vs
超威半导体（AMD）与康明斯（CMI）财务数据对比。点击上方公司名可切换其他公司
超威半导体的季度营收约是康明斯的1.2倍（$10.3B vs $8.5B），超威半导体净利率更高（14.7% vs 7.3%，领先7.4%），超威半导体同比增速更快（34.1% vs 1.1%），超威半导体自由现金流更多（$2.4B vs $990.0M），过去两年超威半导体的营收复合增速更高（37.0% vs 0.8%）
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。
康明斯是总部位于美国的跨国企业，专注于设计、制造及销售柴油发动机、电动汽车零部件、发电产品，同时提供发动机及相关配套设备的维保服务，业务覆盖燃油系统、空气处理系统、过滤设备、排放控制、发电系统及发动机控制单元等多个领域。
AMD vs CMI — 直观对比
营收规模更大
AMD
是对方的1.2倍
$8.5B
营收增速更快
AMD
高出33.1%
1.1%
净利率更高
AMD
高出7.4%
7.3%
自由现金流更多
AMD
多$1.4B
$990.0M
两年增速更快
AMD
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $8.5B |
| 净利润 | $1.5B | $620.0M |
| 毛利率 | 54.3% | 22.9% |
| 营业利润率 | 17.1% | 9.5% |
| 净利率 | 14.7% | 7.3% |
| 营收同比 | 34.1% | 1.1% |
| 净利润同比 | 213.5% | 39.3% |
| 每股收益（稀释后） | $0.92 | $4.25 |
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AMDCMI
| Q4 25 | $10.3B | $8.5B | ||
| Q3 25 | $9.2B | $8.3B | ||
| Q2 25 | $7.7B | $8.6B | ||
| Q1 25 | $7.4B | $8.2B | ||
| Q4 24 | $7.7B | $8.4B | ||
| Q3 24 | $6.8B | $8.5B | ||
| Q2 24 | $5.8B | $8.8B | ||
| Q1 24 | $5.5B | $8.4B |
净利润AMDCMI
| Q4 25 | $1.5B | $620.0M | ||
| Q3 25 | $1.2B | $559.0M | ||
| Q2 25 | $872.0M | $928.0M | ||
| Q1 25 | $709.0M | $850.0M | ||
| Q4 24 | $482.0M | $445.0M | ||
| Q3 24 | $771.0M | $843.0M | ||
| Q2 24 | $265.0M | $752.0M | ||
| Q1 24 | $123.0M | $2.0B |
毛利率AMDCMI
| Q4 25 | 54.3% | 22.9% | ||
| Q3 25 | 51.7% | 25.6% | ||
| Q2 25 | 39.8% | 26.4% | ||
| Q1 25 | 50.2% | 26.4% | ||
| Q4 24 | 50.7% | 24.1% | ||
| Q3 24 | 50.1% | 25.7% | ||
| Q2 24 | 49.1% | 24.9% | ||
| Q1 24 | 46.8% | 24.3% |
营业利润率AMDCMI
| Q4 25 | 17.1% | 9.5% | ||
| Q3 25 | 13.7% | 10.2% | ||
| Q2 25 | -1.7% | 14.2% | ||
| Q1 25 | 10.8% | 13.9% | ||
| Q4 24 | 11.4% | 8.7% | ||
| Q3 24 | 10.6% | 12.4% | ||
| Q2 24 | 4.6% | 11.9% | ||
| Q1 24 | 0.7% | 11.0% |
净利率AMDCMI
| Q4 25 | 14.7% | 7.3% | ||
| Q3 25 | 13.4% | 6.7% | ||
| Q2 25 | 11.3% | 10.7% | ||
| Q1 25 | 9.5% | 10.4% | ||
| Q4 24 | 6.3% | 5.3% | ||
| Q3 24 | 11.3% | 10.0% | ||
| Q2 24 | 4.5% | 8.5% | ||
| Q1 24 | 2.2% | 24.1% |
每股收益（稀释后）AMDCMI
| Q4 25 | $0.92 | $4.25 | ||
| Q3 25 | $0.75 | $3.86 | ||
| Q2 25 | $0.54 | $6.43 | ||
| Q1 25 | $0.44 | $5.96 | ||
| Q4 24 | $0.30 | $3.22 | ||
| Q3 24 | $0.47 | $5.86 | ||
| Q2 24 | $0.16 | $5.26 | ||
| Q1 24 | $0.07 | $14.03 |
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 | $10.6B | $4.4B |
| 总债务越低越好 | — | $6.8B |
| 股东权益账面价值 | $63.0B | $12.3B |
| 总资产 | $76.9B | $34.0B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资AMDCMI
| Q4 25 | $10.6B | $4.4B | ||
| Q3 25 | $7.2B | $3.2B | ||
| Q2 25 | $5.9B | $3.1B | ||
| Q1 25 | $7.3B | $2.2B | ||
| Q4 24 | $5.1B | $2.3B | ||
| Q3 24 | $4.5B | $2.3B | ||
| Q2 24 | $5.3B | $2.2B | ||
| Q1 24 | $6.0B | $3.1B |
总债务AMDCMI
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.8B |
股东权益AMDCMI
| Q4 25 | $63.0B | $12.3B | ||
| Q3 25 | $60.8B | $12.1B | ||
| Q2 25 | $59.7B | $11.8B | ||
| Q1 25 | $57.9B | $10.9B | ||
| Q4 24 | $57.6B | $10.3B | ||
| Q3 24 | $57.0B | $10.3B | ||
| Q2 24 | $56.5B | $9.6B | ||
| Q1 24 | $56.2B | $9.1B |
总资产AMDCMI
| Q4 25 | $76.9B | $34.0B | ||
| Q3 25 | $76.9B | $33.6B | ||
| Q2 25 | $74.8B | $34.3B | ||
| Q1 25 | $71.5B | $32.5B | ||
| Q4 24 | $69.2B | $31.5B | ||
| Q3 24 | $69.6B | $32.1B | ||
| Q2 24 | $67.9B | $31.3B | ||
| Q1 24 | $67.9B | $31.8B |
负债/权益比AMDCMI
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.64× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $990.0M |
| 自由现金流率自由现金流/营收 | 23.2% | 11.6% |
| 资本支出强度资本支出/营收 | 2.2% | 6.4% |
| 现金转化率经营现金流/净利润 | 1.72× | 2.47× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $2.4B |
8季度趋势，按日历期对齐
经营现金流AMDCMI
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.0B | $785.0M | ||
| Q1 25 | $939.0M | $-3.0M | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $628.0M | $640.0M | ||
| Q2 24 | $593.0M | $-851.0M | ||
| Q1 24 | $521.0M | $276.0M |
自由现金流AMDCMI
| Q4 25 | $2.4B | $990.0M | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $1.7B | $554.0M | ||
| Q1 25 | $727.0M | $-165.0M | ||
| Q4 24 | $1.1B | $882.0M | ||
| Q3 24 | $496.0M | $381.0M | ||
| Q2 24 | $439.0M | $-1.1B | ||
| Q1 24 | $379.0M | $107.0M |
自由现金流率AMDCMI
| Q4 25 | 23.2% | 11.6% | ||
| Q3 25 | 20.6% | 12.1% | ||
| Q2 25 | 22.5% | 6.4% | ||
| Q1 25 | 9.8% | -2.0% | ||
| Q4 24 | 14.2% | 10.4% | ||
| Q3 24 | 7.3% | 4.5% | ||
| Q2 24 | 7.5% | -12.4% | ||
| Q1 24 | 6.9% | 1.3% |
资本支出强度AMDCMI
| Q4 25 | 2.2% | 6.4% | ||
| Q3 25 | 2.8% | 3.6% | ||
| Q2 25 | 3.7% | 2.7% | ||
| Q1 25 | 2.9% | 2.0% | ||
| Q4 24 | 2.7% | 6.4% | ||
| Q3 24 | 1.9% | 3.1% | ||
| Q2 24 | 2.6% | 2.7% | ||
| Q1 24 | 2.6% | 2.0% |
现金转化率AMDCMI
| Q4 25 | 1.72× | 2.47× | ||
| Q3 25 | 1.74× | 2.33× | ||
| Q2 25 | 2.31× | 0.85× | ||
| Q1 25 | 1.32× | -0.00× | ||
| Q4 24 | 2.70× | 3.20× | ||
| Q3 24 | 0.81× | 0.76× | ||
| Q2 24 | 2.24× | -1.13× | ||
| Q1 24 | 4.24× | 0.14× |
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% |
CMI
| Other | $2.9B | 34% |
| Parts | $1.0B | 12% |
| Mediumdutytruckandbus | $638.0M | 7% |
| Heavydutytruck | $623.0M | 7% |
| Intersegmentsales | $620.0M | 7% |
| PSBU Power Generation | $577.0M | 7% |
| Related Party | $469.0M | 5% |
| Services | $449.0M | 5% |
| Lightdutyautomotive | $440.0M | 5% |
| Industrial | $333.0M | 4% |
| Offhighway | $279.0M | 3% |
| Generatortechnologies | $152.0M | 2% |
