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应用材料（AMAT）与德事隆（TXT）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德事隆的1.6倍（$6.8B vs $4.2B），应用材料净利率更高（27.9% vs 5.6%，领先22.3%），德事隆同比增速更快（15.6% vs -3.5%），应用材料自由现金流更多（$2.0B vs $527.0M），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
AMAT vs TXT — 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
TXT
高出19.0%
-3.5%
净利率更高
AMAT
高出22.3%
5.6%
自由现金流更多
AMAT
多$1.5B
$527.0M
两年增速更快
TXT
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $4.2B |
| 净利润 | $1.9B | $235.0M |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | — |
| 净利率 | 27.9% | 5.6% |
| 营收同比 | -3.5% | 15.6% |
| 净利润同比 | 9.6% | 66.7% |
| 每股收益（稀释后） | $2.36 | — |
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AMATTXT
| Q4 25 | $6.8B | $4.2B | ||
| Q3 25 | $7.3B | $3.6B | ||
| Q2 25 | $7.1B | $3.7B | ||
| Q1 25 | $7.2B | $3.3B | ||
| Q4 24 | $7.0B | $3.6B | ||
| Q3 24 | $6.8B | $3.4B | ||
| Q2 24 | $6.6B | $3.5B | ||
| Q1 24 | $6.7B | $3.1B |
净利润AMATTXT
| Q4 25 | $1.9B | $235.0M | ||
| Q3 25 | $1.8B | $234.0M | ||
| Q2 25 | $2.1B | $245.0M | ||
| Q1 25 | $1.2B | $207.0M | ||
| Q4 24 | $1.7B | $141.0M | ||
| Q3 24 | $1.7B | $223.0M | ||
| Q2 24 | $1.7B | $259.0M | ||
| Q1 24 | $2.0B | $201.0M |
毛利率AMATTXT
| Q4 25 | 48.0% | — | ||
| Q3 25 | 48.8% | — | ||
| Q2 25 | 49.1% | — | ||
| Q1 25 | 48.8% | — | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | 47.3% | — | ||
| Q2 24 | 47.4% | — | ||
| Q1 24 | 47.8% | — |
营业利润率AMATTXT
| Q4 25 | 25.2% | — | ||
| Q3 25 | 30.6% | — | ||
| Q2 25 | 30.5% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 29.0% | 3.6% | ||
| Q3 24 | 28.7% | 7.4% | ||
| Q2 24 | 28.8% | 9.2% | ||
| Q1 24 | 29.3% | 7.6% |
净利率AMATTXT
| Q4 25 | 27.9% | 5.6% | ||
| Q3 25 | 24.4% | 6.5% | ||
| Q2 25 | 30.1% | 6.6% | ||
| Q1 25 | 16.5% | 6.3% | ||
| Q4 24 | 24.6% | 3.9% | ||
| Q3 24 | 25.2% | 6.5% | ||
| Q2 24 | 25.9% | 7.3% | ||
| Q1 24 | 30.1% | 6.4% |
每股收益（稀释后）AMATTXT
| Q4 25 | $2.36 | — | ||
| Q3 25 | $2.22 | — | ||
| Q2 25 | $2.63 | — | ||
| Q1 25 | $1.45 | $1.13 | ||
| Q4 24 | $2.09 | — | ||
| Q3 24 | $2.05 | — | ||
| Q2 24 | $2.06 | — | ||
| Q1 24 | $2.41 | $1.03 |
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 | — | — |
| 股东权益账面价值 | $20.4B | — |
| 总资产 | $36.3B | — |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AMATTXT
| Q4 25 | $8.6B | — | ||
| Q3 25 | $7.0B | — | ||
| Q2 25 | $6.7B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $9.5B | — | ||
| Q3 24 | $9.1B | — | ||
| Q2 24 | $7.6B | — | ||
| Q1 24 | $7.5B | — |
股东权益AMATTXT
| Q4 25 | $20.4B | — | ||
| Q3 25 | $19.5B | $7.5B | ||
| Q2 25 | $19.0B | $7.4B | ||
| Q1 25 | $18.6B | $7.3B | ||
| Q4 24 | $19.0B | $7.2B | ||
| Q3 24 | $18.8B | $7.0B | ||
| Q2 24 | $18.2B | $6.9B | ||
| Q1 24 | $17.4B | $6.9B |
总资产AMATTXT
| Q4 25 | $36.3B | — | ||
| Q3 25 | $34.2B | $17.4B | ||
| Q2 25 | $33.6B | $17.1B | ||
| Q1 25 | $33.3B | $16.9B | ||
| Q4 24 | $34.4B | $16.8B | ||
| Q3 24 | $33.6B | $16.5B | ||
| Q2 24 | $31.9B | $16.4B | ||
| Q1 24 | $31.5B | $16.4B |
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 | $700.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $527.0M |
| 自由现金流率自由现金流/营收 | 30.0% | 12.6% |
| 资本支出强度资本支出/营收 | 11.5% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.49× | 2.98× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $929.0M |
8季度趋势，按日历期对齐
经营现金流AMATTXT
| Q4 25 | $2.8B | $700.0M | ||
| Q3 25 | $2.6B | $349.0M | ||
| Q2 25 | $1.6B | $387.0M | ||
| Q1 25 | $925.0M | $-124.0M | ||
| Q4 24 | $2.6B | $446.0M | ||
| Q3 24 | $2.4B | $208.0M | ||
| Q2 24 | $1.4B | $367.0M | ||
| Q1 24 | $2.3B | $-7.0M |
自由现金流AMATTXT
| Q4 25 | $2.0B | $527.0M | ||
| Q3 25 | $2.0B | $273.0M | ||
| Q2 25 | $1.1B | $309.0M | ||
| Q1 25 | $544.0M | $-180.0M | ||
| Q4 24 | $2.2B | $293.0M | ||
| Q3 24 | $2.1B | $137.0M | ||
| Q2 24 | $1.1B | $293.0M | ||
| Q1 24 | $2.1B | $-73.0M |
自由现金流率AMATTXT
| Q4 25 | 30.0% | 12.6% | ||
| Q3 25 | 28.1% | 7.6% | ||
| Q2 25 | 14.9% | 8.3% | ||
| Q1 25 | 7.6% | -5.4% | ||
| Q4 24 | 30.8% | 8.1% | ||
| Q3 24 | 30.8% | 4.0% | ||
| Q2 24 | 17.1% | 8.3% | ||
| Q1 24 | 31.3% | -2.3% |
资本支出强度AMATTXT
| Q4 25 | 11.5% | 4.1% | ||
| Q3 25 | 8.0% | 2.1% | ||
| Q2 25 | 7.2% | 2.1% | ||
| Q1 25 | 5.3% | 1.7% | ||
| Q4 24 | 5.8% | 4.2% | ||
| Q3 24 | 4.4% | 2.1% | ||
| Q2 24 | 3.9% | 2.1% | ||
| Q1 24 | 3.4% | 2.1% |
现金转化率AMATTXT
| Q4 25 | 1.49× | 2.98× | ||
| Q3 25 | 1.48× | 1.49× | ||
| Q2 25 | 0.74× | 1.58× | ||
| Q1 25 | 0.78× | -0.60× | ||
| Q4 24 | 1.49× | 3.16× | ||
| Q3 24 | 1.40× | 0.93× | ||
| Q2 24 | 0.81× | 1.42× | ||
| Q1 24 | 1.15× | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
