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应用材料（AMAT）与CDW Corporation（CDW）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CDW Corporation的1.2倍（$6.8B vs $5.5B），CDW Corporation同比增速更快（6.3% vs -3.5%），应用材料自由现金流更多（$2.0B vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 0.7%）
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。
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
AMAT vs CDW — 直观对比
营收规模更大
AMAT
是对方的1.2倍
$5.5B
营收增速更快
CDW
高出9.7%
-3.5%
自由现金流更多
AMAT
多$1.6B
$395.9M
两年增速更快
CDW
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $5.5B |
| 净利润 | $1.9B | — |
| 毛利率 | 48.0% | 22.8% |
| 营业利润率 | 25.2% | 7.8% |
| 净利率 | 27.9% | — |
| 营收同比 | -3.5% | 6.3% |
| 净利润同比 | 9.6% | — |
| 每股收益（稀释后） | $2.36 | $2.13 |
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AMATCDW
| Q4 25 | $6.8B | $5.5B | ||
| Q3 25 | $7.3B | $5.7B | ||
| Q2 25 | $7.1B | $6.0B | ||
| Q1 25 | $7.2B | $5.2B | ||
| Q4 24 | $7.0B | $5.2B | ||
| Q3 24 | $6.8B | $5.5B | ||
| Q2 24 | $6.6B | $5.4B | ||
| Q1 24 | $6.7B | $4.9B |
净利润AMATCDW
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $291.0M | ||
| Q2 25 | $2.1B | $271.2M | ||
| Q1 25 | $1.2B | $224.9M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $316.4M | ||
| Q2 24 | $1.7B | $281.1M | ||
| Q1 24 | $2.0B | $216.1M |
毛利率AMATCDW
| Q4 25 | 48.0% | 22.8% | ||
| Q3 25 | 48.8% | 21.9% | ||
| Q2 25 | 49.1% | 20.8% | ||
| Q1 25 | 48.8% | 21.6% | ||
| Q4 24 | 47.3% | 22.3% | ||
| Q3 24 | 47.3% | 21.8% | ||
| Q2 24 | 47.4% | 21.8% | ||
| Q1 24 | 47.8% | 21.8% |
营业利润率AMATCDW
| Q4 25 | 25.2% | 7.8% | ||
| Q3 25 | 30.6% | 7.7% | ||
| Q2 25 | 30.5% | 7.0% | ||
| Q1 25 | 30.4% | 7.0% | ||
| Q4 24 | 29.0% | 7.9% | ||
| Q3 24 | 28.7% | 8.7% | ||
| Q2 24 | 28.8% | 8.0% | ||
| Q1 24 | 29.3% | 6.7% |
净利率AMATCDW
| Q4 25 | 27.9% | — | ||
| Q3 25 | 24.4% | 5.1% | ||
| Q2 25 | 30.1% | 4.5% | ||
| Q1 25 | 16.5% | 4.3% | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.2% | 5.7% | ||
| Q2 24 | 25.9% | 5.2% | ||
| Q1 24 | 30.1% | 4.4% |
每股收益（稀释后）AMATCDW
| Q4 25 | $2.36 | $2.13 | ||
| Q3 25 | $2.22 | $2.21 | ||
| Q2 25 | $2.63 | $2.05 | ||
| Q1 25 | $1.45 | $1.69 | ||
| Q4 24 | $2.09 | $1.97 | ||
| Q3 24 | $2.05 | $2.34 | ||
| Q2 24 | $2.06 | $2.07 | ||
| Q1 24 | $2.41 | $1.59 |
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 | $618.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $20.4B | $2.6B |
| 总资产 | $36.3B | $16.0B |
| 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AMATCDW
| Q4 25 | $8.6B | $618.7M | ||
| Q3 25 | $7.0B | $452.9M | ||
| Q2 25 | $6.7B | $481.0M | ||
| Q1 25 | $8.2B | $688.1M | ||
| Q4 24 | $9.5B | $717.7M | ||
| Q3 24 | $9.1B | $1.2B | ||
| Q2 24 | $7.6B | $665.3M | ||
| Q1 24 | $7.5B | $803.8M |
股东权益AMATCDW
| Q4 25 | $20.4B | $2.6B | ||
| Q3 25 | $19.5B | $2.5B | ||
| Q2 25 | $19.0B | $2.5B | ||
| Q1 25 | $18.6B | $2.3B | ||
| Q4 24 | $19.0B | $2.4B | ||
| Q3 24 | $18.8B | $2.3B | ||
| Q2 24 | $18.2B | $2.2B | ||
| Q1 24 | $17.4B | $2.1B |
总资产AMATCDW
| Q4 25 | $36.3B | $16.0B | ||
| Q3 25 | $34.2B | $15.2B | ||
| Q2 25 | $33.6B | $15.3B | ||
| Q1 25 | $33.3B | $15.0B | ||
| Q4 24 | $34.4B | $14.7B | ||
| Q3 24 | $33.6B | $14.4B | ||
| Q2 24 | $31.9B | $13.6B | ||
| Q1 24 | $31.5B | $13.2B |
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 | $433.8M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $395.9M |
| 自由现金流率自由现金流/营收 | 30.0% | 7.2% |
| 资本支出强度资本支出/营收 | 11.5% | 0.7% |
| 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 | $1.1B |
8季度趋势，按日历期对齐
经营现金流AMATCDW
| Q4 25 | $2.8B | $433.8M | ||
| Q3 25 | $2.6B | $328.3M | ||
| Q2 25 | $1.6B | $155.9M | ||
| Q1 25 | $925.0M | $287.2M | ||
| Q4 24 | $2.6B | $345.3M | ||
| Q3 24 | $2.4B | $342.1M | ||
| Q2 24 | $1.4B | $149.9M | ||
| Q1 24 | $2.3B | $440.0M |
自由现金流AMATCDW
| Q4 25 | $2.0B | $395.9M | ||
| Q3 25 | $2.0B | $298.5M | ||
| Q2 25 | $1.1B | $133.4M | ||
| Q1 25 | $544.0M | $260.3M | ||
| Q4 24 | $2.2B | $316.7M | ||
| Q3 24 | $2.1B | $308.5M | ||
| Q2 24 | $1.1B | $119.0M | ||
| Q1 24 | $2.1B | $410.5M |
自由现金流率AMATCDW
| Q4 25 | 30.0% | 7.2% | ||
| Q3 25 | 28.1% | 5.2% | ||
| Q2 25 | 14.9% | 2.2% | ||
| Q1 25 | 7.6% | 5.0% | ||
| Q4 24 | 30.8% | 6.1% | ||
| Q3 24 | 30.8% | 5.6% | ||
| Q2 24 | 17.1% | 2.2% | ||
| Q1 24 | 31.3% | 8.4% |
资本支出强度AMATCDW
| Q4 25 | 11.5% | 0.7% | ||
| Q3 25 | 8.0% | 0.5% | ||
| Q2 25 | 7.2% | 0.4% | ||
| Q1 25 | 5.3% | 0.5% | ||
| Q4 24 | 5.8% | 0.6% | ||
| Q3 24 | 4.4% | 0.6% | ||
| Q2 24 | 3.9% | 0.6% | ||
| Q1 24 | 3.4% | 0.6% |
现金转化率AMATCDW
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.48× | 1.13× | ||
| Q2 25 | 0.74× | 0.57× | ||
| Q1 25 | 0.78× | 1.28× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.40× | 1.08× | ||
| Q2 24 | 0.81× | 0.53× | ||
| Q1 24 | 1.15× | 2.04× |
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% |
CDW
暂无分部数据
