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应用材料（AMAT）与KLA Corporation（KLAC）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KLA Corporation的2.1倍（$6.8B vs $3.3B），KLA Corporation净利率更高（34.7% vs 27.9%，领先6.9%），KLA Corporation同比增速更快（7.2% vs -3.5%），应用材料自由现金流更多（$2.0B vs $1.3B），过去两年KLA Corporation的营收复合增速更高（18.2% 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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
AMAT vs KLAC — 直观对比
营收规模更大
AMAT
是对方的2.1倍
$3.3B
营收增速更快
KLAC
高出10.6%
-3.5%
净利率更高
KLAC
高出6.9%
27.9%
自由现金流更多
AMAT
多$781.0M
$1.3B
两年增速更快
KLAC
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $3.3B |
| 净利润 | $1.9B | $1.1B |
| 毛利率 | 48.0% | 61.4% |
| 营业利润率 | 25.2% | — |
| 净利率 | 27.9% | 34.7% |
| 营收同比 | -3.5% | 7.2% |
| 净利润同比 | 9.6% | 39.0% |
| 每股收益（稀释后） | $2.36 | $8.68 |
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AMATKLAC
| Q4 25 | $6.8B | $3.3B | ||
| Q3 25 | $7.3B | $3.2B | ||
| Q2 25 | $7.1B | $3.2B | ||
| Q1 25 | $7.2B | $3.1B | ||
| Q4 24 | $7.0B | $3.1B | ||
| Q3 24 | $6.8B | $2.8B | ||
| Q2 24 | $6.6B | $2.6B | ||
| Q1 24 | $6.7B | $2.4B |
净利润AMATKLAC
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.7B | $824.5M | ||
| Q3 24 | $1.7B | $945.9M | ||
| Q2 24 | $1.7B | $836.4M | ||
| Q1 24 | $2.0B | $601.5M |
毛利率AMATKLAC
| Q4 25 | 48.0% | 61.4% | ||
| Q3 25 | 48.8% | 61.3% | ||
| Q2 25 | 49.1% | 62.0% | ||
| Q1 25 | 48.8% | 61.6% | ||
| Q4 24 | 47.3% | 60.3% | ||
| Q3 24 | 47.3% | 59.6% | ||
| Q2 24 | 47.4% | 60.7% | ||
| Q1 24 | 47.8% | 57.9% |
营业利润率AMATKLAC
| Q4 25 | 25.2% | — | ||
| Q3 25 | 30.6% | — | ||
| Q2 25 | 30.5% | 41.9% | ||
| Q1 25 | 30.4% | 41.3% | ||
| Q4 24 | 29.0% | 31.6% | ||
| Q3 24 | 28.7% | 38.0% | ||
| Q2 24 | 28.8% | 36.8% | ||
| Q1 24 | 29.3% | 29.7% |
净利率AMATKLAC
| Q4 25 | 27.9% | 34.7% | ||
| Q3 25 | 24.4% | 34.9% | ||
| Q2 25 | 30.1% | 37.9% | ||
| Q1 25 | 16.5% | 35.5% | ||
| Q4 24 | 24.6% | 26.8% | ||
| Q3 24 | 25.2% | 33.3% | ||
| Q2 24 | 25.9% | 32.6% | ||
| Q1 24 | 30.1% | 25.5% |
每股收益（稀释后）AMATKLAC
| Q4 25 | $2.36 | $8.68 | ||
| Q3 25 | $2.22 | $8.47 | ||
| Q2 25 | $2.63 | $9.04 | ||
| Q1 25 | $1.45 | $8.16 | ||
| Q4 24 | $2.09 | $6.16 | ||
| Q3 24 | $2.05 | $7.01 | ||
| Q2 24 | $2.06 | $6.16 | ||
| Q1 24 | $2.41 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | — | $5.9B |
| 股东权益账面价值 | $20.4B | $5.5B |
| 总资产 | $36.3B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资AMATKLAC
| Q4 25 | $8.6B | $2.5B | ||
| Q3 25 | $7.0B | $1.9B | ||
| Q2 25 | $6.7B | $2.1B | ||
| Q1 25 | $8.2B | $1.9B | ||
| Q4 24 | $9.5B | $1.8B | ||
| Q3 24 | $9.1B | $2.0B | ||
| Q2 24 | $7.6B | $2.0B | ||
| Q1 24 | $7.5B | $1.8B |
总债务AMATKLAC
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.9B | ||
| Q1 24 | — | $5.9B |
股东权益AMATKLAC
| Q4 25 | $20.4B | $5.5B | ||
| Q3 25 | $19.5B | $5.0B | ||
| Q2 25 | $19.0B | $4.7B | ||
| Q1 25 | $18.6B | $4.0B | ||
| Q4 24 | $19.0B | $3.6B | ||
| Q3 24 | $18.8B | $3.6B | ||
| Q2 24 | $18.2B | $3.4B | ||
| Q1 24 | $17.4B | $3.1B |
总资产AMATKLAC
| Q4 25 | $36.3B | $16.7B | ||
| Q3 25 | $34.2B | $16.3B | ||
| Q2 25 | $33.6B | $16.1B | ||
| Q1 25 | $33.3B | $15.2B | ||
| Q4 24 | $34.4B | $15.0B | ||
| Q3 24 | $33.6B | $15.7B | ||
| Q2 24 | $31.9B | $15.4B | ||
| Q1 24 | $31.5B | $15.0B |
负债/权益比AMATKLAC
| Q4 25 | — | 1.08× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.47× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $1.3B |
| 自由现金流率自由现金流/营收 | 30.0% | 38.3% |
| 资本支出强度资本支出/营收 | 11.5% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.49× | 1.19× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $4.4B |
8季度趋势，按日历期对齐
经营现金流AMATKLAC
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $2.6B | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $925.0M | $1.1B | ||
| Q4 24 | $2.6B | $849.5M | ||
| Q3 24 | $2.4B | $995.2M | ||
| Q2 24 | $1.4B | $892.6M | ||
| Q1 24 | $2.3B | $910.0M |
自由现金流AMATKLAC
| Q4 25 | $2.0B | $1.3B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $544.0M | $990.0M | ||
| Q4 24 | $2.2B | $757.2M | ||
| Q3 24 | $2.1B | $934.8M | ||
| Q2 24 | $1.1B | $831.9M | ||
| Q1 24 | $2.1B | $838.2M |
自由现金流率AMATKLAC
| Q4 25 | 30.0% | 38.3% | ||
| Q3 25 | 28.1% | 33.2% | ||
| Q2 25 | 14.9% | 33.5% | ||
| Q1 25 | 7.6% | 32.3% | ||
| Q4 24 | 30.8% | 24.6% | ||
| Q3 24 | 30.8% | 32.9% | ||
| Q2 24 | 17.1% | 32.4% | ||
| Q1 24 | 31.3% | 35.5% |
资本支出强度AMATKLAC
| Q4 25 | 11.5% | 3.2% | ||
| Q3 25 | 8.0% | 3.0% | ||
| Q2 25 | 7.2% | 3.2% | ||
| Q1 25 | 5.3% | 2.7% | ||
| Q4 24 | 5.8% | 3.0% | ||
| Q3 24 | 4.4% | 2.1% | ||
| Q2 24 | 3.9% | 2.4% | ||
| Q1 24 | 3.4% | 3.0% |
现金转化率AMATKLAC
| Q4 25 | 1.49× | 1.19× | ||
| Q3 25 | 1.48× | 1.04× | ||
| Q2 25 | 0.74× | 0.97× | ||
| Q1 25 | 0.78× | 0.99× | ||
| Q4 24 | 1.49× | 1.03× | ||
| Q3 24 | 1.40× | 1.05× | ||
| Q2 24 | 0.81× | 1.07× | ||
| Q1 24 | 1.15× | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
