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超威半导体（AMD）与美国运通（AXP）财务数据对比。点击上方公司名可切换其他公司
美国运通的季度营收约是超威半导体的1.1倍（$10.9B vs $10.3B），美国运通净利率更高（22.5% vs 14.7%，领先7.8%），超威半导体同比增速更快（34.1% vs 9.9%），超威半导体自由现金流更多（$2.4B vs $2.3B），过去两年超威半导体的营收复合增速更高（37.0% vs 8.2%）
超威半导体（AMD）是总部位于美国加利福尼亚州圣克拉拉的跨国半导体企业，专注研发生产面向数据中心、游戏、个人电脑、嵌入式系统的高性能CPU、GPU及自适应片上系统，旗下拥有锐龙、霄龙、镭龙、Instinct等核心产品线，2022年收购赛灵思后拓展了FPGA及自适应计算业务，直接与英特尔、英伟达展开竞争。
美国运通是全球知名的支付服务提供商，主营签账卡、信用卡产品及旅行相关服务，下设全球消费者服务、全球商业服务、全球商户与网络服务三大业务板块，还提供支付融资、网络服务、应付账款费用管理、旅行生活服务等多元解决方案。
AMD vs AXP — 直观对比
营收规模更大
AXP
是对方的1.1倍
$10.3B
营收增速更快
AMD
高出24.2%
9.9%
净利率更高
AXP
高出7.8%
14.7%
自由现金流更多
AMD
多$33.0M
$2.3B
两年增速更快
AMD
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $10.9B |
| 净利润 | $1.5B | $2.5B |
| 毛利率 | 54.3% | — |
| 营业利润率 | 17.1% | 28.2% |
| 净利率 | 14.7% | 22.5% |
| 营收同比 | 34.1% | 9.9% |
| 净利润同比 | 213.5% | 13.5% |
| 每股收益（稀释后） | $0.92 | $3.52 |
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AMDAXP
| Q4 25 | $10.3B | $10.9B | ||
| Q3 25 | $9.2B | $10.4B | ||
| Q2 25 | $7.7B | $10.3B | ||
| Q1 25 | $7.4B | $9.6B | ||
| Q4 24 | $7.7B | $10.0B | ||
| Q3 24 | $6.8B | $9.7B | ||
| Q2 24 | $5.8B | $9.8B | ||
| Q1 24 | $5.5B | $9.3B |
净利润AMDAXP
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $872.0M | $2.9B | ||
| Q1 25 | $709.0M | $2.6B | ||
| Q4 24 | $482.0M | $2.2B | ||
| Q3 24 | $771.0M | $2.5B | ||
| Q2 24 | $265.0M | $3.0B | ||
| Q1 24 | $123.0M | $2.4B |
毛利率AMDAXP
| Q4 25 | 54.3% | — | ||
| Q3 25 | 51.7% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 50.2% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 50.1% | — | ||
| Q2 24 | 49.1% | — | ||
| Q1 24 | 46.8% | — |
营业利润率AMDAXP
| Q4 25 | 17.1% | 28.2% | ||
| Q3 25 | 13.7% | 36.7% | ||
| Q2 25 | -1.7% | 34.4% | ||
| Q1 25 | 10.8% | 34.6% | ||
| Q4 24 | 11.4% | 27.7% | ||
| Q3 24 | 10.6% | 33.0% | ||
| Q2 24 | 4.6% | 38.6% | ||
| Q1 24 | 0.7% | 33.7% |
净利率AMDAXP
| Q4 25 | 14.7% | 22.5% | ||
| Q3 25 | 13.4% | 27.9% | ||
| Q2 25 | 11.3% | 28.0% | ||
| Q1 25 | 9.5% | 26.8% | ||
| Q4 24 | 6.3% | 21.8% | ||
| Q3 24 | 11.3% | 25.8% | ||
| Q2 24 | 4.5% | 30.7% | ||
| Q1 24 | 2.2% | 26.1% |
每股收益（稀释后）AMDAXP
| Q4 25 | $0.92 | $3.52 | ||
| Q3 25 | $0.75 | $4.14 | ||
| Q2 25 | $0.54 | $4.08 | ||
| Q1 25 | $0.44 | $3.64 | ||
| Q4 24 | $0.30 | $3.04 | ||
| Q3 24 | $0.47 | $3.49 | ||
| Q2 24 | $0.16 | $4.15 | ||
| Q1 24 | $0.07 | $3.33 |
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 | $10.6B | $742.0M |
| 总债务越低越好 | — | $56.4B |
| 股东权益账面价值 | $63.0B | $33.5B |
| 总资产 | $76.9B | $300.1B |
| 负债/权益比越低杠杆越低 | — | 1.68× |
8季度趋势，按日历期对齐
现金及短期投资AMDAXP
| Q4 25 | $10.6B | $742.0M | ||
| Q3 25 | $7.2B | $1.3B | ||
| Q2 25 | $5.9B | $197.0M | ||
| Q1 25 | $7.3B | $261.0M | ||
| Q4 24 | $5.1B | $221.0M | ||
| Q3 24 | $4.5B | $120.0M | ||
| Q2 24 | $5.3B | $188.0M | ||
| Q1 24 | $6.0B | $69.0M |
总债务AMDAXP
| Q4 25 | — | $56.4B | ||
| Q3 25 | — | $57.8B | ||
| Q2 25 | — | $58.2B | ||
| Q1 25 | — | $51.2B | ||
| Q4 24 | — | $49.7B | ||
| Q3 24 | — | $53.5B | ||
| Q2 24 | — | $51.5B | ||
| Q1 24 | — | $48.8B |
股东权益AMDAXP
| Q4 25 | $63.0B | $33.5B | ||
| Q3 25 | $60.8B | $32.4B | ||
| Q2 25 | $59.7B | $32.3B | ||
| Q1 25 | $57.9B | $31.2B | ||
| Q4 24 | $57.6B | $30.3B | ||
| Q3 24 | $57.0B | $29.7B | ||
| Q2 24 | $56.5B | $29.5B | ||
| Q1 24 | $56.2B | $28.8B |
总资产AMDAXP
| Q4 25 | $76.9B | $300.1B | ||
| Q3 25 | $76.9B | $297.6B | ||
| Q2 25 | $74.8B | $295.6B | ||
| Q1 25 | $71.5B | $282.2B | ||
| Q4 24 | $69.2B | $271.5B | ||
| Q3 24 | $69.6B | $271.0B | ||
| Q2 24 | $67.9B | $272.2B | ||
| Q1 24 | $67.9B | $269.3B |
负债/权益比AMDAXP
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | 1.80× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.80× | ||
| Q2 24 | — | 1.74× | ||
| Q1 24 | — | 1.70× |
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 | $2.6B | $3.1B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $2.3B |
| 自由现金流率自由现金流/营收 | 23.2% | 21.4% |
| 资本支出强度资本支出/营收 | 2.2% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.72× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $16.0B |
8季度趋势，按日历期对齐
经营现金流AMDAXP
| Q4 25 | $2.6B | $3.1B | ||
| Q3 25 | $2.2B | $6.2B | ||
| Q2 25 | $2.0B | $4.4B | ||
| Q1 25 | $939.0M | $4.8B | ||
| Q4 24 | $1.3B | $5.8B | ||
| Q3 24 | $628.0M | $-1.8B | ||
| Q2 24 | $593.0M | $4.5B | ||
| Q1 24 | $521.0M | $5.6B |
自由现金流AMDAXP
| Q4 25 | $2.4B | $2.3B | ||
| Q3 25 | $1.9B | $5.6B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | $727.0M | $4.3B | ||
| Q4 24 | $1.1B | $5.3B | ||
| Q3 24 | $496.0M | $-2.3B | ||
| Q2 24 | $439.0M | $4.0B | ||
| Q1 24 | $379.0M | $5.2B |
自由现金流率AMDAXP
| Q4 25 | 23.2% | 21.4% | ||
| Q3 25 | 20.6% | 53.6% | ||
| Q2 25 | 22.5% | 36.3% | ||
| Q1 25 | 9.8% | 45.0% | ||
| Q4 24 | 14.2% | 53.1% | ||
| Q3 24 | 7.3% | -23.3% | ||
| Q2 24 | 7.5% | 40.4% | ||
| Q1 24 | 6.9% | 55.2% |
资本支出强度AMDAXP
| Q4 25 | 2.2% | 6.6% | ||
| Q3 25 | 2.8% | 6.3% | ||
| Q2 25 | 3.7% | 6.0% | ||
| Q1 25 | 2.9% | 4.5% | ||
| Q4 24 | 2.7% | 5.0% | ||
| Q3 24 | 1.9% | 4.7% | ||
| Q2 24 | 2.6% | 5.8% | ||
| Q1 24 | 2.6% | 4.2% |
现金转化率AMDAXP
| Q4 25 | 1.72× | 1.25× | ||
| Q3 25 | 1.74× | 2.15× | ||
| Q2 25 | 2.31× | 1.51× | ||
| Q1 25 | 1.32× | 1.84× | ||
| Q4 24 | 2.70× | 2.66× | ||
| Q3 24 | 0.81× | -0.72× | ||
| Q2 24 | 2.24× | 1.50× | ||
| Q1 24 | 4.24× | 2.28× |
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
AMD
| Other | $5.4B | 52% |
| Client | $3.1B | 30% |
| Embedded | $950.0M | 9% |
| Gaming | $843.0M | 8% |
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
