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应用材料（AMAT）与标普全球（SPGI）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标普全球的1.6倍（$6.8B vs $4.2B），标普全球净利率更高（36.1% vs 27.9%，领先8.2%），标普全球同比增速更快（10.0% vs -3.5%），应用材料自由现金流更多（$2.0B vs $919.0M），过去两年标普全球的营收复合增速更高（8.4% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
AMAT vs SPGI — 直观对比
营收规模更大
AMAT
是对方的1.6倍
$4.2B
营收增速更快
SPGI
高出13.5%
-3.5%
净利率更高
SPGI
高出8.2%
27.9%
自由现金流更多
AMAT
多$1.1B
$919.0M
两年增速更快
SPGI
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $4.2B |
| 净利润 | $1.9B | $1.5B |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | 48.0% |
| 净利率 | 27.9% | 36.1% |
| 营收同比 | -3.5% | 10.0% |
| 净利润同比 | 9.6% | 28.0% |
| 每股收益（稀释后） | $2.36 | $4.69 |
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AMATSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $6.8B | $3.9B | ||
| Q3 25 | $7.3B | $3.9B | ||
| Q2 25 | $7.1B | $3.8B | ||
| Q1 25 | $7.2B | $3.8B | ||
| Q4 24 | $7.0B | $3.6B | ||
| Q3 24 | $6.8B | $3.6B | ||
| Q2 24 | $6.6B | $3.5B |
净利润AMATSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.9B | $1.1B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.7B | $879.0M | ||
| Q3 24 | $1.7B | $971.0M | ||
| Q2 24 | $1.7B | $1.0B |
毛利率AMATSPGI
| Q1 26 | — | — | ||
| Q4 25 | 48.0% | 70.1% | ||
| Q3 25 | 48.8% | 71.2% | ||
| Q2 25 | 49.1% | 70.2% | ||
| Q1 25 | 48.8% | 69.5% | ||
| Q4 24 | 47.3% | 69.8% | ||
| Q3 24 | 47.3% | 70.0% | ||
| Q2 24 | 47.4% | 69.4% |
营业利润率AMATSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 25.2% | 42.7% | ||
| Q3 25 | 30.6% | 43.1% | ||
| Q2 25 | 30.5% | 41.3% | ||
| Q1 25 | 30.4% | 41.8% | ||
| Q4 24 | 29.0% | 36.4% | ||
| Q3 24 | 28.7% | 40.1% | ||
| Q2 24 | 28.8% | 40.9% |
净利率AMATSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | 27.9% | 28.9% | ||
| Q3 25 | 24.4% | 30.2% | ||
| Q2 25 | 30.1% | 28.5% | ||
| Q1 25 | 16.5% | 28.9% | ||
| Q4 24 | 24.6% | 24.5% | ||
| Q3 24 | 25.2% | 27.2% | ||
| Q2 24 | 25.9% | 28.5% |
每股收益（稀释后）AMATSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $2.36 | $3.76 | ||
| Q3 25 | $2.22 | $3.86 | ||
| Q2 25 | $2.63 | $3.50 | ||
| Q1 25 | $1.45 | $3.54 | ||
| Q4 24 | $2.09 | $2.85 | ||
| Q3 24 | $2.05 | $3.11 | ||
| Q2 24 | $2.06 | $3.23 |
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 | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $20.4B | $31.3B |
| 总资产 | $36.3B | $60.8B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资AMATSPGI
| Q1 26 | — | — | ||
| Q4 25 | $8.6B | $1.8B | ||
| Q3 25 | $7.0B | $1.7B | ||
| Q2 25 | $6.7B | $1.8B | ||
| Q1 25 | $8.2B | $1.5B | ||
| Q4 24 | $9.5B | $1.7B | ||
| Q3 24 | $9.1B | $1.7B | ||
| Q2 24 | $7.6B | $2.0B |
总债务AMATSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B |
股东权益AMATSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $20.4B | $31.1B | ||
| Q3 25 | $19.5B | $33.1B | ||
| Q2 25 | $19.0B | $33.4B | ||
| Q1 25 | $18.6B | $33.4B | ||
| Q4 24 | $19.0B | $33.2B | ||
| Q3 24 | $18.8B | $34.0B | ||
| Q2 24 | $18.2B | $34.9B |
总资产AMATSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $36.3B | $61.2B | ||
| Q3 25 | $34.2B | $59.7B | ||
| Q2 25 | $33.6B | $60.4B | ||
| Q1 25 | $33.3B | $59.9B | ||
| Q4 24 | $34.4B | $60.2B | ||
| Q3 24 | $33.6B | $60.4B | ||
| Q2 24 | $31.9B | $61.0B |
负债/权益比AMATSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $919.0M |
| 自由现金流率自由现金流/营收 | 30.0% | 22.0% |
| 资本支出强度资本支出/营收 | 11.5% | 0.6% |
| 现金转化率经营现金流/净利润 | 1.49× | — |
| 过去12个月自由现金流最近4个季度 | $5.7B | $5.5B |
8季度趋势，按日历期对齐
经营现金流AMATSPGI
| Q1 26 | — | — | ||
| Q4 25 | $2.8B | $1.7B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $925.0M | $953.0M | ||
| Q4 24 | $2.6B | $1.7B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $1.4B | $1.6B |
自由现金流AMATSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $2.0B | $1.7B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $544.0M | $910.0M | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.1B | $1.4B | ||
| Q2 24 | $1.1B | $1.5B |
自由现金流率AMATSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | 30.0% | 43.5% | ||
| Q3 25 | 28.1% | 37.6% | ||
| Q2 25 | 14.9% | 36.9% | ||
| Q1 25 | 7.6% | 24.1% | ||
| Q4 24 | 30.8% | 47.5% | ||
| Q3 24 | 30.8% | 39.4% | ||
| Q2 24 | 17.1% | 42.9% |
资本支出强度AMATSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 11.5% | 1.2% | ||
| Q3 25 | 8.0% | 1.2% | ||
| Q2 25 | 7.2% | 1.6% | ||
| Q1 25 | 5.3% | 1.1% | ||
| Q4 24 | 5.8% | 0.9% | ||
| Q3 24 | 4.4% | 1.0% | ||
| Q2 24 | 3.9% | 0.9% |
现金转化率AMATSPGI
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 1.54× | ||
| Q3 25 | 1.48× | 1.28× | ||
| Q2 25 | 0.74× | 1.35× | ||
| Q1 25 | 0.78× | 0.87× | ||
| Q4 24 | 1.49× | 1.98× | ||
| Q3 24 | 1.40× | 1.49× | ||
| Q2 24 | 0.81× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
