.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $62.3M | ||
| Q2 24 | $1.9B | $49.0M |
自由现金流ADBEMTSI
| Q1 26 | $2.9B | $30.0M | ||
| Q4 25 | $3.1B | $49.4M | ||
| Q3 25 | $2.1B | $51.6M | ||
| Q2 25 | $2.1B | $30.5M | ||
| Q1 25 | $2.5B | $61.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $57.1M | ||
| Q2 24 | $1.9B | $41.5M |
自由现金流率ADBEMTSI
| Q1 26 | 45.7% | 11.0% | ||
| Q4 25 | 50.5% | 18.9% | ||
| Q3 25 | 35.5% | 20.5% | ||
| Q2 25 | 36.5% | 12.9% | ||
| Q1 25 | 43.0% | 28.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | 28.5% | ||
| Q2 24 | 35.8% | 21.8% |
资本支出强度ADBEMTSI
| Q1 26 | 0.6% | 4.8% | ||
| Q4 25 | 0.5% | 7.7% | ||
| Q3 25 | 1.2% | 3.5% | ||
| Q2 25 | 0.8% | 3.5% | ||
| Q1 25 | 0.5% | 2.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.1% | 2.6% | ||
| Q2 24 | 0.8% | 3.9% |
现金转化率ADBEMTSI
| Q1 26 | 1.57× | 0.88× | ||
| Q4 25 | 1.70× | 1.54× | ||
| Q3 25 | 1.24× | 1.65× | ||
| Q2 25 | 1.30× | 1.22× | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | 2.12× | ||
| Q2 24 | 1.23× | 2.46× |
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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
MTSI
| Industrial Defense | $117.7M | 43% |
| Data Center | $85.8M | 32% |
| Telecom | $68.1M | 25% |
