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博通（AVGO）与新思科技（SNPS）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新思科技的8.0倍（$18.0B vs $2.3B），博通净利率更高（47.3% vs 19.9%，领先27.4%），新思科技同比增速更快（50.6% vs 28.2%），博通自由现金流更多（$7.5B vs $605.2M），过去两年博通的营收复合增速更高（22.7% vs 16.9%）
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。
新思科技是总部位于美国加利福尼亚州森尼韦尔的跨国电子设计自动化（EDA）龙头企业，专注于硅芯片设计与验证、电子系统级设计验证及可复用组件研发，为全球半导体设计与制造行业提供专业工具及配套服务。
AVGO vs SNPS — 直观对比
营收规模更大
AVGO
是对方的8.0倍
$2.3B
营收增速更快
SNPS
高出22.4%
28.2%
净利率更高
AVGO
高出27.4%
19.9%
自由现金流更多
AVGO
多$6.9B
$605.2M
两年增速更快
AVGO
近两年复合增速
16.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $18.0B | $2.3B |
| 净利润 | $8.5B | $448.7M |
| 毛利率 | 68.0% | 71.0% |
| 营业利润率 | 41.7% | 5.4% |
| 净利率 | 47.3% | 19.9% |
| 营收同比 | 28.2% | 50.6% |
| 净利润同比 | 97.0% | -59.7% |
| 每股收益（稀释后） | $1.75 | $2.44 |
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AVGOSNPS
| Q4 25 | $18.0B | $2.3B | ||
| Q3 25 | $16.0B | $1.7B | ||
| Q2 25 | $15.0B | $1.6B | ||
| Q1 25 | $14.9B | $1.5B | ||
| Q4 24 | $14.1B | $1.5B | ||
| Q3 24 | $13.1B | $1.5B | ||
| Q2 24 | $12.5B | $1.5B | ||
| Q1 24 | $12.0B | $1.6B |
净利润AVGOSNPS
| Q4 25 | $8.5B | $448.7M | ||
| Q3 25 | $4.1B | $242.5M | ||
| Q2 25 | $5.0B | $345.3M | ||
| Q1 25 | $5.5B | $295.7M | ||
| Q4 24 | $4.3B | $1.1B | ||
| Q3 24 | $-1.9B | $408.1M | ||
| Q2 24 | $2.1B | $292.1M | ||
| Q1 24 | $1.3B | $449.1M |
毛利率AVGOSNPS
| Q4 25 | 68.0% | 71.0% | ||
| Q3 25 | 67.1% | 78.1% | ||
| Q2 25 | 68.0% | 80.2% | ||
| Q1 25 | 68.0% | 81.4% | ||
| Q4 24 | 64.1% | 78.3% | ||
| Q3 24 | 63.9% | 80.9% | ||
| Q2 24 | 62.3% | 79.4% | ||
| Q1 24 | 61.7% | 80.0% |
营业利润率AVGOSNPS
| Q4 25 | 41.7% | 5.4% | ||
| Q3 25 | 36.9% | 9.5% | ||
| Q2 25 | 38.8% | 23.5% | ||
| Q1 25 | 42.0% | 17.3% | ||
| Q4 24 | 32.9% | 20.3% | ||
| Q3 24 | 29.0% | 23.6% | ||
| Q2 24 | 23.7% | 22.8% | ||
| Q1 24 | 17.4% | 21.8% |
净利率AVGOSNPS
| Q4 25 | 47.3% | 19.9% | ||
| Q3 25 | 26.0% | 13.9% | ||
| Q2 25 | 33.1% | 21.5% | ||
| Q1 25 | 36.9% | 20.3% | ||
| Q4 24 | 30.8% | 74.4% | ||
| Q3 24 | -14.3% | 26.7% | ||
| Q2 24 | 17.0% | 20.1% | ||
| Q1 24 | 11.1% | 27.2% |
每股收益（稀释后）AVGOSNPS
| Q4 25 | $1.75 | $2.44 | ||
| Q3 25 | $0.85 | $1.50 | ||
| Q2 25 | $1.03 | $2.21 | ||
| Q1 25 | $1.14 | $1.89 | ||
| Q4 24 | $-5.63 | $7.13 | ||
| Q3 24 | $-0.40 | $2.61 | ||
| Q2 24 | $4.42 | $1.88 | ||
| Q1 24 | $2.84 | $2.89 |
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 | $3.0B |
| 总债务越低越好 | $62.0B | $13.5B |
| 股东权益账面价值 | $81.3B | $28.3B |
| 总资产 | $171.1B | $48.2B |
| 负债/权益比越低杠杆越低 | 0.76× | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资AVGOSNPS
| Q4 25 | $16.2B | $3.0B | ||
| Q3 25 | $10.7B | $2.6B | ||
| Q2 25 | $9.5B | $14.3B | ||
| Q1 25 | $9.3B | $3.8B | ||
| Q4 24 | $9.3B | $4.1B | ||
| Q3 24 | $10.0B | $2.0B | ||
| Q2 24 | $9.8B | $1.7B | ||
| Q1 24 | $11.9B | $1.3B |
总债务AVGOSNPS
| Q4 25 | $62.0B | $13.5B | ||
| Q3 25 | $62.8B | $14.3B | ||
| Q2 25 | $61.8B | $10.1B | ||
| Q1 25 | $60.9B | — | ||
| Q4 24 | $66.3B | — | ||
| Q3 24 | $66.8B | — | ||
| Q2 24 | $71.6B | — | ||
| Q1 24 | $73.5B | — |
股东权益AVGOSNPS
| Q4 25 | $81.3B | $28.3B | ||
| Q3 25 | $73.3B | $27.6B | ||
| Q2 25 | $69.6B | $9.9B | ||
| Q1 25 | $69.8B | $9.3B | ||
| Q4 24 | $67.7B | $9.0B | ||
| Q3 24 | $65.7B | $7.7B | ||
| Q2 24 | $70.0B | $7.2B | ||
| Q1 24 | $70.3B | $6.7B |
总资产AVGOSNPS
| Q4 25 | $171.1B | $48.2B | ||
| Q3 25 | $165.6B | $48.2B | ||
| Q2 25 | $164.6B | $23.8B | ||
| Q1 25 | $165.4B | $13.0B | ||
| Q4 24 | $165.6B | $13.1B | ||
| Q3 24 | $168.0B | $11.6B | ||
| Q2 24 | $175.2B | $11.0B | ||
| Q1 24 | $177.9B | $10.6B |
负债/权益比AVGOSNPS
| Q4 25 | 0.76× | 0.48× | ||
| Q3 25 | 0.86× | 0.52× | ||
| Q2 25 | 0.89× | 1.01× | ||
| Q1 25 | 0.87× | — | ||
| 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 | $639.7M |
| 自由现金流经营现金流 - 资本支出 | $7.5B | $605.2M |
| 自由现金流率自由现金流/营收 | 41.4% | 26.8% |
| 资本支出强度资本支出/营收 | 1.3% | 1.5% |
| 现金转化率经营现金流/净利润 | 0.90× | 1.43× |
| 过去12个月自由现金流最近4个季度 | $26.9B | $1.3B |
8季度趋势，按日历期对齐
经营现金流AVGOSNPS
| Q4 25 | $7.7B | $639.7M | ||
| Q3 25 | $7.2B | $671.0M | ||
| Q2 25 | $6.6B | $275.4M | ||
| Q1 25 | $6.1B | $-67.5M | ||
| Q4 24 | $5.6B | $562.8M | ||
| Q3 24 | $5.0B | $455.4M | ||
| Q2 24 | $4.6B | $476.6M | ||
| Q1 24 | $4.8B | $-87.8M |
自由现金流AVGOSNPS
| Q4 25 | $7.5B | $605.2M | ||
| Q3 25 | $7.0B | $632.4M | ||
| Q2 25 | $6.4B | $219.8M | ||
| Q1 25 | $6.0B | $-108.2M | ||
| Q4 24 | $5.5B | $558.4M | ||
| Q3 24 | $4.8B | $415.4M | ||
| Q2 24 | $4.4B | $438.2M | ||
| Q1 24 | $4.7B | $-128.2M |
自由现金流率AVGOSNPS
| Q4 25 | 41.4% | 26.8% | ||
| Q3 25 | 44.0% | 36.3% | ||
| Q2 25 | 42.7% | 13.7% | ||
| Q1 25 | 40.3% | -7.4% | ||
| Q4 24 | 39.0% | 37.3% | ||
| Q3 24 | 36.7% | 27.2% | ||
| Q2 24 | 35.6% | 30.1% | ||
| Q1 24 | 39.2% | -7.8% |
资本支出强度AVGOSNPS
| Q4 25 | 1.3% | 1.5% | ||
| Q3 25 | 0.9% | 2.2% | ||
| Q2 25 | 1.0% | 3.5% | ||
| Q1 25 | 0.7% | 2.8% | ||
| Q4 24 | 0.9% | 0.3% | ||
| Q3 24 | 1.3% | 2.6% | ||
| Q2 24 | 1.1% | 2.6% | ||
| Q1 24 | 1.0% | 2.4% |
现金转化率AVGOSNPS
| Q4 25 | 0.90× | 1.43× | ||
| Q3 25 | 1.73× | 2.77× | ||
| Q2 25 | 1.32× | 0.80× | ||
| Q1 25 | 1.11× | -0.23× | ||
| Q4 24 | 1.30× | 0.51× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | 2.16× | 1.63× | ||
| Q1 24 | 3.63× | -0.20× |
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% |
SNPS
| License And Maintenance | $940.7M | 42% |
| Other | $640.0M | 28% |
| Design IP Segment | $407.1M | 18% |
| KR | $236.9M | 11% |
| Sales Based Royalties | $30.1M | 1% |
