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AEHR TEST SYSTEMS（AEHR）与Digimarc CORP（DMRC）财务数据对比。点击上方公司名可切换其他公司
AEHR TEST SYSTEMS的季度营收约是Digimarc CORP的1.1倍（$9.9M vs $8.9M），AEHR TEST SYSTEMS净利率更高（-32.7% vs -47.2%，领先14.5%），Digimarc CORP同比增速更快（2.9% vs -26.5%），Digimarc CORP自由现金流更多（$895.0K vs $-1.6M），过去两年AEHR TEST SYSTEMS的营收复合增速更高（14.3% vs -5.3%）
Aehr Test Systems是全球半导体测试领域供应商，主要设计、生产和销售先进的半导体老化测试设备，服务于芯片制造商、封测厂商及芯片设计企业，产品用于逻辑芯片、存储芯片、功率半导体的可靠性验证，业务覆盖北美、亚洲、欧洲等主要市场。
迪吉马克公司是一家企业软件与服务提供商，其主打产品包含带数字标识符的软件，主要用于解决防伪问题、验证产品真伪、提升回收准确性以及实现供应链可追溯，产品可广泛应用于服装、快消品、美妆健康、汽车等多个行业领域。
AEHR vs DMRC — 直观对比
营收规模更大
AEHR
是对方的1.1倍
$8.9M
营收增速更快
DMRC
高出29.4%
-26.5%
净利率更高
AEHR
高出14.5%
-47.2%
自由现金流更多
DMRC
多$2.5M
$-1.6M
两年增速更快
AEHR
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9M | $8.9M |
| 净利润 | $-3.2M | $-4.2M |
| 毛利率 | 25.7% | 63.5% |
| 营业利润率 | -47.0% | -48.2% |
| 净利率 | -32.7% | -47.2% |
| 营收同比 | -26.5% | 2.9% |
| 净利润同比 | -214.2% | 51.4% |
| 每股收益（稀释后） | $-0.11 | $-0.18 |
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AEHRDMRC
| Q4 25 | $9.9M | $8.9M | ||
| Q3 25 | $11.0M | $7.6M | ||
| Q2 25 | $14.1M | $8.0M | ||
| Q1 25 | $18.3M | $9.4M | ||
| Q4 24 | $13.5M | $8.7M | ||
| Q3 24 | $13.1M | $9.4M | ||
| Q2 24 | $16.6M | $10.4M | ||
| Q1 24 | $7.6M | $9.9M |
净利润AEHRDMRC
| Q4 25 | $-3.2M | $-4.2M | ||
| Q3 25 | $-2.1M | $-8.2M | ||
| Q2 25 | $-2.9M | $-8.2M | ||
| Q1 25 | $-643.0K | $-11.7M | ||
| Q4 24 | $-1.0M | $-8.6M | ||
| Q3 24 | $660.0K | $-10.8M | ||
| Q2 24 | $23.9M | $-9.3M | ||
| Q1 24 | $-1.5M | $-10.3M |
毛利率AEHRDMRC
| Q4 25 | 25.7% | 63.5% | ||
| Q3 25 | 33.9% | 58.3% | ||
| Q2 25 | 30.3% | 58.8% | ||
| Q1 25 | 39.2% | 65.0% | ||
| Q4 24 | 40.1% | 60.8% | ||
| Q3 24 | 54.0% | 62.4% | ||
| Q2 24 | 50.9% | 66.1% | ||
| Q1 24 | 41.7% | 62.5% |
营业利润率AEHRDMRC
| Q4 25 | -47.0% | -48.2% | ||
| Q3 25 | -37.1% | -109.7% | ||
| Q2 25 | -22.7% | -105.2% | ||
| Q1 25 | -6.1% | -128.9% | ||
| Q4 24 | -11.2% | -105.1% | ||
| Q3 24 | 1.2% | -120.4% | ||
| Q2 24 | 15.3% | -96.2% | ||
| Q1 24 | -27.1% | -109.2% |
净利率AEHRDMRC
| Q4 25 | -32.7% | -47.2% | ||
| Q3 25 | -19.0% | -106.9% | ||
| Q2 25 | -20.6% | -102.6% | ||
| Q1 25 | -3.5% | -125.2% | ||
| Q4 24 | -7.6% | -99.9% | ||
| Q3 24 | 5.0% | -113.9% | ||
| Q2 24 | 143.8% | -89.3% | ||
| Q1 24 | -19.4% | -104.0% |
每股收益（稀释后）AEHRDMRC
| Q4 25 | $-0.11 | $-0.18 | ||
| Q3 25 | $-0.07 | $-0.38 | ||
| Q2 25 | $-0.10 | $-0.38 | ||
| Q1 25 | $-0.02 | $-0.55 | ||
| Q4 24 | $-0.03 | $-0.40 | ||
| Q3 24 | $0.02 | $-0.50 | ||
| Q2 24 | $0.81 | $-0.43 | ||
| Q1 24 | $-0.05 | $-0.50 |
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 | $30.8M | $12.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $130.8M | $40.2M |
| 总资产 | $148.7M | $53.0M |
| 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AEHRDMRC
| Q4 25 | $30.8M | $12.9M | ||
| Q3 25 | $22.7M | $12.6M | ||
| Q2 25 | $24.5M | $16.1M | ||
| Q1 25 | $29.4M | $21.6M | ||
| Q4 24 | $32.2M | $28.7M | ||
| Q3 24 | $37.8M | $33.7M | ||
| Q2 24 | $49.2M | $41.5M | ||
| Q1 24 | $47.6M | $48.9M |
股东权益AEHRDMRC
| Q4 25 | $130.8M | $40.2M | ||
| Q3 25 | $122.4M | $41.4M | ||
| Q2 25 | $122.9M | $46.5M | ||
| Q1 25 | $124.2M | $50.0M | ||
| Q4 24 | $123.2M | $61.4M | ||
| Q3 24 | $122.5M | $70.2M | ||
| Q2 24 | $111.6M | $77.2M | ||
| Q1 24 | $86.5M | $84.5M |
总资产AEHRDMRC
| Q4 25 | $148.7M | $53.0M | ||
| Q3 25 | $144.1M | $55.4M | ||
| Q2 25 | $148.5M | $60.7M | ||
| Q1 25 | $145.6M | $66.5M | ||
| Q4 24 | $142.3M | $75.8M | ||
| Q3 24 | $145.9M | $85.0M | ||
| Q2 24 | $127.9M | $93.4M | ||
| Q1 24 | $101.6M | $99.7M |
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 | $-1.2M | $991.0K |
| 自由现金流经营现金流 - 资本支出 | $-1.6M | $895.0K |
| 自由现金流率自由现金流/营收 | -16.6% | 10.0% |
| 资本支出强度资本支出/营收 | 4.7% | 1.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-11.7M | $-12.3M |
8季度趋势，按日历期对齐
经营现金流AEHRDMRC
| Q4 25 | $-1.2M | $991.0K | ||
| Q3 25 | $-282.0K | $-2.6M | ||
| Q2 25 | $-2.3M | $-4.7M | ||
| Q1 25 | $-1.6M | $-5.5M | ||
| Q4 24 | $-5.9M | $-4.2M | ||
| Q3 24 | $2.4M | $-7.1M | ||
| Q2 24 | $1.2M | $-6.8M | ||
| Q1 24 | $-2.8M | $-8.4M |
自由现金流AEHRDMRC
| Q4 25 | $-1.6M | $895.0K | ||
| Q3 25 | $-1.7M | $-2.8M | ||
| Q2 25 | $-5.1M | $-4.9M | ||
| Q1 25 | $-3.3M | $-5.5M | ||
| Q4 24 | $-6.2M | $-4.2M | ||
| Q3 24 | $2.2M | $-7.2M | ||
| Q2 24 | $1.2M | $-6.9M | ||
| Q1 24 | $-3.1M | $-8.5M |
自由现金流率AEHRDMRC
| Q4 25 | -16.6% | 10.0% | ||
| Q3 25 | -15.3% | -36.9% | ||
| Q2 25 | -36.3% | -61.0% | ||
| Q1 25 | -17.8% | -59.1% | ||
| Q4 24 | -46.0% | -49.1% | ||
| Q3 24 | 16.6% | -75.7% | ||
| Q2 24 | 7.1% | -66.1% | ||
| Q1 24 | -40.8% | -85.8% |
资本支出强度AEHRDMRC
| Q4 25 | 4.7% | 1.1% | ||
| Q3 25 | 12.7% | 2.9% | ||
| Q2 25 | 20.0% | 2.5% | ||
| Q1 25 | 9.0% | 0.6% | ||
| Q4 24 | 2.4% | 0.2% | ||
| Q3 24 | 1.5% | 0.7% | ||
| Q2 24 | 0.3% | 0.3% | ||
| Q1 24 | 3.5% | 1.1% |
现金转化率AEHRDMRC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.61× | — | ||
| Q2 24 | 0.05× | — | ||
| Q1 24 | — | — |
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
AEHR
| Systems | $5.0M | 50% |
| Contactors | $3.4M | 35% |
| Services | $1.5M | 15% |
DMRC
| Subscription | $5.3M | 60% |
| The Government | $3.6M | 41% |
