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超威半导体（AMD）与斑马技术（ZBRA）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斑马技术的7.0倍（$10.3B vs $1.5B）。超威半导体净利率更高（14.7% vs 4.7%，领先10.0%）。超威半导体同比增速更快（34.1% vs 10.6%）。超威半导体自由现金流更多（$2.4B vs $327.0M）。过去两年超威半导体的营收复合增速更高（37.0% vs 12.0%）
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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
AMD vs ZBRA — 直观对比
营收规模更大
AMD
是对方的7.0倍
$1.5B
营收增速更快
AMD
高出23.5%
10.6%
净利率更高
AMD
高出10.0%
4.7%
自由现金流更多
AMD
多$2.1B
$327.0M
两年增速更快
AMD
近两年复合增速
12.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $1.5B |
| 净利润 | $1.5B | $70.0M |
| 毛利率 | 54.3% | 47.3% |
| 营业利润率 | 17.1% | 9.4% |
| 净利率 | 14.7% | 4.7% |
| 营收同比 | 34.1% | 10.6% |
| 净利润同比 | 213.5% | -57.1% |
| 每股收益（稀释后） | $0.92 | $1.40 |
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AMDZBRA
| Q4 25 | $10.3B | $1.5B | ||
| Q3 25 | $9.2B | $1.3B | ||
| Q2 25 | $7.7B | $1.3B | ||
| Q1 25 | $7.4B | $1.3B | ||
| Q4 24 | $7.7B | $1.3B | ||
| Q3 24 | $6.8B | $1.3B | ||
| Q2 24 | $5.8B | $1.2B | ||
| Q1 24 | $5.5B | $1.2B |
净利润AMDZBRA
| Q4 25 | $1.5B | $70.0M | ||
| Q3 25 | $1.2B | $101.0M | ||
| Q2 25 | $872.0M | $112.0M | ||
| Q1 25 | $709.0M | $136.0M | ||
| Q4 24 | $482.0M | $163.0M | ||
| Q3 24 | $771.0M | $137.0M | ||
| Q2 24 | $265.0M | $113.0M | ||
| Q1 24 | $123.0M | $115.0M |
毛利率AMDZBRA
| Q4 25 | 54.3% | 47.3% | ||
| Q3 25 | 51.7% | 48.0% | ||
| Q2 25 | 39.8% | 47.6% | ||
| Q1 25 | 50.2% | 49.3% | ||
| Q4 24 | 50.7% | 48.6% | ||
| Q3 24 | 50.1% | 48.8% | ||
| Q2 24 | 49.1% | 48.4% | ||
| Q1 24 | 46.8% | 47.9% |
营业利润率AMDZBRA
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 13.7% | 13.9% | ||
| Q2 25 | -1.7% | 14.2% | ||
| Q1 25 | 10.8% | 14.9% | ||
| Q4 24 | 11.4% | 16.9% | ||
| Q3 24 | 10.6% | 15.2% | ||
| Q2 24 | 4.6% | 13.7% | ||
| Q1 24 | 0.7% | 13.5% |
净利率AMDZBRA
| Q4 25 | 14.7% | 4.7% | ||
| Q3 25 | 13.4% | 7.7% | ||
| Q2 25 | 11.3% | 8.7% | ||
| Q1 25 | 9.5% | 10.4% | ||
| Q4 24 | 6.3% | 12.2% | ||
| Q3 24 | 11.3% | 10.9% | ||
| Q2 24 | 4.5% | 9.3% | ||
| Q1 24 | 2.2% | 9.8% |
每股收益（稀释后）AMDZBRA
| Q4 25 | $0.92 | $1.40 | ||
| Q3 25 | $0.75 | $1.97 | ||
| Q2 25 | $0.54 | $2.19 | ||
| Q1 25 | $0.44 | $2.62 | ||
| Q4 24 | $0.30 | $3.14 | ||
| Q3 24 | $0.47 | $2.64 | ||
| Q2 24 | $0.16 | $2.17 | ||
| Q1 24 | $0.07 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $63.0B | $3.6B |
| 总资产 | $76.9B | $8.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AMDZBRA
| Q4 25 | $10.6B | $125.0M | ||
| Q3 25 | $7.2B | $1.1B | ||
| Q2 25 | $5.9B | $872.0M | ||
| Q1 25 | $7.3B | $879.0M | ||
| Q4 24 | $5.1B | $901.0M | ||
| Q3 24 | $4.5B | $676.0M | ||
| Q2 24 | $5.3B | $411.0M | ||
| Q1 24 | $6.0B | $127.0M |
总债务AMDZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益AMDZBRA
| Q4 25 | $63.0B | $3.6B | ||
| Q3 25 | $60.8B | $3.7B | ||
| Q2 25 | $59.7B | $3.6B | ||
| Q1 25 | $57.9B | $3.6B | ||
| Q4 24 | $57.6B | $3.6B | ||
| Q3 24 | $57.0B | $3.4B | ||
| Q2 24 | $56.5B | $3.3B | ||
| Q1 24 | $56.2B | $3.2B |
总资产AMDZBRA
| Q4 25 | $76.9B | $8.5B | ||
| Q3 25 | $76.9B | $8.1B | ||
| Q2 25 | $74.8B | $7.9B | ||
| Q1 25 | $71.5B | $7.9B | ||
| Q4 24 | $69.2B | $8.0B | ||
| Q3 24 | $69.6B | $7.7B | ||
| Q2 24 | $67.9B | $7.5B | ||
| Q1 24 | $67.9B | $7.3B |
负债/权益比AMDZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $327.0M |
| 自由现金流率自由现金流/营收 | 23.2% | 22.2% |
| 资本支出强度资本支出/营收 | 2.2% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.72× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $6.7B | $831.0M |
8季度趋势，按日历期对齐
经营现金流AMDZBRA
| Q4 25 | $2.6B | $357.0M | ||
| Q3 25 | $2.2B | $235.0M | ||
| Q2 25 | $2.0B | $147.0M | ||
| Q1 25 | $939.0M | $178.0M | ||
| Q4 24 | $1.3B | $306.0M | ||
| Q3 24 | $628.0M | $294.0M | ||
| Q2 24 | $593.0M | $288.0M | ||
| Q1 24 | $521.0M | $125.0M |
自由现金流AMDZBRA
| Q4 25 | $2.4B | $327.0M | ||
| Q3 25 | $1.9B | $216.0M | ||
| Q2 25 | $1.7B | $130.0M | ||
| Q1 25 | $727.0M | $158.0M | ||
| Q4 24 | $1.1B | $288.0M | ||
| Q3 24 | $496.0M | $277.0M | ||
| Q2 24 | $439.0M | $278.0M | ||
| Q1 24 | $379.0M | $111.0M |
自由现金流率AMDZBRA
| Q4 25 | 23.2% | 22.2% | ||
| Q3 25 | 20.6% | 16.4% | ||
| Q2 25 | 22.5% | 10.1% | ||
| Q1 25 | 9.8% | 12.1% | ||
| Q4 24 | 14.2% | 21.6% | ||
| Q3 24 | 7.3% | 22.1% | ||
| Q2 24 | 7.5% | 22.8% | ||
| Q1 24 | 6.9% | 9.4% |
资本支出强度AMDZBRA
| Q4 25 | 2.2% | 2.0% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 3.7% | 1.3% | ||
| Q1 25 | 2.9% | 1.5% | ||
| Q4 24 | 2.7% | 1.3% | ||
| Q3 24 | 1.9% | 1.4% | ||
| Q2 24 | 2.6% | 0.8% | ||
| Q1 24 | 2.6% | 1.2% |
现金转化率AMDZBRA
| Q4 25 | 1.72× | 5.10× | ||
| Q3 25 | 1.74× | 2.33× | ||
| Q2 25 | 2.31× | 1.31× | ||
| Q1 25 | 1.32× | 1.31× | ||
| Q4 24 | 2.70× | 1.88× | ||
| Q3 24 | 0.81× | 2.15× | ||
| Q2 24 | 2.24× | 2.55× | ||
| Q1 24 | 4.24× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
