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应用材料（AMAT）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是应用材料的1.6倍（$10.6B vs $6.8B），高通净利率更高（69.5% vs 27.9%，领先41.6%），高通同比增速更快（-3.5% vs -3.5%），过去两年高通的营收复合增速更高（6.2% 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
AMAT vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.6倍
$6.8B
营收增速更快
QCOM
高出0.0%
-3.5%
净利率更高
QCOM
高出41.6%
27.9%
两年增速更快
QCOM
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $10.6B |
| 净利润 | $1.9B | $7.4B |
| 毛利率 | 48.0% | 53.8% |
| 营业利润率 | 25.2% | 21.8% |
| 净利率 | 27.9% | 69.5% |
| 营收同比 | -3.5% | -3.5% |
| 净利润同比 | 9.6% | — |
| 每股收益（稀释后） | $2.36 | $6.88 |
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AMATQCOM
| Q1 26 | — | $10.6B | ||
| Q4 25 | $6.8B | $12.3B | ||
| Q3 25 | $7.3B | $11.3B | ||
| Q2 25 | $7.1B | $10.4B | ||
| Q1 25 | $7.2B | $11.0B | ||
| Q4 24 | $7.0B | $11.7B | ||
| Q3 24 | $6.8B | $10.2B | ||
| Q2 24 | $6.6B | $9.4B |
净利润AMATQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $1.9B | $3.0B | ||
| Q3 25 | $1.8B | $-3.1B | ||
| Q2 25 | $2.1B | $2.7B | ||
| Q1 25 | $1.2B | $2.8B | ||
| Q4 24 | $1.7B | $3.2B | ||
| Q3 24 | $1.7B | $2.9B | ||
| Q2 24 | $1.7B | $2.1B |
毛利率AMATQCOM
| Q1 26 | — | 53.8% | ||
| Q4 25 | 48.0% | 54.6% | ||
| Q3 25 | 48.8% | 55.3% | ||
| Q2 25 | 49.1% | 55.6% | ||
| Q1 25 | 48.8% | 55.0% | ||
| Q4 24 | 47.3% | 55.8% | ||
| Q3 24 | 47.3% | 56.4% | ||
| Q2 24 | 47.4% | 55.6% |
营业利润率AMATQCOM
| Q1 26 | — | 21.8% | ||
| Q4 25 | 25.2% | 27.5% | ||
| Q3 25 | 30.6% | 25.9% | ||
| Q2 25 | 30.5% | 26.6% | ||
| Q1 25 | 30.4% | 28.4% | ||
| Q4 24 | 29.0% | 30.5% | ||
| Q3 24 | 28.7% | 25.2% | ||
| Q2 24 | 28.8% | 23.6% |
净利率AMATQCOM
| Q1 26 | — | 69.5% | ||
| Q4 25 | 27.9% | 24.5% | ||
| Q3 25 | 24.4% | -27.7% | ||
| Q2 25 | 30.1% | 25.7% | ||
| Q1 25 | 16.5% | 25.6% | ||
| Q4 24 | 24.6% | 27.3% | ||
| Q3 24 | 25.2% | 28.5% | ||
| Q2 24 | 25.9% | 22.7% |
每股收益（稀释后）AMATQCOM
| Q1 26 | — | $6.88 | ||
| Q4 25 | $2.36 | $2.78 | ||
| Q3 25 | $2.22 | $-2.77 | ||
| Q2 25 | $2.63 | $2.43 | ||
| Q1 25 | $1.45 | $2.52 | ||
| Q4 24 | $2.09 | $2.83 | ||
| Q3 24 | $2.05 | $2.57 | ||
| Q2 24 | $2.06 | $1.88 |
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 | $5.4B |
| 总债务越低越好 | — | $15.3B |
| 股东权益账面价值 | $20.4B | $27.3B |
| 总资产 | $36.3B | $57.1B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资AMATQCOM
| Q1 26 | — | $5.4B | ||
| Q4 25 | $8.6B | $11.8B | ||
| Q3 25 | $7.0B | $10.2B | ||
| Q2 25 | $6.7B | $10.0B | ||
| Q1 25 | $8.2B | $13.8B | ||
| Q4 24 | $9.5B | $14.3B | ||
| Q3 24 | $9.1B | $13.3B | ||
| Q2 24 | $7.6B | $13.0B |
总债务AMATQCOM
| Q1 26 | — | $15.3B | ||
| Q4 25 | — | $14.8B | ||
| Q3 25 | — | $14.8B | ||
| Q2 25 | — | $14.8B | ||
| Q1 25 | — | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.2B |
股东权益AMATQCOM
| Q1 26 | — | $27.3B | ||
| Q4 25 | $20.4B | $23.1B | ||
| Q3 25 | $19.5B | $21.2B | ||
| Q2 25 | $19.0B | $27.2B | ||
| Q1 25 | $18.6B | $27.7B | ||
| Q4 24 | $19.0B | $26.9B | ||
| Q3 24 | $18.8B | $26.3B | ||
| Q2 24 | $18.2B | $24.7B |
总资产AMATQCOM
| Q1 26 | — | $57.1B | ||
| Q4 25 | $36.3B | $53.0B | ||
| Q3 25 | $34.2B | $50.1B | ||
| Q2 25 | $33.6B | $54.9B | ||
| Q1 25 | $33.3B | $55.4B | ||
| Q4 24 | $34.4B | $55.6B | ||
| Q3 24 | $33.6B | $55.2B | ||
| Q2 24 | $31.9B | $52.7B |
负债/权益比AMATQCOM
| Q1 26 | — | 0.56× | ||
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× |
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 | $7.4B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | — |
| 自由现金流率自由现金流/营收 | 30.0% | — |
| 资本支出强度资本支出/营收 | 11.5% | 10.2% |
| 现金转化率经营现金流/净利润 | 1.49× | 1.01× |
| 过去12个月自由现金流最近4个季度 | $5.7B | — |
8季度趋势，按日历期对齐
经营现金流AMATQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $2.8B | $5.0B | ||
| Q3 25 | $2.6B | $4.0B | ||
| Q2 25 | $1.6B | $2.9B | ||
| Q1 25 | $925.0M | $2.6B | ||
| Q4 24 | $2.6B | $4.6B | ||
| Q3 24 | $2.4B | $2.6B | ||
| Q2 24 | $1.4B | $3.1B |
自由现金流AMATQCOM
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $4.4B | ||
| Q3 25 | $2.0B | $3.6B | ||
| Q2 25 | $1.1B | $2.6B | ||
| Q1 25 | $544.0M | $2.3B | ||
| Q4 24 | $2.2B | $4.3B | ||
| Q3 24 | $2.1B | $2.4B | ||
| Q2 24 | $1.1B | $2.7B |
自由现金流率AMATQCOM
| Q1 26 | — | — | ||
| Q4 25 | 30.0% | 36.0% | ||
| Q3 25 | 28.1% | 31.8% | ||
| Q2 25 | 14.9% | 24.9% | ||
| Q1 25 | 7.6% | 21.3% | ||
| Q4 24 | 30.8% | 36.9% | ||
| Q3 24 | 30.8% | 23.3% | ||
| Q2 24 | 17.1% | 28.4% |
资本支出强度AMATQCOM
| Q1 26 | — | 10.2% | ||
| Q4 25 | 11.5% | 4.5% | ||
| Q3 25 | 8.0% | 3.6% | ||
| Q2 25 | 7.2% | 2.8% | ||
| Q1 25 | 5.3% | 1.9% | ||
| Q4 24 | 5.8% | 2.4% | ||
| Q3 24 | 4.4% | 2.5% | ||
| Q2 24 | 3.9% | 4.1% |
现金转化率AMATQCOM
| Q1 26 | — | 1.01× | ||
| Q4 25 | 1.49× | 1.65× | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 0.74× | 1.08× | ||
| Q1 25 | 0.78× | 0.91× | ||
| Q4 24 | 1.49× | 1.44× | ||
| Q3 24 | 1.40× | 0.91× | ||
| Q2 24 | 0.81× | 1.43× |
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% |
QCOM
| Equipment and services | $9.1B | 85% |
| Licensing | $1.5B | 15% |
