vs
超威半导体（AMD）与国际纸业（IP）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国际纸业的1.7倍（$10.3B vs $6.0B），超威半导体净利率更高（14.7% vs 1.0%，领先13.7%），超威半导体同比增速更快（34.1% vs -0.6%），超威半导体自由现金流更多（$2.4B vs $94.0M），过去两年超威半导体的营收复合增速更高（37.0% vs 12.3%）
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。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
AMD vs IP — 直观对比
营收规模更大
AMD
是对方的1.7倍
$6.0B
营收增速更快
AMD
高出34.7%
-0.6%
净利率更高
AMD
高出13.7%
1.0%
自由现金流更多
AMD
多$2.3B
$94.0M
两年增速更快
AMD
近两年复合增速
12.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $6.0B |
| 净利润 | $1.5B | $60.0M |
| 毛利率 | 54.3% | — |
| 营业利润率 | 17.1% | — |
| 净利率 | 14.7% | 1.0% |
| 营收同比 | 34.1% | -0.6% |
| 净利润同比 | 213.5% | 157.1% |
| 每股收益（稀释后） | $0.92 | $0.14 |
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AMDIP
| Q1 26 | — | $6.0B | ||
| Q4 25 | $10.3B | $4.7B | ||
| Q3 25 | $9.2B | $6.2B | ||
| Q2 25 | $7.7B | $6.8B | ||
| Q1 25 | $7.4B | $5.9B | ||
| Q4 24 | $7.7B | $4.6B | ||
| Q3 24 | $6.8B | $4.7B | ||
| Q2 24 | $5.8B | $4.7B |
净利润AMDIP
| Q1 26 | — | $60.0M | ||
| Q4 25 | $1.5B | $-2.4B | ||
| Q3 25 | $1.2B | $-1.1B | ||
| Q2 25 | $872.0M | $75.0M | ||
| Q1 25 | $709.0M | $-105.0M | ||
| Q4 24 | $482.0M | $-147.0M | ||
| Q3 24 | $771.0M | $150.0M | ||
| Q2 24 | $265.0M | $498.0M |
毛利率AMDIP
| Q1 26 | — | — | ||
| Q4 25 | 54.3% | 32.2% | ||
| Q3 25 | 51.7% | 31.1% | ||
| Q2 25 | 39.8% | 27.9% | ||
| Q1 25 | 50.2% | 27.8% | ||
| Q4 24 | 50.7% | 29.0% | ||
| Q3 24 | 50.1% | 28.7% | ||
| Q2 24 | 49.1% | 29.0% |
营业利润率AMDIP
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | -56.4% | ||
| Q3 25 | 13.7% | -10.8% | ||
| Q2 25 | -1.7% | 1.7% | ||
| Q1 25 | 10.8% | -2.3% | ||
| Q4 24 | 11.4% | -4.9% | ||
| Q3 24 | 10.6% | 5.1% | ||
| Q2 24 | 4.6% | 6.8% |
净利率AMDIP
| Q1 26 | — | 1.0% | ||
| Q4 25 | 14.7% | -50.3% | ||
| Q3 25 | 13.4% | -17.7% | ||
| Q2 25 | 11.3% | 1.1% | ||
| Q1 25 | 9.5% | -1.8% | ||
| Q4 24 | 6.3% | -3.2% | ||
| Q3 24 | 11.3% | 3.2% | ||
| Q2 24 | 4.5% | 10.5% |
每股收益（稀释后）AMDIP
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.92 | $-4.76 | ||
| Q3 25 | $0.75 | $-2.09 | ||
| Q2 25 | $0.54 | $0.14 | ||
| Q1 25 | $0.44 | $-0.24 | ||
| Q4 24 | $0.30 | $-0.42 | ||
| Q3 24 | $0.47 | $0.42 | ||
| Q2 24 | $0.16 | $1.41 |
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 | — | $8.2B |
| 股东权益账面价值 | $63.0B | $14.8B |
| 总资产 | $76.9B | $36.4B |
| 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AMDIP
| Q1 26 | — | — | ||
| Q4 25 | $10.6B | $1.1B | ||
| Q3 25 | $7.2B | $995.0M | ||
| Q2 25 | $5.9B | $1.1B | ||
| Q1 25 | $7.3B | $1.2B | ||
| Q4 24 | $5.1B | $1.2B | ||
| Q3 24 | $4.5B | $1.2B | ||
| Q2 24 | $5.3B | $1.0B |
总债务AMDIP
| Q1 26 | — | $8.2B | ||
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益AMDIP
| Q1 26 | — | $14.8B | ||
| Q4 25 | $63.0B | $14.8B | ||
| Q3 25 | $60.8B | $17.3B | ||
| Q2 25 | $59.7B | $18.6B | ||
| Q1 25 | $57.9B | $18.1B | ||
| Q4 24 | $57.6B | $8.2B | ||
| Q3 24 | $57.0B | $8.6B | ||
| Q2 24 | $56.5B | $8.6B |
总资产AMDIP
| Q1 26 | — | $36.4B | ||
| Q4 25 | $76.9B | $38.0B | ||
| Q3 25 | $76.9B | $40.6B | ||
| Q2 25 | $74.8B | $42.4B | ||
| Q1 25 | $71.5B | $41.2B | ||
| Q4 24 | $69.2B | $22.8B | ||
| Q3 24 | $69.6B | $23.2B | ||
| Q2 24 | $67.9B | $23.1B |
负债/权益比AMDIP
| Q1 26 | — | 0.55× | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.62× |
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 | $94.0M |
| 自由现金流率自由现金流/营收 | 23.2% | 1.6% |
| 资本支出强度资本支出/营收 | 2.2% | 8.7% |
| 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 | $553.0M |
8季度趋势，按日历期对齐
经营现金流AMDIP
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $905.0M | ||
| Q3 25 | $2.2B | $605.0M | ||
| Q2 25 | $2.0B | $476.0M | ||
| Q1 25 | $939.0M | $-288.0M | ||
| Q4 24 | $1.3B | $397.0M | ||
| Q3 24 | $628.0M | $521.0M | ||
| Q2 24 | $593.0M | $365.0M |
自由现金流AMDIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | $2.4B | $255.0M | ||
| Q3 25 | $1.9B | $150.0M | ||
| Q2 25 | $1.7B | $54.0M | ||
| Q1 25 | $727.0M | $-618.0M | ||
| Q4 24 | $1.1B | $137.0M | ||
| Q3 24 | $496.0M | $309.0M | ||
| Q2 24 | $439.0M | $167.0M |
自由现金流率AMDIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 23.2% | 5.4% | ||
| Q3 25 | 20.6% | 2.4% | ||
| Q2 25 | 22.5% | 0.8% | ||
| Q1 25 | 9.8% | -10.5% | ||
| Q4 24 | 14.2% | 3.0% | ||
| Q3 24 | 7.3% | 6.6% | ||
| Q2 24 | 7.5% | 3.5% |
资本支出强度AMDIP
| Q1 26 | — | 8.7% | ||
| Q4 25 | 2.2% | 13.7% | ||
| Q3 25 | 2.8% | 7.3% | ||
| Q2 25 | 3.7% | 6.2% | ||
| Q1 25 | 2.9% | 5.6% | ||
| Q4 24 | 2.7% | 5.7% | ||
| Q3 24 | 1.9% | 4.5% | ||
| Q2 24 | 2.6% | 4.2% |
现金转化率AMDIP
| Q1 26 | — | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 2.31× | 6.35× | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 2.70× | — | ||
| Q3 24 | 0.81× | 3.47× | ||
| Q2 24 | 2.24× | 0.73× |
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% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
