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超威半导体（AMD）与TENET HEALTHCARE CORP（THC）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TENET HEALTHCARE CORP的1.9倍（$10.3B vs $5.5B），超威半导体净利率更高（13.5% vs 11.7%，领先1.8%），超威半导体同比增速更快（37.8% vs 9.0%），超威半导体自由现金流更多（$2.6B vs $367.0M），过去两年超威半导体的营收复合增速更高（32.6% vs 1.5%）
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。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
AMD vs THC — 直观对比
营收规模更大
AMD
是对方的1.9倍
$5.5B
营收增速更快
AMD
高出28.9%
9.0%
净利率更高
AMD
高出1.8%
11.7%
自由现金流更多
AMD
多$2.2B
$367.0M
两年增速更快
AMD
近两年复合增速
1.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $5.5B |
| 净利润 | $1.4B | $644.0M |
| 毛利率 | 52.8% | — |
| 营业利润率 | 14.4% | 15.4% |
| 净利率 | 13.5% | 11.7% |
| 营收同比 | 37.8% | 9.0% |
| 净利润同比 | 95.1% | 12.6% |
| 每股收益（稀释后） | $0.84 | $4.22 |
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AMDTHC
| Q1 26 | $10.3B | — | ||
| Q4 25 | $10.3B | $5.5B | ||
| Q3 25 | $9.2B | $5.3B | ||
| Q2 25 | $7.7B | $5.3B | ||
| Q1 25 | $7.4B | $5.2B | ||
| Q4 24 | $7.7B | $5.1B | ||
| Q3 24 | $6.8B | $5.1B | ||
| Q2 24 | $5.8B | $5.1B |
净利润AMDTHC
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.5B | $644.0M | ||
| Q3 25 | $1.2B | $579.0M | ||
| Q2 25 | $872.0M | $522.0M | ||
| Q1 25 | $709.0M | $622.0M | ||
| Q4 24 | $482.0M | $572.0M | ||
| Q3 24 | $771.0M | $681.0M | ||
| Q2 24 | $265.0M | $477.0M |
毛利率AMDTHC
| Q1 26 | 52.8% | — | ||
| 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AMDTHC
| Q1 26 | 14.4% | — | ||
| Q4 25 | 17.1% | 15.4% | ||
| Q3 25 | 13.7% | 16.8% | ||
| Q2 25 | -1.7% | 15.6% | ||
| Q1 25 | 10.8% | 18.1% | ||
| Q4 24 | 11.4% | 16.2% | ||
| Q3 24 | 10.6% | 21.3% | ||
| Q2 24 | 4.6% | 14.9% |
净利率AMDTHC
| Q1 26 | 13.5% | — | ||
| Q4 25 | 14.7% | 11.7% | ||
| Q3 25 | 13.4% | 10.9% | ||
| Q2 25 | 11.3% | 9.9% | ||
| Q1 25 | 9.5% | 11.9% | ||
| Q4 24 | 6.3% | 11.3% | ||
| Q3 24 | 11.3% | 13.3% | ||
| Q2 24 | 4.5% | 9.3% |
每股收益（稀释后）AMDTHC
| Q1 26 | $0.84 | — | ||
| Q4 25 | $0.92 | $4.22 | ||
| Q3 25 | $0.75 | $3.86 | ||
| Q2 25 | $0.54 | $3.14 | ||
| Q1 25 | $0.44 | $4.27 | ||
| Q4 24 | $0.30 | $3.79 | ||
| Q3 24 | $0.47 | $4.89 | ||
| Q2 24 | $0.16 | $2.64 |
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 | $12.3B | $2.9B |
| 总债务越低越好 | $2.4B | $13.1B |
| 股东权益账面价值 | $64.5B | $4.2B |
| 总资产 | $79.6B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.04× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资AMDTHC
| Q1 26 | $12.3B | — | ||
| Q4 25 | $10.6B | $2.9B | ||
| Q3 25 | $7.2B | $3.0B | ||
| Q2 25 | $5.9B | $2.6B | ||
| Q1 25 | $7.3B | $3.0B | ||
| Q4 24 | $5.1B | $3.0B | ||
| Q3 24 | $4.5B | $4.1B | ||
| Q2 24 | $5.3B | $2.9B |
总债务AMDTHC
| Q1 26 | $2.4B | — | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | — | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B |
股东权益AMDTHC
| Q1 26 | $64.5B | — | ||
| Q4 25 | $63.0B | $4.2B | ||
| Q3 25 | $60.8B | $4.0B | ||
| Q2 25 | $59.7B | $3.7B | ||
| Q1 25 | $57.9B | $4.2B | ||
| Q4 24 | $57.6B | $4.2B | ||
| Q3 24 | $57.0B | $3.8B | ||
| Q2 24 | $56.5B | $3.5B |
总资产AMDTHC
| Q1 26 | $79.6B | — | ||
| Q4 25 | $76.9B | $29.7B | ||
| Q3 25 | $76.9B | $29.4B | ||
| Q2 25 | $74.8B | $28.7B | ||
| Q1 25 | $71.5B | $29.2B | ||
| Q4 24 | $69.2B | $28.9B | ||
| Q3 24 | $69.6B | $29.4B | ||
| Q2 24 | $67.9B | $29.3B |
负债/权益比AMDTHC
| Q1 26 | 0.04× | — | ||
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× |
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 | $3.0B | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $2.6B | $367.0M |
| 自由现金流率自由现金流/营收 | 25.0% | 6.6% |
| 资本支出强度资本支出/营收 | 3.8% | 6.6% |
| 现金转化率经营现金流/净利润 | 2.14× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $8.6B | $2.5B |
8季度趋势，按日历期对齐
经营现金流AMDTHC
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.6B | $731.0M | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.0B | $936.0M | ||
| Q1 25 | $939.0M | $815.0M | ||
| Q4 24 | $1.3B | $-331.0M | ||
| Q3 24 | $628.0M | $1.0B | ||
| Q2 24 | $593.0M | $747.0M |
自由现金流AMDTHC
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.4B | $367.0M | ||
| Q3 25 | $1.9B | $778.0M | ||
| Q2 25 | $1.7B | $743.0M | ||
| Q1 25 | $727.0M | $642.0M | ||
| Q4 24 | $1.1B | $-661.0M | ||
| Q3 24 | $496.0M | $829.0M | ||
| Q2 24 | $439.0M | $602.0M |
自由现金流率AMDTHC
| Q1 26 | 25.0% | — | ||
| Q4 25 | 23.2% | 6.6% | ||
| Q3 25 | 20.6% | 14.7% | ||
| Q2 25 | 22.5% | 14.1% | ||
| Q1 25 | 9.8% | 12.3% | ||
| Q4 24 | 14.2% | -13.0% | ||
| Q3 24 | 7.3% | 16.2% | ||
| Q2 24 | 7.5% | 11.8% |
资本支出强度AMDTHC
| Q1 26 | 3.8% | — | ||
| Q4 25 | 2.2% | 6.6% | ||
| Q3 25 | 2.8% | 5.3% | ||
| Q2 25 | 3.7% | 3.7% | ||
| Q1 25 | 2.9% | 3.3% | ||
| Q4 24 | 2.7% | 6.5% | ||
| Q3 24 | 1.9% | 4.2% | ||
| Q2 24 | 2.6% | 2.8% |
现金转化率AMDTHC
| Q1 26 | 2.14× | — | ||
| Q4 25 | 1.72× | 1.14× | ||
| Q3 25 | 1.74× | 1.83× | ||
| Q2 25 | 2.31× | 1.79× | ||
| Q1 25 | 1.32× | 1.31× | ||
| Q4 24 | 2.70× | -0.58× | ||
| Q3 24 | 0.81× | 1.53× | ||
| Q2 24 | 2.24× | 1.57× |
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
| Data Center Segment | $5.8B | 56% |
| Client | $2.9B | 28% |
| Embedded Segment | $873.0M | 9% |
| Gaming | $720.0M | 7% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
