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超威半导体（AMD）与美敦力（MDT）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美敦力的1.1倍（$10.3B vs $9.0B），美敦力净利率更高（15.3% vs 14.7%，领先0.6%），超威半导体同比增速更快（34.1% vs 6.6%），超威半导体自由现金流更多（$2.4B vs $457.0M），过去两年超威半导体的营收复合增速更高（37.0% vs 5.3%）
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。
美敦力是全球知名的医疗设备企业，法定及行政总部位于爱尔兰，运营总部设在美国明尼苏达州明尼阿波利斯。2015年集团收购爱尔兰企业柯惠后将注册地迁至爱尔兰，目前业务覆盖超150个国家，员工逾9万名，专注于研发生产各类医疗技术产品及治疗解决方案。
AMD vs MDT — 直观对比
营收规模更大
AMD
是对方的1.1倍
$9.0B
营收增速更快
AMD
高出27.5%
6.6%
净利率更高
MDT
高出0.6%
14.7%
自由现金流更多
AMD
多$1.9B
$457.0M
两年增速更快
AMD
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $9.0B |
| 净利润 | $1.5B | $1.4B |
| 毛利率 | 54.3% | 65.8% |
| 营业利润率 | 17.1% | 18.8% |
| 净利率 | 14.7% | 15.3% |
| 营收同比 | 34.1% | 6.6% |
| 净利润同比 | 213.5% | 8.2% |
| 每股收益（稀释后） | $0.92 | $1.07 |
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AMDMDT
| Q4 25 | $10.3B | $9.0B | ||
| Q3 25 | $9.2B | $8.6B | ||
| Q2 25 | $7.7B | $8.9B | ||
| Q1 25 | $7.4B | $8.3B | ||
| Q4 24 | $7.7B | $8.4B | ||
| Q3 24 | $6.8B | $7.9B | ||
| Q2 24 | $5.8B | $8.6B | ||
| Q1 24 | $5.5B | $8.1B |
净利润AMDMDT
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $872.0M | $1.1B | ||
| Q1 25 | $709.0M | $1.3B | ||
| Q4 24 | $482.0M | $1.3B | ||
| Q3 24 | $771.0M | $1.0B | ||
| Q2 24 | $265.0M | $654.0M | ||
| Q1 24 | $123.0M | $1.3B |
毛利率AMDMDT
| Q4 25 | 54.3% | 65.8% | ||
| Q3 25 | 51.7% | 65.0% | ||
| Q2 25 | 39.8% | 64.8% | ||
| Q1 25 | 50.2% | 66.5% | ||
| Q4 24 | 50.7% | 64.9% | ||
| Q3 24 | 50.1% | 65.1% | ||
| Q2 24 | 49.1% | 64.5% | ||
| Q1 24 | 46.8% | 65.6% |
营业利润率AMDMDT
| Q4 25 | 17.1% | 18.8% | ||
| Q3 25 | 13.7% | 16.8% | ||
| Q2 25 | -1.7% | 16.1% | ||
| Q1 25 | 10.8% | 19.9% | ||
| Q4 24 | 11.4% | 19.0% | ||
| Q3 24 | 10.6% | 16.1% | ||
| Q2 24 | 4.6% | 12.3% | ||
| Q1 24 | 0.7% | 18.3% |
净利率AMDMDT
| Q4 25 | 14.7% | 15.3% | ||
| Q3 25 | 13.4% | 12.1% | ||
| Q2 25 | 11.3% | 11.8% | ||
| Q1 25 | 9.5% | 15.6% | ||
| Q4 24 | 6.3% | 15.1% | ||
| Q3 24 | 11.3% | 13.2% | ||
| Q2 24 | 4.5% | 7.6% | ||
| Q1 24 | 2.2% | 16.3% |
每股收益（稀释后）AMDMDT
| Q4 25 | $0.92 | $1.07 | ||
| Q3 25 | $0.75 | $0.81 | ||
| Q2 25 | $0.54 | $0.81 | ||
| Q1 25 | $0.44 | $1.01 | ||
| Q4 24 | $0.30 | $0.99 | ||
| Q3 24 | $0.47 | $0.80 | ||
| Q2 24 | $0.16 | $0.50 | ||
| Q1 24 | $0.07 | $0.99 |
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 | $8.3B |
| 总债务越低越好 | — | $27.7B |
| 股东权益账面价值 | $63.0B | $48.7B |
| 总资产 | $76.9B | $91.3B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资AMDMDT
| Q4 25 | $10.6B | $8.3B | ||
| Q3 25 | $7.2B | $8.1B | ||
| Q2 25 | $5.9B | $9.0B | ||
| Q1 25 | $7.3B | $7.9B | ||
| Q4 24 | $5.1B | $8.0B | ||
| Q3 24 | $4.5B | $7.8B | ||
| Q2 24 | $5.3B | $8.0B | ||
| Q1 24 | $6.0B | $8.3B |
总债务AMDMDT
| Q4 25 | — | $27.7B | ||
| Q3 25 | — | $26.2B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $24.0B | ||
| Q4 24 | — | $24.6B | ||
| Q3 24 | — | $26.3B | ||
| Q2 24 | — | $23.9B | ||
| Q1 24 | — | $24.2B |
股东权益AMDMDT
| Q4 25 | $63.0B | $48.7B | ||
| Q3 25 | $60.8B | $47.9B | ||
| Q2 25 | $59.7B | $48.0B | ||
| Q1 25 | $57.9B | $49.4B | ||
| Q4 24 | $57.6B | $48.5B | ||
| Q3 24 | $57.0B | $47.9B | ||
| Q2 24 | $56.5B | $50.2B | ||
| Q1 24 | $56.2B | $51.8B |
总资产AMDMDT
| Q4 25 | $76.9B | $91.3B | ||
| Q3 25 | $76.9B | $91.0B | ||
| Q2 25 | $74.8B | $91.7B | ||
| Q1 25 | $71.5B | $90.0B | ||
| Q4 24 | $69.2B | $90.0B | ||
| Q3 24 | $69.6B | $89.7B | ||
| Q2 24 | $67.9B | $90.0B | ||
| Q1 24 | $67.9B | $90.8B |
负债/权益比AMDMDT
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.47× |
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 | $925.0M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $457.0M |
| 自由现金流率自由现金流/营收 | 23.2% | 5.1% |
| 资本支出强度资本支出/营收 | 2.2% | 5.2% |
| 现金转化率经营现金流/净利润 | 1.72× | 0.67× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $5.2B |
8季度趋势，按日历期对齐
经营现金流AMDMDT
| Q4 25 | $2.6B | $925.0M | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | $939.0M | $2.6B | ||
| Q4 24 | $1.3B | $958.0M | ||
| Q3 24 | $628.0M | $986.0M | ||
| Q2 24 | $593.0M | $2.8B | ||
| Q1 24 | $521.0M | $2.5B |
自由现金流AMDMDT
| Q4 25 | $2.4B | $457.0M | ||
| Q3 25 | $1.9B | $584.0M | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $727.0M | $2.1B | ||
| Q4 24 | $1.1B | $554.0M | ||
| Q3 24 | $496.0M | $466.0M | ||
| Q2 24 | $439.0M | $2.4B | ||
| Q1 24 | $379.0M | $2.1B |
自由现金流率AMDMDT
| Q4 25 | 23.2% | 5.1% | ||
| Q3 25 | 20.6% | 6.8% | ||
| Q2 25 | 22.5% | 23.2% | ||
| Q1 25 | 9.8% | 25.3% | ||
| Q4 24 | 14.2% | 6.6% | ||
| Q3 24 | 7.3% | 5.9% | ||
| Q2 24 | 7.5% | 27.4% | ||
| Q1 24 | 6.9% | 26.3% |
资本支出强度AMDMDT
| Q4 25 | 2.2% | 5.2% | ||
| Q3 25 | 2.8% | 5.9% | ||
| Q2 25 | 3.7% | 5.1% | ||
| Q1 25 | 2.9% | 5.7% | ||
| Q4 24 | 2.7% | 4.8% | ||
| Q3 24 | 1.9% | 6.6% | ||
| Q2 24 | 2.6% | 5.0% | ||
| Q1 24 | 2.6% | 4.3% |
现金转化率AMDMDT
| Q4 25 | 1.72× | 0.67× | ||
| Q3 25 | 1.74× | 1.05× | ||
| Q2 25 | 2.31× | 2.39× | ||
| Q1 25 | 1.32× | 1.99× | ||
| Q4 24 | 2.70× | 0.75× | ||
| Q3 24 | 0.81× | 0.95× | ||
| Q2 24 | 2.24× | 4.25× | ||
| Q1 24 | 4.24× | 1.87× |
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% |
MDT
| Cardiac Rhythm And Heart Failure Division | $1.8B | 20% |
| Surgical Endoscopy | $1.7B | 19% |
| Other | $1.3B | 14% |
| Structural Heart And Aortic Division | $956.0M | 11% |
| Diabetes Group | $757.0M | 8% |
| Specialty Therapies Division | $744.0M | 8% |
| Coronary And Peripheral Vascular Division | $655.0M | 7% |
| Neuromodulation Division | $520.0M | 6% |
| Acute Care Monitoring | $493.0M | 6% |
| IE | $35.0M | 0% |
