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Arm（ARM）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
Arm的季度营收约是雷诺士国际的1.0倍（$1.2B vs $1.2B），Arm净利率更高（18.0% vs 13.6%，领先4.4%），Arm同比增速更快（26.3% vs -11.2%），雷诺士国际自由现金流更多（$376.7M vs $186.0M），过去两年Arm的营收复合增速更高（24.1% vs 6.8%）
Arm Holdings 是一家总部位于英国剑桥的半导体与软件设计公司。公司设计 Arm CPU 架构，并将处理器设计与相关知识产权授权给全球的芯片厂商和设备制造商。基于 Arm 架构的芯片驱动着绝大多数智能手机，并在笔记本电脑、数据中心服务器和嵌入式设备中占据越来越大的份额。公司于 2023 年 9 月在纳斯达克上市，目前仍由软银控股。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
ARM vs LII — 直观对比
营收规模更大
ARM
是对方的1.0倍
$1.2B
营收增速更快
ARM
高出37.5%
-11.2%
净利率更高
ARM
高出4.4%
13.6%
自由现金流更多
LII
多$190.7M
$186.0M
两年增速更快
ARM
近两年复合增速
6.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $223.0M | $162.1M |
| 毛利率 | 97.6% | 34.7% |
| 营业利润率 | 14.9% | 18.6% |
| 净利率 | 18.0% | 13.6% |
| 营收同比 | 26.3% | -11.2% |
| 净利润同比 | -11.5% | -18.0% |
| 每股收益（稀释后） | $0.21 | $4.62 |
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ARMLII
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $983.0M | $1.3B | ||
| Q3 24 | $844.0M | $1.5B | ||
| Q2 24 | $939.0M | $1.5B | ||
| Q1 24 | — | $1.0B |
净利润ARMLII
| Q4 25 | $223.0M | $162.1M | ||
| Q3 25 | $238.0M | $245.8M | ||
| Q2 25 | $130.0M | $277.6M | ||
| Q1 25 | — | $120.3M | ||
| Q4 24 | $252.0M | $197.7M | ||
| Q3 24 | $107.0M | $239.0M | ||
| Q2 24 | $223.0M | $245.9M | ||
| Q1 24 | — | $124.3M |
毛利率ARMLII
| Q4 25 | 97.6% | 34.7% | ||
| Q3 25 | 97.4% | 32.8% | ||
| Q2 25 | 97.2% | 34.8% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | 97.2% | 33.9% | ||
| Q3 24 | 96.2% | 32.6% | ||
| Q2 24 | 96.5% | 33.6% | ||
| Q1 24 | — | 32.5% |
营业利润率ARMLII
| Q4 25 | 14.9% | 18.6% | ||
| Q3 25 | 14.4% | 21.7% | ||
| Q2 25 | 10.8% | 23.6% | ||
| Q1 25 | — | 14.5% | ||
| Q4 24 | 17.8% | 18.2% | ||
| Q3 24 | 7.6% | 20.2% | ||
| Q2 24 | 19.4% | 22.1% | ||
| Q1 24 | — | 15.9% |
净利率ARMLII
| Q4 25 | 18.0% | 13.6% | ||
| Q3 25 | 21.0% | 17.2% | ||
| Q2 25 | 12.3% | 18.5% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | 25.6% | 14.7% | ||
| Q3 24 | 12.7% | 16.0% | ||
| Q2 24 | 23.7% | 16.9% | ||
| Q1 24 | — | 11.9% |
每股收益（稀释后）ARMLII
| Q4 25 | $0.21 | $4.62 | ||
| Q3 25 | $0.22 | $6.98 | ||
| Q2 25 | $0.12 | $7.82 | ||
| Q1 25 | — | $3.37 | ||
| Q4 24 | $0.24 | $5.52 | ||
| Q3 24 | $0.10 | $6.68 | ||
| Q2 24 | $0.21 | $6.87 | ||
| Q1 24 | — | $3.47 |
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 | $34.7M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $7.8B | $1.2B |
| 总资产 | $10.2B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资ARMLII
| Q4 25 | $3.5B | $34.7M | ||
| Q3 25 | $3.3B | $59.2M | ||
| Q2 25 | $2.9B | $55.1M | ||
| Q1 25 | — | $222.9M | ||
| Q4 24 | $2.7B | $422.3M | ||
| Q3 24 | $2.4B | $255.7M | ||
| Q2 24 | $2.5B | $57.8M | ||
| Q1 24 | — | $57.6M |
总债务ARMLII
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.2B |
股东权益ARMLII
| Q4 25 | $7.8B | $1.2B | ||
| Q3 25 | $7.4B | $1.1B | ||
| Q2 25 | $7.0B | $900.5M | ||
| Q1 25 | — | $852.5M | ||
| Q4 24 | $6.4B | $850.2M | ||
| Q3 24 | $6.0B | $754.0M | ||
| Q2 24 | $5.7B | $577.4M | ||
| Q1 24 | — | $368.8M |
总资产ARMLII
| Q4 25 | $10.2B | $4.1B | ||
| Q3 25 | $9.7B | $3.5B | ||
| Q2 25 | $9.4B | $3.7B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | $8.5B | $3.5B | ||
| Q3 24 | $8.1B | $3.3B | ||
| Q2 24 | $7.9B | $3.2B | ||
| Q1 24 | — | $3.0B |
负债/权益比ARMLII
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $186.0M | $376.7M |
| 自由现金流率自由现金流/营收 | 15.0% | 31.5% |
| 资本支出强度资本支出/营收 | 14.4% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.64× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $638.8M |
8季度趋势，按日历期对齐
经营现金流ARMLII
| Q4 25 | $365.0M | $405.9M | ||
| Q3 25 | $567.0M | $300.7M | ||
| Q2 25 | $332.0M | $86.8M | ||
| Q1 25 | — | $-35.8M | ||
| Q4 24 | $423.0M | $332.4M | ||
| Q3 24 | $6.0M | $452.1M | ||
| Q2 24 | $-290.0M | $184.0M | ||
| Q1 24 | — | $-22.8M |
自由现金流ARMLII
| Q4 25 | $186.0M | $376.7M | ||
| Q3 25 | $429.0M | $265.1M | ||
| Q2 25 | $178.0M | $58.3M | ||
| Q1 25 | — | $-61.3M | ||
| Q4 24 | $360.0M | $272.2M | ||
| Q3 24 | $-47.0M | $410.9M | ||
| Q2 24 | $-319.0M | $151.3M | ||
| Q1 24 | — | $-52.3M |
自由现金流率ARMLII
| Q4 25 | 15.0% | 31.5% | ||
| Q3 25 | 37.8% | 18.6% | ||
| Q2 25 | 16.9% | 3.9% | ||
| Q1 25 | — | -5.7% | ||
| Q4 24 | 36.6% | 20.2% | ||
| Q3 24 | -5.6% | 27.4% | ||
| Q2 24 | -34.0% | 10.4% | ||
| Q1 24 | — | -5.0% |
资本支出强度ARMLII
| Q4 25 | 14.4% | 2.4% | ||
| Q3 25 | 12.2% | 2.5% | ||
| Q2 25 | 14.6% | 1.9% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | 6.4% | 4.5% | ||
| Q3 24 | 6.3% | 2.8% | ||
| Q2 24 | 3.1% | 2.3% | ||
| Q1 24 | — | 2.8% |
现金转化率ARMLII
| Q4 25 | 1.64× | 2.50× | ||
| Q3 25 | 2.38× | 1.22× | ||
| Q2 25 | 2.55× | 0.31× | ||
| Q1 25 | — | -0.30× | ||
| Q4 24 | 1.68× | 1.68× | ||
| Q3 24 | 0.06× | 1.89× | ||
| Q2 24 | -1.30× | 0.75× | ||
| Q1 24 | — | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
