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超威半导体（AMD）与KLA Corporation（KLAC）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KLA Corporation的3.1倍（$10.3B vs $3.3B）。KLA Corporation净利率更高（34.7% vs 14.7%，领先20.0%）。超威半导体同比增速更快（34.1% vs 7.2%）。超威半导体自由现金流更多（$2.4B vs $1.3B）。过去两年超威半导体的营收复合增速更高（37.0% vs 18.2%）
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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
AMD vs KLAC — 直观对比
营收规模更大
AMD
是对方的3.1倍
$3.3B
营收增速更快
AMD
高出26.9%
7.2%
净利率更高
KLAC
高出20.0%
14.7%
自由现金流更多
AMD
多$1.1B
$1.3B
两年增速更快
AMD
近两年复合增速
18.2%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $3.3B |
| 净利润 | $1.5B | $1.1B |
| 毛利率 | 54.3% | 61.4% |
| 营业利润率 | 17.1% | — |
| 净利率 | 14.7% | 34.7% |
| 营收同比 | 34.1% | 7.2% |
| 净利润同比 | 213.5% | 39.0% |
| 每股收益（稀释后） | $0.92 | $8.68 |
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AMDKLAC
| Q4 25 | $10.3B | $3.3B | ||
| Q3 25 | $9.2B | $3.2B | ||
| Q2 25 | $7.7B | $3.2B | ||
| Q1 25 | $7.4B | $3.1B | ||
| Q4 24 | $7.7B | $3.1B | ||
| Q3 24 | $6.8B | $2.8B | ||
| Q2 24 | $5.8B | $2.6B | ||
| Q1 24 | $5.5B | $2.4B |
净利润AMDKLAC
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $872.0M | $1.2B | ||
| Q1 25 | $709.0M | $1.1B | ||
| Q4 24 | $482.0M | $824.5M | ||
| Q3 24 | $771.0M | $945.9M | ||
| Q2 24 | $265.0M | $836.4M | ||
| Q1 24 | $123.0M | $601.5M |
毛利率AMDKLAC
| Q4 25 | 54.3% | 61.4% | ||
| Q3 25 | 51.7% | 61.3% | ||
| Q2 25 | 39.8% | 62.0% | ||
| Q1 25 | 50.2% | 61.6% | ||
| Q4 24 | 50.7% | 60.3% | ||
| Q3 24 | 50.1% | 59.6% | ||
| Q2 24 | 49.1% | 60.7% | ||
| Q1 24 | 46.8% | 57.9% |
营业利润率AMDKLAC
| Q4 25 | 17.1% | — | ||
| Q3 25 | 13.7% | — | ||
| Q2 25 | -1.7% | 41.9% | ||
| Q1 25 | 10.8% | 41.3% | ||
| Q4 24 | 11.4% | 31.6% | ||
| Q3 24 | 10.6% | 38.0% | ||
| Q2 24 | 4.6% | 36.8% | ||
| Q1 24 | 0.7% | 29.7% |
净利率AMDKLAC
| Q4 25 | 14.7% | 34.7% | ||
| Q3 25 | 13.4% | 34.9% | ||
| Q2 25 | 11.3% | 37.9% | ||
| Q1 25 | 9.5% | 35.5% | ||
| Q4 24 | 6.3% | 26.8% | ||
| Q3 24 | 11.3% | 33.3% | ||
| Q2 24 | 4.5% | 32.6% | ||
| Q1 24 | 2.2% | 25.5% |
每股收益（稀释后）AMDKLAC
| Q4 25 | $0.92 | $8.68 | ||
| Q3 25 | $0.75 | $8.47 | ||
| Q2 25 | $0.54 | $9.04 | ||
| Q1 25 | $0.44 | $8.16 | ||
| Q4 24 | $0.30 | $6.16 | ||
| Q3 24 | $0.47 | $7.01 | ||
| Q2 24 | $0.16 | $6.16 | ||
| Q1 24 | $0.07 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | — | $5.9B |
| 股东权益账面价值 | $63.0B | $5.5B |
| 总资产 | $76.9B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资AMDKLAC
| Q4 25 | $10.6B | $2.5B | ||
| Q3 25 | $7.2B | $1.9B | ||
| Q2 25 | $5.9B | $2.1B | ||
| Q1 25 | $7.3B | $1.9B | ||
| Q4 24 | $5.1B | $1.8B | ||
| Q3 24 | $4.5B | $2.0B | ||
| Q2 24 | $5.3B | $2.0B | ||
| Q1 24 | $6.0B | $1.8B |
总债务AMDKLAC
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.9B | ||
| Q1 24 | — | $5.9B |
股东权益AMDKLAC
| Q4 25 | $63.0B | $5.5B | ||
| Q3 25 | $60.8B | $5.0B | ||
| Q2 25 | $59.7B | $4.7B | ||
| Q1 25 | $57.9B | $4.0B | ||
| Q4 24 | $57.6B | $3.6B | ||
| Q3 24 | $57.0B | $3.6B | ||
| Q2 24 | $56.5B | $3.4B | ||
| Q1 24 | $56.2B | $3.1B |
总资产AMDKLAC
| Q4 25 | $76.9B | $16.7B | ||
| Q3 25 | $76.9B | $16.3B | ||
| Q2 25 | $74.8B | $16.1B | ||
| Q1 25 | $71.5B | $15.2B | ||
| Q4 24 | $69.2B | $15.0B | ||
| Q3 24 | $69.6B | $15.7B | ||
| Q2 24 | $67.9B | $15.4B | ||
| Q1 24 | $67.9B | $15.0B |
负债/权益比AMDKLAC
| Q4 25 | — | 1.08× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.47× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $1.3B |
| 自由现金流率自由现金流/营收 | 23.2% | 38.3% |
| 资本支出强度资本支出/营收 | 2.2% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.72× | 1.19× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $4.4B |
8季度趋势，按日历期对齐
经营现金流AMDKLAC
| Q4 25 | $2.6B | $1.4B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $939.0M | $1.1B | ||
| Q4 24 | $1.3B | $849.5M | ||
| Q3 24 | $628.0M | $995.2M | ||
| Q2 24 | $593.0M | $892.6M | ||
| Q1 24 | $521.0M | $910.0M |
自由现金流AMDKLAC
| Q4 25 | $2.4B | $1.3B | ||
| Q3 25 | $1.9B | $1.1B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $727.0M | $990.0M | ||
| Q4 24 | $1.1B | $757.2M | ||
| Q3 24 | $496.0M | $934.8M | ||
| Q2 24 | $439.0M | $831.9M | ||
| Q1 24 | $379.0M | $838.2M |
自由现金流率AMDKLAC
| Q4 25 | 23.2% | 38.3% | ||
| Q3 25 | 20.6% | 33.2% | ||
| Q2 25 | 22.5% | 33.5% | ||
| Q1 25 | 9.8% | 32.3% | ||
| Q4 24 | 14.2% | 24.6% | ||
| Q3 24 | 7.3% | 32.9% | ||
| Q2 24 | 7.5% | 32.4% | ||
| Q1 24 | 6.9% | 35.5% |
资本支出强度AMDKLAC
| Q4 25 | 2.2% | 3.2% | ||
| Q3 25 | 2.8% | 3.0% | ||
| Q2 25 | 3.7% | 3.2% | ||
| Q1 25 | 2.9% | 2.7% | ||
| Q4 24 | 2.7% | 3.0% | ||
| Q3 24 | 1.9% | 2.1% | ||
| Q2 24 | 2.6% | 2.4% | ||
| Q1 24 | 2.6% | 3.0% |
现金转化率AMDKLAC
| Q4 25 | 1.72× | 1.19× | ||
| Q3 25 | 1.74× | 1.04× | ||
| Q2 25 | 2.31× | 0.97× | ||
| Q1 25 | 1.32× | 0.99× | ||
| Q4 24 | 2.70× | 1.03× | ||
| Q3 24 | 0.81× | 1.05× | ||
| Q2 24 | 2.24× | 1.07× | ||
| Q1 24 | 4.24× | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
