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树莓派（ARM）与凌云逻辑（CRUS）财务数据对比。点击上方公司名可切换其他公司
树莓派的季度营收约是凌云逻辑的2.1倍（$1.2B vs $580.6M）。凌云逻辑净利率更高（24.2% vs 18.0%，领先6.2%）。树莓派同比增速更快（26.3% vs 4.5%）。凌云逻辑自由现金流更多（$285.7M vs $186.0M）。过去两年凌云逻辑的营收复合增速更高（25.0% vs 24.1%）
树莓派是英国科技企业，设计并销售同名品牌的单板计算机、半导体及相关配件。初代产品由树莓派基金会研发，旨在推广计算机科学教育，推出后迅速受到爱好者和专业人士欢迎，目前已广泛应用于工业及嵌入式领域。
凌云逻辑（Cirrus Logic）是美国无晶圆厂半导体供应商，专注于模拟、混合信号及音频数字信号处理集成电路的研发与供应，1998年起总部设立于得克萨斯州奥斯汀市，产品广泛应用于消费电子、智能音频等多个领域。
ARM vs CRUS — 直观对比
营收规模更大
ARM
是对方的2.1倍
$580.6M
营收增速更快
ARM
高出21.9%
4.5%
净利率更高
CRUS
高出6.2%
18.0%
自由现金流更多
CRUS
多$99.7M
$186.0M
两年增速更快
CRUS
近两年复合增速
24.1%
损益表 — Q3 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $580.6M |
| 净利润 | $223.0M | $140.3M |
| 毛利率 | 97.6% | 53.1% |
| 营业利润率 | 14.9% | 26.3% |
| 净利率 | 18.0% | 24.2% |
| 营收同比 | 26.3% | 4.5% |
| 净利润同比 | -11.5% | 21.0% |
| 每股收益（稀释后） | $0.21 | $2.66 |
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ARMCRUS
| Q4 25 | $1.2B | $580.6M | ||
| Q3 25 | $1.1B | $561.0M | ||
| Q2 25 | $1.1B | $407.3M | ||
| Q1 25 | — | $424.5M | ||
| Q4 24 | $983.0M | $555.7M | ||
| Q3 24 | $844.0M | $541.9M | ||
| Q2 24 | $939.0M | $374.0M | ||
| Q1 24 | — | $371.8M |
净利润ARMCRUS
| Q4 25 | $223.0M | $140.3M | ||
| Q3 25 | $238.0M | $131.6M | ||
| Q2 25 | $130.0M | $60.7M | ||
| Q1 25 | — | $71.3M | ||
| Q4 24 | $252.0M | $116.0M | ||
| Q3 24 | $107.0M | $102.1M | ||
| Q2 24 | $223.0M | $42.1M | ||
| Q1 24 | — | $44.8M |
毛利率ARMCRUS
| Q4 25 | 97.6% | 53.1% | ||
| Q3 25 | 97.4% | 52.5% | ||
| Q2 25 | 97.2% | 52.6% | ||
| Q1 25 | — | 53.4% | ||
| Q4 24 | 97.2% | 53.6% | ||
| Q3 24 | 96.2% | 52.2% | ||
| Q2 24 | 96.5% | 50.5% | ||
| Q1 24 | — | 51.8% |
营业利润率ARMCRUS
| Q4 25 | 14.9% | 26.3% | ||
| Q3 25 | 14.4% | 25.8% | ||
| Q2 25 | 10.8% | 17.8% | ||
| Q1 25 | — | 20.2% | ||
| Q4 24 | 17.8% | 26.2% | ||
| Q3 24 | 7.6% | 24.3% | ||
| Q2 24 | 19.4% | 12.5% | ||
| Q1 24 | — | 14.1% |
净利率ARMCRUS
| Q4 25 | 18.0% | 24.2% | ||
| Q3 25 | 21.0% | 23.5% | ||
| Q2 25 | 12.3% | 14.9% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | 25.6% | 20.9% | ||
| Q3 24 | 12.7% | 18.8% | ||
| Q2 24 | 23.7% | 11.3% | ||
| Q1 24 | — | 12.1% |
每股收益（稀释后）ARMCRUS
| Q4 25 | $0.21 | $2.66 | ||
| Q3 25 | $0.22 | $2.48 | ||
| Q2 25 | $0.12 | $1.14 | ||
| Q1 25 | — | $1.30 | ||
| Q4 24 | $0.24 | $2.11 | ||
| Q3 24 | $0.10 | $1.83 | ||
| Q2 24 | $0.21 | $0.76 | ||
| Q1 24 | — | $0.78 |
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 | $3.5B | $778.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.8B | $2.1B |
| 总资产 | $10.2B | $2.5B |
| 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ARMCRUS
| Q4 25 | $3.5B | $778.1M | ||
| Q3 25 | $3.3B | $593.5M | ||
| Q2 25 | $2.9B | $548.9M | ||
| Q1 25 | — | $539.6M | ||
| Q4 24 | $2.7B | $526.4M | ||
| Q3 24 | $2.4B | $445.8M | ||
| Q2 24 | $2.5B | $491.4M | ||
| Q1 24 | — | $502.8M |
股东权益ARMCRUS
| Q4 25 | $7.8B | $2.1B | ||
| Q3 25 | $7.4B | $2.0B | ||
| Q2 25 | $7.0B | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $6.4B | $2.0B | ||
| Q3 24 | $6.0B | $1.9B | ||
| Q2 24 | $5.7B | $1.8B | ||
| Q1 24 | — | $1.8B |
总资产ARMCRUS
| Q4 25 | $10.2B | $2.5B | ||
| Q3 25 | $9.7B | $2.4B | ||
| Q2 25 | $9.4B | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $8.5B | $2.4B | ||
| Q3 24 | $8.1B | $2.4B | ||
| Q2 24 | $7.9B | $2.3B | ||
| Q1 24 | — | $2.2B |
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 | $365.0M | $290.8M |
| 自由现金流经营现金流 - 资本支出 | $186.0M | $285.7M |
| 自由现金流率自由现金流/营收 | 15.0% | 49.2% |
| 资本支出强度资本支出/营收 | 14.4% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.64× | 2.07× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $614.5M |
8季度趋势，按日历期对齐
经营现金流ARMCRUS
| Q4 25 | $365.0M | $290.8M | ||
| Q3 25 | $567.0M | $92.2M | ||
| Q2 25 | $332.0M | $116.1M | ||
| Q1 25 | — | $130.4M | ||
| Q4 24 | $423.0M | $218.6M | ||
| Q3 24 | $6.0M | $8.2M | ||
| Q2 24 | $-290.0M | $87.2M | ||
| Q1 24 | — | $170.5M |
自由现金流ARMCRUS
| Q4 25 | $186.0M | $285.7M | ||
| Q3 25 | $429.0M | $88.3M | ||
| Q2 25 | $178.0M | $113.5M | ||
| Q1 25 | — | $127.0M | ||
| Q4 24 | $360.0M | $211.9M | ||
| Q3 24 | $-47.0M | $5.6M | ||
| Q2 24 | $-319.0M | $77.2M | ||
| Q1 24 | — | $163.5M |
自由现金流率ARMCRUS
| Q4 25 | 15.0% | 49.2% | ||
| Q3 25 | 37.8% | 15.7% | ||
| Q2 25 | 16.9% | 27.9% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | 36.6% | 38.1% | ||
| Q3 24 | -5.6% | 1.0% | ||
| Q2 24 | -34.0% | 20.6% | ||
| Q1 24 | — | 44.0% |
资本支出强度ARMCRUS
| Q4 25 | 14.4% | 0.9% | ||
| Q3 25 | 12.2% | 0.7% | ||
| Q2 25 | 14.6% | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 6.4% | 1.2% | ||
| Q3 24 | 6.3% | 0.5% | ||
| Q2 24 | 3.1% | 2.7% | ||
| Q1 24 | — | 1.9% |
现金转化率ARMCRUS
| Q4 25 | 1.64× | 2.07× | ||
| Q3 25 | 2.38× | 0.70× | ||
| Q2 25 | 2.55× | 1.91× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | 1.68× | 1.88× | ||
| Q3 24 | 0.06× | 0.08× | ||
| Q2 24 | -1.30× | 2.07× | ||
| Q1 24 | — | 3.80× |
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
ARM
| Royalty | $737.0M | 59% |
| Transferred Over Time | $294.0M | 24% |
| Transferred At Point In Time | $211.0M | 17% |
CRUS
| Audio Products Segment | $344.5M | 59% |
| High Performance Mixed Signal Products | $236.2M | 41% |
