vs
博通（AVGO）与泰瑞达（TER）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泰瑞达的16.6倍（$18.0B vs $1.1B），博通净利率更高（47.3% vs 23.7%，领先23.5%），泰瑞达同比增速更快（43.9% vs 28.2%），博通自由现金流更多（$7.5B vs $218.8M），过去两年泰瑞达的营收复合增速更高（34.4% vs 22.7%）
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。
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
AVGO vs TER — 直观对比
营收规模更大
AVGO
是对方的16.6倍
$1.1B
营收增速更快
TER
高出15.7%
28.2%
净利率更高
AVGO
高出23.5%
23.7%
自由现金流更多
AVGO
多$7.2B
$218.8M
两年增速更快
TER
近两年复合增速
22.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $18.0B | $1.1B |
| 净利润 | $8.5B | $257.2M |
| 毛利率 | 68.0% | 57.2% |
| 营业利润率 | 41.7% | 27.1% |
| 净利率 | 47.3% | 23.7% |
| 营收同比 | 28.2% | 43.9% |
| 净利润同比 | 97.0% | 75.9% |
| 每股收益（稀释后） | $1.75 | $1.62 |
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AVGOTER
| Q4 25 | $18.0B | $1.1B | ||
| Q3 25 | $16.0B | $769.2M | ||
| Q2 25 | $15.0B | $651.8M | ||
| Q1 25 | $14.9B | $685.7M | ||
| Q4 24 | $14.1B | $752.9M | ||
| Q3 24 | $13.1B | $737.3M | ||
| Q2 24 | $12.5B | $729.9M | ||
| Q1 24 | $12.0B | $599.8M |
净利润AVGOTER
| Q4 25 | $8.5B | $257.2M | ||
| Q3 25 | $4.1B | $119.6M | ||
| Q2 25 | $5.0B | $78.4M | ||
| Q1 25 | $5.5B | $98.9M | ||
| Q4 24 | $4.3B | $146.3M | ||
| Q3 24 | $-1.9B | $145.6M | ||
| Q2 24 | $2.1B | $186.3M | ||
| Q1 24 | $1.3B | $64.2M |
毛利率AVGOTER
| Q4 25 | 68.0% | 57.2% | ||
| Q3 25 | 67.1% | 58.4% | ||
| Q2 25 | 68.0% | 57.2% | ||
| Q1 25 | 68.0% | 60.6% | ||
| Q4 24 | 64.1% | 59.4% | ||
| Q3 24 | 63.9% | 59.2% | ||
| Q2 24 | 62.3% | 58.3% | ||
| Q1 24 | 61.7% | 56.6% |
营业利润率AVGOTER
| Q4 25 | 41.7% | 27.1% | ||
| Q3 25 | 36.9% | 18.9% | ||
| Q2 25 | 38.8% | 13.9% | ||
| Q1 25 | 42.0% | 17.6% | ||
| Q4 24 | 32.9% | 20.4% | ||
| Q3 24 | 29.0% | 20.6% | ||
| Q2 24 | 23.7% | 28.8% | ||
| Q1 24 | 17.4% | 13.0% |
净利率AVGOTER
| Q4 25 | 47.3% | 23.7% | ||
| Q3 25 | 26.0% | 15.5% | ||
| Q2 25 | 33.1% | 12.0% | ||
| Q1 25 | 36.9% | 14.4% | ||
| Q4 24 | 30.8% | 19.4% | ||
| Q3 24 | -14.3% | 19.8% | ||
| Q2 24 | 17.0% | 25.5% | ||
| Q1 24 | 11.1% | 10.7% |
每股收益（稀释后）AVGOTER
| Q4 25 | $1.75 | $1.62 | ||
| Q3 25 | $0.85 | $0.75 | ||
| Q2 25 | $1.03 | $0.49 | ||
| Q1 25 | $1.14 | $0.61 | ||
| Q4 24 | $-5.63 | $0.89 | ||
| Q3 24 | $-0.40 | $0.89 | ||
| Q2 24 | $4.42 | $1.14 | ||
| Q1 24 | $2.84 | $0.40 |
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 | $293.8M |
| 总债务越低越好 | $62.0B | — |
| 股东权益账面价值 | $81.3B | $2.8B |
| 总资产 | $171.1B | $4.2B |
| 负债/权益比越低杠杆越低 | 0.76× | — |
8季度趋势，按日历期对齐
现金及短期投资AVGOTER
| Q4 25 | $16.2B | $293.8M | ||
| Q3 25 | $10.7B | $272.7M | ||
| Q2 25 | $9.5B | $339.3M | ||
| Q1 25 | $9.3B | $475.6M | ||
| Q4 24 | $9.3B | $553.4M | ||
| Q3 24 | $10.0B | $510.0M | ||
| Q2 24 | $9.8B | $421.9M | ||
| Q1 24 | $11.9B | $707.4M |
总债务AVGOTER
| Q4 25 | $62.0B | — | ||
| Q3 25 | $62.8B | — | ||
| Q2 25 | $61.8B | — | ||
| Q1 25 | $60.9B | — | ||
| Q4 24 | $66.3B | — | ||
| Q3 24 | $66.8B | — | ||
| Q2 24 | $71.6B | — | ||
| Q1 24 | $73.5B | — |
股东权益AVGOTER
| Q4 25 | $81.3B | $2.8B | ||
| Q3 25 | $73.3B | $2.7B | ||
| Q2 25 | $69.6B | $2.8B | ||
| Q1 25 | $69.8B | $2.8B | ||
| Q4 24 | $67.7B | $2.8B | ||
| Q3 24 | $65.7B | $2.9B | ||
| Q2 24 | $70.0B | $2.7B | ||
| Q1 24 | $70.3B | $2.6B |
总资产AVGOTER
| Q4 25 | $171.1B | $4.2B | ||
| Q3 25 | $165.6B | $4.0B | ||
| Q2 25 | $164.6B | $3.8B | ||
| Q1 25 | $165.4B | $3.7B | ||
| Q4 24 | $165.6B | $3.7B | ||
| Q3 24 | $168.0B | $3.8B | ||
| Q2 24 | $175.2B | $3.6B | ||
| Q1 24 | $177.9B | $3.4B |
负债/权益比AVGOTER
| Q4 25 | 0.76× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.89× | — | ||
| 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 | $281.6M |
| 自由现金流经营现金流 - 资本支出 | $7.5B | $218.8M |
| 自由现金流率自由现金流/营收 | 41.4% | 20.2% |
| 资本支出强度资本支出/营收 | 1.3% | 5.8% |
| 现金转化率经营现金流/净利润 | 0.90× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $26.9B | $450.4M |
8季度趋势，按日历期对齐
经营现金流AVGOTER
| Q4 25 | $7.7B | $281.6M | ||
| Q3 25 | $7.2B | $49.0M | ||
| Q2 25 | $6.6B | $182.1M | ||
| Q1 25 | $6.1B | $161.6M | ||
| Q4 24 | $5.6B | $282.6M | ||
| Q3 24 | $5.0B | $166.3M | ||
| Q2 24 | $4.6B | $216.1M | ||
| Q1 24 | $4.8B | $7.3M |
自由现金流AVGOTER
| Q4 25 | $7.5B | $218.8M | ||
| Q3 25 | $7.0B | $2.4M | ||
| Q2 25 | $6.4B | $131.7M | ||
| Q1 25 | $6.0B | $97.6M | ||
| Q4 24 | $5.5B | $225.2M | ||
| Q3 24 | $4.8B | $114.4M | ||
| Q2 24 | $4.4B | $171.2M | ||
| Q1 24 | $4.7B | $-36.7M |
自由现金流率AVGOTER
| Q4 25 | 41.4% | 20.2% | ||
| Q3 25 | 44.0% | 0.3% | ||
| Q2 25 | 42.7% | 20.2% | ||
| Q1 25 | 40.3% | 14.2% | ||
| Q4 24 | 39.0% | 29.9% | ||
| Q3 24 | 36.7% | 15.5% | ||
| Q2 24 | 35.6% | 23.5% | ||
| Q1 24 | 39.2% | -6.1% |
资本支出强度AVGOTER
| Q4 25 | 1.3% | 5.8% | ||
| Q3 25 | 0.9% | 6.1% | ||
| Q2 25 | 1.0% | 7.7% | ||
| Q1 25 | 0.7% | 9.3% | ||
| Q4 24 | 0.9% | 7.6% | ||
| Q3 24 | 1.3% | 7.0% | ||
| Q2 24 | 1.1% | 6.1% | ||
| Q1 24 | 1.0% | 7.3% |
现金转化率AVGOTER
| Q4 25 | 0.90× | 1.09× | ||
| Q3 25 | 1.73× | 0.41× | ||
| Q2 25 | 1.32× | 2.32× | ||
| Q1 25 | 1.11× | 1.63× | ||
| Q4 24 | 1.30× | 1.93× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | 2.16× | 1.16× | ||
| Q1 24 | 3.63× | 0.11× |
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% |
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
