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应用材料（AMAT）与通用电气医疗（GEHC）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通用电气医疗的1.2倍（$6.8B vs $5.7B），应用材料净利率更高（27.9% vs 10.3%，领先17.6%），通用电气医疗同比增速更快（7.1% vs -3.5%），过去两年通用电气医疗的营收复合增速更高（10.7% 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。
通用电气医疗是总部位于美国伊利诺伊州芝加哥的医疗科技企业，旗下设四大业务板块：医学影像（含分子成像、CT、核磁共振、女性健康筛查、X射线系统）、超声、患者护理解决方案（聚焦远程患者监测、麻醉呼吸护理、心脏病诊断、婴幼儿照护）及制药诊断业务。
AMAT vs GEHC — 直观对比
营收规模更大
AMAT
是对方的1.2倍
$5.7B
营收增速更快
GEHC
高出10.6%
-3.5%
净利率更高
AMAT
高出17.6%
10.3%
两年增速更快
GEHC
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $5.7B |
| 净利润 | $1.9B | $588.0M |
| 毛利率 | 48.0% | 39.7% |
| 营业利润率 | 25.2% | 14.5% |
| 净利率 | 27.9% | 10.3% |
| 营收同比 | -3.5% | 7.1% |
| 净利润同比 | 9.6% | -18.4% |
| 每股收益（稀释后） | $2.36 | $1.28 |
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AMATGEHC
| Q4 25 | $6.8B | $5.7B | ||
| Q3 25 | $7.3B | $5.1B | ||
| Q2 25 | $7.1B | $5.0B | ||
| Q1 25 | $7.2B | $4.8B | ||
| Q4 24 | $7.0B | $5.3B | ||
| Q3 24 | $6.8B | $4.9B | ||
| Q2 24 | $6.6B | $4.8B | ||
| Q1 24 | $6.7B | $4.7B |
净利润AMATGEHC
| Q4 25 | $1.9B | $588.0M | ||
| Q3 25 | $1.8B | $446.0M | ||
| Q2 25 | $2.1B | $486.0M | ||
| Q1 25 | $1.2B | $564.0M | ||
| Q4 24 | $1.7B | $721.0M | ||
| Q3 24 | $1.7B | $470.0M | ||
| Q2 24 | $1.7B | $428.0M | ||
| Q1 24 | $2.0B | $374.0M |
毛利率AMATGEHC
| Q4 25 | 48.0% | 39.7% | ||
| Q3 25 | 48.8% | 38.7% | ||
| Q2 25 | 49.1% | 39.6% | ||
| Q1 25 | 48.8% | 42.1% | ||
| Q4 24 | 47.3% | 42.8% | ||
| Q3 24 | 47.3% | 41.7% | ||
| Q2 24 | 47.4% | 41.4% | ||
| Q1 24 | 47.8% | 40.9% |
营业利润率AMATGEHC
| Q4 25 | 25.2% | 14.5% | ||
| Q3 25 | 30.6% | 12.7% | ||
| Q2 25 | 30.5% | 13.1% | ||
| Q1 25 | 30.4% | 13.2% | ||
| Q4 24 | 29.0% | 15.1% | ||
| Q3 24 | 28.7% | 13.9% | ||
| Q2 24 | 28.8% | 12.6% | ||
| Q1 24 | 29.3% | 11.6% |
净利率AMATGEHC
| Q4 25 | 27.9% | 10.3% | ||
| Q3 25 | 24.4% | 8.7% | ||
| Q2 25 | 30.1% | 9.7% | ||
| Q1 25 | 16.5% | 11.8% | ||
| Q4 24 | 24.6% | 13.6% | ||
| Q3 24 | 25.2% | 9.7% | ||
| Q2 24 | 25.9% | 8.8% | ||
| Q1 24 | 30.1% | 8.0% |
每股收益（稀释后）AMATGEHC
| Q4 25 | $2.36 | $1.28 | ||
| Q3 25 | $2.22 | $0.98 | ||
| Q2 25 | $2.63 | $1.06 | ||
| Q1 25 | $1.45 | $1.23 | ||
| Q4 24 | $2.09 | $1.58 | ||
| Q3 24 | $2.05 | $1.02 | ||
| Q2 24 | $2.06 | $0.93 | ||
| Q1 24 | $2.41 | $0.81 |
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 | $4.5B |
| 总债务越低越好 | — | $10.0B |
| 股东权益账面价值 | $20.4B | $10.4B |
| 总资产 | $36.3B | $36.9B |
| 负债/权益比越低杠杆越低 | — | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资AMATGEHC
| Q4 25 | $8.6B | $4.5B | ||
| Q3 25 | $7.0B | $4.0B | ||
| Q2 25 | $6.7B | $3.7B | ||
| Q1 25 | $8.2B | $2.5B | ||
| Q4 24 | $9.5B | $2.9B | ||
| Q3 24 | $9.1B | $3.5B | ||
| Q2 24 | $7.6B | $2.0B | ||
| Q1 24 | $7.5B | $2.6B |
总债务AMATGEHC
| Q4 25 | — | $10.0B | ||
| Q3 25 | — | $10.3B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | — | $8.8B | ||
| Q4 24 | — | $9.0B | ||
| Q3 24 | — | $10.3B | ||
| Q2 24 | — | $9.2B | ||
| Q1 24 | — | $9.3B |
股东权益AMATGEHC
| Q4 25 | $20.4B | $10.4B | ||
| Q3 25 | $19.5B | $10.0B | ||
| Q2 25 | $19.0B | $9.7B | ||
| Q1 25 | $18.6B | $9.2B | ||
| Q4 24 | $19.0B | $8.4B | ||
| Q3 24 | $18.8B | $8.3B | ||
| Q2 24 | $18.2B | $7.8B | ||
| Q1 24 | $17.4B | $7.4B |
总资产AMATGEHC
| Q4 25 | $36.3B | $36.9B | ||
| Q3 25 | $34.2B | $36.1B | ||
| Q2 25 | $33.6B | $35.5B | ||
| Q1 25 | $33.3B | $33.6B | ||
| Q4 24 | $34.4B | $33.1B | ||
| Q3 24 | $33.6B | $33.9B | ||
| Q2 24 | $31.9B | $31.9B | ||
| Q1 24 | $31.5B | $32.2B |
负债/权益比AMATGEHC
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.06× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.24× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.25× |
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% | 2.4% |
| 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AMATGEHC
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $1.6B | $94.0M | ||
| Q1 25 | $925.0M | $250.0M | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $1.4B | $-119.0M | ||
| Q1 24 | $2.3B | $419.0M |
自由现金流AMATGEHC
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.1B | $8.0M | ||
| Q1 25 | $544.0M | $98.0M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $1.1B | $-183.0M | ||
| Q1 24 | $2.1B | $274.0M |
自由现金流率AMATGEHC
| Q4 25 | 30.0% | — | ||
| Q3 25 | 28.1% | — | ||
| Q2 25 | 14.9% | 0.2% | ||
| Q1 25 | 7.6% | 2.1% | ||
| Q4 24 | 30.8% | — | ||
| Q3 24 | 30.8% | — | ||
| Q2 24 | 17.1% | -3.8% | ||
| Q1 24 | 31.3% | 5.9% |
资本支出强度AMATGEHC
| Q4 25 | 11.5% | 2.4% | ||
| Q3 25 | 8.0% | 2.1% | ||
| Q2 25 | 7.2% | 1.7% | ||
| Q1 25 | 5.3% | 3.2% | ||
| Q4 24 | 5.8% | 1.9% | ||
| Q3 24 | 4.4% | 1.9% | ||
| Q2 24 | 3.9% | 1.3% | ||
| Q1 24 | 3.4% | 3.1% |
现金转化率AMATGEHC
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 0.74× | 0.19× | ||
| Q1 25 | 0.78× | 0.44× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 0.81× | -0.28× | ||
| Q1 24 | 1.15× | 1.12× |
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% |
GEHC
| Imaging Segment | $2.6B | 45% |
| PCS Segment | $824.0M | 14% |
| P Dx Segment | $790.0M | 14% |
| Specialized Ultrasound Subsegment | $735.0M | 13% |
| Monitoring Solutions Subsegment | $578.0M | 10% |
| Life Support Solutions Subsegment | $247.0M | 4% |
