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博通（AVGO）与CoreWeave, Inc.（CRWV）财务数据对比。点击上方公司名可切换其他公司
博通的季度营收约是CoreWeave, Inc.的11.5倍（$18.0B vs $1.6B），博通净利率更高（47.3% vs -28.7%，领先76.0%），博通自由现金流更多（$7.5B vs $-2.5B）
博通公司是美国跨国企业，主营各类半导体与基础设施软件产品的设计、研发、生产及全球供应，产品广泛服务于数据中心、网络、软件、宽带、无线、存储及工业领域。借AI发展热潮，2025年博通已跻身全球顶级企业行列，为“七巨头”科技阵营成员。
CoreWeave是总部位于美国新泽西州利文斯顿的人工智能云计算企业，专注为AI开发者及各行业企业客户提供云侧图形处理器（GPU）算力基础设施，同时自主研发芯片管理相关软件。
AVGO vs CRWV — 直观对比
营收规模更大
AVGO
是对方的11.5倍
$1.6B
净利率更高
AVGO
高出76.0%
-28.7%
自由现金流更多
AVGO
多$10.0B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $18.0B | $1.6B |
| 净利润 | $8.5B | $-451.7M |
| 毛利率 | 68.0% | 67.6% |
| 营业利润率 | 41.7% | -5.7% |
| 净利率 | 47.3% | -28.7% |
| 营收同比 | 28.2% | — |
| 净利润同比 | 97.0% | — |
| 每股收益（稀释后） | $1.75 | $-0.50 |
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AVGOCRWV
| Q4 25 | $18.0B | $1.6B | ||
| Q3 25 | $16.0B | $1.4B | ||
| Q2 25 | $15.0B | $1.2B | ||
| Q1 25 | $14.9B | $981.6M | ||
| Q4 24 | $14.1B | — | ||
| Q3 24 | $13.1B | $583.9M | ||
| Q2 24 | $12.5B | $395.4M | ||
| Q1 24 | $12.0B | — |
净利润AVGOCRWV
| Q4 25 | $8.5B | $-451.7M | ||
| Q3 25 | $4.1B | $-110.1M | ||
| Q2 25 | $5.0B | $-290.5M | ||
| Q1 25 | $5.5B | $-314.6M | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $-1.9B | $-359.8M | ||
| Q2 24 | $2.1B | $-323.0M | ||
| Q1 24 | $1.3B | — |
毛利率AVGOCRWV
| Q4 25 | 68.0% | 67.6% | ||
| Q3 25 | 67.1% | 73.0% | ||
| Q2 25 | 68.0% | 74.2% | ||
| Q1 25 | 68.0% | 73.3% | ||
| Q4 24 | 64.1% | — | ||
| Q3 24 | 63.9% | 75.5% | ||
| Q2 24 | 62.3% | 72.5% | ||
| Q1 24 | 61.7% | — |
营业利润率AVGOCRWV
| Q4 25 | 41.7% | -5.7% | ||
| Q3 25 | 36.9% | 3.8% | ||
| Q2 25 | 38.8% | 1.6% | ||
| Q1 25 | 42.0% | -2.8% | ||
| Q4 24 | 32.9% | — | ||
| Q3 24 | 29.0% | 20.1% | ||
| Q2 24 | 23.7% | 19.7% | ||
| Q1 24 | 17.4% | — |
净利率AVGOCRWV
| Q4 25 | 47.3% | -28.7% | ||
| Q3 25 | 26.0% | -8.1% | ||
| Q2 25 | 33.1% | -24.0% | ||
| Q1 25 | 36.9% | -32.1% | ||
| Q4 24 | 30.8% | — | ||
| Q3 24 | -14.3% | -61.6% | ||
| Q2 24 | 17.0% | -81.7% | ||
| Q1 24 | 11.1% | — |
每股收益（稀释后）AVGOCRWV
| Q4 25 | $1.75 | $-0.50 | ||
| Q3 25 | $0.85 | $-0.22 | ||
| Q2 25 | $1.03 | $-0.60 | ||
| Q1 25 | $1.14 | $-1.49 | ||
| Q4 24 | $-5.63 | — | ||
| Q3 24 | $-0.40 | $-1.82 | ||
| Q2 24 | $4.42 | $-1.62 | ||
| Q1 24 | $2.84 | — |
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 | $16.2B | $3.2B |
| 总债务越低越好 | $62.0B | $21.4B |
| 股东权益账面价值 | $81.3B | $3.3B |
| 总资产 | $171.1B | $49.3B |
| 负债/权益比越低杠杆越低 | 0.76× | 6.41× |
8季度趋势，按日历期对齐
现金及短期投资AVGOCRWV
| Q4 25 | $16.2B | $3.2B | ||
| Q3 25 | $10.7B | $1.9B | ||
| Q2 25 | $9.5B | $1.2B | ||
| Q1 25 | $9.3B | $1.3B | ||
| Q4 24 | $9.3B | — | ||
| Q3 24 | $10.0B | $1.4B | ||
| Q2 24 | $9.8B | $1.0B | ||
| Q1 24 | $11.9B | — |
总债务AVGOCRWV
| Q4 25 | $62.0B | $21.4B | ||
| Q3 25 | $62.8B | $14.0B | ||
| Q2 25 | $61.8B | $11.1B | ||
| Q1 25 | $60.9B | $8.7B | ||
| Q4 24 | $66.3B | — | ||
| Q3 24 | $66.8B | — | ||
| Q2 24 | $71.6B | — | ||
| Q1 24 | $73.5B | — |
股东权益AVGOCRWV
| Q4 25 | $81.3B | $3.3B | ||
| Q3 25 | $73.3B | $3.9B | ||
| Q2 25 | $69.6B | $2.7B | ||
| Q1 25 | $69.8B | $1.9B | ||
| Q4 24 | $67.7B | — | ||
| Q3 24 | $65.7B | $-344.0M | ||
| Q2 24 | $70.0B | $-1.0B | ||
| Q1 24 | $70.3B | — |
总资产AVGOCRWV
| Q4 25 | $171.1B | $49.3B | ||
| Q3 25 | $165.6B | $32.9B | ||
| Q2 25 | $164.6B | $26.2B | ||
| Q1 25 | $165.4B | $21.9B | ||
| Q4 24 | $165.6B | — | ||
| Q3 24 | $168.0B | — | ||
| Q2 24 | $175.2B | — | ||
| Q1 24 | $177.9B | — |
负债/权益比AVGOCRWV
| Q4 25 | 0.76× | 6.41× | ||
| Q3 25 | 0.86× | 3.62× | ||
| Q2 25 | 0.89× | 4.16× | ||
| Q1 25 | 0.87× | 4.57× | ||
| Q4 24 | 0.98× | — | ||
| Q3 24 | 1.02× | — | ||
| Q2 24 | 1.02× | — | ||
| Q1 24 | 1.05× | — |
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 | $7.7B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $7.5B | $-2.5B |
| 自由现金流率自由现金流/营收 | 41.4% | -159.1% |
| 资本支出强度资本支出/营收 | 1.3% | 258.3% |
| 现金转化率经营现金流/净利润 | 0.90× | — |
| 过去12个月自由现金流最近4个季度 | $26.9B | $-7.3B |
8季度趋势，按日历期对齐
经营现金流AVGOCRWV
| Q4 25 | $7.7B | $1.6B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $6.6B | $-251.3M | ||
| Q1 25 | $6.1B | $61.2M | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $4.6B | — | ||
| Q1 24 | $4.8B | — |
自由现金流AVGOCRWV
| Q4 25 | $7.5B | $-2.5B | ||
| Q3 25 | $7.0B | $-699.8M | ||
| Q2 25 | $6.4B | $-2.7B | ||
| Q1 25 | $6.0B | $-1.3B | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $4.8B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.7B | — |
自由现金流率AVGOCRWV
| Q4 25 | 41.4% | -159.1% | ||
| Q3 25 | 44.0% | -51.3% | ||
| Q2 25 | 42.7% | -223.0% | ||
| Q1 25 | 40.3% | -137.1% | ||
| Q4 24 | 39.0% | — | ||
| Q3 24 | 36.7% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 39.2% | — |
资本支出强度AVGOCRWV
| Q4 25 | 1.3% | 258.3% | ||
| Q3 25 | 0.9% | 175.1% | ||
| Q2 25 | 1.0% | 202.3% | ||
| Q1 25 | 0.7% | 143.4% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.0% | — |
现金转化率AVGOCRWV
| Q4 25 | 0.90× | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 3.63× | — |
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
AVGO
| Semiconductor Solutions | $11.1B | 61% |
| Infrastructure Software | $6.9B | 39% |
CRWV
| US | $1.4B | 92% |
| Non Us | $129.3M | 8% |
