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应用材料（AMAT）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是应用材料的1.0倍（$7.0B vs $6.8B），麦当劳净利率更高（30.9% vs 27.9%，领先3.0%），麦当劳同比增速更快（9.7% vs -3.5%），应用材料自由现金流更多（$2.0B vs $1.6B），过去两年麦当劳的营收复合增速更高（6.6% 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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
AMAT vs MCD — 直观对比
营收规模更大
MCD
是对方的1.0倍
$6.8B
营收增速更快
MCD
高出13.2%
-3.5%
净利率更高
MCD
高出3.0%
27.9%
自由现金流更多
AMAT
多$405.0M
$1.6B
两年增速更快
MCD
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $7.0B |
| 净利润 | $1.9B | $2.2B |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | 45.0% |
| 净利率 | 27.9% | 30.9% |
| 营收同比 | -3.5% | 9.7% |
| 净利润同比 | 9.6% | 7.3% |
| 每股收益（稀释后） | $2.36 | $3.03 |
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AMATMCD
| Q4 25 | $6.8B | $7.0B | ||
| Q3 25 | $7.3B | $7.1B | ||
| Q2 25 | $7.1B | $6.8B | ||
| Q1 25 | $7.2B | $6.0B | ||
| Q4 24 | $7.0B | $6.4B | ||
| Q3 24 | $6.8B | $6.9B | ||
| Q2 24 | $6.6B | $6.5B | ||
| Q1 24 | $6.7B | $6.2B |
净利润AMATMCD
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $2.1B | $2.3B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $1.7B | $2.3B | ||
| Q2 24 | $1.7B | $2.0B | ||
| Q1 24 | $2.0B | $1.9B |
毛利率AMATMCD
| Q4 25 | 48.0% | — | ||
| Q3 25 | 48.8% | 90.6% | ||
| Q2 25 | 49.1% | 90.4% | ||
| Q1 25 | 48.8% | 89.6% | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | 47.3% | 90.6% | ||
| Q2 24 | 47.4% | 90.3% | ||
| Q1 24 | 47.8% | 89.8% |
营业利润率AMATMCD
| Q4 25 | 25.2% | 45.0% | ||
| Q3 25 | 30.6% | 47.4% | ||
| Q2 25 | 30.5% | 47.2% | ||
| Q1 25 | 30.4% | 44.5% | ||
| Q4 24 | 29.0% | 44.9% | ||
| Q3 24 | 28.7% | 46.4% | ||
| Q2 24 | 28.8% | 45.0% | ||
| Q1 24 | 29.3% | 44.4% |
净利率AMATMCD
| Q4 25 | 27.9% | 30.9% | ||
| Q3 25 | 24.4% | 32.2% | ||
| Q2 25 | 30.1% | 32.9% | ||
| Q1 25 | 16.5% | 31.4% | ||
| Q4 24 | 24.6% | 31.6% | ||
| Q3 24 | 25.2% | 32.8% | ||
| Q2 24 | 25.9% | 31.2% | ||
| Q1 24 | 30.1% | 31.3% |
每股收益（稀释后）AMATMCD
| Q4 25 | $2.36 | $3.03 | ||
| Q3 25 | $2.22 | $3.18 | ||
| Q2 25 | $2.63 | $3.14 | ||
| Q1 25 | $1.45 | $2.60 | ||
| Q4 24 | $2.09 | $2.80 | ||
| Q3 24 | $2.05 | $3.13 | ||
| Q2 24 | $2.06 | $2.80 | ||
| Q1 24 | $2.41 | $2.66 |
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 | $774.0M |
| 总债务越低越好 | — | $40.0B |
| 股东权益账面价值 | $20.4B | $-1.8B |
| 总资产 | $36.3B | $59.5B |
| 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AMATMCD
| Q4 25 | $8.6B | $774.0M | ||
| Q3 25 | $7.0B | $2.4B | ||
| Q2 25 | $6.7B | $1.9B | ||
| Q1 25 | $8.2B | $1.2B | ||
| Q4 24 | $9.5B | $1.1B | ||
| Q3 24 | $9.1B | $1.2B | ||
| Q2 24 | $7.6B | $792.0M | ||
| Q1 24 | $7.5B | $838.0M |
总债务AMATMCD
| Q4 25 | — | $40.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $38.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AMATMCD
| Q4 25 | $20.4B | $-1.8B | ||
| Q3 25 | $19.5B | $-2.2B | ||
| Q2 25 | $19.0B | $-2.8B | ||
| Q1 25 | $18.6B | $-3.5B | ||
| Q4 24 | $19.0B | $-3.8B | ||
| Q3 24 | $18.8B | $-5.2B | ||
| Q2 24 | $18.2B | $-4.8B | ||
| Q1 24 | $17.4B | $-4.8B |
总资产AMATMCD
| Q4 25 | $36.3B | $59.5B | ||
| Q3 25 | $34.2B | $60.6B | ||
| Q2 25 | $33.6B | $59.6B | ||
| Q1 25 | $33.3B | $56.3B | ||
| Q4 24 | $34.4B | $55.2B | ||
| Q3 24 | $33.6B | $56.2B | ||
| Q2 24 | $31.9B | $53.8B | ||
| Q1 24 | $31.5B | $53.5B |
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 | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $1.6B |
| 自由现金流率自由现金流/营收 | 30.0% | 23.4% |
| 资本支出强度资本支出/营收 | 11.5% | 15.1% |
| 现金转化率经营现金流/净利润 | 1.49× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $7.2B |
8季度趋势，按日历期对齐
经营现金流AMATMCD
| Q4 25 | $2.8B | $2.7B | ||
| Q3 25 | $2.6B | $3.4B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $925.0M | $2.4B | ||
| Q4 24 | $2.6B | $2.6B | ||
| Q3 24 | $2.4B | $2.7B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $2.3B | $2.4B |
自由现金流AMATMCD
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $544.0M | $1.9B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $2.1B | $1.9B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $2.1B | $1.8B |
自由现金流率AMATMCD
| Q4 25 | 30.0% | 23.4% | ||
| Q3 25 | 28.1% | 34.1% | ||
| Q2 25 | 14.9% | 18.3% | ||
| Q1 25 | 7.6% | 31.5% | ||
| Q4 24 | 30.8% | 28.6% | ||
| Q3 24 | 30.8% | 28.3% | ||
| Q2 24 | 17.1% | 16.3% | ||
| Q1 24 | 31.3% | 29.9% |
资本支出强度AMATMCD
| Q4 25 | 11.5% | 15.1% | ||
| Q3 25 | 8.0% | 14.3% | ||
| Q2 25 | 7.2% | 10.9% | ||
| Q1 25 | 5.3% | 9.3% | ||
| Q4 24 | 5.8% | 12.6% | ||
| Q3 24 | 4.4% | 11.6% | ||
| Q2 24 | 3.9% | 9.7% | ||
| Q1 24 | 3.4% | 8.9% |
现金转化率AMATMCD
| Q4 25 | 1.49× | 1.25× | ||
| Q3 25 | 1.48× | 1.50× | ||
| Q2 25 | 0.74× | 0.89× | ||
| Q1 25 | 0.78× | 1.30× | ||
| Q4 24 | 1.49× | 1.30× | ||
| Q3 24 | 1.40× | 1.21× | ||
| Q2 24 | 0.81× | 0.84× | ||
| Q1 24 | 1.15× | 1.24× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
