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树莓派（ARM）与格罗方德（GFS）财务数据对比。点击上方公司名可切换其他公司
格罗方德的季度营收约是树莓派的1.4倍（$1.7B vs $1.2B）。树莓派净利率更高（18.0% vs 14.8%，领先3.2%）。树莓派同比增速更快（26.3% vs -2.9%）。过去两年树莓派的营收复合增速更高（24.1% vs -4.3%）
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。
格罗方德是跨国半导体代工及设计企业，注册地为开曼群岛，总部位于美国纽约州马耳他。公司2009年3月由AMD制造业务分拆成立，2021年10月完成首次公开募股，阿联酋主权财富基金穆巴达拉投资公司目前仍持有其82%的多数股权。
ARM vs GFS — 直观对比
营收规模更大
GFS
是对方的1.4倍
$1.2B
营收增速更快
ARM
高出29.3%
-2.9%
净利率更高
ARM
高出3.2%
14.8%
两年增速更快
ARM
近两年复合增速
-4.3%
损益表 — Q3 2026 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $223.0M | $249.0M |
| 毛利率 | 97.6% | 24.8% |
| 营业利润率 | 14.9% | 11.6% |
| 净利率 | 18.0% | 14.8% |
| 营收同比 | 26.3% | -2.9% |
| 净利润同比 | -11.5% | 39.9% |
| 每股收益（稀释后） | $0.21 | $0.44 |
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ARMGFS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $983.0M | — | ||
| Q3 24 | $844.0M | $1.7B | ||
| Q2 24 | $939.0M | $1.6B | ||
| Q1 24 | — | $1.5B |
净利润ARMGFS
| Q4 25 | $223.0M | — | ||
| Q3 25 | $238.0M | $249.0M | ||
| Q2 25 | $130.0M | $228.0M | ||
| Q1 25 | — | $211.0M | ||
| Q4 24 | $252.0M | — | ||
| Q3 24 | $107.0M | $178.0M | ||
| Q2 24 | $223.0M | $155.0M | ||
| Q1 24 | — | $134.0M |
毛利率ARMGFS
| Q4 25 | 97.6% | — | ||
| Q3 25 | 97.4% | 24.8% | ||
| Q2 25 | 97.2% | 24.2% | ||
| Q1 25 | — | 22.4% | ||
| Q4 24 | 97.2% | — | ||
| Q3 24 | 96.2% | 23.8% | ||
| Q2 24 | 96.5% | 24.2% | ||
| Q1 24 | — | 25.4% |
营业利润率ARMGFS
| Q4 25 | 14.9% | — | ||
| Q3 25 | 14.4% | 11.6% | ||
| Q2 25 | 10.8% | 11.6% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 7.6% | 10.6% | ||
| Q2 24 | 19.4% | 9.5% | ||
| Q1 24 | — | 9.5% |
净利率ARMGFS
| Q4 25 | 18.0% | — | ||
| Q3 25 | 21.0% | 14.8% | ||
| Q2 25 | 12.3% | 13.5% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | 25.6% | — | ||
| Q3 24 | 12.7% | 10.2% | ||
| Q2 24 | 23.7% | 9.5% | ||
| Q1 24 | — | 8.7% |
每股收益（稀释后）ARMGFS
| Q4 25 | $0.21 | — | ||
| Q3 25 | $0.22 | $0.44 | ||
| Q2 25 | $0.12 | $0.41 | ||
| Q1 25 | — | $0.38 | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $0.10 | $0.32 | ||
| Q2 24 | $0.21 | $0.28 | ||
| Q1 24 | — | $0.24 |
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 | $2.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.8B | $11.8B |
| 总资产 | $10.2B | $16.7B |
| 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ARMGFS
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.3B | $2.0B | ||
| Q2 25 | $2.9B | $1.8B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.4B | $2.3B | ||
| Q2 24 | $2.5B | $2.2B | ||
| Q1 24 | — | $2.2B |
股东权益ARMGFS
| Q4 25 | $7.8B | — | ||
| Q3 25 | $7.4B | $11.8B | ||
| Q2 25 | $7.0B | $11.5B | ||
| Q1 25 | — | $11.1B | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.0B | $11.6B | ||
| Q2 24 | $5.7B | $11.3B | ||
| Q1 24 | — | $11.3B |
总资产ARMGFS
| Q4 25 | $10.2B | — | ||
| Q3 25 | $9.7B | $16.7B | ||
| Q2 25 | $9.4B | $16.8B | ||
| Q1 25 | — | $16.5B | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $8.1B | $18.1B | ||
| Q2 24 | $7.9B | — | ||
| 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 | $365.0M | $595.0M |
| 自由现金流经营现金流 - 资本支出 | $186.0M | — |
| 自由现金流率自由现金流/营收 | 15.0% | — |
| 资本支出强度资本支出/营收 | 14.4% | — |
| 现金转化率经营现金流/净利润 | 1.64× | 2.39× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流ARMGFS
| Q4 25 | $365.0M | — | ||
| Q3 25 | $567.0M | $595.0M | ||
| Q2 25 | $332.0M | $431.0M | ||
| Q1 25 | — | $331.0M | ||
| Q4 24 | $423.0M | — | ||
| Q3 24 | $6.0M | $375.0M | ||
| Q2 24 | $-290.0M | $402.0M | ||
| Q1 24 | — | $488.0M |
自由现金流ARMGFS
| Q4 25 | $186.0M | — | ||
| Q3 25 | $429.0M | — | ||
| Q2 25 | $178.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $360.0M | — | ||
| Q3 24 | $-47.0M | — | ||
| Q2 24 | $-319.0M | — | ||
| Q1 24 | — | — |
自由现金流率ARMGFS
| Q4 25 | 15.0% | — | ||
| Q3 25 | 37.8% | — | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 36.6% | — | ||
| Q3 24 | -5.6% | — | ||
| Q2 24 | -34.0% | — | ||
| Q1 24 | — | — |
资本支出强度ARMGFS
| Q4 25 | 14.4% | — | ||
| Q3 25 | 12.2% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 6.3% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | — | — |
现金转化率ARMGFS
| Q4 25 | 1.64× | — | ||
| Q3 25 | 2.38× | 2.39× | ||
| Q2 25 | 2.55× | 1.89× | ||
| Q1 25 | — | 1.57× | ||
| Q4 24 | 1.68× | — | ||
| Q3 24 | 0.06× | 2.11× | ||
| Q2 24 | -1.30× | 2.59× | ||
| Q1 24 | — | 3.64× |
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% |
GFS
| Smart Mobile Devices | $752.0M | 45% |
| Automotive | $306.0M | 18% |
| Home And Industrial Io T | $258.0M | 15% |
| Goods Or Services Transferred Over Time | $198.0M | 12% |
| Communications Infrastructure Datacenter | $175.0M | 10% |
