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应用材料（AMAT）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是应用材料的1.1倍（$7.4B vs $6.8B），应用材料净利率更高（27.9% vs 27.8%，领先0.1%），美国合众银行同比增速更快（5.1% vs -3.5%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
AMAT vs USB — 直观对比
营收规模更大
USB
是对方的1.1倍
$6.8B
营收增速更快
USB
高出8.6%
-3.5%
净利率更高
AMAT
高出0.1%
27.8%
两年增速更快
USB
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $7.4B |
| 净利润 | $1.9B | $2.0B |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | 34.4% |
| 净利率 | 27.9% | 27.8% |
| 营收同比 | -3.5% | 5.1% |
| 净利润同比 | 9.6% | 23.0% |
| 每股收益（稀释后） | $2.36 | $1.26 |
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AMATUSB
| Q4 25 | $6.8B | $7.4B | ||
| Q3 25 | $7.3B | $7.3B | ||
| Q2 25 | $7.1B | $7.0B | ||
| Q1 25 | $7.2B | $7.0B | ||
| Q4 24 | $7.0B | $7.0B | ||
| Q3 24 | $6.8B | $6.9B | ||
| Q2 24 | $6.6B | $6.9B | ||
| Q1 24 | $6.7B | $6.7B |
净利润AMATUSB
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $2.1B | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.7B | $1.6B | ||
| Q1 24 | $2.0B | $1.3B |
毛利率AMATUSB
| 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AMATUSB
| Q4 25 | 25.2% | 34.4% | ||
| Q3 25 | 30.6% | 34.5% | ||
| Q2 25 | 30.5% | 32.7% | ||
| Q1 25 | 30.4% | 31.0% | ||
| Q4 24 | 29.0% | 30.1% | ||
| Q3 24 | 28.7% | 30.2% | ||
| Q2 24 | 28.8% | 29.9% | ||
| Q1 24 | 29.3% | 24.9% |
净利率AMATUSB
| Q4 25 | 27.9% | 27.8% | ||
| Q3 25 | 24.4% | 27.3% | ||
| Q2 25 | 30.1% | 25.9% | ||
| Q1 25 | 16.5% | 24.6% | ||
| Q4 24 | 24.6% | 23.7% | ||
| Q3 24 | 25.2% | 25.0% | ||
| Q2 24 | 25.9% | 23.3% | ||
| Q1 24 | 30.1% | 19.6% |
每股收益（稀释后）AMATUSB
| Q4 25 | $2.36 | $1.26 | ||
| Q3 25 | $2.22 | $1.22 | ||
| Q2 25 | $2.63 | $1.11 | ||
| Q1 25 | $1.45 | $1.03 | ||
| Q4 24 | $2.09 | $1.01 | ||
| Q3 24 | $2.05 | $1.03 | ||
| Q2 24 | $2.06 | $0.97 | ||
| Q1 24 | $2.41 | $0.78 |
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 | $65.2B |
| 总资产 | $36.3B | $692.3B |
| 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AMATUSB
| 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AMATUSB
| Q4 25 | $20.4B | $65.2B | ||
| Q3 25 | $19.5B | $63.3B | ||
| Q2 25 | $19.0B | $61.4B | ||
| Q1 25 | $18.6B | $60.1B | ||
| Q4 24 | $19.0B | $58.6B | ||
| Q3 24 | $18.8B | $58.9B | ||
| Q2 24 | $18.2B | $56.4B | ||
| Q1 24 | $17.4B | $55.6B |
总资产AMATUSB
| Q4 25 | $36.3B | $692.3B | ||
| Q3 25 | $34.2B | $695.4B | ||
| Q2 25 | $33.6B | $686.4B | ||
| Q1 25 | $33.3B | $676.5B | ||
| Q4 24 | $34.4B | $678.3B | ||
| Q3 24 | $33.6B | $686.5B | ||
| Q2 24 | $31.9B | $680.1B | ||
| Q1 24 | $31.5B | $683.6B |
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 | $2.8B |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.49× | 1.39× |
| 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AMATUSB
| Q4 25 | $2.8B | $2.8B | ||
| Q3 25 | $2.6B | $3.4B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $925.0M | $-285.0M | ||
| Q4 24 | $2.6B | $4.8B | ||
| Q3 24 | $2.4B | $972.0M | ||
| Q2 24 | $1.4B | $2.9B | ||
| Q1 24 | $2.3B | $2.7B |
自由现金流AMATUSB
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $544.0M | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $2.1B | — |
自由现金流率AMATUSB
| Q4 25 | 30.0% | — | ||
| Q3 25 | 28.1% | — | ||
| Q2 25 | 14.9% | — | ||
| Q1 25 | 7.6% | — | ||
| Q4 24 | 30.8% | — | ||
| Q3 24 | 30.8% | — | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 31.3% | — |
资本支出强度AMATUSB
| Q4 25 | 11.5% | — | ||
| Q3 25 | 8.0% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 5.3% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 3.4% | — |
现金转化率AMATUSB
| Q4 25 | 1.49× | 1.39× | ||
| Q3 25 | 1.48× | 1.69× | ||
| Q2 25 | 0.74× | 1.12× | ||
| Q1 25 | 0.78× | -0.17× | ||
| Q4 24 | 1.49× | 2.87× | ||
| Q3 24 | 1.40× | 0.57× | ||
| Q2 24 | 0.81× | 1.79× | ||
| Q1 24 | 1.15× | 2.02× |
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% |
USB
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