vs
应用材料（AMAT）与美国运通（AXP）财务数据对比。点击上方公司名可切换其他公司
应用材料的季度营收约是美国运通的359.7倍（$6.8B vs $18.9M），应用材料净利率更高（27.9% vs 15.7%，领先12.2%），美国运通同比增速更快（11.4% vs -3.5%），过去两年应用材料的营收复合增速更高（0.7% vs -95.6%）
应用材料是总部位于美国加利福尼亚州圣克拉拉的企业，为全球第二大半导体设备供应商，主营半导体芯片、消费电子平板显示、太阳能产品制造所需的设备、服务及软件，同时供应柔性电子、封装等领域的涂层生产设备。
美国运通是全球知名的支付服务提供商，主营签账卡、信用卡产品及旅行相关服务，下设全球消费者服务、全球商业服务、全球商户与网络服务三大业务板块，还提供支付融资、网络服务、应付账款费用管理、旅行生活服务等多元解决方案。
AMAT vs AXP — 直观对比
营收规模更大
AMAT
是对方的359.7倍
$18.9M
营收增速更快
AXP
高出14.9%
-3.5%
净利率更高
AMAT
高出12.2%
15.7%
两年增速更快
AMAT
近两年复合增速
-95.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $18.9M |
| 净利润 | $1.9B | $3.0M |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | — |
| 净利率 | 27.9% | 15.7% |
| 营收同比 | -3.5% | 11.4% |
| 净利润同比 | 9.6% | 15.0% |
| 每股收益（稀释后） | $2.36 | — |
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AMATAXP
| Q1 26 | — | $18.9M | ||
| Q4 25 | $6.8B | $10.9B | ||
| Q3 25 | $7.3B | $10.4B | ||
| Q2 25 | $7.1B | $10.3B | ||
| Q1 25 | $7.2B | $9.6B | ||
| Q4 24 | $7.0B | $10.0B | ||
| Q3 24 | $6.8B | $9.7B | ||
| Q2 24 | $6.6B | $9.8B |
净利润AMATAXP
| Q1 26 | — | $3.0M | ||
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | $2.1B | $2.9B | ||
| Q1 25 | $1.2B | $2.6B | ||
| Q4 24 | $1.7B | $2.2B | ||
| Q3 24 | $1.7B | $2.5B | ||
| Q2 24 | $1.7B | $3.0B |
毛利率AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | 48.0% | — | ||
| Q3 25 | 48.8% | — | ||
| Q2 25 | 49.1% | — | ||
| Q1 25 | 48.8% | — | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | 47.3% | — | ||
| Q2 24 | 47.4% | — |
营业利润率AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 28.2% | ||
| Q3 25 | 30.6% | 36.7% | ||
| Q2 25 | 30.5% | 34.4% | ||
| Q1 25 | 30.4% | 34.6% | ||
| Q4 24 | 29.0% | 27.7% | ||
| Q3 24 | 28.7% | 33.0% | ||
| Q2 24 | 28.8% | 38.6% |
净利率AMATAXP
| Q1 26 | — | 15.7% | ||
| Q4 25 | 27.9% | 22.5% | ||
| Q3 25 | 24.4% | 27.9% | ||
| Q2 25 | 30.1% | 28.0% | ||
| Q1 25 | 16.5% | 26.8% | ||
| Q4 24 | 24.6% | 21.8% | ||
| Q3 24 | 25.2% | 25.8% | ||
| Q2 24 | 25.9% | 30.7% |
每股收益（稀释后）AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $3.52 | ||
| Q3 25 | $2.22 | $4.14 | ||
| Q2 25 | $2.63 | $4.08 | ||
| Q1 25 | $1.45 | $3.64 | ||
| Q4 24 | $2.09 | $3.04 | ||
| Q3 24 | $2.05 | $3.49 | ||
| Q2 24 | $2.06 | $4.15 |
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 | $8.6B | — |
| 总债务越低越好 | — | $60.4M |
| 股东权益账面价值 | $20.4B | $34.0M |
| 总资产 | $36.3B | $308.9M |
| 负债/权益比越低杠杆越低 | — | 1.78× |
8季度趋势，按日历期对齐
现金及短期投资AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | $8.6B | $742.0M | ||
| Q3 25 | $7.0B | $1.3B | ||
| Q2 25 | $6.7B | $197.0M | ||
| Q1 25 | $8.2B | $261.0M | ||
| Q4 24 | $9.5B | $221.0M | ||
| Q3 24 | $9.1B | $120.0M | ||
| Q2 24 | $7.6B | $188.0M |
总债务AMATAXP
| Q1 26 | — | $60.4M | ||
| Q4 25 | — | $56.4B | ||
| Q3 25 | — | $57.8B | ||
| Q2 25 | — | $58.2B | ||
| Q1 25 | — | $51.2B | ||
| Q4 24 | — | $49.7B | ||
| Q3 24 | — | $53.5B | ||
| Q2 24 | — | $51.5B |
股东权益AMATAXP
| Q1 26 | — | $34.0M | ||
| Q4 25 | $20.4B | $33.5B | ||
| Q3 25 | $19.5B | $32.4B | ||
| Q2 25 | $19.0B | $32.3B | ||
| Q1 25 | $18.6B | $31.2B | ||
| Q4 24 | $19.0B | $30.3B | ||
| Q3 24 | $18.8B | $29.7B | ||
| Q2 24 | $18.2B | $29.5B |
总资产AMATAXP
| Q1 26 | — | $308.9M | ||
| Q4 25 | $36.3B | $300.1B | ||
| Q3 25 | $34.2B | $297.6B | ||
| Q2 25 | $33.6B | $295.6B | ||
| Q1 25 | $33.3B | $282.2B | ||
| Q4 24 | $34.4B | $271.5B | ||
| Q3 24 | $33.6B | $271.0B | ||
| Q2 24 | $31.9B | $272.2B |
负债/权益比AMATAXP
| Q1 26 | — | 1.78× | ||
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | 1.80× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.80× | ||
| Q2 24 | — | 1.74× |
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 | $2.8B | — |
| 自由现金流经营现金流 - 资本支出 | $2.0B | — |
| 自由现金流率自由现金流/营收 | 30.0% | — |
| 资本支出强度资本支出/营收 | 11.5% | — |
| 现金转化率经营现金流/净利润 | 1.49× | — |
| 过去12个月自由现金流最近4个季度 | $5.7B | — |
8季度趋势，按日历期对齐
经营现金流AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | $2.8B | $3.1B | ||
| Q3 25 | $2.6B | $6.2B | ||
| Q2 25 | $1.6B | $4.4B | ||
| Q1 25 | $925.0M | $4.8B | ||
| Q4 24 | $2.6B | $5.8B | ||
| Q3 24 | $2.4B | $-1.8B | ||
| Q2 24 | $1.4B | $4.5B |
自由现金流AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $2.3B | ||
| Q3 25 | $2.0B | $5.6B | ||
| Q2 25 | $1.1B | $3.7B | ||
| Q1 25 | $544.0M | $4.3B | ||
| Q4 24 | $2.2B | $5.3B | ||
| Q3 24 | $2.1B | $-2.3B | ||
| Q2 24 | $1.1B | $4.0B |
自由现金流率AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | 30.0% | 21.4% | ||
| Q3 25 | 28.1% | 53.6% | ||
| Q2 25 | 14.9% | 36.3% | ||
| Q1 25 | 7.6% | 45.0% | ||
| Q4 24 | 30.8% | 53.1% | ||
| Q3 24 | 30.8% | -23.3% | ||
| Q2 24 | 17.1% | 40.4% |
资本支出强度AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | 11.5% | 6.6% | ||
| Q3 25 | 8.0% | 6.3% | ||
| Q2 25 | 7.2% | 6.0% | ||
| Q1 25 | 5.3% | 4.5% | ||
| Q4 24 | 5.8% | 5.0% | ||
| Q3 24 | 4.4% | 4.7% | ||
| Q2 24 | 3.9% | 5.8% |
现金转化率AMATAXP
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 1.25× | ||
| Q3 25 | 1.48× | 2.15× | ||
| Q2 25 | 0.74× | 1.51× | ||
| Q1 25 | 0.78× | 1.84× | ||
| Q4 24 | 1.49× | 2.66× | ||
| Q3 24 | 1.40× | -0.72× | ||
| Q2 24 | 0.81× | 1.50× |
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
AMAT
| Semiconductor Systems Segment | $4.8B | 70% |
| Applied Global Services Segment | $1.6B | 24% |
| Other | $415.0M | 6% |
AXP
| Discount revenue | $9.5M | 50% |
| Other | $8.9M | 47% |
| Deposits with banks and other | $512.0K | 3% |
