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应用材料（AMAT）与WESCO INTERNATIONAL INC（WCC）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WESCO INTERNATIONAL INC的1.1倍（$6.8B vs $6.1B），应用材料净利率更高（27.9% vs 2.6%，领先25.3%），WESCO INTERNATIONAL INC同比增速更快（10.3% vs -3.5%），应用材料自由现金流更多（$2.0B vs $27.5M），过去两年WESCO INTERNATIONAL INC的营收复合增速更高（6.5% 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。
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
AMAT vs WCC — 直观对比
营收规模更大
AMAT
是对方的1.1倍
$6.1B
营收增速更快
WCC
高出13.8%
-3.5%
净利率更高
AMAT
高出25.3%
2.6%
自由现金流更多
AMAT
多$2.0B
$27.5M
两年增速更快
WCC
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.8B | $6.1B |
| 净利润 | $1.9B | $159.8M |
| 毛利率 | 48.0% | 21.2% |
| 营业利润率 | 25.2% | 5.3% |
| 净利率 | 27.9% | 2.6% |
| 营收同比 | -3.5% | 10.3% |
| 净利润同比 | 9.6% | -3.4% |
| 每股收益（稀释后） | $2.36 | $3.33 |
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AMATWCC
| Q4 25 | $6.8B | $6.1B | ||
| Q3 25 | $7.3B | $6.2B | ||
| Q2 25 | $7.1B | $5.9B | ||
| Q1 25 | $7.2B | $5.3B | ||
| Q4 24 | $7.0B | $5.5B | ||
| Q3 24 | $6.8B | $5.5B | ||
| Q2 24 | $6.6B | $5.5B | ||
| Q1 24 | $6.7B | $5.3B |
净利润AMATWCC
| Q4 25 | $1.9B | $159.8M | ||
| Q3 25 | $1.8B | $187.5M | ||
| Q2 25 | $2.1B | $174.5M | ||
| Q1 25 | $1.2B | $118.4M | ||
| Q4 24 | $1.7B | $165.4M | ||
| Q3 24 | $1.7B | $204.3M | ||
| Q2 24 | $1.7B | $232.1M | ||
| Q1 24 | $2.0B | $115.8M |
毛利率AMATWCC
| Q4 25 | 48.0% | 21.2% | ||
| Q3 25 | 48.8% | 21.3% | ||
| Q2 25 | 49.1% | 21.1% | ||
| Q1 25 | 48.8% | 21.1% | ||
| Q4 24 | 47.3% | 21.2% | ||
| Q3 24 | 47.3% | 22.1% | ||
| Q2 24 | 47.4% | 21.9% | ||
| Q1 24 | 47.8% | 21.3% |
营业利润率AMATWCC
| Q4 25 | 25.2% | 5.3% | ||
| Q3 25 | 30.6% | 5.6% | ||
| Q2 25 | 30.5% | 5.5% | ||
| Q1 25 | 30.4% | 4.5% | ||
| Q4 24 | 29.0% | 5.5% | ||
| Q3 24 | 28.7% | 6.1% | ||
| Q2 24 | 28.8% | 5.9% | ||
| Q1 24 | 29.3% | 4.9% |
净利率AMATWCC
| Q4 25 | 27.9% | 2.6% | ||
| Q3 25 | 24.4% | 3.0% | ||
| Q2 25 | 30.1% | 3.0% | ||
| Q1 25 | 16.5% | 2.2% | ||
| Q4 24 | 24.6% | 3.0% | ||
| Q3 24 | 25.2% | 3.7% | ||
| Q2 24 | 25.9% | 4.2% | ||
| Q1 24 | 30.1% | 2.2% |
每股收益（稀释后）AMATWCC
| Q4 25 | $2.36 | $3.33 | ||
| Q3 25 | $2.22 | $3.79 | ||
| Q2 25 | $2.63 | $3.83 | ||
| Q1 25 | $1.45 | $2.10 | ||
| Q4 24 | $2.09 | $3.01 | ||
| Q3 24 | $2.05 | $3.81 | ||
| Q2 24 | $2.06 | $4.28 | ||
| Q1 24 | $2.41 | $1.95 |
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 | $5.0B |
| 总资产 | $36.3B | $16.5B |
| 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AMATWCC
| 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AMATWCC
| Q4 25 | $20.4B | $5.0B | ||
| Q3 25 | $19.5B | $4.8B | ||
| Q2 25 | $19.0B | $4.8B | ||
| Q1 25 | $18.6B | $5.0B | ||
| Q4 24 | $19.0B | $5.0B | ||
| Q3 24 | $18.8B | $5.0B | ||
| Q2 24 | $18.2B | $4.9B | ||
| Q1 24 | $17.4B | $5.0B |
总资产AMATWCC
| Q4 25 | $36.3B | $16.5B | ||
| Q3 25 | $34.2B | $16.6B | ||
| Q2 25 | $33.6B | $16.2B | ||
| Q1 25 | $33.3B | $15.5B | ||
| Q4 24 | $34.4B | $15.1B | ||
| Q3 24 | $33.6B | $15.3B | ||
| Q2 24 | $31.9B | $15.1B | ||
| Q1 24 | $31.5B | $15.5B |
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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $27.5M |
| 自由现金流率自由现金流/营收 | 30.0% | 0.5% |
| 资本支出强度资本支出/营收 | 11.5% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.49× | 0.45× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $25.2M |
8季度趋势，按日历期对齐
经营现金流AMATWCC
| Q4 25 | $2.8B | $71.9M | ||
| Q3 25 | $2.6B | $-82.7M | ||
| Q2 25 | $1.6B | $107.8M | ||
| Q1 25 | $925.0M | $28.0M | ||
| Q4 24 | $2.6B | $276.6M | ||
| Q3 24 | $2.4B | $302.1M | ||
| Q2 24 | $1.4B | $-223.8M | ||
| Q1 24 | $2.3B | $746.3M |
自由现金流AMATWCC
| Q4 25 | $2.0B | $27.5M | ||
| Q3 25 | $2.0B | $-95.9M | ||
| Q2 25 | $1.1B | $86.0M | ||
| Q1 25 | $544.0M | $7.6M | ||
| Q4 24 | $2.2B | $252.3M | ||
| Q3 24 | $2.1B | $272.9M | ||
| Q2 24 | $1.1B | $-244.6M | ||
| Q1 24 | $2.1B | $725.9M |
自由现金流率AMATWCC
| Q4 25 | 30.0% | 0.5% | ||
| Q3 25 | 28.1% | -1.5% | ||
| Q2 25 | 14.9% | 1.5% | ||
| Q1 25 | 7.6% | 0.1% | ||
| Q4 24 | 30.8% | 4.6% | ||
| Q3 24 | 30.8% | 5.0% | ||
| Q2 24 | 17.1% | -4.5% | ||
| Q1 24 | 31.3% | 13.6% |
资本支出强度AMATWCC
| Q4 25 | 11.5% | 0.7% | ||
| Q3 25 | 8.0% | 0.2% | ||
| Q2 25 | 7.2% | 0.4% | ||
| Q1 25 | 5.3% | 0.4% | ||
| Q4 24 | 5.8% | 0.4% | ||
| Q3 24 | 4.4% | 0.5% | ||
| Q2 24 | 3.9% | 0.4% | ||
| Q1 24 | 3.4% | 0.4% |
现金转化率AMATWCC
| Q4 25 | 1.49× | 0.45× | ||
| Q3 25 | 1.48× | -0.44× | ||
| Q2 25 | 0.74× | 0.62× | ||
| Q1 25 | 0.78× | 0.24× | ||
| Q4 24 | 1.49× | 1.67× | ||
| Q3 24 | 1.40× | 1.48× | ||
| Q2 24 | 0.81× | -0.96× | ||
| Q1 24 | 1.15× | 6.44× |
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% |
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
