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应用材料（AMAT）与国际纸业（IP）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国际纸业的1.1倍（$6.8B vs $6.0B），应用材料净利率更高（27.9% vs 1.0%，领先26.9%），国际纸业同比增速更快（-0.6% vs -3.5%），应用材料自由现金流更多（$2.0B vs $94.0M），过去两年国际纸业的营收复合增速更高（12.3% 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。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
AMAT vs IP — 直观对比
营收规模更大
AMAT
是对方的1.1倍
$6.0B
营收增速更快
IP
高出2.9%
-3.5%
净利率更高
AMAT
高出26.9%
1.0%
自由现金流更多
AMAT
多$1.9B
$94.0M
两年增速更快
IP
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $6.0B |
| 净利润 | $1.9B | $60.0M |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | — |
| 净利率 | 27.9% | 1.0% |
| 营收同比 | -3.5% | -0.6% |
| 净利润同比 | 9.6% | 157.1% |
| 每股收益（稀释后） | $2.36 | $0.14 |
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AMATIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $6.8B | $4.7B | ||
| Q3 25 | $7.3B | $6.2B | ||
| Q2 25 | $7.1B | $6.8B | ||
| Q1 25 | $7.2B | $5.9B | ||
| Q4 24 | $7.0B | $4.6B | ||
| Q3 24 | $6.8B | $4.7B | ||
| Q2 24 | $6.6B | $4.7B |
净利润AMATIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $1.9B | $-2.4B | ||
| Q3 25 | $1.8B | $-1.1B | ||
| Q2 25 | $2.1B | $75.0M | ||
| Q1 25 | $1.2B | $-105.0M | ||
| Q4 24 | $1.7B | $-147.0M | ||
| Q3 24 | $1.7B | $150.0M | ||
| Q2 24 | $1.7B | $498.0M |
毛利率AMATIP
| Q1 26 | — | — | ||
| Q4 25 | 48.0% | 32.2% | ||
| Q3 25 | 48.8% | 31.1% | ||
| Q2 25 | 49.1% | 27.9% | ||
| Q1 25 | 48.8% | 27.8% | ||
| Q4 24 | 47.3% | 29.0% | ||
| Q3 24 | 47.3% | 28.7% | ||
| Q2 24 | 47.4% | 29.0% |
营业利润率AMATIP
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | -56.4% | ||
| Q3 25 | 30.6% | -10.8% | ||
| Q2 25 | 30.5% | 1.7% | ||
| Q1 25 | 30.4% | -2.3% | ||
| Q4 24 | 29.0% | -4.9% | ||
| Q3 24 | 28.7% | 5.1% | ||
| Q2 24 | 28.8% | 6.8% |
净利率AMATIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 27.9% | -50.3% | ||
| Q3 25 | 24.4% | -17.7% | ||
| Q2 25 | 30.1% | 1.1% | ||
| Q1 25 | 16.5% | -1.8% | ||
| Q4 24 | 24.6% | -3.2% | ||
| Q3 24 | 25.2% | 3.2% | ||
| Q2 24 | 25.9% | 10.5% |
每股收益（稀释后）AMATIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $2.36 | $-4.76 | ||
| Q3 25 | $2.22 | $-2.09 | ||
| Q2 25 | $2.63 | $0.14 | ||
| Q1 25 | $1.45 | $-0.24 | ||
| Q4 24 | $2.09 | $-0.42 | ||
| Q3 24 | $2.05 | $0.42 | ||
| Q2 24 | $2.06 | $1.41 |
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 | — | $8.2B |
| 股东权益账面价值 | $20.4B | $14.8B |
| 总资产 | $36.3B | $36.4B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资AMATIP
| Q1 26 | — | — | ||
| Q4 25 | $8.6B | $1.1B | ||
| Q3 25 | $7.0B | $995.0M | ||
| Q2 25 | $6.7B | $1.1B | ||
| Q1 25 | $8.2B | $1.2B | ||
| Q4 24 | $9.5B | $1.2B | ||
| Q3 24 | $9.1B | $1.2B | ||
| Q2 24 | $7.6B | $1.0B |
总债务AMATIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益AMATIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $20.4B | $14.8B | ||
| Q3 25 | $19.5B | $17.3B | ||
| Q2 25 | $19.0B | $18.6B | ||
| Q1 25 | $18.6B | $18.1B | ||
| Q4 24 | $19.0B | $8.2B | ||
| Q3 24 | $18.8B | $8.6B | ||
| Q2 24 | $18.2B | $8.6B |
总资产AMATIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $36.3B | $38.0B | ||
| Q3 25 | $34.2B | $40.6B | ||
| Q2 25 | $33.6B | $42.4B | ||
| Q1 25 | $33.3B | $41.2B | ||
| Q4 24 | $34.4B | $22.8B | ||
| Q3 24 | $33.6B | $23.2B | ||
| Q2 24 | $31.9B | $23.1B |
负债/权益比AMATIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.62× |
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 | $94.0M |
| 自由现金流率自由现金流/营收 | 30.0% | 1.6% |
| 资本支出强度资本支出/营收 | 11.5% | 8.7% |
| 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 | $553.0M |
8季度趋势，按日历期对齐
经营现金流AMATIP
| Q1 26 | — | — | ||
| Q4 25 | $2.8B | $905.0M | ||
| Q3 25 | $2.6B | $605.0M | ||
| Q2 25 | $1.6B | $476.0M | ||
| Q1 25 | $925.0M | $-288.0M | ||
| Q4 24 | $2.6B | $397.0M | ||
| Q3 24 | $2.4B | $521.0M | ||
| Q2 24 | $1.4B | $365.0M |
自由现金流AMATIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $2.0B | $255.0M | ||
| Q3 25 | $2.0B | $150.0M | ||
| Q2 25 | $1.1B | $54.0M | ||
| Q1 25 | $544.0M | $-618.0M | ||
| Q4 24 | $2.2B | $137.0M | ||
| Q3 24 | $2.1B | $309.0M | ||
| Q2 24 | $1.1B | $167.0M |
自由现金流率AMATIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 30.0% | 5.4% | ||
| Q3 25 | 28.1% | 2.4% | ||
| Q2 25 | 14.9% | 0.8% | ||
| Q1 25 | 7.6% | -10.5% | ||
| Q4 24 | 30.8% | 3.0% | ||
| Q3 24 | 30.8% | 6.6% | ||
| Q2 24 | 17.1% | 3.5% |
资本支出强度AMATIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 11.5% | 13.7% | ||
| Q3 25 | 8.0% | 7.3% | ||
| Q2 25 | 7.2% | 6.2% | ||
| Q1 25 | 5.3% | 5.6% | ||
| Q4 24 | 5.8% | 5.7% | ||
| Q3 24 | 4.4% | 4.5% | ||
| Q2 24 | 3.9% | 4.2% |
现金转化率AMATIP
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 0.74× | 6.35× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.40× | 3.47× | ||
| Q2 24 | 0.81× | 0.73× |
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% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
