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超威半导体（AMD）与通用电气航空（GE）财务数据对比。点击上方公司名可切换其他公司
通用电气航空的季度营收约是超威半导体的1.2倍（$12.4B vs $10.3B），超威半导体同比增速更快（34.1% vs 24.7%），超威半导体自由现金流更多（$2.4B vs $1.7B），过去两年超威半导体的营收复合增速更高（37.0% vs 22.8%）
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。
通用电气航空是总部位于美国俄亥俄州埃文代尔的航空发动机供应商，是1892年成立的原通用电气公司的法定承继主体。原通用电气于2021年11月至2024年4月间分拆为三家独立公司，剥离医疗与能源业务后正式启用现用商号。
AMD vs GE — 直观对比
营收规模更大
GE
是对方的1.2倍
$10.3B
营收增速更快
AMD
高出9.4%
24.7%
自由现金流更多
AMD
多$720.0M
$1.7B
两年增速更快
AMD
近两年复合增速
22.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $12.4B |
| 净利润 | $1.5B | — |
| 毛利率 | 54.3% | — |
| 营业利润率 | 17.1% | 20.4% |
| 净利率 | 14.7% | — |
| 营收同比 | 34.1% | 24.7% |
| 净利润同比 | 213.5% | — |
| 每股收益（稀释后） | $0.92 | — |
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AMDGE
| Q1 26 | — | $12.4B | ||
| Q4 25 | $10.3B | $12.7B | ||
| Q3 25 | $9.2B | $12.2B | ||
| Q2 25 | $7.7B | $11.0B | ||
| Q1 25 | $7.4B | $9.9B | ||
| Q4 24 | $7.7B | $3.7B | ||
| Q3 24 | $6.8B | $8.9B | ||
| Q2 24 | $5.8B | $8.2B |
净利润AMDGE
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $872.0M | $2.0B | ||
| Q1 25 | $709.0M | $2.0B | ||
| Q4 24 | $482.0M | $1.9B | ||
| Q3 24 | $771.0M | $1.9B | ||
| Q2 24 | $265.0M | $1.3B |
毛利率AMDGE
| Q1 26 | — | — | ||
| Q4 25 | 54.3% | — | ||
| Q3 25 | 51.7% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 50.2% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 50.1% | 30.4% | ||
| Q2 24 | 49.1% | 32.2% |
营业利润率AMDGE
| Q1 26 | — | 20.4% | ||
| Q4 25 | 17.1% | 22.4% | ||
| Q3 25 | 13.7% | 20.6% | ||
| Q2 25 | -1.7% | 21.7% | ||
| Q1 25 | 10.8% | 22.6% | ||
| Q4 24 | 11.4% | 65.0% | ||
| Q3 24 | 10.6% | 21.2% | ||
| Q2 24 | 4.6% | 17.6% |
净利率AMDGE
| Q1 26 | — | — | ||
| Q4 25 | 14.7% | 20.0% | ||
| Q3 25 | 13.4% | 17.7% | ||
| Q2 25 | 11.3% | 18.4% | ||
| Q1 25 | 9.5% | 19.9% | ||
| Q4 24 | 6.3% | 51.2% | ||
| Q3 24 | 11.3% | 20.7% | ||
| Q2 24 | 4.5% | 15.4% |
每股收益（稀释后）AMDGE
| Q1 26 | — | — | ||
| Q4 25 | $0.92 | $2.40 | ||
| Q3 25 | $0.75 | $2.02 | ||
| Q2 25 | $0.54 | $1.89 | ||
| Q1 25 | $0.44 | $1.83 | ||
| Q4 24 | $0.30 | $1.75 | ||
| Q3 24 | $0.47 | $1.70 | ||
| Q2 24 | $0.16 | $1.15 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $63.0B | — |
| 总资产 | $76.9B | — |
| 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AMDGE
| Q1 26 | — | — | ||
| Q4 25 | $10.6B | — | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $5.9B | — | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $5.3B | — |
总债务AMDGE
| Q1 26 | — | — | ||
| Q4 25 | — | $18.8B | ||
| Q3 25 | — | $18.8B | ||
| Q2 25 | — | $17.0B | ||
| Q1 25 | — | $17.5B | ||
| Q4 24 | — | $17.2B | ||
| Q3 24 | — | $18.2B | ||
| Q2 24 | — | $18.0B |
股东权益AMDGE
| Q1 26 | — | — | ||
| Q4 25 | $63.0B | $18.7B | ||
| Q3 25 | $60.8B | $18.8B | ||
| Q2 25 | $59.7B | $19.1B | ||
| Q1 25 | $57.9B | $19.3B | ||
| Q4 24 | $57.6B | $19.3B | ||
| Q3 24 | $57.0B | $18.9B | ||
| Q2 24 | $56.5B | $18.6B |
总资产AMDGE
| Q1 26 | — | — | ||
| Q4 25 | $76.9B | $130.2B | ||
| Q3 25 | $76.9B | $128.2B | ||
| Q2 25 | $74.8B | $125.3B | ||
| Q1 25 | $71.5B | $124.1B | ||
| Q4 24 | $69.2B | $123.1B | ||
| Q3 24 | $69.6B | $126.7B | ||
| Q2 24 | $67.9B | $123.2B |
负债/权益比AMDGE
| Q1 26 | — | — | ||
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.97× | ||
| Q2 24 | — | 0.97× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $1.7B |
| 自由现金流率自由现金流/营收 | 23.2% | 13.4% |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.72× | — |
| 过去12个月自由现金流最近4个季度 | $6.7B | $7.6B |
8季度趋势，按日历期对齐
经营现金流AMDGE
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $2.3B | ||
| Q3 25 | $2.2B | $2.5B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | $939.0M | $1.5B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $628.0M | $1.5B | ||
| Q2 24 | $593.0M | $913.0M |
自由现金流AMDGE
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.4B | $1.9B | ||
| Q3 25 | $1.9B | $2.2B | ||
| Q2 25 | $1.7B | $1.9B | ||
| Q1 25 | $727.0M | $1.3B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $496.0M | $1.2B | ||
| Q2 24 | $439.0M | $835.0M |
自由现金流率AMDGE
| Q1 26 | — | 13.4% | ||
| Q4 25 | 23.2% | 14.5% | ||
| Q3 25 | 20.6% | 18.0% | ||
| Q2 25 | 22.5% | 17.4% | ||
| Q1 25 | 9.8% | 13.1% | ||
| Q4 24 | 14.2% | 27.7% | ||
| Q3 24 | 7.3% | 13.9% | ||
| Q2 24 | 7.5% | 10.2% |
资本支出强度AMDGE
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 3.4% | ||
| Q3 25 | 2.8% | 2.5% | ||
| Q2 25 | 3.7% | 3.0% | ||
| Q1 25 | 2.9% | 2.1% | ||
| Q4 24 | 2.7% | 7.2% | ||
| Q3 24 | 1.9% | 3.0% | ||
| Q2 24 | 2.6% | 0.9% |
现金转化率AMDGE
| Q1 26 | — | — | ||
| Q4 25 | 1.72× | 0.90× | ||
| Q3 25 | 1.74× | 1.16× | ||
| Q2 25 | 2.31× | 1.11× | ||
| Q1 25 | 1.32× | 0.76× | ||
| Q4 24 | 2.70× | 0.68× | ||
| Q3 24 | 0.81× | 0.81× | ||
| Q2 24 | 2.24× | 0.72× |
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% |
GE
| Commercial Engines & Services | $8.9B | 72% |
| Defense & Propulsion Technologies | $3.2B | 26% |
| Other | $258.0M | 2% |
