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亚德诺半导体（ADI）与CARVANA CO.（CVNA）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是亚德诺半导体的1.8倍（$5.6B vs $3.2B），亚德诺半导体净利率更高（26.3% vs 15.3%，领先11.0%），CARVANA CO.同比增速更快（58.0% vs 30.4%），亚德诺半导体自由现金流更多（$1.3B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% 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。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
ADI vs CVNA — 直观对比
营收规模更大
CVNA
是对方的1.8倍
$3.2B
营收增速更快
CVNA
高出27.5%
30.4%
净利率更高
ADI
高出11.0%
15.3%
自由现金流更多
ADI
多$880.2M
$379.0M
两年增速更快
CVNA
近两年复合增速
21.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $5.6B |
| 净利润 | $830.8M | $857.0M |
| 毛利率 | 64.7% | 18.8% |
| 营业利润率 | 31.5% | 7.6% |
| 净利率 | 26.3% | 15.3% |
| 营收同比 | 30.4% | 58.0% |
| 净利润同比 | 112.3% | 984.8% |
| 每股收益（稀释后） | $1.69 | — |
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ADICVNA
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $5.6B | ||
| Q3 25 | $2.9B | $5.6B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.4B | $4.2B | ||
| Q4 24 | $2.4B | $3.5B | ||
| Q3 24 | $2.3B | $3.7B | ||
| Q2 24 | $2.2B | $3.4B |
净利润ADICVNA
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $857.0M | ||
| Q3 25 | $518.5M | $151.0M | ||
| Q2 25 | $569.8M | $183.0M | ||
| Q1 25 | $391.3M | $216.0M | ||
| Q4 24 | $478.1M | $79.0M | ||
| Q3 24 | $392.2M | $85.0M | ||
| Q2 24 | $302.2M | $18.0M |
毛利率ADICVNA
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 18.8% | ||
| Q3 25 | 62.1% | 20.3% | ||
| Q2 25 | 61.0% | 22.0% | ||
| Q1 25 | 59.0% | 22.0% | ||
| Q4 24 | 58.0% | 21.5% | ||
| Q3 24 | 56.7% | 22.1% | ||
| Q2 24 | 54.7% | 21.0% |
营业利润率ADICVNA
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 7.6% | ||
| Q3 25 | 28.4% | 9.8% | ||
| Q2 25 | 25.7% | 10.6% | ||
| Q1 25 | 20.3% | 9.3% | ||
| Q4 24 | 23.3% | 7.3% | ||
| Q3 24 | 21.2% | 9.2% | ||
| Q2 24 | 17.9% | 7.6% |
净利率ADICVNA
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 15.3% | ||
| Q3 25 | 18.0% | 2.7% | ||
| Q2 25 | 21.6% | 3.8% | ||
| Q1 25 | 16.1% | 5.1% | ||
| Q4 24 | 19.6% | 2.2% | ||
| Q3 24 | 17.0% | 2.3% | ||
| Q2 24 | 14.0% | 0.5% |
每股收益（稀释后）ADICVNA
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | — | ||
| Q3 25 | $1.04 | — | ||
| Q2 25 | $1.14 | — | ||
| Q1 25 | $0.78 | — | ||
| Q4 24 | $0.95 | — | ||
| Q3 24 | $0.79 | — | ||
| Q2 24 | $0.61 | — |
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 | $2.3B |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $33.8B | $3.4B |
| 总资产 | $48.0B | $13.2B |
| 负债/权益比越低杠杆越低 | — | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资ADICVNA
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $2.3B | ||
| Q3 25 | $2.3B | $2.1B | ||
| Q2 25 | $2.4B | $1.9B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.4B | $1.7B | ||
| Q3 24 | $2.1B | $871.0M | ||
| Q2 24 | $2.4B | $542.0M |
总债务ADICVNA
| Q1 26 | — | — | ||
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ADICVNA
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $3.4B | ||
| Q3 25 | $34.1B | $2.3B | ||
| Q2 25 | $35.0B | $1.7B | ||
| Q1 25 | $35.1B | $1.5B | ||
| Q4 24 | $35.2B | $1.3B | ||
| Q3 24 | $35.2B | $611.0M | ||
| Q2 24 | $35.2B | $526.0M |
总资产ADICVNA
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $13.2B | ||
| Q3 25 | $48.2B | $9.9B | ||
| Q2 25 | $47.3B | $9.4B | ||
| Q1 25 | $48.0B | $8.9B | ||
| Q4 24 | $48.2B | $8.5B | ||
| Q3 24 | $48.6B | $7.4B | ||
| Q2 24 | $48.9B | $7.2B |
负债/权益比ADICVNA
| Q1 26 | — | — | ||
| Q4 25 | — | 1.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.20× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $430.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $379.0M |
| 自由现金流率自由现金流/营收 | 39.8% | 6.8% |
| 资本支出强度资本支出/营收 | 3.5% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.65× | 0.50× |
| 过去12个月自由现金流最近4个季度 | $4.6B | $889.0M |
8季度趋势，按日历期对齐
经营现金流ADICVNA
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $430.0M | ||
| Q3 25 | $1.2B | $345.0M | ||
| Q2 25 | $819.5M | $29.0M | ||
| Q1 25 | $1.1B | $232.0M | ||
| Q4 24 | $1.1B | $60.0M | ||
| Q3 24 | $855.0M | $403.0M | ||
| Q2 24 | $807.9M | $354.0M |
自由现金流ADICVNA
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $379.0M | ||
| Q3 25 | $1.1B | $307.0M | ||
| Q2 25 | $729.2M | $-2.0M | ||
| Q1 25 | $977.8M | $205.0M | ||
| Q4 24 | $885.4M | $36.0M | ||
| Q3 24 | $701.1M | $376.0M | ||
| Q2 24 | $619.7M | $332.0M |
自由现金流率ADICVNA
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 6.8% | ||
| Q3 25 | 37.7% | 5.4% | ||
| Q2 25 | 27.6% | -0.0% | ||
| Q1 25 | 40.4% | 4.8% | ||
| Q4 24 | 36.2% | 1.0% | ||
| Q3 24 | 30.3% | 10.3% | ||
| Q2 24 | 28.7% | 9.7% |
资本支出强度ADICVNA
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 0.9% | ||
| Q3 25 | 2.7% | 0.7% | ||
| Q2 25 | 3.4% | 0.6% | ||
| Q1 25 | 6.1% | 0.6% | ||
| Q4 24 | 6.8% | 0.7% | ||
| Q3 24 | 6.7% | 0.7% | ||
| Q2 24 | 8.7% | 0.6% |
现金转化率ADICVNA
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | 0.50× | ||
| Q3 25 | 2.25× | 2.28× | ||
| Q2 25 | 1.44× | 0.16× | ||
| Q1 25 | 2.88× | 1.07× | ||
| Q4 24 | 2.20× | 0.76× | ||
| Q3 24 | 2.18× | 4.74× | ||
| Q2 24 | 2.67× | 19.67× |
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% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
