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安费诺（APH）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
安费诺的季度营收约是美高梅国际度假村的1.4倍（$6.4B vs $4.6B），安费诺净利率更高（18.6% vs 6.4%，领先12.2%），安费诺同比增速更快（49.1% vs 6.0%），安费诺自由现金流更多（$1.5B vs $358.5M），过去两年安费诺的营收复合增速更高（40.6% vs 2.5%）
安费诺是一家总部位于美国的电子零部件制造企业，核心产品涵盖电子连接器、光纤连接器、同轴电缆等各类线缆及互连系统，是全球互连解决方案领域的主流供应商，品牌名称源自其前身American Phenolic Corp的名称缩写组合。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
APH vs MGM — 直观对比
营收规模更大
APH
是对方的1.4倍
$4.6B
营收增速更快
APH
高出43.2%
6.0%
净利率更高
APH
高出12.2%
6.4%
自由现金流更多
APH
多$1.1B
$358.5M
两年增速更快
APH
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.6B |
| 净利润 | $1.2B | $293.6M |
| 毛利率 | 38.2% | — |
| 营业利润率 | 26.8% | 7.1% |
| 净利率 | 18.6% | 6.4% |
| 营收同比 | 49.1% | 6.0% |
| 净利润同比 | 60.2% | 86.5% |
| 每股收益（稀释后） | $0.93 | $1.12 |
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APHMGM
| Q4 25 | $6.4B | $4.6B | ||
| Q3 25 | $6.2B | $4.3B | ||
| Q2 25 | $5.7B | $4.4B | ||
| Q1 25 | $4.8B | $4.3B | ||
| Q4 24 | $4.3B | $4.3B | ||
| Q3 24 | $4.0B | $4.2B | ||
| Q2 24 | $3.6B | $4.3B | ||
| Q1 24 | $3.3B | $4.4B |
净利润APHMGM
| Q4 25 | $1.2B | $293.6M | ||
| Q3 25 | $1.2B | $-285.3M | ||
| Q2 25 | $1.1B | $49.0M | ||
| Q1 25 | $737.8M | $148.6M | ||
| Q4 24 | $746.1M | $157.4M | ||
| Q3 24 | $604.4M | $184.6M | ||
| Q2 24 | $524.8M | $187.1M | ||
| Q1 24 | $548.7M | $217.5M |
毛利率APHMGM
| Q4 25 | 38.2% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 36.3% | — | ||
| Q1 25 | 34.2% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 33.6% | — | ||
| Q2 24 | 33.6% | — | ||
| Q1 24 | 33.4% | — |
营业利润率APHMGM
| Q4 25 | 26.8% | 7.1% | ||
| Q3 25 | 27.5% | -2.7% | ||
| Q2 25 | 25.1% | 9.2% | ||
| Q1 25 | 21.3% | 9.0% | ||
| Q4 24 | 22.1% | 6.7% | ||
| Q3 24 | 20.3% | 7.5% | ||
| Q2 24 | 19.4% | 9.8% | ||
| Q1 24 | 21.0% | 10.5% |
净利率APHMGM
| Q4 25 | 18.6% | 6.4% | ||
| Q3 25 | 20.1% | -6.7% | ||
| Q2 25 | 19.3% | 1.1% | ||
| Q1 25 | 15.3% | 3.5% | ||
| Q4 24 | 17.3% | 3.6% | ||
| Q3 24 | 15.0% | 4.4% | ||
| Q2 24 | 14.5% | 4.3% | ||
| Q1 24 | 16.9% | 5.0% |
每股收益（稀释后）APHMGM
| Q4 25 | $0.93 | $1.12 | ||
| Q3 25 | $0.97 | $-1.05 | ||
| Q2 25 | $0.86 | $0.18 | ||
| Q1 25 | $0.58 | $0.51 | ||
| Q4 24 | $0.16 | $0.52 | ||
| Q3 24 | $0.48 | $0.61 | ||
| Q2 24 | $0.41 | $0.60 | ||
| Q1 24 | $0.87 | $0.67 |
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 | $11.4B | $2.1B |
| 总债务越低越好 | $14.6B | $6.2B |
| 股东权益账面价值 | $13.4B | $2.4B |
| 总资产 | $36.2B | $41.4B |
| 负债/权益比越低杠杆越低 | 1.09× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资APHMGM
| Q4 25 | $11.4B | $2.1B | ||
| Q3 25 | $3.9B | $2.1B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $1.7B | $2.3B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $1.6B | $3.0B | ||
| Q2 24 | $1.3B | $2.4B | ||
| Q1 24 | $2.0B | $2.7B |
总债务APHMGM
| Q4 25 | $14.6B | $6.2B | ||
| Q3 25 | $7.1B | $6.2B | ||
| Q2 25 | $7.1B | $6.2B | ||
| Q1 25 | $6.8B | $6.4B | ||
| Q4 24 | $6.5B | $6.4B | ||
| Q3 24 | $5.1B | $6.9B | ||
| Q2 24 | $5.0B | $6.3B | ||
| Q1 24 | $3.6B | $6.3B |
股东权益APHMGM
| Q4 25 | $13.4B | $2.4B | ||
| Q3 25 | $12.5B | $2.7B | ||
| Q2 25 | $11.5B | $3.0B | ||
| Q1 25 | $10.3B | $2.9B | ||
| Q4 24 | $9.8B | $3.0B | ||
| Q3 24 | $9.5B | $3.2B | ||
| Q2 24 | $9.0B | $3.2B | ||
| Q1 24 | $8.7B | $3.5B |
总资产APHMGM
| Q4 25 | $36.2B | $41.4B | ||
| Q3 25 | $27.1B | $41.4B | ||
| Q2 25 | $25.7B | $41.7B | ||
| Q1 25 | $22.9B | $41.9B | ||
| Q4 24 | $21.4B | $42.2B | ||
| Q3 24 | $19.6B | $42.7B | ||
| Q2 24 | $18.6B | $41.8B | ||
| Q1 24 | $16.7B | $42.1B |
负债/权益比APHMGM
| Q4 25 | 1.09× | 2.56× | ||
| Q3 25 | 0.57× | 2.30× | ||
| Q2 25 | 0.62× | 2.09× | ||
| Q1 25 | 0.66× | 2.25× | ||
| Q4 24 | 0.66× | 2.10× | ||
| Q3 24 | 0.54× | 2.14× | ||
| Q2 24 | 0.56× | 1.96× | ||
| Q1 24 | 0.41× | 1.81× |
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 | $1.7B | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $358.5M |
| 自由现金流率自由现金流/营收 | 22.8% | 7.8% |
| 资本支出强度资本支出/营收 | 3.9% | 6.4% |
| 现金转化率经营现金流/净利润 | 1.44× | 2.23× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $1.5B |
8季度趋势，按日历期对齐
经营现金流APHMGM
| Q4 25 | $1.7B | $655.0M | ||
| Q3 25 | $1.5B | $681.4M | ||
| Q2 25 | $1.4B | $645.9M | ||
| Q1 25 | $764.9M | $547.1M | ||
| Q4 24 | $847.1M | $671.6M | ||
| Q3 24 | $704.0M | $667.4M | ||
| Q2 24 | $664.1M | $474.2M | ||
| Q1 24 | $599.5M | $549.3M |
自由现金流APHMGM
| Q4 25 | $1.5B | $358.5M | ||
| Q3 25 | $1.2B | $405.4M | ||
| Q2 25 | $1.1B | $377.4M | ||
| Q1 25 | $576.3M | $319.0M | ||
| Q4 24 | $647.3M | $267.5M | ||
| Q3 24 | $474.0M | $331.2M | ||
| Q2 24 | $522.8M | $236.0M | ||
| Q1 24 | $505.2M | $377.2M |
自由现金流率APHMGM
| Q4 25 | 22.8% | 7.8% | ||
| Q3 25 | 19.6% | 9.5% | ||
| Q2 25 | 19.8% | 8.6% | ||
| Q1 25 | 12.0% | 7.5% | ||
| Q4 24 | 15.0% | 6.2% | ||
| Q3 24 | 11.7% | 7.9% | ||
| Q2 24 | 14.5% | 5.5% | ||
| Q1 24 | 15.5% | 8.6% |
资本支出强度APHMGM
| Q4 25 | 3.9% | 6.4% | ||
| Q3 25 | 4.2% | 6.5% | ||
| Q2 25 | 5.3% | 6.1% | ||
| Q1 25 | 3.9% | 5.3% | ||
| Q4 24 | 4.6% | 9.3% | ||
| Q3 24 | 5.7% | 8.0% | ||
| Q2 24 | 3.9% | 5.5% | ||
| Q1 24 | 2.9% | 3.9% |
现金转化率APHMGM
| Q4 25 | 1.44× | 2.23× | ||
| Q3 25 | 1.18× | — | ||
| Q2 25 | 1.30× | 13.19× | ||
| Q1 25 | 1.04× | 3.68× | ||
| Q4 24 | 1.14× | 4.27× | ||
| Q3 24 | 1.16× | 3.62× | ||
| Q2 24 | 1.27× | 2.54× | ||
| Q1 24 | 1.09× | 2.53× |
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
APH
| Communications Solutions Segment | $3.5B | 54% |
| Harsh Environment Solutions Segment | $1.7B | 26% |
| Sales Channel Through Intermediary | $1.4B | 21% |
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
