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应用材料（AMAT）与Steel Dynamics（STLD）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Steel Dynamics的1.5倍（$7.9B vs $5.2B），应用材料净利率更高（35.5% vs 7.7%，领先27.8%），Steel Dynamics同比增速更快（17.9% vs 11.0%），过去两年应用材料的营收复合增速更高（8.0% vs 6.0%）
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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
AMAT vs STLD — 直观对比
营收规模更大
AMAT
是对方的1.5倍
$5.2B
营收增速更快
STLD
高出6.9%
11.0%
净利率更高
AMAT
高出27.8%
7.7%
两年增速更快
AMAT
近两年复合增速
6.0%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.9B | $5.2B |
| 净利润 | $2.8B | $400.1M |
| 毛利率 | 49.9% | 14.7% |
| 营业利润率 | 26.4% | 10.3% |
| 净利率 | 35.5% | 7.7% |
| 营收同比 | 11.0% | 17.9% |
| 净利润同比 | 31.0% | 51.3% |
| 每股收益（稀释后） | $3.51 | $2.78 |
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AMATSTLD
| Q2 26 | $7.9B | — | ||
| Q1 26 | $7.0B | $5.2B | ||
| Q4 25 | $6.8B | $4.4B | ||
| Q3 25 | $7.3B | $4.8B | ||
| Q2 25 | $7.1B | $4.6B | ||
| Q1 25 | $7.2B | $4.4B | ||
| Q4 24 | $7.0B | $3.9B | ||
| Q3 24 | $6.8B | $4.3B |
净利润AMATSTLD
| Q2 26 | $2.8B | — | ||
| Q1 26 | $2.0B | $400.1M | ||
| Q4 25 | $1.9B | $266.0M | ||
| Q3 25 | $1.8B | $403.7M | ||
| Q2 25 | $2.1B | $298.7M | ||
| Q1 25 | $1.2B | $217.2M | ||
| Q4 24 | $1.7B | $207.3M | ||
| Q3 24 | $1.7B | $317.8M |
毛利率AMATSTLD
| Q2 26 | 49.9% | — | ||
| Q1 26 | 49.0% | 14.7% | ||
| Q4 25 | 48.0% | 12.0% | ||
| Q3 25 | 48.8% | 15.7% | ||
| Q2 25 | 49.1% | 13.5% | ||
| Q1 25 | 48.8% | 11.1% | ||
| Q4 24 | 47.3% | 11.4% | ||
| Q3 24 | 47.3% | 13.9% |
营业利润率AMATSTLD
| Q2 26 | 26.4% | — | ||
| Q1 26 | 20.4% | 10.3% | ||
| Q4 25 | 25.2% | 7.0% | ||
| Q3 25 | 30.6% | 10.5% | ||
| Q2 25 | 30.5% | 8.4% | ||
| Q1 25 | 30.4% | 6.3% | ||
| Q4 24 | 29.0% | 6.1% | ||
| Q3 24 | 28.7% | 9.1% |
净利率AMATSTLD
| Q2 26 | 35.5% | — | ||
| Q1 26 | 28.9% | 7.7% | ||
| Q4 25 | 27.9% | 6.0% | ||
| Q3 25 | 24.4% | 8.4% | ||
| Q2 25 | 30.1% | 6.5% | ||
| Q1 25 | 16.5% | 5.0% | ||
| Q4 24 | 24.6% | 5.4% | ||
| Q3 24 | 25.2% | 7.3% |
每股收益（稀释后）AMATSTLD
| Q2 26 | $3.51 | — | ||
| Q1 26 | $2.54 | $2.78 | ||
| Q4 25 | $2.36 | $1.80 | ||
| Q3 25 | $2.22 | $2.74 | ||
| Q2 25 | $2.63 | $2.01 | ||
| Q1 25 | $1.45 | $1.44 | ||
| Q4 24 | $2.09 | $1.40 | ||
| Q3 24 | $2.05 | $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 | $556.5M |
| 总债务越低越好 | $6.5B | $4.2B |
| 股东权益账面价值 | $23.9B | $9.0B |
| 总资产 | $40.3B | $16.7B |
| 负债/权益比越低杠杆越低 | 0.27× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资AMATSTLD
| Q2 26 | $8.2B | — | ||
| Q1 26 | $8.5B | $556.5M | ||
| Q4 25 | $8.6B | $769.9M | ||
| Q3 25 | $7.0B | $770.4M | ||
| Q2 25 | $6.7B | $497.6M | ||
| Q1 25 | $8.2B | $1.2B | ||
| Q4 24 | $9.5B | $737.3M | ||
| Q3 24 | $9.1B | $1.7B |
总债务AMATSTLD
| Q2 26 | $6.5B | — | ||
| Q1 26 | $6.6B | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.7B |
股东权益AMATSTLD
| Q2 26 | $23.9B | — | ||
| Q1 26 | $21.7B | $9.0B | ||
| Q4 25 | $20.4B | $9.0B | ||
| Q3 25 | $19.5B | $9.0B | ||
| Q2 25 | $19.0B | $8.9B | ||
| Q1 25 | $18.6B | $8.8B | ||
| Q4 24 | $19.0B | $8.9B | ||
| Q3 24 | $18.8B | $9.1B |
总资产AMATSTLD
| Q2 26 | $40.3B | — | ||
| Q1 26 | $37.6B | $16.7B | ||
| Q4 25 | $36.3B | $16.4B | ||
| Q3 25 | $34.2B | $16.0B | ||
| Q2 25 | $33.6B | $15.5B | ||
| Q1 25 | $33.3B | $15.9B | ||
| Q4 24 | $34.4B | $14.9B | ||
| Q3 24 | $33.6B | $15.7B |
负债/权益比AMATSTLD
| Q2 26 | 0.27× | — | ||
| Q1 26 | 0.30× | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× |
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 | — | $148.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 8.0% | — |
| 现金转化率经营现金流/净利润 | — | 0.37× |
| 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AMATSTLD
| Q2 26 | — | — | ||
| Q1 26 | — | $148.3M | ||
| Q4 25 | $2.8B | $272.7M | ||
| Q3 25 | $2.6B | $722.6M | ||
| Q2 25 | $1.6B | $301.6M | ||
| Q1 25 | $925.0M | $152.6M | ||
| Q4 24 | $2.6B | $346.9M | ||
| Q3 24 | $2.4B | $759.9M |
自由现金流AMATSTLD
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $84.2M | ||
| Q3 25 | $2.0B | $556.9M | ||
| Q2 25 | $1.1B | $13.3M | ||
| Q1 25 | $544.0M | $-152.9M | ||
| Q4 24 | $2.2B | $-106.3M | ||
| Q3 24 | $2.1B | $138.5M |
自由现金流率AMATSTLD
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 30.0% | 1.9% | ||
| Q3 25 | 28.1% | 11.5% | ||
| Q2 25 | 14.9% | 0.3% | ||
| Q1 25 | 7.6% | -3.5% | ||
| Q4 24 | 30.8% | -2.7% | ||
| Q3 24 | 30.8% | 3.2% |
资本支出强度AMATSTLD
| Q2 26 | 8.0% | — | ||
| Q1 26 | 9.2% | — | ||
| Q4 25 | 11.5% | 4.3% | ||
| Q3 25 | 8.0% | 3.4% | ||
| Q2 25 | 7.2% | 6.3% | ||
| Q1 25 | 5.3% | 7.0% | ||
| Q4 24 | 5.8% | 11.7% | ||
| Q3 24 | 4.4% | 14.3% |
现金转化率AMATSTLD
| Q2 26 | — | — | ||
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.49× | 1.03× | ||
| Q3 25 | 1.48× | 1.79× | ||
| Q2 25 | 0.74× | 1.01× | ||
| Q1 25 | 0.78× | 0.70× | ||
| Q4 24 | 1.49× | 1.67× | ||
| Q3 24 | 1.40× | 2.39× |
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
暂无分部数据
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
