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应用材料（AMAT）与高盛（GS）财务数据对比。点击上方公司名可切换其他公司
高盛的季度营收约是应用材料的2.0倍（$13.5B vs $6.8B），高盛净利率更高（34.3% vs 27.9%，领先6.4%），应用材料自由现金流更多（$2.0B vs $-16.8B）
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。
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55位。
AMAT vs GS — 直观对比
营收规模更大
GS
是对方的2.0倍
$6.8B
净利率更高
GS
高出6.4%
27.9%
自由现金流更多
AMAT
多$18.9B
$-16.8B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $13.5B |
| 净利润 | $1.9B | $4.6B |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | 43.5% |
| 净利率 | 27.9% | 34.3% |
| 营收同比 | -3.5% | — |
| 净利润同比 | 9.6% | — |
| 每股收益（稀释后） | $2.36 | $14.04 |
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AMATGS
| Q4 25 | $6.8B | $13.5B | ||
| Q3 25 | $7.3B | $15.2B | ||
| Q2 25 | $7.1B | $14.6B | ||
| Q1 25 | $7.2B | $15.1B | ||
| Q4 24 | $7.0B | — | ||
| Q3 24 | $6.8B | $12.7B | ||
| Q2 24 | $6.6B | $12.7B | ||
| Q1 24 | $6.7B | $14.2B |
净利润AMATGS
| Q4 25 | $1.9B | $4.6B | ||
| Q3 25 | $1.8B | $4.1B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $1.2B | $4.7B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $3.0B | ||
| Q2 24 | $1.7B | $3.0B | ||
| Q1 24 | $2.0B | $4.1B |
毛利率AMATGS
| 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% | — | ||
| Q1 24 | 47.8% | — |
营业利润率AMATGS
| Q4 25 | 25.2% | 43.5% | ||
| Q3 25 | 30.6% | 35.5% | ||
| Q2 25 | 30.5% | 34.0% | ||
| Q1 25 | 30.4% | 37.5% | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | 31.4% | ||
| Q2 24 | 28.8% | 30.8% | ||
| Q1 24 | 29.3% | 36.8% |
净利率AMATGS
| Q4 25 | 27.9% | 34.3% | ||
| Q3 25 | 24.4% | 27.0% | ||
| Q2 25 | 30.1% | 25.5% | ||
| Q1 25 | 16.5% | 31.5% | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.2% | 23.5% | ||
| Q2 24 | 25.9% | 23.9% | ||
| Q1 24 | 30.1% | 29.1% |
每股收益（稀释后）AMATGS
| Q4 25 | $2.36 | $14.04 | ||
| Q3 25 | $2.22 | $12.25 | ||
| Q2 25 | $2.63 | $10.91 | ||
| Q1 25 | $1.45 | $14.12 | ||
| Q4 24 | $2.09 | — | ||
| Q3 24 | $2.05 | $8.40 | ||
| Q2 24 | $2.06 | $8.62 | ||
| Q1 24 | $2.41 | $11.58 |
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 | $164.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $20.4B | $125.0B |
| 总资产 | $36.3B | $1809.3B |
| 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AMATGS
| Q4 25 | $8.6B | $164.3B | ||
| Q3 25 | $7.0B | $169.6B | ||
| Q2 25 | $6.7B | $153.0B | ||
| Q1 25 | $8.2B | $167.4B | ||
| Q4 24 | $9.5B | — | ||
| Q3 24 | $9.1B | $154.7B | ||
| Q2 24 | $7.6B | $206.3B | ||
| Q1 24 | $7.5B | $209.4B |
股东权益AMATGS
| Q4 25 | $20.4B | $125.0B | ||
| Q3 25 | $19.5B | $124.4B | ||
| Q2 25 | $19.0B | $124.1B | ||
| Q1 25 | $18.6B | $124.3B | ||
| Q4 24 | $19.0B | — | ||
| Q3 24 | $18.8B | $121.2B | ||
| Q2 24 | $18.2B | $119.5B | ||
| Q1 24 | $17.4B | $118.5B |
总资产AMATGS
| Q4 25 | $36.3B | $1809.3B | ||
| Q3 25 | $34.2B | $1808.0B | ||
| Q2 25 | $33.6B | $1785.0B | ||
| Q1 25 | $33.3B | $1766.2B | ||
| Q4 24 | $34.4B | — | ||
| Q3 24 | $33.6B | $1728.1B | ||
| Q2 24 | $31.9B | $1653.3B | ||
| Q1 24 | $31.5B | $1698.4B |
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 | $-16.3B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $-16.8B |
| 自由现金流率自由现金流/营收 | 30.0% | -124.9% |
| 资本支出强度资本支出/营收 | 11.5% | 3.9% |
| 现金转化率经营现金流/净利润 | 1.49× | -3.53× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $-47.2B |
8季度趋势，按日历期对齐
经营现金流AMATGS
| Q4 25 | $2.8B | $-16.3B | ||
| Q3 25 | $2.6B | $2.7B | ||
| Q2 25 | $1.6B | $5.7B | ||
| Q1 25 | $925.0M | $-37.2B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $2.3B | $-28.0B |
自由现金流AMATGS
| Q4 25 | $2.0B | $-16.8B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $1.1B | $5.2B | ||
| Q1 25 | $544.0M | $-37.7B | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $2.1B | $-28.5B |
自由现金流率AMATGS
| Q4 25 | 30.0% | -124.9% | ||
| Q3 25 | 28.1% | 14.0% | ||
| Q2 25 | 14.9% | 35.6% | ||
| Q1 25 | 7.6% | -250.5% | ||
| Q4 24 | 30.8% | — | ||
| Q3 24 | 30.8% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 31.3% | -200.8% |
资本支出强度AMATGS
| Q4 25 | 11.5% | 3.9% | ||
| Q3 25 | 8.0% | 3.7% | ||
| Q2 25 | 7.2% | 3.3% | ||
| Q1 25 | 5.3% | 3.3% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 3.4% | 3.5% |
现金转化率AMATGS
| Q4 25 | 1.49× | -3.53× | ||
| Q3 25 | 1.48× | 0.65× | ||
| Q2 25 | 0.74× | 1.52× | ||
| Q1 25 | 0.78× | -7.86× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 0.81× | — | ||
| Q1 24 | 1.15× | -6.79× |
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% |
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
