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AEHR TEST SYSTEMS（AEHR）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是AEHR TEST SYSTEMS的610.1倍（$6.0B vs $9.9M）。3M净利率更高（10.8% vs -32.7%，领先43.5%）。3M同比增速更快（1.3% vs -26.5%）。3M自由现金流更多（$2.0B vs $-1.6M）。过去两年AEHR TEST SYSTEMS的营收复合增速更高（14.3% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
AEHR vs MMM — 直观对比
营收规模更大
MMM
是对方的610.1倍
$9.9M
营收增速更快
MMM
高出27.8%
-26.5%
净利率更高
MMM
高出43.5%
-32.7%
自由现金流更多
MMM
多$2.0B
$-1.6M
两年增速更快
AEHR
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $9.9M | $6.0B |
| 净利润 | $-3.2M | $653.0M |
| 毛利率 | 25.7% | 40.7% |
| 营业利润率 | -47.0% | 23.2% |
| 净利率 | -32.7% | 10.8% |
| 营收同比 | -26.5% | 1.3% |
| 净利润同比 | -214.2% | -41.5% |
| 每股收益（稀释后） | $-0.11 | $1.23 |
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AEHRMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $9.9M | $6.1B | ||
| Q3 25 | $11.0M | $6.5B | ||
| Q2 25 | $14.1M | $6.3B | ||
| Q1 25 | $18.3M | $6.0B | ||
| Q4 24 | $13.5M | $6.0B | ||
| Q3 24 | $13.1M | $6.3B | ||
| Q2 24 | $16.6M | $6.3B |
净利润AEHRMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-3.2M | $577.0M | ||
| Q3 25 | $-2.1M | $834.0M | ||
| Q2 25 | $-2.9M | $723.0M | ||
| Q1 25 | $-643.0K | $1.1B | ||
| Q4 24 | $-1.0M | $728.0M | ||
| Q3 24 | $660.0K | $1.4B | ||
| Q2 24 | $23.9M | $1.1B |
毛利率AEHRMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 25.7% | 33.6% | ||
| Q3 25 | 33.9% | 41.8% | ||
| Q2 25 | 30.3% | 42.5% | ||
| Q1 25 | 39.2% | 41.6% | ||
| Q4 24 | 40.1% | 51.7% | ||
| Q3 24 | 54.0% | 42.1% | ||
| Q2 24 | 50.9% | 42.9% |
营业利润率AEHRMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -47.0% | 13.0% | ||
| Q3 25 | -37.1% | 22.2% | ||
| Q2 25 | -22.7% | 18.0% | ||
| Q1 25 | -6.1% | 20.9% | ||
| Q4 24 | -11.2% | 12.2% | ||
| Q3 24 | 1.2% | 20.9% | ||
| Q2 24 | 15.3% | 20.3% |
净利率AEHRMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -32.7% | 9.4% | ||
| Q3 25 | -19.0% | 12.8% | ||
| Q2 25 | -20.6% | 11.4% | ||
| Q1 25 | -3.5% | 18.7% | ||
| Q4 24 | -7.6% | 12.1% | ||
| Q3 24 | 5.0% | 21.8% | ||
| Q2 24 | 143.8% | 18.3% |
每股收益（稀释后）AEHRMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $-0.11 | $1.07 | ||
| Q3 25 | $-0.07 | $1.55 | ||
| Q2 25 | $-0.10 | $1.34 | ||
| Q1 25 | $-0.02 | $2.04 | ||
| Q4 24 | $-0.03 | $1.33 | ||
| Q3 24 | $0.02 | $2.48 | ||
| Q2 24 | $0.81 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | — | $10.9B |
| 股东权益账面价值 | $130.8M | $3.3B |
| 总资产 | $148.7M | $35.4B |
| 负债/权益比越低杠杆越低 | — | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资AEHRMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $30.8M | — | ||
| Q3 25 | $22.7M | — | ||
| Q2 25 | $24.5M | — | ||
| Q1 25 | $29.4M | — | ||
| Q4 24 | $32.2M | — | ||
| Q3 24 | $37.8M | — | ||
| Q2 24 | $49.2M | — |
总债务AEHRMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | — | $12.6B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | — | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益AEHRMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $130.8M | $4.7B | ||
| Q3 25 | $122.4M | $4.6B | ||
| Q2 25 | $122.9M | $4.3B | ||
| Q1 25 | $124.2M | $4.5B | ||
| Q4 24 | $123.2M | $3.8B | ||
| Q3 24 | $122.5M | $4.6B | ||
| Q2 24 | $111.6M | $3.9B |
总资产AEHRMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $148.7M | $37.7B | ||
| Q3 25 | $144.1M | $37.6B | ||
| Q2 25 | $148.5M | $38.0B | ||
| Q1 25 | $145.6M | $40.0B | ||
| Q4 24 | $142.3M | $39.9B | ||
| Q3 24 | $145.9M | $40.9B | ||
| Q2 24 | $127.9M | $43.4B |
负债/权益比AEHRMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | — | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-1.6M | $2.0B |
| 自由现金流率自由现金流/营收 | -16.6% | 33.6% |
| 资本支出强度资本支出/营收 | 4.7% | — |
| 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 | $3.7B |
8季度趋势，按日历期对齐
经营现金流AEHRMMM
| Q1 26 | — | — | ||
| Q4 25 | $-1.2M | $1.6B | ||
| Q3 25 | $-282.0K | $1.8B | ||
| Q2 25 | $-2.3M | $-954.0M | ||
| Q1 25 | $-1.6M | $-79.0M | ||
| Q4 24 | $-5.9M | $1.8B | ||
| Q3 24 | $2.4M | $-1.8B | ||
| Q2 24 | $1.2M | $1.0B |
自由现金流AEHRMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-1.6M | $1.3B | ||
| Q3 25 | $-1.7M | $1.5B | ||
| Q2 25 | $-5.1M | $-1.2B | ||
| Q1 25 | $-3.3M | $-315.0M | ||
| Q4 24 | $-6.2M | $1.5B | ||
| Q3 24 | $2.2M | $-2.0B | ||
| Q2 24 | $1.2M | $752.0M |
自由现金流率AEHRMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | -16.6% | 21.8% | ||
| Q3 25 | -15.3% | 23.6% | ||
| Q2 25 | -36.3% | -18.3% | ||
| Q1 25 | -17.8% | -5.3% | ||
| Q4 24 | -46.0% | 25.4% | ||
| Q3 24 | 16.6% | -32.3% | ||
| Q2 24 | 7.1% | 12.0% |
资本支出强度AEHRMMM
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 4.0% | ||
| Q3 25 | 12.7% | 3.3% | ||
| Q2 25 | 20.0% | 3.3% | ||
| Q1 25 | 9.0% | 4.0% | ||
| Q4 24 | 2.4% | 4.8% | ||
| Q3 24 | 1.5% | 3.9% | ||
| Q2 24 | 0.3% | 4.3% |
现金转化率AEHRMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | — | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | 3.61× | -1.30× | ||
| Q2 24 | 0.05× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
