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ATI INC（ATI）与VEEVA SYSTEMS INC（VEEV）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VEEVA SYSTEMS INC的1.5倍（$1.2B vs $811.2M），VEEVA SYSTEMS INC净利率更高（29.1% vs 8.2%，领先20.9%），VEEVA SYSTEMS INC同比增速更快（16.0% vs 0.4%），过去两年VEEVA SYSTEMS INC的营收复合增速更高（13.4% 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。
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
ATI vs VEEV — 直观对比
营收规模更大
ATI
是对方的1.5倍
$811.2M
营收增速更快
VEEV
高出15.6%
0.4%
净利率更高
VEEV
高出20.9%
8.2%
两年增速更快
VEEV
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $811.2M |
| 净利润 | $96.6M | $236.2M |
| 毛利率 | 23.2% | 75.4% |
| 营业利润率 | 14.5% | 29.7% |
| 净利率 | 8.2% | 29.1% |
| 营收同比 | 0.4% | 16.0% |
| 净利润同比 | -29.5% | 27.1% |
| 每股收益（稀释后） | $0.70 | $1.40 |
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ATIVEEV
| Q4 25 | $1.2B | $811.2M | ||
| Q3 25 | $1.1B | $789.1M | ||
| Q2 25 | $1.1B | $759.0M | ||
| Q1 25 | $1.1B | $720.9M | ||
| Q4 24 | $1.2B | $699.2M | ||
| Q3 24 | $1.1B | $676.2M | ||
| Q2 24 | $1.1B | $650.3M | ||
| Q1 24 | $1.0B | $630.6M |
净利润ATIVEEV
| Q4 25 | $96.6M | $236.2M | ||
| Q3 25 | $110.0M | $200.3M | ||
| Q2 25 | $100.7M | $228.2M | ||
| Q1 25 | $97.0M | $195.6M | ||
| Q4 24 | $137.1M | $185.8M | ||
| Q3 24 | $82.7M | $171.0M | ||
| Q2 24 | $81.9M | $161.7M | ||
| Q1 24 | $66.1M | $147.4M |
毛利率ATIVEEV
| Q4 25 | 23.2% | 75.4% | ||
| Q3 25 | 22.7% | 75.3% | ||
| Q2 25 | 21.3% | 77.1% | ||
| Q1 25 | 20.6% | 74.9% | ||
| Q4 24 | 21.2% | 75.1% | ||
| Q3 24 | 21.4% | 74.8% | ||
| Q2 24 | 20.8% | 73.3% | ||
| Q1 24 | 18.9% | 72.4% |
营业利润率ATIVEEV
| Q4 25 | 14.5% | 29.7% | ||
| Q3 25 | 14.4% | 24.8% | ||
| Q2 25 | 14.1% | 30.8% | ||
| Q1 25 | 12.8% | 26.1% | ||
| Q4 24 | 17.8% | 25.9% | ||
| Q3 24 | 13.5% | 24.6% | ||
| Q2 24 | 13.0% | 23.9% | ||
| Q1 24 | 11.0% | 21.4% |
净利率ATIVEEV
| Q4 25 | 8.2% | 29.1% | ||
| Q3 25 | 9.8% | 25.4% | ||
| Q2 25 | 8.8% | 30.1% | ||
| Q1 25 | 8.5% | 27.1% | ||
| Q4 24 | 11.7% | 26.6% | ||
| Q3 24 | 7.9% | 25.3% | ||
| Q2 24 | 7.5% | 24.9% | ||
| Q1 24 | 6.3% | 23.4% |
每股收益（稀释后）ATIVEEV
| Q4 25 | $0.70 | $1.40 | ||
| Q3 25 | $0.78 | $1.19 | ||
| Q2 25 | $0.70 | $1.37 | ||
| Q1 25 | $0.67 | $1.17 | ||
| Q4 24 | $0.94 | $1.13 | ||
| Q3 24 | $0.57 | $1.04 | ||
| Q2 24 | $0.58 | $0.98 | ||
| Q1 24 | $0.46 | $0.90 |
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 | — |
| 股东权益账面价值 | $1.8B | $7.0B |
| 总资产 | $5.1B | $8.1B |
| 负债/权益比越低杠杆越低 | 0.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ATIVEEV
| Q4 25 | $416.7M | $1.7B | ||
| Q3 25 | $372.2M | $1.9B | ||
| Q2 25 | $319.6M | $2.0B | ||
| Q1 25 | $475.8M | $1.1B | ||
| Q4 24 | $721.2M | $1.0B | ||
| Q3 24 | $406.6M | $1.2B | ||
| Q2 24 | $425.6M | $1.2B | ||
| Q1 24 | $394.4M | $703.5M |
总债务ATIVEEV
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.1B | — |
股东权益ATIVEEV
| Q4 25 | $1.8B | $7.0B | ||
| Q3 25 | $1.7B | $6.6B | ||
| Q2 25 | $1.7B | $6.2B | ||
| Q1 25 | $1.9B | $5.8B | ||
| Q4 24 | $1.9B | $5.5B | ||
| Q3 24 | $1.8B | $5.2B | ||
| Q2 24 | $1.4B | $4.9B | ||
| Q1 24 | $1.3B | $4.6B |
总资产ATIVEEV
| Q4 25 | $5.1B | $8.1B | ||
| Q3 25 | $5.0B | $8.0B | ||
| Q2 25 | $5.0B | $7.8B | ||
| Q1 25 | $5.2B | $7.3B | ||
| Q4 24 | $5.2B | $6.5B | ||
| Q3 24 | $5.1B | $6.3B | ||
| Q2 24 | $4.9B | $6.2B | ||
| Q1 24 | $4.8B | $5.9B |
负债/权益比ATIVEEV
| Q4 25 | 0.95× | — | ||
| Q3 25 | 1.00× | — | ||
| Q2 25 | 0.98× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 0.93× | — | ||
| 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 | $192.8M |
| 自由现金流经营现金流 - 资本支出 | $223.1M | — |
| 自由现金流率自由现金流/营收 | 19.0% | — |
| 资本支出强度资本支出/营收 | 7.9% | — |
| 现金转化率经营现金流/净利润 | 3.27× | 0.82× |
| 过去12个月自由现金流最近4个季度 | $333.7M | — |
8季度趋势，按日历期对齐
经营现金流ATIVEEV
| Q4 25 | $315.8M | $192.8M | ||
| Q3 25 | $229.5M | $238.4M | ||
| Q2 25 | $161.5M | $877.2M | ||
| Q1 25 | $-92.5M | $69.5M | ||
| Q4 24 | $380.9M | $164.1M | ||
| Q3 24 | $24.0M | $92.9M | ||
| Q2 24 | $101.1M | $763.5M | ||
| Q1 24 | $-98.8M | $57.8M |
自由现金流ATIVEEV
| Q4 25 | $223.1M | — | ||
| Q3 25 | $167.0M | — | ||
| Q2 25 | $89.4M | — | ||
| Q1 25 | $-145.8M | — | ||
| Q4 24 | $333.6M | — | ||
| Q3 24 | $-41.8M | — | ||
| Q2 24 | $40.9M | — | ||
| Q1 24 | $-164.6M | — |
自由现金流率ATIVEEV
| Q4 25 | 19.0% | — | ||
| Q3 25 | 14.8% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | -12.7% | — | ||
| Q4 24 | 28.4% | — | ||
| Q3 24 | -4.0% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | -15.8% | — |
资本支出强度ATIVEEV
| Q4 25 | 7.9% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 6.3% | — | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | 6.3% | — |
现金转化率ATIVEEV
| Q4 25 | 3.27× | 0.82× | ||
| Q3 25 | 2.09× | 1.19× | ||
| Q2 25 | 1.60× | 3.84× | ||
| Q1 25 | -0.95× | 0.36× | ||
| Q4 24 | 2.78× | 0.88× | ||
| Q3 24 | 0.29× | 0.54× | ||
| Q2 24 | 1.23× | 4.72× | ||
| Q1 24 | -1.49× | 0.39× |
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% |
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
