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应用材料（AMAT）与蔚来（NIO）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蔚来的1.7倍（$7.9B vs $4.7B），应用材料净利率更高（35.5% vs 0.8%，领先34.7%）
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。
蔚来是中国本土新能源汽车制造商，总部位于上海，2014年成立，2016年正式启用现有品牌名称。公司专注于智能电动汽车的研发、设计与销售，产品覆盖轿车、SUV等多个品类，近年已将业务拓展至智能手机研发领域。
AMAT vs NIO — 直观对比
营收规模更大
AMAT
是对方的1.7倍
$4.7B
净利率更高
AMAT
高出34.7%
0.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.9B | $4.7B |
| 净利润 | $2.8B | $38.7M |
| 毛利率 | 49.9% | 17.5% |
| 营业利润率 | 26.4% | 1.5% |
| 净利率 | 35.5% | 0.8% |
| 营收同比 | 11.0% | — |
| 净利润同比 | 31.0% | — |
| 每股收益（稀释后） | $3.51 | $0.05 |
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AMATNIO
| Q2 26 | $7.9B | — | ||
| Q1 26 | $7.0B | $4.7B | ||
| Q4 25 | $6.8B | — | ||
| Q3 25 | $7.3B | $3.0B | ||
| Q2 25 | $7.1B | $2.6B | ||
| Q1 25 | $7.2B | $2.7B | ||
| Q4 24 | $7.0B | — | ||
| Q3 24 | $6.8B | — |
净利润AMATNIO
| Q2 26 | $2.8B | — | ||
| Q1 26 | $2.0B | $38.7M | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $-505.2M | ||
| Q2 25 | $2.1B | $-709.5M | ||
| Q1 25 | $1.2B | $-984.2M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — |
毛利率AMATNIO
| Q2 26 | 49.9% | — | ||
| Q1 26 | 49.0% | 17.5% | ||
| Q4 25 | 48.0% | — | ||
| Q3 25 | 48.8% | 13.9% | ||
| Q2 25 | 49.1% | 10.0% | ||
| Q1 25 | 48.8% | 11.7% | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | 47.3% | — |
营业利润率AMATNIO
| Q2 26 | 26.4% | — | ||
| Q1 26 | 20.4% | 1.5% | ||
| Q4 25 | 25.2% | — | ||
| Q3 25 | 30.6% | -16.2% | ||
| Q2 25 | 30.5% | -25.8% | ||
| Q1 25 | 30.4% | -30.6% | ||
| Q4 24 | 29.0% | — | ||
| Q3 24 | 28.7% | — |
净利率AMATNIO
| Q2 26 | 35.5% | — | ||
| Q1 26 | 28.9% | 0.8% | ||
| Q4 25 | 27.9% | — | ||
| Q3 25 | 24.4% | -16.8% | ||
| Q2 25 | 30.1% | -27.0% | ||
| Q1 25 | 16.5% | -36.2% | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.2% | — |
每股收益（稀释后）AMATNIO
| Q2 26 | $3.51 | — | ||
| Q1 26 | $2.54 | $0.05 | ||
| Q4 25 | $2.36 | — | ||
| Q3 25 | $2.22 | $-1.51 | ||
| Q2 25 | $2.63 | $-2.31 | ||
| Q1 25 | $1.45 | $-3.47 | ||
| Q4 24 | $2.09 | — | ||
| Q3 24 | $2.05 | — |
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 | $8.2B | $4.4B |
| 总债务越低越好 | $6.5B | — |
| 股东权益账面价值 | $23.9B | $594.8M |
| 总资产 | $40.3B | $17.8B |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资AMATNIO
| Q2 26 | $8.2B | — | ||
| Q1 26 | $8.5B | $4.4B | ||
| Q4 25 | $8.6B | — | ||
| Q3 25 | $7.0B | — | ||
| Q2 25 | $6.7B | $2.5B | ||
| Q1 25 | $8.2B | $4.6B | ||
| Q4 24 | $9.5B | — | ||
| Q3 24 | $9.1B | — |
总债务AMATNIO
| Q2 26 | $6.5B | — | ||
| Q1 26 | $6.6B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
股东权益AMATNIO
| Q2 26 | $23.9B | — | ||
| Q1 26 | $21.7B | $594.8M | ||
| Q4 25 | $20.4B | — | ||
| Q3 25 | $19.5B | — | ||
| Q2 25 | $19.0B | $-168.3M | ||
| Q1 25 | $18.6B | $817.5M | ||
| Q4 24 | $19.0B | — | ||
| Q3 24 | $18.8B | — |
总资产AMATNIO
| Q2 26 | $40.3B | — | ||
| Q1 26 | $37.6B | $17.8B | ||
| Q4 25 | $36.3B | — | ||
| Q3 25 | $34.2B | — | ||
| Q2 25 | $33.6B | $14.0B | ||
| Q1 25 | $33.3B | $14.7B | ||
| Q4 24 | $34.4B | — | ||
| Q3 24 | $33.6B | — |
负债/权益比AMATNIO
| Q2 26 | 0.27× | — | ||
| Q1 26 | 0.30× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
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 | — | $427.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-439.4M |
| 自由现金流率自由现金流/营收 | — | -9.3% |
| 资本支出强度资本支出/营收 | 8.0% | 18.4% |
| 现金转化率经营现金流/净利润 | — | 11.07× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AMATNIO
| Q2 26 | — | — | ||
| Q1 26 | — | $427.9M | ||
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $925.0M | $-1.1B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.4B | — |
自由现金流AMATNIO
| Q2 26 | — | — | ||
| Q1 26 | — | $-439.4M | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $544.0M | $-2.3B | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.1B | — |
自由现金流率AMATNIO
| Q2 26 | — | — | ||
| Q1 26 | — | -9.3% | ||
| Q4 25 | 30.0% | — | ||
| Q3 25 | 28.1% | — | ||
| Q2 25 | 14.9% | — | ||
| Q1 25 | 7.6% | -85.6% | ||
| Q4 24 | 30.8% | — | ||
| Q3 24 | 30.8% | — |
资本支出强度AMATNIO
| Q2 26 | 8.0% | — | ||
| Q1 26 | 9.2% | 18.4% | ||
| Q4 25 | 11.5% | — | ||
| Q3 25 | 8.0% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 5.3% | 46.1% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 4.4% | — |
现金转化率AMATNIO
| Q2 26 | — | — | ||
| Q1 26 | — | 11.07× | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 0.74× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.40× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
