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超威半导体（AMD）与西南航空（LUV）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西南航空的1.4倍（$10.3B vs $7.2B），超威半导体净利率更高（14.7% vs 3.1%，领先11.6%），超威半导体同比增速更快（34.1% vs 12.8%），过去两年超威半导体的营收复合增速更高（37.0% vs -0.7%）
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。
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
AMD vs LUV — 直观对比
营收规模更大
AMD
是对方的1.4倍
$7.2B
营收增速更快
AMD
高出21.3%
12.8%
净利率更高
AMD
高出11.6%
3.1%
两年增速更快
AMD
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $7.2B |
| 净利润 | $1.5B | $227.0M |
| 毛利率 | 54.3% | — |
| 营业利润率 | 17.1% | — |
| 净利率 | 14.7% | 3.1% |
| 营收同比 | 34.1% | 12.8% |
| 净利润同比 | 213.5% | 252.3% |
| 每股收益（稀释后） | $0.92 | $0.45 |
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AMDLUV
| Q1 26 | — | $7.2B | ||
| Q4 25 | $10.3B | $7.4B | ||
| Q3 25 | $9.2B | $6.9B | ||
| Q2 25 | $7.7B | $7.2B | ||
| Q1 25 | $7.4B | $6.4B | ||
| Q4 24 | $7.7B | $6.9B | ||
| Q3 24 | $6.8B | $6.9B | ||
| Q2 24 | $5.8B | $7.4B |
净利润AMDLUV
| Q1 26 | — | $227.0M | ||
| Q4 25 | $1.5B | $323.0M | ||
| Q3 25 | $1.2B | $54.0M | ||
| Q2 25 | $872.0M | $213.0M | ||
| Q1 25 | $709.0M | $-149.0M | ||
| Q4 24 | $482.0M | $262.0M | ||
| Q3 24 | $771.0M | $67.0M | ||
| Q2 24 | $265.0M | $367.0M |
毛利率AMDLUV
| 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% | — | ||
| Q2 24 | 49.1% | — |
营业利润率AMDLUV
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 5.3% | ||
| Q3 25 | 13.7% | 0.5% | ||
| Q2 25 | -1.7% | 3.1% | ||
| Q1 25 | 10.8% | -3.5% | ||
| Q4 24 | 11.4% | 4.0% | ||
| Q3 24 | 10.6% | 0.6% | ||
| Q2 24 | 4.6% | 5.4% |
净利率AMDLUV
| Q1 26 | — | 3.1% | ||
| Q4 25 | 14.7% | 4.3% | ||
| Q3 25 | 13.4% | 0.8% | ||
| Q2 25 | 11.3% | 2.9% | ||
| Q1 25 | 9.5% | -2.3% | ||
| Q4 24 | 6.3% | 3.8% | ||
| Q3 24 | 11.3% | 1.0% | ||
| Q2 24 | 4.5% | 5.0% |
每股收益（稀释后）AMDLUV
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.92 | $0.56 | ||
| Q3 25 | $0.75 | $0.10 | ||
| Q2 25 | $0.54 | $0.39 | ||
| Q1 25 | $0.44 | $-0.26 | ||
| Q4 24 | $0.30 | $0.46 | ||
| Q3 24 | $0.47 | $0.11 | ||
| Q2 24 | $0.16 | $0.58 |
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 | $3.3B |
| 总债务越低越好 | — | $5.4B |
| 股东权益账面价值 | $63.0B | $6.9B |
| 总资产 | $76.9B | $20.4B |
| 负债/权益比越低杠杆越低 | — | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资AMDLUV
| Q1 26 | — | $3.3B | ||
| Q4 25 | $10.6B | $3.2B | ||
| Q3 25 | $7.2B | $3.0B | ||
| Q2 25 | $5.9B | $3.8B | ||
| Q1 25 | $7.3B | $8.3B | ||
| Q4 24 | $5.1B | $8.7B | ||
| Q3 24 | $4.5B | $9.4B | ||
| Q2 24 | $5.3B | $10.0B |
总债务AMDLUV
| Q1 26 | — | $5.4B | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B |
股东权益AMDLUV
| Q1 26 | — | $6.9B | ||
| Q4 25 | $63.0B | $8.0B | ||
| Q3 25 | $60.8B | $7.8B | ||
| Q2 25 | $59.7B | $8.0B | ||
| Q1 25 | $57.9B | $9.4B | ||
| Q4 24 | $57.6B | $10.3B | ||
| Q3 24 | $57.0B | $10.4B | ||
| Q2 24 | $56.5B | $10.5B |
总资产AMDLUV
| Q1 26 | — | $20.4B | ||
| Q4 25 | $76.9B | $29.1B | ||
| Q3 25 | $76.9B | $28.3B | ||
| Q2 25 | $74.8B | $28.7B | ||
| Q1 25 | $71.5B | $33.2B | ||
| Q4 24 | $69.2B | $33.8B | ||
| Q3 24 | $69.6B | $34.8B | ||
| Q2 24 | $67.9B | $35.6B |
负债/权益比AMDLUV
| Q1 26 | — | 0.78× | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.48× |
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 | — |
| 自由现金流率自由现金流/营收 | 23.2% | — |
| 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× | 6.25× |
| 过去12个月自由现金流最近4个季度 | $6.7B | — |
8季度趋势，按日历期对齐
经营现金流AMDLUV
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.6B | $294.0M | ||
| Q3 25 | $2.2B | $287.0M | ||
| Q2 25 | $2.0B | $401.0M | ||
| Q1 25 | $939.0M | $860.0M | ||
| Q4 24 | $1.3B | $476.0M | ||
| Q3 24 | $628.0M | $113.0M | ||
| Q2 24 | $593.0M | $-23.0M |
自由现金流AMDLUV
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $-565.0M | ||
| Q3 25 | $1.9B | $-391.0M | ||
| Q2 25 | $1.7B | $-234.0M | ||
| Q1 25 | $727.0M | $359.0M | ||
| Q4 24 | $1.1B | $16.0M | ||
| Q3 24 | $496.0M | $-404.0M | ||
| Q2 24 | $439.0M | $-517.0M |
自由现金流率AMDLUV
| Q1 26 | — | — | ||
| Q4 25 | 23.2% | -7.6% | ||
| Q3 25 | 20.6% | -5.6% | ||
| Q2 25 | 22.5% | -3.2% | ||
| Q1 25 | 9.8% | 5.6% | ||
| Q4 24 | 14.2% | 0.2% | ||
| Q3 24 | 7.3% | -5.9% | ||
| Q2 24 | 7.5% | -7.0% |
资本支出强度AMDLUV
| Q1 26 | — | 8.7% | ||
| Q4 25 | 2.2% | 11.5% | ||
| Q3 25 | 2.8% | 9.8% | ||
| Q2 25 | 3.7% | 8.8% | ||
| Q1 25 | 2.9% | 7.8% | ||
| Q4 24 | 2.7% | 6.6% | ||
| Q3 24 | 1.9% | 7.5% | ||
| Q2 24 | 2.6% | 6.7% |
现金转化率AMDLUV
| Q1 26 | — | 6.25× | ||
| Q4 25 | 1.72× | 0.91× | ||
| Q3 25 | 1.74× | 5.31× | ||
| Q2 25 | 2.31× | 1.88× | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 2.70× | 1.82× | ||
| Q3 24 | 0.81× | 1.69× | ||
| Q2 24 | 2.24× | -0.06× |
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% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
