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亚德诺半导体（ADI）与树莓派（ARM）财务数据对比。点击上方公司名可切换其他公司
亚德诺半导体的季度营收约是树莓派的2.5倍（$3.2B vs $1.2B）。亚德诺半导体净利率更高（26.3% vs 18.0%，领先8.3%）。亚德诺半导体同比增速更快（30.4% vs 26.3%）。亚德诺半导体自由现金流更多（$1.3B vs $186.0M）。过去两年树莓派的营收复合增速更高（24.1% vs 21.0%）
亚德诺半导体（ADI）是总部位于美国马萨诸塞州威尔明顿的跨国半导体企业，专注于数据转换、信号处理与电源管理技术研发，相关产品广泛应用于通信、工业、汽车等多个领域，是全球模拟芯片领域的领先厂商。
树莓派是英国科技企业，设计并销售同名品牌的单板计算机、半导体及相关配件。初代产品由树莓派基金会研发，旨在推广计算机科学教育，推出后迅速受到爱好者和专业人士欢迎，目前已广泛应用于工业及嵌入式领域。
ADI vs ARM — 直观对比
营收规模更大
ADI
是对方的2.5倍
$1.2B
营收增速更快
ADI
高出4.1%
26.3%
净利率更高
ADI
高出8.3%
18.0%
自由现金流更多
ADI
多$1.1B
$186.0M
两年增速更快
ARM
近两年复合增速
21.0%
损益表 — Q1 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.2B |
| 净利润 | $830.8M | $223.0M |
| 毛利率 | 64.7% | 97.6% |
| 营业利润率 | 31.5% | 14.9% |
| 净利率 | 26.3% | 18.0% |
| 营收同比 | 30.4% | 26.3% |
| 净利润同比 | 112.3% | -11.5% |
| 每股收益（稀释后） | $1.69 | $0.21 |
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ADIARM
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | $983.0M | ||
| Q3 24 | $2.3B | $844.0M | ||
| Q2 24 | $2.2B | $939.0M |
净利润ADIARM
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $223.0M | ||
| Q3 25 | $518.5M | $238.0M | ||
| Q2 25 | $569.8M | $130.0M | ||
| Q1 25 | $391.3M | — | ||
| Q4 24 | $478.1M | $252.0M | ||
| Q3 24 | $392.2M | $107.0M | ||
| Q2 24 | $302.2M | $223.0M |
毛利率ADIARM
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 97.6% | ||
| Q3 25 | 62.1% | 97.4% | ||
| Q2 25 | 61.0% | 97.2% | ||
| Q1 25 | 59.0% | — | ||
| Q4 24 | 58.0% | 97.2% | ||
| Q3 24 | 56.7% | 96.2% | ||
| Q2 24 | 54.7% | 96.5% |
营业利润率ADIARM
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 14.9% | ||
| Q3 25 | 28.4% | 14.4% | ||
| Q2 25 | 25.7% | 10.8% | ||
| Q1 25 | 20.3% | — | ||
| Q4 24 | 23.3% | 17.8% | ||
| Q3 24 | 21.2% | 7.6% | ||
| Q2 24 | 17.9% | 19.4% |
净利率ADIARM
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 18.0% | ||
| Q3 25 | 18.0% | 21.0% | ||
| Q2 25 | 21.6% | 12.3% | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 19.6% | 25.6% | ||
| Q3 24 | 17.0% | 12.7% | ||
| Q2 24 | 14.0% | 23.7% |
每股收益（稀释后）ADIARM
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $0.21 | ||
| Q3 25 | $1.04 | $0.22 | ||
| Q2 25 | $1.14 | $0.12 | ||
| Q1 25 | $0.78 | — | ||
| Q4 24 | $0.95 | $0.24 | ||
| Q3 24 | $0.79 | $0.10 | ||
| Q2 24 | $0.61 | $0.21 |
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 | $2.9B | $3.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $33.8B | $7.8B |
| 总资产 | $48.0B | $10.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ADIARM
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $3.5B | ||
| Q3 25 | $2.3B | $3.3B | ||
| Q2 25 | $2.4B | $2.9B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $2.7B | ||
| Q3 24 | $2.1B | $2.4B | ||
| Q2 24 | $2.4B | $2.5B |
股东权益ADIARM
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $7.8B | ||
| Q3 25 | $34.1B | $7.4B | ||
| Q2 25 | $35.0B | $7.0B | ||
| Q1 25 | $35.1B | — | ||
| Q4 24 | $35.2B | $6.4B | ||
| Q3 24 | $35.2B | $6.0B | ||
| Q2 24 | $35.2B | $5.7B |
总资产ADIARM
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $10.2B | ||
| Q3 25 | $48.2B | $9.7B | ||
| Q2 25 | $47.3B | $9.4B | ||
| Q1 25 | $48.0B | — | ||
| Q4 24 | $48.2B | $8.5B | ||
| Q3 24 | $48.6B | $8.1B | ||
| Q2 24 | $48.9B | $7.9B |
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 | $1.4B | $365.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $186.0M |
| 自由现金流率自由现金流/营收 | 39.8% | 15.0% |
| 资本支出强度资本支出/营收 | 3.5% | 14.4% |
| 现金转化率经营现金流/净利润 | 1.65× | 1.64× |
| 过去12个月自由现金流最近4个季度 | $4.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流ADIARM
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $365.0M | ||
| Q3 25 | $1.2B | $567.0M | ||
| Q2 25 | $819.5M | $332.0M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $423.0M | ||
| Q3 24 | $855.0M | $6.0M | ||
| Q2 24 | $807.9M | $-290.0M |
自由现金流ADIARM
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $186.0M | ||
| Q3 25 | $1.1B | $429.0M | ||
| Q2 25 | $729.2M | $178.0M | ||
| Q1 25 | $977.8M | — | ||
| Q4 24 | $885.4M | $360.0M | ||
| Q3 24 | $701.1M | $-47.0M | ||
| Q2 24 | $619.7M | $-319.0M |
自由现金流率ADIARM
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 15.0% | ||
| Q3 25 | 37.7% | 37.8% | ||
| Q2 25 | 27.6% | 16.9% | ||
| Q1 25 | 40.4% | — | ||
| Q4 24 | 36.2% | 36.6% | ||
| Q3 24 | 30.3% | -5.6% | ||
| Q2 24 | 28.7% | -34.0% |
资本支出强度ADIARM
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 14.4% | ||
| Q3 25 | 2.7% | 12.2% | ||
| Q2 25 | 3.4% | 14.6% | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 6.8% | 6.4% | ||
| Q3 24 | 6.7% | 6.3% | ||
| Q2 24 | 8.7% | 3.1% |
现金转化率ADIARM
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | 1.64× | ||
| Q3 25 | 2.25× | 2.38× | ||
| Q2 25 | 1.44× | 2.55× | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 2.20× | 1.68× | ||
| Q3 24 | 2.18× | 0.06× | ||
| Q2 24 | 2.67× | -1.30× |
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
ADI
| Sales Channel Directly To Consumer | $1.4B | 44% |
| Automotive | $794.4M | 25% |
| Communications | $476.8M | 15% |
| Consumer | $399.8M | 13% |
| Other | $71.3M | 2% |
| Sales Channel Other | $40.8M | 1% |
ARM
| Royalty | $737.0M | 59% |
| Transferred Over Time | $294.0M | 24% |
| Transferred At Point In Time | $211.0M | 17% |
