vs
ATI INC（ATI）与Axon Enterprise（AXON）财务数据对比。点击上方公司名可切换其他公司
ATI INC的季度营收约是Axon Enterprise的1.5倍（$1.2B vs $796.7M），ATI INC净利率更高（8.2% vs 0.3%，领先7.9%），Axon Enterprise同比增速更快（38.9% vs 0.4%），ATI INC自由现金流更多（$223.1M vs $155.4M），过去两年Axon Enterprise的营收复合增速更高（31.5% vs 6.2%）
ATI是加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器（GPU）及芯片组研发。公司成立于1985年，1993年公开上市，2006年被AMD收购。作为无晶圆厂半导体巨头，ATI坚持自主研发，生产组装环节外包，2000年竞争对手3dfx破产后，成为全球图形芯片领域的核心厂商之一。
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
ATI vs AXON — 直观对比
营收规模更大
ATI
是对方的1.5倍
$796.7M
营收增速更快
AXON
高出38.6%
0.4%
净利率更高
ATI
高出7.9%
0.3%
自由现金流更多
ATI
多$67.7M
$155.4M
两年增速更快
AXON
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $796.7M |
| 净利润 | $96.6M | $2.7M |
| 毛利率 | 23.2% | 57.9% |
| 营业利润率 | 14.5% | -6.3% |
| 净利率 | 8.2% | 0.3% |
| 营收同比 | 0.4% | 38.9% |
| 净利润同比 | -29.5% | -98.0% |
| 每股收益（稀释后） | $0.70 | $0.02 |
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ATIAXON
| Q4 25 | $1.2B | $796.7M | ||
| Q3 25 | $1.1B | $710.6M | ||
| Q2 25 | $1.1B | $668.5M | ||
| Q1 25 | $1.1B | $603.6M | ||
| Q4 24 | $1.2B | $573.4M | ||
| Q3 24 | $1.1B | $544.3M | ||
| Q2 24 | $1.1B | $504.1M | ||
| Q1 24 | $1.0B | $460.7M |
净利润ATIAXON
| Q4 25 | $96.6M | $2.7M | ||
| Q3 25 | $110.0M | $-2.2M | ||
| Q2 25 | $100.7M | $36.1M | ||
| Q1 25 | $97.0M | $88.0M | ||
| Q4 24 | $137.1M | $136.0M | ||
| Q3 24 | $82.7M | $67.0M | ||
| Q2 24 | $81.9M | $40.8M | ||
| Q1 24 | $66.1M | $133.2M |
毛利率ATIAXON
| Q4 25 | 23.2% | 57.9% | ||
| Q3 25 | 22.7% | 60.1% | ||
| Q2 25 | 21.3% | 60.4% | ||
| Q1 25 | 20.6% | 60.6% | ||
| Q4 24 | 21.2% | 60.5% | ||
| Q3 24 | 21.4% | 60.8% | ||
| Q2 24 | 20.8% | 60.3% | ||
| Q1 24 | 18.9% | 56.4% |
营业利润率ATIAXON
| Q4 25 | 14.5% | -6.3% | ||
| Q3 25 | 14.4% | -0.3% | ||
| Q2 25 | 14.1% | -0.2% | ||
| Q1 25 | 12.8% | -1.5% | ||
| Q4 24 | 17.8% | -2.6% | ||
| Q3 24 | 13.5% | 4.4% | ||
| Q2 24 | 13.0% | 6.5% | ||
| Q1 24 | 11.0% | 3.5% |
净利率ATIAXON
| Q4 25 | 8.2% | 0.3% | ||
| Q3 25 | 9.8% | -0.3% | ||
| Q2 25 | 8.8% | 5.4% | ||
| Q1 25 | 8.5% | 14.6% | ||
| Q4 24 | 11.7% | 23.7% | ||
| Q3 24 | 7.9% | 12.3% | ||
| Q2 24 | 7.5% | 8.1% | ||
| Q1 24 | 6.3% | 28.9% |
每股收益（稀释后）ATIAXON
| Q4 25 | $0.70 | $0.02 | ||
| Q3 25 | $0.78 | $-0.03 | ||
| Q2 25 | $0.70 | $0.44 | ||
| Q1 25 | $0.67 | $1.08 | ||
| Q4 24 | $0.94 | $1.68 | ||
| Q3 24 | $0.57 | $0.86 | ||
| Q2 24 | $0.58 | $0.53 | ||
| Q1 24 | $0.46 | $1.73 |
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 | $416.7M | $1.7B |
| 总债务越低越好 | $1.7B | $1.8B |
| 股东权益账面价值 | $1.8B | $3.2B |
| 总资产 | $5.1B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.95× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资ATIAXON
| Q4 25 | $416.7M | $1.7B | ||
| Q3 25 | $372.2M | $2.4B | ||
| Q2 25 | $319.6M | $2.1B | ||
| Q1 25 | $475.8M | $2.2B | ||
| Q4 24 | $721.2M | $788.1M | ||
| Q3 24 | $406.6M | $1.0B | ||
| Q2 24 | $425.6M | $968.9M | ||
| Q1 24 | $394.4M | $964.1M |
总债务ATIAXON
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.7B | $2.0B | ||
| Q4 24 | $1.7B | $680.3M | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.1B | — |
股东权益ATIAXON
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.7B | $2.7B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.8B | $2.1B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $1.3B | $1.8B |
总资产ATIAXON
| Q4 25 | $5.1B | $7.0B | ||
| Q3 25 | $5.0B | $6.7B | ||
| Q2 25 | $5.0B | $6.2B | ||
| Q1 25 | $5.2B | $6.1B | ||
| Q4 24 | $5.2B | $4.5B | ||
| Q3 24 | $5.1B | $4.0B | ||
| Q2 24 | $4.9B | $3.7B | ||
| Q1 24 | $4.8B | $3.6B |
负债/权益比ATIAXON
| Q4 25 | 0.95× | 0.56× | ||
| Q3 25 | 1.00× | 0.66× | ||
| Q2 25 | 0.98× | 0.73× | ||
| Q1 25 | 0.91× | 0.79× | ||
| Q4 24 | 0.93× | 0.29× | ||
| Q3 24 | 1.04× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.70× | — |
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 | $315.8M | $217.2M |
| 自由现金流经营现金流 - 资本支出 | $223.1M | $155.4M |
| 自由现金流率自由现金流/营收 | 19.0% | 19.5% |
| 资本支出强度资本支出/营收 | 7.9% | 7.8% |
| 现金转化率经营现金流/净利润 | 3.27× | 79.14× |
| 过去12个月自由现金流最近4个季度 | $333.7M | $75.1M |
8季度趋势，按日历期对齐
经营现金流ATIAXON
| Q4 25 | $315.8M | $217.2M | ||
| Q3 25 | $229.5M | $60.0M | ||
| Q2 25 | $161.5M | $-91.7M | ||
| Q1 25 | $-92.5M | $25.8M | ||
| Q4 24 | $380.9M | $250.2M | ||
| Q3 24 | $24.0M | $91.3M | ||
| Q2 24 | $101.1M | $82.8M | ||
| Q1 24 | $-98.8M | $-15.9M |
自由现金流ATIAXON
| Q4 25 | $223.1M | $155.4M | ||
| Q3 25 | $167.0M | $33.4M | ||
| Q2 25 | $89.4M | $-114.7M | ||
| Q1 25 | $-145.8M | $932.0K | ||
| Q4 24 | $333.6M | $225.4M | ||
| Q3 24 | $-41.8M | $64.8M | ||
| Q2 24 | $40.9M | $71.4M | ||
| Q1 24 | $-164.6M | $-32.1M |
自由现金流率ATIAXON
| Q4 25 | 19.0% | 19.5% | ||
| Q3 25 | 14.8% | 4.7% | ||
| Q2 25 | 7.8% | -17.2% | ||
| Q1 25 | -12.7% | 0.2% | ||
| Q4 24 | 28.4% | 39.3% | ||
| Q3 24 | -4.0% | 11.9% | ||
| Q2 24 | 3.7% | 14.2% | ||
| Q1 24 | -15.8% | -7.0% |
资本支出强度ATIAXON
| Q4 25 | 7.9% | 7.8% | ||
| Q3 25 | 5.6% | 3.7% | ||
| Q2 25 | 6.3% | 3.4% | ||
| Q1 25 | 4.7% | 4.1% | ||
| Q4 24 | 4.0% | 4.3% | ||
| Q3 24 | 6.3% | 4.9% | ||
| Q2 24 | 5.5% | 2.2% | ||
| Q1 24 | 6.3% | 3.5% |
现金转化率ATIAXON
| Q4 25 | 3.27× | 79.14× | ||
| Q3 25 | 2.09× | — | ||
| Q2 25 | 1.60× | -2.54× | ||
| Q1 25 | -0.95× | 0.29× | ||
| Q4 24 | 2.78× | 1.84× | ||
| Q3 24 | 0.29× | 1.36× | ||
| Q2 24 | 1.23× | 2.03× | ||
| Q1 24 | -1.49× | -0.12× |
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
ATI
| Other | $527.1M | 45% |
| Advanced Alloys Solutions | $333.5M | 28% |
| Airframes Commercial | $82.0M | 7% |
| Defense | $73.7M | 6% |
| Electronics Market | $53.1M | 5% |
| Internal Customers | $50.9M | 4% |
| Specialty Energy | $29.3M | 2% |
| Medical Market | $12.2M | 1% |
| Construction Mining Market | $7.2M | 1% |
| Other Market | $5.6M | 0% |
| Conventional Energy | $1.9M | 0% |
| Automotive Market | $600.0K | 0% |
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
