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Arm（ARM）与怪兽饮料（MNST）财务数据对比。点击上方公司名可切换其他公司
怪兽饮料的季度营收约是Arm的1.7倍（$2.1B vs $1.2B），怪兽饮料净利率更高（21.1% vs 18.0%，领先3.1%），Arm同比增速更快（26.3% vs 17.6%），怪兽饮料自由现金流更多（$351.2M vs $186.0M），过去两年Arm的营收复合增速更高（24.1% vs 5.9%）
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。
怪兽饮料是美国知名饮品企业，旗下拥有魔爪、Relentless、Reign、Burn等多款畅销能量饮料产品。公司1935年创立于美国南加州，前身为Hansen's，最初主营果汁产品，2012年正式更为现名。
ARM vs MNST — 直观对比
营收规模更大
MNST
是对方的1.7倍
$1.2B
营收增速更快
ARM
高出8.7%
17.6%
净利率更高
MNST
高出3.1%
18.0%
自由现金流更多
MNST
多$165.2M
$186.0M
两年增速更快
ARM
近两年复合增速
5.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $223.0M | $449.2M |
| 毛利率 | 97.6% | 55.5% |
| 营业利润率 | 14.9% | 25.5% |
| 净利率 | 18.0% | 21.1% |
| 营收同比 | 26.3% | 17.6% |
| 净利润同比 | -11.5% | 65.9% |
| 每股收益（稀释后） | $0.21 | — |
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ARMMNST
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $983.0M | $1.8B | ||
| Q3 24 | $844.0M | $1.9B | ||
| Q2 24 | $939.0M | $1.9B | ||
| Q1 24 | — | $1.9B |
净利润ARMMNST
| Q4 25 | $223.0M | $449.2M | ||
| Q3 25 | $238.0M | $524.5M | ||
| Q2 25 | $130.0M | $488.8M | ||
| Q1 25 | — | $443.0M | ||
| Q4 24 | $252.0M | $270.7M | ||
| Q3 24 | $107.0M | $370.9M | ||
| Q2 24 | $223.0M | $425.4M | ||
| Q1 24 | — | $442.0M |
毛利率ARMMNST
| Q4 25 | 97.6% | 55.5% | ||
| Q3 25 | 97.4% | 55.7% | ||
| Q2 25 | 97.2% | 55.7% | ||
| Q1 25 | — | 56.5% | ||
| Q4 24 | 97.2% | 55.3% | ||
| Q3 24 | 96.2% | 53.2% | ||
| Q2 24 | 96.5% | 53.6% | ||
| Q1 24 | — | 54.1% |
营业利润率ARMMNST
| Q4 25 | 14.9% | 25.5% | ||
| Q3 25 | 14.4% | 30.7% | ||
| Q2 25 | 10.8% | 29.9% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | 17.8% | 21.0% | ||
| Q3 24 | 7.6% | 25.5% | ||
| Q2 24 | 19.4% | 27.7% | ||
| Q1 24 | — | 28.5% |
净利率ARMMNST
| Q4 25 | 18.0% | 21.1% | ||
| Q3 25 | 21.0% | 23.9% | ||
| Q2 25 | 12.3% | 23.1% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | 25.6% | 14.9% | ||
| Q3 24 | 12.7% | 19.7% | ||
| Q2 24 | 23.7% | 22.4% | ||
| Q1 24 | — | 23.3% |
每股收益（稀释后）ARMMNST
| Q4 25 | $0.21 | — | ||
| Q3 25 | $0.22 | — | ||
| Q2 25 | $0.12 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $0.10 | — | ||
| Q2 24 | $0.21 | — | ||
| Q1 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 | $2.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.8B | $8.3B |
| 总资产 | $10.2B | $10.0B |
| 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ARMMNST
| Q4 25 | $3.5B | $2.8B | ||
| Q3 25 | $3.3B | $2.6B | ||
| Q2 25 | $2.9B | $2.1B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $2.7B | $1.5B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.5B | $1.6B | ||
| Q1 24 | — | $3.6B |
总债务ARMMNST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $199.1M | ||
| Q4 24 | — | $374.0M | ||
| Q3 24 | — | $748.8M | ||
| Q2 24 | — | $748.7M | ||
| Q1 24 | — | — |
股东权益ARMMNST
| Q4 25 | $7.8B | $8.3B | ||
| Q3 25 | $7.4B | $7.7B | ||
| Q2 25 | $7.0B | $7.2B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | $6.4B | $6.0B | ||
| Q3 24 | $6.0B | $5.8B | ||
| Q2 24 | $5.7B | $5.9B | ||
| Q1 24 | — | $8.6B |
总资产ARMMNST
| Q4 25 | $10.2B | $10.0B | ||
| Q3 25 | $9.7B | $9.6B | ||
| Q2 25 | $9.4B | $8.7B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $8.5B | $7.7B | ||
| Q3 24 | $8.1B | $8.1B | ||
| Q2 24 | $7.9B | $8.1B | ||
| Q1 24 | — | $10.1B |
负债/权益比ARMMNST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.13× | ||
| 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 | $379.4M |
| 自由现金流经营现金流 - 资本支出 | $186.0M | $351.2M |
| 自由现金流率自由现金流/营收 | 15.0% | 16.5% |
| 资本支出强度资本支出/营收 | 14.4% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.64× | 0.84× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.0B |
8季度趋势，按日历期对齐
经营现金流ARMMNST
| Q4 25 | $365.0M | $379.4M | ||
| Q3 25 | $567.0M | $745.1M | ||
| Q2 25 | $332.0M | $466.0M | ||
| Q1 25 | — | $507.6M | ||
| Q4 24 | $423.0M | $461.7M | ||
| Q3 24 | $6.0M | $618.4M | ||
| Q2 24 | $-290.0M | $436.3M | ||
| Q1 24 | — | $412.1M |
自由现金流ARMMNST
| Q4 25 | $186.0M | $351.2M | ||
| Q3 25 | $429.0M | $701.5M | ||
| Q2 25 | $178.0M | $434.6M | ||
| Q1 25 | — | $478.5M | ||
| Q4 24 | $360.0M | $370.4M | ||
| Q3 24 | $-47.0M | $571.4M | ||
| Q2 24 | $-319.0M | $376.5M | ||
| Q1 24 | — | $346.1M |
自由现金流率ARMMNST
| Q4 25 | 15.0% | 16.5% | ||
| Q3 25 | 37.8% | 31.9% | ||
| Q2 25 | 16.9% | 20.6% | ||
| Q1 25 | — | 25.8% | ||
| Q4 24 | 36.6% | 20.4% | ||
| Q3 24 | -5.6% | 30.4% | ||
| Q2 24 | -34.0% | 19.8% | ||
| Q1 24 | — | 18.2% |
资本支出强度ARMMNST
| Q4 25 | 14.4% | 1.3% | ||
| Q3 25 | 12.2% | 2.0% | ||
| Q2 25 | 14.6% | 1.5% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | 6.4% | 5.0% | ||
| Q3 24 | 6.3% | 2.5% | ||
| Q2 24 | 3.1% | 3.1% | ||
| Q1 24 | — | 3.5% |
现金转化率ARMMNST
| Q4 25 | 1.64× | 0.84× | ||
| Q3 25 | 2.38× | 1.42× | ||
| Q2 25 | 2.55× | 0.95× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 1.68× | 1.71× | ||
| Q3 24 | 0.06× | 1.67× | ||
| Q2 24 | -1.30× | 1.03× | ||
| Q1 24 | — | 0.93× |
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% |
MNST
| Monster Energy Drinks Segment | $1.2B | 57% |
| Sales Revenue Product Line | $905.5M | 42% |
| Strategic Brands Segment | $50.3M | 2% |
| Alcohol Brands Segment | $29.0M | 1% |
