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奥多比（ADBE）与威世精密集团（VPG）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威世精密集团的79.4倍（$6.4B vs $80.6M）。奥多比净利率更高（29.5% vs -2.4%，领先31.9%）。奥多比同比增速更快（12.0% vs 10.9%）。奥多比自由现金流更多（$2.9B vs $1.4M）。过去两年奥多比的营收复合增速更高（9.8% vs -0.1%）
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。
威世精密集团是美国知名电子元器件制造商，业务脱胎于威世集团旗下精密测量业务板块。公司在美洲、欧洲、亚洲及以色列均设有生产基地，主要生产整流器、二极管、MOS管、光电子器件、电阻电容电感等被动元件及特定集成电路，产品广泛应用于各类电子领域。
ADBE vs VPG — 直观对比
营收规模更大
ADBE
是对方的79.4倍
$80.6M
营收增速更快
ADBE
高出1.1%
10.9%
净利率更高
ADBE
高出31.9%
-2.4%
自由现金流更多
ADBE
多$2.9B
$1.4M
两年增速更快
ADBE
近两年复合增速
-0.1%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $80.6M |
| 净利润 | $1.9B | $-1.9M |
| 毛利率 | 89.6% | 36.8% |
| 营业利润率 | 37.8% | 1.3% |
| 净利率 | 29.5% | -2.4% |
| 营收同比 | 12.0% | 10.9% |
| 净利润同比 | 4.3% | -381.8% |
| 每股收益（稀释后） | $4.60 | $-0.14 |
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ADBEVPG
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $80.6M | ||
| Q3 25 | $6.0B | $79.7M | ||
| Q2 25 | $5.9B | $75.2M | ||
| Q1 25 | $5.7B | $71.7M | ||
| Q4 24 | $5.6B | $72.7M | ||
| Q3 24 | $5.4B | $75.7M | ||
| Q2 24 | $5.3B | $77.4M |
净利润ADBEVPG
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $-1.9M | ||
| Q3 25 | $1.8B | $7.9M | ||
| Q2 25 | $1.7B | $248.0K | ||
| Q1 25 | $1.8B | $-942.0K | ||
| Q4 24 | $1.7B | $688.0K | ||
| Q3 24 | $1.7B | $-1.4M | ||
| Q2 24 | $1.6B | $4.6M |
毛利率ADBEVPG
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 36.8% | ||
| Q3 25 | 89.3% | 40.3% | ||
| Q2 25 | 89.1% | 40.7% | ||
| Q1 25 | 89.1% | 37.7% | ||
| Q4 24 | 89.0% | 38.2% | ||
| Q3 24 | 89.8% | 40.0% | ||
| Q2 24 | 88.7% | 41.9% |
营业利润率ADBEVPG
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 1.3% | ||
| Q3 25 | 36.3% | 12.7% | ||
| Q2 25 | 35.9% | 3.6% | ||
| Q1 25 | 37.9% | -0.1% | ||
| Q4 24 | 34.9% | 0.3% | ||
| Q3 24 | 36.8% | 5.1% | ||
| Q2 24 | 35.5% | 7.6% |
净利率ADBEVPG
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | -2.4% | ||
| Q3 25 | 29.6% | 9.9% | ||
| Q2 25 | 28.8% | 0.3% | ||
| Q1 25 | 31.7% | -1.3% | ||
| Q4 24 | 30.0% | 0.9% | ||
| Q3 24 | 31.1% | -1.8% | ||
| Q2 24 | 29.6% | 6.0% |
每股收益（稀释后）ADBEVPG
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $-0.14 | ||
| Q3 25 | $4.18 | $0.59 | ||
| Q2 25 | $3.94 | $0.02 | ||
| Q1 25 | $4.14 | $-0.07 | ||
| Q4 24 | $3.75 | $0.06 | ||
| Q3 24 | $3.76 | $-0.10 | ||
| Q2 24 | $3.49 | $0.34 |
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 | $87.4M |
| 总债务越低越好 | $5.4B | $20.6M |
| 股东权益账面价值 | $11.4B | $336.4M |
| 总资产 | $29.7B | $455.9M |
| 负债/权益比越低杠杆越低 | 0.47× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资ADBEVPG
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $87.4M | ||
| Q3 25 | $5.9B | $86.3M | ||
| Q2 25 | $5.7B | $90.4M | ||
| Q1 25 | $7.4B | — | ||
| Q4 24 | $7.9B | $79.3M | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | — |
总债务ADBEVPG
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $20.6M | ||
| Q3 25 | $6.2B | $20.6M | ||
| Q2 25 | $6.2B | $31.5M | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | $31.4M | ||
| Q3 24 | $4.1B | $31.4M | ||
| Q2 24 | $4.1B | $31.9M |
股东权益ADBEVPG
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $336.4M | ||
| Q3 25 | $11.8B | $337.8M | ||
| Q2 25 | $11.4B | $331.2M | ||
| Q1 25 | $13.1B | $325.0M | ||
| Q4 24 | $14.1B | $322.0M | ||
| Q3 24 | $14.5B | $330.6M | ||
| Q2 24 | $14.8B | $327.0M |
总资产ADBEVPG
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $455.9M | ||
| Q3 25 | $28.8B | $462.3M | ||
| Q2 25 | $28.1B | $465.6M | ||
| Q1 25 | $30.0B | $453.8M | ||
| Q4 24 | $30.2B | $450.9M | ||
| Q3 24 | $29.8B | $462.5M | ||
| Q2 24 | $30.0B | $462.8M |
负债/权益比ADBEVPG
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 0.06× | ||
| Q3 25 | 0.53× | 0.06× | ||
| Q2 25 | 0.54× | 0.10× | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | 0.10× | ||
| Q3 24 | 0.28× | 0.09× | ||
| Q2 24 | 0.28× | 0.10× |
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 | $4.4M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $1.4M |
| 自由现金流率自由现金流/营收 | 45.7% | 1.7% |
| 资本支出强度资本支出/营收 | 0.6% | 3.8% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $10.3B | $6.4M |
8季度趋势，按日历期对齐
经营现金流ADBEVPG
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $4.4M | ||
| Q3 25 | $2.2B | $-1.3M | ||
| Q2 25 | $2.2B | $6.0M | ||
| Q1 25 | $2.5B | $5.2M | ||
| Q4 24 | — | $6.8M | ||
| Q3 24 | $2.0B | $-831.0K | ||
| Q2 24 | $1.9B | $7.5M |
自由现金流ADBEVPG
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $1.4M | ||
| Q3 25 | $2.1B | $-3.5M | ||
| Q2 25 | $2.1B | $4.7M | ||
| Q1 25 | $2.5B | $3.7M | ||
| Q4 24 | — | $4.6M | ||
| Q3 24 | $2.0B | $-2.6M | ||
| Q2 24 | $1.9B | $4.9M |
自由现金流率ADBEVPG
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 1.7% | ||
| Q3 25 | 35.5% | -4.3% | ||
| Q2 25 | 36.5% | 6.3% | ||
| Q1 25 | 43.0% | 5.2% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | 36.3% | -3.5% | ||
| Q2 24 | 35.8% | 6.3% |
资本支出强度ADBEVPG
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 3.8% | ||
| Q3 25 | 1.2% | 2.8% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 0.5% | 2.1% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | 1.1% | 2.4% | ||
| Q2 24 | 0.8% | 3.4% |
现金转化率ADBEVPG
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | -0.16× | ||
| Q2 25 | 1.30× | 24.04× | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | 9.85× | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | 1.62× |
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% |
VPG
| Other | $38.6M | 48% |
| Sensors Segment | $14.1M | 18% |
| Measurement Systems Segment | $13.0M | 16% |
| Weighing Solutions Segment | $11.3M | 14% |
| IL | $3.5M | 4% |
