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应用材料（AMAT）与Vistra Corp.（VST）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Vistra Corp.的1.4倍（$6.8B vs $4.8B），应用材料净利率更高（27.9% vs 4.8%，领先23.0%），Vistra Corp.同比增速更快（31.2% vs -3.5%），应用材料自由现金流更多（$2.0B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
AMAT vs VST — 直观对比
营收规模更大
AMAT
是对方的1.4倍
$4.8B
营收增速更快
VST
高出34.7%
-3.5%
净利率更高
AMAT
高出23.0%
4.8%
自由现金流更多
AMAT
多$1.4B
$596.0M
两年增速更快
VST
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $4.8B |
| 净利润 | $1.9B | $233.0M |
| 毛利率 | 48.0% | — |
| 营业利润率 | 25.2% | 9.9% |
| 净利率 | 27.9% | 4.8% |
| 营收同比 | -3.5% | 31.2% |
| 净利润同比 | 9.6% | -47.2% |
| 每股收益（稀释后） | $2.36 | $0.55 |
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AMATVST
| Q4 25 | $6.8B | $4.8B | ||
| Q3 25 | $7.3B | $4.8B | ||
| Q2 25 | $7.1B | $3.8B | ||
| Q1 25 | $7.2B | $4.3B | ||
| Q4 24 | $7.0B | $3.7B | ||
| Q3 24 | $6.8B | $4.3B | ||
| Q2 24 | $6.6B | $3.6B | ||
| Q1 24 | $6.7B | $3.2B |
净利润AMATVST
| Q4 25 | $1.9B | $233.0M | ||
| Q3 25 | $1.8B | $652.0M | ||
| Q2 25 | $2.1B | $327.0M | ||
| Q1 25 | $1.2B | $-268.0M | ||
| Q4 24 | $1.7B | $441.0M | ||
| Q3 24 | $1.7B | $1.9B | ||
| Q2 24 | $1.7B | $365.0M | ||
| Q1 24 | $2.0B | $-35.0M |
毛利率AMATVST
| 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AMATVST
| Q4 25 | 25.2% | 9.9% | ||
| Q3 25 | 30.6% | 21.7% | ||
| Q2 25 | 30.5% | 13.7% | ||
| Q1 25 | 30.4% | -2.8% | ||
| Q4 24 | 29.0% | 16.4% | ||
| Q3 24 | 28.7% | 59.6% | ||
| Q2 24 | 28.8% | 22.5% | ||
| Q1 24 | 29.3% | 2.7% |
净利率AMATVST
| Q4 25 | 27.9% | 4.8% | ||
| Q3 25 | 24.4% | 13.6% | ||
| Q2 25 | 30.1% | 8.7% | ||
| Q1 25 | 16.5% | -6.3% | ||
| Q4 24 | 24.6% | 12.0% | ||
| Q3 24 | 25.2% | 43.5% | ||
| Q2 24 | 25.9% | 10.1% | ||
| Q1 24 | 30.1% | -1.1% |
每股收益（稀释后）AMATVST
| Q4 25 | $2.36 | $0.55 | ||
| Q3 25 | $2.22 | $1.75 | ||
| Q2 25 | $2.63 | $0.81 | ||
| Q1 25 | $1.45 | $-0.93 | ||
| Q4 24 | $2.09 | $1.09 | ||
| Q3 24 | $2.05 | $5.25 | ||
| Q2 24 | $2.06 | $0.90 | ||
| Q1 24 | $2.41 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $20.4B | $5.1B |
| 总资产 | $36.3B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资AMATVST
| Q4 25 | $8.6B | $785.0M | ||
| Q3 25 | $7.0B | $602.0M | ||
| Q2 25 | $6.7B | $458.0M | ||
| Q1 25 | $8.2B | $561.0M | ||
| Q4 24 | $9.5B | $1.2B | ||
| Q3 24 | $9.1B | $905.0M | ||
| Q2 24 | $7.6B | $1.6B | ||
| Q1 24 | $7.5B | $1.1B |
总债务AMATVST
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益AMATVST
| Q4 25 | $20.4B | $5.1B | ||
| Q3 25 | $19.5B | $5.2B | ||
| Q2 25 | $19.0B | $4.8B | ||
| Q1 25 | $18.6B | $4.8B | ||
| Q4 24 | $19.0B | $5.6B | ||
| Q3 24 | $18.8B | $5.4B | ||
| Q2 24 | $18.2B | $5.6B | ||
| Q1 24 | $17.4B | $5.7B |
总资产AMATVST
| Q4 25 | $36.3B | $41.5B | ||
| Q3 25 | $34.2B | $38.0B | ||
| Q2 25 | $33.6B | $38.1B | ||
| Q1 25 | $33.3B | $38.2B | ||
| Q4 24 | $34.4B | $37.8B | ||
| Q3 24 | $33.6B | $37.9B | ||
| Q2 24 | $31.9B | $39.1B | ||
| Q1 24 | $31.5B | $38.2B |
负债/权益比AMATVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $596.0M |
| 自由现金流率自由现金流/营收 | 30.0% | 12.4% |
| 资本支出强度资本支出/营收 | 11.5% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.49× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $1.3B |
8季度趋势，按日历期对齐
经营现金流AMATVST
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $1.6B | $572.0M | ||
| Q1 25 | $925.0M | $599.0M | ||
| Q4 24 | $2.6B | $1.4B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $2.3B | $312.0M |
自由现金流AMATVST
| Q4 25 | $2.0B | $596.0M | ||
| Q3 25 | $2.0B | $1.0B | ||
| Q2 25 | $1.1B | $-118.0M | ||
| Q1 25 | $544.0M | $-169.0M | ||
| Q4 24 | $2.2B | $923.0M | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $1.1B | $698.0M | ||
| Q1 24 | $2.1B | $-153.0M |
自由现金流率AMATVST
| Q4 25 | 30.0% | 12.4% | ||
| Q3 25 | 28.1% | 21.1% | ||
| Q2 25 | 14.9% | -3.1% | ||
| Q1 25 | 7.6% | -4.0% | ||
| Q4 24 | 30.8% | 25.2% | ||
| Q3 24 | 30.8% | 23.4% | ||
| Q2 24 | 17.1% | 19.4% | ||
| Q1 24 | 31.3% | -4.8% |
资本支出强度AMATVST
| Q4 25 | 11.5% | 17.4% | ||
| Q3 25 | 8.0% | 9.6% | ||
| Q2 25 | 7.2% | 18.4% | ||
| Q1 25 | 5.3% | 18.1% | ||
| Q4 24 | 5.8% | 11.7% | ||
| Q3 24 | 4.4% | 15.8% | ||
| Q2 24 | 3.9% | 13.8% | ||
| Q1 24 | 3.4% | 14.7% |
现金转化率AMATVST
| Q4 25 | 1.49× | 6.15× | ||
| Q3 25 | 1.48× | 2.25× | ||
| Q2 25 | 0.74× | 1.75× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 1.49× | 3.07× | ||
| Q3 24 | 1.40× | 0.90× | ||
| Q2 24 | 0.81× | 3.28× | ||
| Q1 24 | 1.15× | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
