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应用材料（AMAT）与雅诗兰黛（EL）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雅诗兰黛的1.6倍（$6.8B vs $4.2B），应用材料净利率更高（27.9% vs 3.8%，领先24.1%），雅诗兰黛同比增速更快（5.6% vs -3.5%），应用材料自由现金流更多（$2.0B vs $1.0B），过去两年雅诗兰黛的营收复合增速更高（3.6% 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。
雅诗兰黛是全球知名的高端美妆集团，由创始人雅诗·兰黛女士与丈夫约瑟夫·劳特共同创立。雅诗·兰黛女士也是唯一一位登上《时代》杂志1998年“20世纪20位最具影响力商业天才”榜单的女性，集团旗下拥有多个知名美妆、护肤、香氛品牌，业务覆盖全球众多国家和地区。
AMAT vs EL — 直观对比
营收规模更大
AMAT
是对方的1.6倍
$4.2B
营收增速更快
EL
高出9.1%
-3.5%
净利率更高
AMAT
高出24.1%
3.8%
自由现金流更多
AMAT
多$1.0B
$1.0B
两年增速更快
EL
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $4.2B |
| 净利润 | $1.9B | $162.0M |
| 毛利率 | 48.0% | 76.5% |
| 营业利润率 | 25.2% | 9.5% |
| 净利率 | 27.9% | 3.8% |
| 营收同比 | -3.5% | 5.6% |
| 净利润同比 | 9.6% | 127.5% |
| 每股收益（稀释后） | $2.36 | $0.44 |
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AMATEL
| Q4 25 | $6.8B | $4.2B | ||
| Q3 25 | $7.3B | $3.5B | ||
| Q2 25 | $7.1B | $3.4B | ||
| Q1 25 | $7.2B | $3.5B | ||
| Q4 24 | $7.0B | $4.0B | ||
| Q3 24 | $6.8B | $3.4B | ||
| Q2 24 | $6.6B | $3.9B | ||
| Q1 24 | $6.7B | $3.9B |
净利润AMATEL
| Q4 25 | $1.9B | $162.0M | ||
| Q3 25 | $1.8B | $47.0M | ||
| Q2 25 | $2.1B | $-546.0M | ||
| Q1 25 | $1.2B | $159.0M | ||
| Q4 24 | $1.7B | $-590.0M | ||
| Q3 24 | $1.7B | $-156.0M | ||
| Q2 24 | $1.7B | $-286.0M | ||
| Q1 24 | $2.0B | $335.0M |
毛利率AMATEL
| Q4 25 | 48.0% | 76.5% | ||
| Q3 25 | 48.8% | 73.4% | ||
| Q2 25 | 49.1% | 72.0% | ||
| Q1 25 | 48.8% | 75.0% | ||
| Q4 24 | 47.3% | 76.1% | ||
| Q3 24 | 47.3% | 72.4% | ||
| Q2 24 | 47.4% | 71.8% | ||
| Q1 24 | 47.8% | 71.9% |
营业利润率AMATEL
| Q4 25 | 25.2% | 9.5% | ||
| Q3 25 | 30.6% | 4.9% | ||
| Q2 25 | 30.5% | -11.4% | ||
| Q1 25 | 30.4% | 8.6% | ||
| Q4 24 | 29.0% | -14.5% | ||
| Q3 24 | 28.7% | -3.6% | ||
| Q2 24 | 28.8% | -6.0% | ||
| Q1 24 | 29.3% | 13.5% |
净利率AMATEL
| Q4 25 | 27.9% | 3.8% | ||
| Q3 25 | 24.4% | 1.4% | ||
| Q2 25 | 30.1% | -16.0% | ||
| Q1 25 | 16.5% | 4.5% | ||
| Q4 24 | 24.6% | -14.7% | ||
| Q3 24 | 25.2% | -4.6% | ||
| Q2 24 | 25.9% | -7.4% | ||
| Q1 24 | 30.1% | 8.5% |
每股收益（稀释后）AMATEL
| Q4 25 | $2.36 | $0.44 | ||
| Q3 25 | $2.22 | $0.13 | ||
| Q2 25 | $2.63 | $-1.52 | ||
| Q1 25 | $1.45 | $0.44 | ||
| Q4 24 | $2.09 | $-1.64 | ||
| Q3 24 | $2.05 | $-0.43 | ||
| Q2 24 | $2.06 | $-0.79 | ||
| Q1 24 | $2.41 | $0.91 |
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 | — | $7.3B |
| 股东权益账面价值 | $20.4B | $4.0B |
| 总资产 | $36.3B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资AMATEL
| Q4 25 | $8.6B | — | ||
| Q3 25 | $7.0B | — | ||
| Q2 25 | $6.7B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $9.5B | — | ||
| Q3 24 | $9.1B | — | ||
| Q2 24 | $7.6B | — | ||
| Q1 24 | $7.5B | — |
总债务AMATEL
| Q4 25 | — | $7.3B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.3B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.3B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $7.3B |
股东权益AMATEL
| Q4 25 | $20.4B | $4.0B | ||
| Q3 25 | $19.5B | $3.9B | ||
| Q2 25 | $19.0B | $3.9B | ||
| Q1 25 | $18.6B | $4.3B | ||
| Q4 24 | $19.0B | $4.2B | ||
| Q3 24 | $18.8B | $5.1B | ||
| Q2 24 | $18.2B | $5.3B | ||
| Q1 24 | $17.4B | $5.7B |
总资产AMATEL
| Q4 25 | $36.3B | $19.6B | ||
| Q3 25 | $34.2B | $19.3B | ||
| Q2 25 | $33.6B | $19.9B | ||
| Q1 25 | $33.3B | $19.9B | ||
| Q4 24 | $34.4B | $19.8B | ||
| Q3 24 | $33.6B | $21.3B | ||
| Q2 24 | $31.9B | $21.7B | ||
| Q1 24 | $31.5B | $22.7B |
负债/权益比AMATEL
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.88× | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | 1.68× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 1.44× | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | — | 1.26× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $1.0B |
| 自由现金流率自由现金流/营收 | 30.0% | 24.0% |
| 资本支出强度资本支出/营收 | 11.5% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.49× | 6.94× |
| 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AMATEL
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $2.6B | $-340.0M | ||
| Q2 25 | $1.6B | $601.0M | ||
| Q1 25 | $925.0M | $284.0M | ||
| Q4 24 | $2.6B | $1.1B | ||
| Q3 24 | $2.4B | $-670.0M | ||
| Q2 24 | $1.4B | $889.0M | ||
| Q1 24 | $2.3B | $534.0M |
自由现金流AMATEL
| Q4 25 | $2.0B | $1.0B | ||
| Q3 25 | $2.0B | $-436.0M | ||
| Q2 25 | $1.1B | $394.0M | ||
| Q1 25 | $544.0M | $162.0M | ||
| Q4 24 | $2.2B | $925.0M | ||
| Q3 24 | $2.1B | $-811.0M | ||
| Q2 24 | $1.1B | $672.0M | ||
| Q1 24 | $2.1B | $359.0M |
自由现金流率AMATEL
| Q4 25 | 30.0% | 24.0% | ||
| Q3 25 | 28.1% | -12.5% | ||
| Q2 25 | 14.9% | 11.6% | ||
| Q1 25 | 7.6% | 4.6% | ||
| Q4 24 | 30.8% | 23.1% | ||
| Q3 24 | 30.8% | -24.1% | ||
| Q2 24 | 17.1% | 17.4% | ||
| Q1 24 | 31.3% | 9.1% |
资本支出强度AMATEL
| Q4 25 | 11.5% | 2.6% | ||
| Q3 25 | 8.0% | 2.8% | ||
| Q2 25 | 7.2% | 6.1% | ||
| Q1 25 | 5.3% | 3.4% | ||
| Q4 24 | 5.8% | 3.3% | ||
| Q3 24 | 4.4% | 4.2% | ||
| Q2 24 | 3.9% | 5.6% | ||
| Q1 24 | 3.4% | 4.4% |
现金转化率AMATEL
| Q4 25 | 1.49× | 6.94× | ||
| Q3 25 | 1.48× | -7.23× | ||
| Q2 25 | 0.74× | — | ||
| Q1 25 | 0.78× | 1.79× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 0.81× | — | ||
| Q1 24 | 1.15× | 1.59× |
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% |
EL
| Skin Care | $2.1B | 49% |
| Makeup | $1.2B | 28% |
| Fragrance | $812.0M | 19% |
| Hair Care | $168.0M | 4% |
| Other | $31.0M | 1% |
