vs
应用材料（AMAT）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是应用材料的1.1倍（$7.6B vs $6.8B），应用材料净利率更高（27.9% vs 1.3%，领先26.6%），Smurfit Westrock同比增速更快（0.5% vs -3.5%），应用材料自由现金流更多（$2.0B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
AMAT vs SW — 直观对比
营收规模更大
SW
是对方的1.1倍
$6.8B
营收增速更快
SW
高出4.0%
-3.5%
净利率更高
AMAT
高出26.6%
1.3%
自由现金流更多
AMAT
多$1.4B
$612.0M
两年增速更快
SW
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $7.6B |
| 净利润 | $1.9B | $97.0M |
| 毛利率 | 48.0% | 18.2% |
| 营业利润率 | 25.2% | 5.1% |
| 净利率 | 27.9% | 1.3% |
| 营收同比 | -3.5% | 0.5% |
| 净利润同比 | 9.6% | -33.6% |
| 每股收益（稀释后） | $2.36 | $0.18 |
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AMATSW
| Q4 25 | $6.8B | $7.6B | ||
| Q3 25 | $7.3B | $8.0B | ||
| Q2 25 | $7.1B | $7.9B | ||
| Q1 25 | $7.2B | $7.7B | ||
| Q4 24 | $7.0B | $7.5B | ||
| Q3 24 | $6.8B | $7.7B | ||
| Q2 24 | $6.6B | $3.0B | ||
| Q1 24 | $6.7B | $2.9B |
净利润AMATSW
| Q4 25 | $1.9B | $97.0M | ||
| Q3 25 | $1.8B | $246.0M | ||
| Q2 25 | $2.1B | $-28.0M | ||
| Q1 25 | $1.2B | $384.0M | ||
| Q4 24 | $1.7B | $146.0M | ||
| Q3 24 | $1.7B | $-150.0M | ||
| Q2 24 | $1.7B | $132.0M | ||
| Q1 24 | $2.0B | $191.0M |
毛利率AMATSW
| Q4 25 | 48.0% | 18.2% | ||
| Q3 25 | 48.8% | 19.6% | ||
| Q2 25 | 49.1% | 19.1% | ||
| Q1 25 | 48.8% | 20.6% | ||
| Q4 24 | 47.3% | 19.1% | ||
| Q3 24 | 47.3% | 17.6% | ||
| Q2 24 | 47.4% | 23.3% | ||
| Q1 24 | 47.8% | 24.2% |
营业利润率AMATSW
| Q4 25 | 25.2% | 5.1% | ||
| Q3 25 | 30.6% | 6.6% | ||
| Q2 25 | 30.5% | 3.2% | ||
| Q1 25 | 30.4% | 7.2% | ||
| Q4 24 | 29.0% | 5.3% | ||
| Q3 24 | 28.7% | 0.7% | ||
| Q2 24 | 28.8% | 8.2% | ||
| Q1 24 | 29.3% | 10.5% |
净利率AMATSW
| Q4 25 | 27.9% | 1.3% | ||
| Q3 25 | 24.4% | 3.1% | ||
| Q2 25 | 30.1% | -0.4% | ||
| Q1 25 | 16.5% | 5.0% | ||
| Q4 24 | 24.6% | 1.9% | ||
| Q3 24 | 25.2% | -2.0% | ||
| Q2 24 | 25.9% | 4.4% | ||
| Q1 24 | 30.1% | 6.5% |
每股收益（稀释后）AMATSW
| Q4 25 | $2.36 | $0.18 | ||
| Q3 25 | $2.22 | $0.47 | ||
| Q2 25 | $2.63 | $-0.05 | ||
| Q1 25 | $1.45 | $0.73 | ||
| Q4 24 | $2.09 | $-0.12 | ||
| Q3 24 | $2.05 | $-0.30 | ||
| Q2 24 | $2.06 | $0.51 | ||
| Q1 24 | $2.41 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $20.4B | $18.3B |
| 总资产 | $36.3B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资AMATSW
| Q4 25 | $8.6B | $892.0M | ||
| Q3 25 | $7.0B | $851.0M | ||
| Q2 25 | $6.7B | $778.0M | ||
| Q1 25 | $8.2B | $797.0M | ||
| Q4 24 | $9.5B | $855.0M | ||
| Q3 24 | $9.1B | — | ||
| Q2 24 | $7.6B | $26.8K | ||
| Q1 24 | $7.5B | $108 |
总债务AMATSW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AMATSW
| Q4 25 | $20.4B | $18.3B | ||
| Q3 25 | $19.5B | $18.4B | ||
| Q2 25 | $19.0B | $18.3B | ||
| Q1 25 | $18.6B | $17.9B | ||
| Q4 24 | $19.0B | $17.4B | ||
| Q3 24 | $18.8B | $18.0B | ||
| Q2 24 | $18.2B | $14.5K | ||
| Q1 24 | $17.4B | $108 |
总资产AMATSW
| Q4 25 | $36.3B | $45.2B | ||
| Q3 25 | $34.2B | $45.6B | ||
| Q2 25 | $33.6B | $45.7B | ||
| Q1 25 | $33.3B | $44.6B | ||
| Q4 24 | $34.4B | $43.8B | ||
| Q3 24 | $33.6B | $45.0B | ||
| Q2 24 | $31.9B | $26.8K | ||
| Q1 24 | $31.5B | $108 |
负债/权益比AMATSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 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 | $2.8B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $612.0M |
| 自由现金流率自由现金流/营收 | 30.0% | 8.1% |
| 资本支出强度资本支出/营收 | 11.5% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.49× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $1.2B |
8季度趋势，按日历期对齐
经营现金流AMATSW
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $1.6B | $829.0M | ||
| Q1 25 | $925.0M | $235.0M | ||
| Q4 24 | $2.6B | $781.0M | ||
| Q3 24 | $2.4B | $320.0M | ||
| Q2 24 | $1.4B | $340.0M | ||
| Q1 24 | $2.3B | $42.0M |
自由现金流AMATSW
| Q4 25 | $2.0B | $612.0M | ||
| Q3 25 | $2.0B | $523.0M | ||
| Q2 25 | $1.1B | $307.0M | ||
| Q1 25 | $544.0M | $-242.0M | ||
| Q4 24 | $2.2B | $212.0M | ||
| Q3 24 | $2.1B | $-192.0M | ||
| Q2 24 | $1.1B | $163.0M | ||
| Q1 24 | $2.1B | $-166.0M |
自由现金流率AMATSW
| Q4 25 | 30.0% | 8.1% | ||
| Q3 25 | 28.1% | 6.5% | ||
| Q2 25 | 14.9% | 3.9% | ||
| Q1 25 | 7.6% | -3.2% | ||
| Q4 24 | 30.8% | 2.8% | ||
| Q3 24 | 30.8% | -2.5% | ||
| Q2 24 | 17.1% | 5.5% | ||
| Q1 24 | 31.3% | -5.7% |
资本支出强度AMATSW
| Q4 25 | 11.5% | 7.7% | ||
| Q3 25 | 8.0% | 7.6% | ||
| Q2 25 | 7.2% | 6.6% | ||
| Q1 25 | 5.3% | 6.2% | ||
| Q4 24 | 5.8% | 7.5% | ||
| Q3 24 | 4.4% | 6.7% | ||
| Q2 24 | 3.9% | 6.0% | ||
| Q1 24 | 3.4% | 7.1% |
现金转化率AMATSW
| Q4 25 | 1.49× | 12.32× | ||
| Q3 25 | 1.48× | 4.61× | ||
| Q2 25 | 0.74× | — | ||
| Q1 25 | 0.78× | 0.61× | ||
| Q4 24 | 1.49× | 5.35× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 0.81× | 2.58× | ||
| Q1 24 | 1.15× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
