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应用材料（AMAT）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是应用材料的1.3倍（$8.8B vs $6.8B），万事达卡净利率更高（46.1% vs 27.9%，领先18.2%），万事达卡同比增速更快（17.6% vs -3.5%），万事达卡自由现金流更多（$4.9B vs $2.0B），过去两年万事达卡的营收复合增速更高（17.8% 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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
AMAT vs MA — 直观对比
营收规模更大
MA
是对方的1.3倍
$6.8B
营收增速更快
MA
高出21.1%
-3.5%
净利率更高
MA
高出18.2%
27.9%
自由现金流更多
MA
多$2.8B
$2.0B
两年增速更快
MA
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $8.8B |
| 净利润 | $1.9B | $4.1B |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | 55.8% |
| 净利率 | 27.9% | 46.1% |
| 营收同比 | -3.5% | 17.6% |
| 净利润同比 | 9.6% | 21.5% |
| 每股收益（稀释后） | $2.36 | $4.52 |
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AMATMA
| Q4 25 | $6.8B | $8.8B | ||
| Q3 25 | $7.3B | $8.6B | ||
| Q2 25 | $7.1B | $8.1B | ||
| Q1 25 | $7.2B | $7.3B | ||
| Q4 24 | $7.0B | $7.5B | ||
| Q3 24 | $6.8B | $7.4B | ||
| Q2 24 | $6.6B | $7.0B | ||
| Q1 24 | $6.7B | $6.3B |
净利润AMATMA
| Q4 25 | $1.9B | $4.1B | ||
| Q3 25 | $1.8B | $3.9B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $1.2B | $3.3B | ||
| Q4 24 | $1.7B | $3.3B | ||
| Q3 24 | $1.7B | $3.3B | ||
| Q2 24 | $1.7B | $3.3B | ||
| Q1 24 | $2.0B | $3.0B |
毛利率AMATMA
| 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AMATMA
| Q4 25 | 25.2% | 55.8% | ||
| Q3 25 | 30.6% | 58.8% | ||
| Q2 25 | 30.5% | 58.7% | ||
| Q1 25 | 30.4% | 57.2% | ||
| Q4 24 | 29.0% | 52.6% | ||
| Q3 24 | 28.7% | 54.3% | ||
| Q2 24 | 28.8% | 58.0% | ||
| Q1 24 | 29.3% | 56.8% |
净利率AMATMA
| Q4 25 | 27.9% | 46.1% | ||
| Q3 25 | 24.4% | 45.7% | ||
| Q2 25 | 30.1% | 45.5% | ||
| Q1 25 | 16.5% | 45.2% | ||
| Q4 24 | 24.6% | 44.6% | ||
| Q3 24 | 25.2% | 44.3% | ||
| Q2 24 | 25.9% | 46.8% | ||
| Q1 24 | 30.1% | 47.4% |
每股收益（稀释后）AMATMA
| Q4 25 | $2.36 | $4.52 | ||
| Q3 25 | $2.22 | $4.34 | ||
| Q2 25 | $2.63 | $4.07 | ||
| Q1 25 | $1.45 | $3.59 | ||
| Q4 24 | $2.09 | $3.64 | ||
| Q3 24 | $2.05 | $3.53 | ||
| Q2 24 | $2.06 | $3.50 | ||
| Q1 24 | $2.41 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $20.4B | $7.7B |
| 总资产 | $36.3B | $54.2B |
| 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AMATMA
| Q4 25 | $8.6B | $10.6B | ||
| Q3 25 | $7.0B | $10.3B | ||
| Q2 25 | $6.7B | $9.0B | ||
| Q1 25 | $8.2B | $7.6B | ||
| Q4 24 | $9.5B | $8.4B | ||
| Q3 24 | $9.1B | $11.1B | ||
| Q2 24 | $7.6B | $7.0B | ||
| Q1 24 | $7.5B | $7.3B |
股东权益AMATMA
| Q4 25 | $20.4B | $7.7B | ||
| Q3 25 | $19.5B | $7.9B | ||
| Q2 25 | $19.0B | $7.9B | ||
| Q1 25 | $18.6B | $6.7B | ||
| Q4 24 | $19.0B | $6.5B | ||
| Q3 24 | $18.8B | $7.4B | ||
| Q2 24 | $18.2B | $7.4B | ||
| Q1 24 | $17.4B | $7.2B |
总资产AMATMA
| Q4 25 | $36.3B | $54.2B | ||
| Q3 25 | $34.2B | $53.3B | ||
| Q2 25 | $33.6B | $51.4B | ||
| Q1 25 | $33.3B | $48.5B | ||
| Q4 24 | $34.4B | $48.1B | ||
| Q3 24 | $33.6B | $47.2B | ||
| Q2 24 | $31.9B | $42.3B | ||
| Q1 24 | $31.5B | $42.6B |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $4.9B |
| 自由现金流率自由现金流/营收 | 30.0% | 55.5% |
| 资本支出强度资本支出/营收 | 11.5% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.49× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $17.2B |
8季度趋势，按日历期对齐
经营现金流AMATMA
| Q4 25 | $2.8B | $5.0B | ||
| Q3 25 | $2.6B | $5.7B | ||
| Q2 25 | $1.6B | $4.6B | ||
| Q1 25 | $925.0M | $2.4B | ||
| Q4 24 | $2.6B | $4.8B | ||
| Q3 24 | $2.4B | $5.1B | ||
| Q2 24 | $1.4B | $3.1B | ||
| Q1 24 | $2.3B | $1.7B |
自由现金流AMATMA
| Q4 25 | $2.0B | $4.9B | ||
| Q3 25 | $2.0B | $5.5B | ||
| Q2 25 | $1.1B | $4.6B | ||
| Q1 25 | $544.0M | $2.2B | ||
| Q4 24 | $2.2B | $4.7B | ||
| Q3 24 | $2.1B | $5.0B | ||
| Q2 24 | $1.1B | $3.0B | ||
| Q1 24 | $2.1B | $1.5B |
自由现金流率AMATMA
| Q4 25 | 30.0% | 55.5% | ||
| Q3 25 | 28.1% | 63.8% | ||
| Q2 25 | 14.9% | 56.1% | ||
| Q1 25 | 7.6% | 30.6% | ||
| Q4 24 | 30.8% | 63.3% | ||
| Q3 24 | 30.8% | 68.2% | ||
| Q2 24 | 17.1% | 43.4% | ||
| Q1 24 | 31.3% | 23.9% |
资本支出强度AMATMA
| Q4 25 | 11.5% | 1.3% | ||
| Q3 25 | 8.0% | 2.1% | ||
| Q2 25 | 7.2% | 0.5% | ||
| Q1 25 | 5.3% | 2.2% | ||
| Q4 24 | 5.8% | 1.3% | ||
| Q3 24 | 4.4% | 1.5% | ||
| Q2 24 | 3.9% | 1.7% | ||
| Q1 24 | 3.4% | 2.5% |
现金转化率AMATMA
| Q4 25 | 1.49× | 1.23× | ||
| Q3 25 | 1.48× | 1.44× | ||
| Q2 25 | 0.74× | 1.24× | ||
| Q1 25 | 0.78× | 0.73× | ||
| Q4 24 | 1.49× | 1.45× | ||
| Q3 24 | 1.40× | 1.57× | ||
| Q2 24 | 0.81× | 0.96× | ||
| Q1 24 | 1.15× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
