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超威半导体（AMD）与Steel Dynamics（STLD）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Steel Dynamics的2.0倍（$10.3B vs $5.2B），超威半导体净利率更高（14.7% vs 7.7%，领先7.0%），超威半导体同比增速更快（34.1% vs 17.9%），过去两年超威半导体的营收复合增速更高（37.0% vs 6.0%）
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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
AMD vs STLD — 直观对比
营收规模更大
AMD
是对方的2.0倍
$5.2B
营收增速更快
AMD
高出16.2%
17.9%
净利率更高
AMD
高出7.0%
7.7%
两年增速更快
AMD
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $5.2B |
| 净利润 | $1.5B | $400.1M |
| 毛利率 | 54.3% | 14.7% |
| 营业利润率 | 17.1% | 10.3% |
| 净利率 | 14.7% | 7.7% |
| 营收同比 | 34.1% | 17.9% |
| 净利润同比 | 213.5% | 51.3% |
| 每股收益（稀释后） | $0.92 | $2.78 |
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AMDSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $10.3B | $4.4B | ||
| Q3 25 | $9.2B | $4.8B | ||
| Q2 25 | $7.7B | $4.6B | ||
| Q1 25 | $7.4B | $4.4B | ||
| Q4 24 | $7.7B | $3.9B | ||
| Q3 24 | $6.8B | $4.3B | ||
| Q2 24 | $5.8B | $4.6B |
净利润AMDSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $1.5B | $266.0M | ||
| Q3 25 | $1.2B | $403.7M | ||
| Q2 25 | $872.0M | $298.7M | ||
| Q1 25 | $709.0M | $217.2M | ||
| Q4 24 | $482.0M | $207.3M | ||
| Q3 24 | $771.0M | $317.8M | ||
| Q2 24 | $265.0M | $428.0M |
毛利率AMDSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 54.3% | 12.0% | ||
| Q3 25 | 51.7% | 15.7% | ||
| Q2 25 | 39.8% | 13.5% | ||
| Q1 25 | 50.2% | 11.1% | ||
| Q4 24 | 50.7% | 11.4% | ||
| Q3 24 | 50.1% | 13.9% | ||
| Q2 24 | 49.1% | 16.7% |
营业利润率AMDSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 17.1% | 7.0% | ||
| Q3 25 | 13.7% | 10.5% | ||
| Q2 25 | -1.7% | 8.4% | ||
| Q1 25 | 10.8% | 6.3% | ||
| Q4 24 | 11.4% | 6.1% | ||
| Q3 24 | 10.6% | 9.1% | ||
| Q2 24 | 4.6% | 12.1% |
净利率AMDSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 14.7% | 6.0% | ||
| Q3 25 | 13.4% | 8.4% | ||
| Q2 25 | 11.3% | 6.5% | ||
| Q1 25 | 9.5% | 5.0% | ||
| Q4 24 | 6.3% | 5.4% | ||
| Q3 24 | 11.3% | 7.3% | ||
| Q2 24 | 4.5% | 9.2% |
每股收益（稀释后）AMDSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $0.92 | $1.80 | ||
| Q3 25 | $0.75 | $2.74 | ||
| Q2 25 | $0.54 | $2.01 | ||
| Q1 25 | $0.44 | $1.44 | ||
| Q4 24 | $0.30 | $1.40 | ||
| Q3 24 | $0.47 | $2.05 | ||
| Q2 24 | $0.16 | $2.72 |
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 | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $63.0B | $9.0B |
| 总资产 | $76.9B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资AMDSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $10.6B | $769.9M | ||
| Q3 25 | $7.2B | $770.4M | ||
| Q2 25 | $5.9B | $497.6M | ||
| Q1 25 | $7.3B | $1.2B | ||
| Q4 24 | $5.1B | $737.3M | ||
| Q3 24 | $4.5B | $1.7B | ||
| Q2 24 | $5.3B | $1.2B |
总债务AMDSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益AMDSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $63.0B | $9.0B | ||
| Q3 25 | $60.8B | $9.0B | ||
| Q2 25 | $59.7B | $8.9B | ||
| Q1 25 | $57.9B | $8.8B | ||
| Q4 24 | $57.6B | $8.9B | ||
| Q3 24 | $57.0B | $9.1B | ||
| Q2 24 | $56.5B | $9.1B |
总资产AMDSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $76.9B | $16.4B | ||
| Q3 25 | $76.9B | $16.0B | ||
| Q2 25 | $74.8B | $15.5B | ||
| Q1 25 | $71.5B | $15.9B | ||
| Q4 24 | $69.2B | $14.9B | ||
| Q3 24 | $69.6B | $15.7B | ||
| Q2 24 | $67.9B | $15.1B |
负债/权益比AMDSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | $148.3M |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.72× | 0.37× |
| 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AMDSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $2.6B | $272.7M | ||
| Q3 25 | $2.2B | $722.6M | ||
| Q2 25 | $2.0B | $301.6M | ||
| Q1 25 | $939.0M | $152.6M | ||
| Q4 24 | $1.3B | $346.9M | ||
| Q3 24 | $628.0M | $759.9M | ||
| Q2 24 | $593.0M | $382.6M |
自由现金流AMDSTLD
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $84.2M | ||
| Q3 25 | $1.9B | $556.9M | ||
| Q2 25 | $1.7B | $13.3M | ||
| Q1 25 | $727.0M | $-152.9M | ||
| Q4 24 | $1.1B | $-106.3M | ||
| Q3 24 | $496.0M | $138.5M | ||
| Q2 24 | $439.0M | $-36.6M |
自由现金流率AMDSTLD
| Q1 26 | — | — | ||
| Q4 25 | 23.2% | 1.9% | ||
| Q3 25 | 20.6% | 11.5% | ||
| Q2 25 | 22.5% | 0.3% | ||
| Q1 25 | 9.8% | -3.5% | ||
| Q4 24 | 14.2% | -2.7% | ||
| Q3 24 | 7.3% | 3.2% | ||
| Q2 24 | 7.5% | -0.8% |
资本支出强度AMDSTLD
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 4.3% | ||
| Q3 25 | 2.8% | 3.4% | ||
| Q2 25 | 3.7% | 6.3% | ||
| Q1 25 | 2.9% | 7.0% | ||
| Q4 24 | 2.7% | 11.7% | ||
| Q3 24 | 1.9% | 14.3% | ||
| Q2 24 | 2.6% | 9.0% |
现金转化率AMDSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.72× | 1.03× | ||
| Q3 25 | 1.74× | 1.79× | ||
| Q2 25 | 2.31× | 1.01× | ||
| Q1 25 | 1.32× | 0.70× | ||
| Q4 24 | 2.70× | 1.67× | ||
| Q3 24 | 0.81× | 2.39× | ||
| Q2 24 | 2.24× | 0.89× |
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% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
