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超威半导体（AMD）与Smurfit Westrock（SW）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Smurfit Westrock的1.4倍（$10.3B vs $7.6B），超威半导体净利率更高（14.7% vs 1.3%，领先13.4%），超威半导体同比增速更快（34.1% vs 0.5%），超威半导体自由现金流更多（$2.4B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% vs 37.0%）
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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
AMD vs SW — 直观对比
营收规模更大
AMD
是对方的1.4倍
$7.6B
营收增速更快
AMD
高出33.6%
0.5%
净利率更高
AMD
高出13.4%
1.3%
自由现金流更多
AMD
多$1.8B
$612.0M
两年增速更快
SW
近两年复合增速
37.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $7.6B |
| 净利润 | $1.5B | $97.0M |
| 毛利率 | 54.3% | 18.2% |
| 营业利润率 | 17.1% | 5.1% |
| 净利率 | 14.7% | 1.3% |
| 营收同比 | 34.1% | 0.5% |
| 净利润同比 | 213.5% | -33.6% |
| 每股收益（稀释后） | $0.92 | $0.18 |
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AMDSW
| Q4 25 | $10.3B | $7.6B | ||
| Q3 25 | $9.2B | $8.0B | ||
| Q2 25 | $7.7B | $7.9B | ||
| Q1 25 | $7.4B | $7.7B | ||
| Q4 24 | $7.7B | $7.5B | ||
| Q3 24 | $6.8B | $7.7B | ||
| Q2 24 | $5.8B | $3.0B | ||
| Q1 24 | $5.5B | $2.9B |
净利润AMDSW
| Q4 25 | $1.5B | $97.0M | ||
| Q3 25 | $1.2B | $246.0M | ||
| Q2 25 | $872.0M | $-28.0M | ||
| Q1 25 | $709.0M | $384.0M | ||
| Q4 24 | $482.0M | $146.0M | ||
| Q3 24 | $771.0M | $-150.0M | ||
| Q2 24 | $265.0M | $132.0M | ||
| Q1 24 | $123.0M | $191.0M |
毛利率AMDSW
| Q4 25 | 54.3% | 18.2% | ||
| Q3 25 | 51.7% | 19.6% | ||
| Q2 25 | 39.8% | 19.1% | ||
| Q1 25 | 50.2% | 20.6% | ||
| Q4 24 | 50.7% | 19.1% | ||
| Q3 24 | 50.1% | 17.6% | ||
| Q2 24 | 49.1% | 23.3% | ||
| Q1 24 | 46.8% | 24.2% |
营业利润率AMDSW
| Q4 25 | 17.1% | 5.1% | ||
| Q3 25 | 13.7% | 6.6% | ||
| Q2 25 | -1.7% | 3.2% | ||
| Q1 25 | 10.8% | 7.2% | ||
| Q4 24 | 11.4% | 5.3% | ||
| Q3 24 | 10.6% | 0.7% | ||
| Q2 24 | 4.6% | 8.2% | ||
| Q1 24 | 0.7% | 10.5% |
净利率AMDSW
| Q4 25 | 14.7% | 1.3% | ||
| Q3 25 | 13.4% | 3.1% | ||
| Q2 25 | 11.3% | -0.4% | ||
| Q1 25 | 9.5% | 5.0% | ||
| Q4 24 | 6.3% | 1.9% | ||
| Q3 24 | 11.3% | -2.0% | ||
| Q2 24 | 4.5% | 4.4% | ||
| Q1 24 | 2.2% | 6.5% |
每股收益（稀释后）AMDSW
| Q4 25 | $0.92 | $0.18 | ||
| Q3 25 | $0.75 | $0.47 | ||
| Q2 25 | $0.54 | $-0.05 | ||
| Q1 25 | $0.44 | $0.73 | ||
| Q4 24 | $0.30 | $-0.12 | ||
| Q3 24 | $0.47 | $-0.30 | ||
| Q2 24 | $0.16 | $0.51 | ||
| Q1 24 | $0.07 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | — | $13.4B |
| 股东权益账面价值 | $63.0B | $18.3B |
| 总资产 | $76.9B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资AMDSW
| Q4 25 | $10.6B | $892.0M | ||
| Q3 25 | $7.2B | $851.0M | ||
| Q2 25 | $5.9B | $778.0M | ||
| Q1 25 | $7.3B | $797.0M | ||
| Q4 24 | $5.1B | $855.0M | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $5.3B | $26.8K | ||
| Q1 24 | $6.0B | $108 |
总债务AMDSW
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AMDSW
| Q4 25 | $63.0B | $18.3B | ||
| Q3 25 | $60.8B | $18.4B | ||
| Q2 25 | $59.7B | $18.3B | ||
| Q1 25 | $57.9B | $17.9B | ||
| Q4 24 | $57.6B | $17.4B | ||
| Q3 24 | $57.0B | $18.0B | ||
| Q2 24 | $56.5B | $14.5K | ||
| Q1 24 | $56.2B | $108 |
总资产AMDSW
| Q4 25 | $76.9B | $45.2B | ||
| Q3 25 | $76.9B | $45.6B | ||
| Q2 25 | $74.8B | $45.7B | ||
| Q1 25 | $71.5B | $44.6B | ||
| Q4 24 | $69.2B | $43.8B | ||
| Q3 24 | $69.6B | $45.0B | ||
| Q2 24 | $67.9B | $26.8K | ||
| Q1 24 | $67.9B | $108 |
负债/权益比AMDSW
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $612.0M |
| 自由现金流率自由现金流/营收 | 23.2% | 8.1% |
| 资本支出强度资本支出/营收 | 2.2% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.72× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $1.2B |
8季度趋势，按日历期对齐
经营现金流AMDSW
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.0B | $829.0M | ||
| Q1 25 | $939.0M | $235.0M | ||
| Q4 24 | $1.3B | $781.0M | ||
| Q3 24 | $628.0M | $320.0M | ||
| Q2 24 | $593.0M | $340.0M | ||
| Q1 24 | $521.0M | $42.0M |
自由现金流AMDSW
| Q4 25 | $2.4B | $612.0M | ||
| Q3 25 | $1.9B | $523.0M | ||
| Q2 25 | $1.7B | $307.0M | ||
| Q1 25 | $727.0M | $-242.0M | ||
| Q4 24 | $1.1B | $212.0M | ||
| Q3 24 | $496.0M | $-192.0M | ||
| Q2 24 | $439.0M | $163.0M | ||
| Q1 24 | $379.0M | $-166.0M |
自由现金流率AMDSW
| Q4 25 | 23.2% | 8.1% | ||
| Q3 25 | 20.6% | 6.5% | ||
| Q2 25 | 22.5% | 3.9% | ||
| Q1 25 | 9.8% | -3.2% | ||
| Q4 24 | 14.2% | 2.8% | ||
| Q3 24 | 7.3% | -2.5% | ||
| Q2 24 | 7.5% | 5.5% | ||
| Q1 24 | 6.9% | -5.7% |
资本支出强度AMDSW
| Q4 25 | 2.2% | 7.7% | ||
| Q3 25 | 2.8% | 7.6% | ||
| Q2 25 | 3.7% | 6.6% | ||
| Q1 25 | 2.9% | 6.2% | ||
| Q4 24 | 2.7% | 7.5% | ||
| Q3 24 | 1.9% | 6.7% | ||
| Q2 24 | 2.6% | 6.0% | ||
| Q1 24 | 2.6% | 7.1% |
现金转化率AMDSW
| Q4 25 | 1.72× | 12.32× | ||
| Q3 25 | 1.74× | 4.61× | ||
| Q2 25 | 2.31× | — | ||
| Q1 25 | 1.32× | 0.61× | ||
| Q4 24 | 2.70× | 5.35× | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 2.24× | 2.58× | ||
| Q1 24 | 4.24× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
