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达尔科技（DIOD）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是达尔科技的1.1倍（$449.5M vs $391.6M），达尔科技净利率更高（2.6% vs -68.7%，领先71.3%），达尔科技同比增速更快（15.4% vs -8.0%），美世自由现金流更多（$32.0M vs $12.4M），过去两年达尔科技的营收复合增速更高（13.9% vs -9.9%）
达尔科技是一家全球性半导体制造商，主营分立器件、模拟及混合信号半导体产品的设计、生产与销售，产品广泛应用于汽车、工业、消费电子、计算及通信基础设施等核心领域，服务全球各地客户。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
DIOD vs MERC — 直观对比
营收规模更大
MERC
是对方的1.1倍
$391.6M
营收增速更快
DIOD
高出23.4%
-8.0%
净利率更高
DIOD
高出71.3%
-68.7%
自由现金流更多
MERC
多$19.6M
$12.4M
两年增速更快
DIOD
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $391.6M | $449.5M |
| 净利润 | $10.2M | $-308.7M |
| 毛利率 | 31.1% | — |
| 营业利润率 | 3.4% | -62.0% |
| 净利率 | 2.6% | -68.7% |
| 营收同比 | 15.4% | -8.0% |
| 净利润同比 | 23.8% | -1947.7% |
| 每股收益（稀释后） | $0.23 | $-4.61 |
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DIODMERC
| Q4 25 | $391.6M | $449.5M | ||
| Q3 25 | $392.2M | $458.1M | ||
| Q2 25 | $366.2M | $453.5M | ||
| Q1 25 | $332.1M | $507.0M | ||
| Q4 24 | $339.3M | $488.4M | ||
| Q3 24 | $350.1M | $502.1M | ||
| Q2 24 | $319.8M | $499.4M | ||
| Q1 24 | $302.0M | $553.4M |
净利润DIODMERC
| Q4 25 | $10.2M | $-308.7M | ||
| Q3 25 | $14.3M | $-80.8M | ||
| Q2 25 | $46.1M | $-86.1M | ||
| Q1 25 | $-4.4M | $-22.3M | ||
| Q4 24 | $8.2M | $16.7M | ||
| Q3 24 | $13.7M | $-17.6M | ||
| Q2 24 | $8.0M | $-67.6M | ||
| Q1 24 | $14.0M | $-16.7M |
毛利率DIODMERC
| Q4 25 | 31.1% | — | ||
| Q3 25 | 30.7% | — | ||
| Q2 25 | 31.5% | — | ||
| Q1 25 | 31.5% | — | ||
| Q4 24 | 32.7% | — | ||
| Q3 24 | 33.7% | — | ||
| Q2 24 | 33.6% | — | ||
| Q1 24 | 33.0% | — |
营业利润率DIODMERC
| Q4 25 | 3.4% | -62.0% | ||
| Q3 25 | 3.0% | -14.8% | ||
| Q2 25 | 2.6% | -12.9% | ||
| Q1 25 | 0.4% | 1.3% | ||
| Q4 24 | 3.5% | 10.3% | ||
| Q3 24 | 6.2% | 1.8% | ||
| Q2 24 | 1.2% | -8.8% | ||
| Q1 24 | 4.3% | -0.1% |
净利率DIODMERC
| Q4 25 | 2.6% | -68.7% | ||
| Q3 25 | 3.6% | -17.6% | ||
| Q2 25 | 12.6% | -19.0% | ||
| Q1 25 | -1.3% | -4.4% | ||
| Q4 24 | 2.4% | 3.4% | ||
| Q3 24 | 3.9% | -3.5% | ||
| Q2 24 | 2.5% | -13.5% | ||
| Q1 24 | 4.6% | -3.0% |
每股收益（稀释后）DIODMERC
| Q4 25 | $0.23 | $-4.61 | ||
| Q3 25 | $0.31 | $-1.21 | ||
| Q2 25 | $0.99 | $-1.29 | ||
| Q1 25 | $-0.10 | $-0.33 | ||
| Q4 24 | $0.18 | $0.25 | ||
| Q3 24 | $0.30 | $-0.26 | ||
| Q2 24 | $0.17 | $-1.01 | ||
| Q1 24 | $0.30 | $-0.25 |
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 | $377.0M | $186.8M |
| 总债务越低越好 | $25.7M | $1.6B |
| 股东权益账面价值 | $1.9B | $68.1M |
| 总资产 | $2.4B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.01× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资DIODMERC
| Q4 25 | $377.0M | $186.8M | ||
| Q3 25 | $386.4M | $98.1M | ||
| Q2 25 | $327.3M | $146.5M | ||
| Q1 25 | $343.9M | $181.5M | ||
| Q4 24 | $316.1M | $184.9M | ||
| Q3 24 | $319.3M | $239.0M | ||
| Q2 24 | $273.9M | $263.2M | ||
| Q1 24 | $276.0M | $274.3M |
总债务DIODMERC
| Q4 25 | $25.7M | $1.6B | ||
| Q3 25 | $24.9M | $1.5B | ||
| Q2 25 | $26.4M | $1.5B | ||
| Q1 25 | $20.5M | $1.5B | ||
| Q4 24 | $20.7M | $1.5B | ||
| Q3 24 | $22.2M | $1.6B | ||
| Q2 24 | $20.3M | $1.6B | ||
| Q1 24 | $20.9M | $1.6B |
股东权益DIODMERC
| Q4 25 | $1.9B | $68.1M | ||
| Q3 25 | $1.9B | $359.5M | ||
| Q2 25 | $1.9B | $446.5M | ||
| Q1 25 | $1.8B | $437.4M | ||
| Q4 24 | $1.8B | $429.8M | ||
| Q3 24 | $1.8B | $516.8M | ||
| Q2 24 | $1.8B | $487.7M | ||
| Q1 24 | $1.7B | $573.6M |
总资产DIODMERC
| Q4 25 | $2.4B | $2.0B | ||
| Q3 25 | $2.5B | $2.3B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.4B | $2.3B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.4B | $2.5B | ||
| Q2 24 | $2.4B | $2.5B | ||
| Q1 24 | $2.4B | $2.6B |
负债/权益比DIODMERC
| Q4 25 | 0.01× | 23.58× | ||
| Q3 25 | 0.01× | 4.30× | ||
| Q2 25 | 0.01× | 3.42× | ||
| Q1 25 | 0.01× | 3.44× | ||
| Q4 24 | 0.01× | 3.43× | ||
| Q3 24 | 0.01× | 3.09× | ||
| Q2 24 | 0.01× | 3.22× | ||
| Q1 24 | 0.01× | 2.82× |
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 | $38.1M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $12.4M | $32.0M |
| 自由现金流率自由现金流/营收 | 3.2% | 7.1% |
| 资本支出强度资本支出/营收 | 6.6% | 3.1% |
| 现金转化率经营现金流/净利润 | 3.74× | — |
| 过去12个月自由现金流最近4个季度 | $137.2M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流DIODMERC
| Q4 25 | $38.1M | $46.2M | ||
| Q3 25 | $79.1M | $-30.1M | ||
| Q2 25 | $41.5M | $-4.5M | ||
| Q1 25 | $56.7M | $-3.0M | ||
| Q4 24 | $81.8M | $71.2M | ||
| Q3 24 | $54.4M | $-13.9M | ||
| Q2 24 | $14.4M | $62.2M | ||
| Q1 24 | $-31.1M | $-29.2M |
自由现金流DIODMERC
| Q4 25 | $12.4M | $32.0M | ||
| Q3 25 | $62.8M | $-60.1M | ||
| Q2 25 | $21.1M | $-28.9M | ||
| Q1 25 | $40.8M | $-23.1M | ||
| Q4 24 | $62.1M | $50.4M | ||
| Q3 24 | $39.4M | $-41.2M | ||
| Q2 24 | $-3.5M | $44.3M | ||
| Q1 24 | $-51.5M | $-47.7M |
自由现金流率DIODMERC
| Q4 25 | 3.2% | 7.1% | ||
| Q3 25 | 16.0% | -13.1% | ||
| Q2 25 | 5.8% | -6.4% | ||
| Q1 25 | 12.3% | -4.6% | ||
| Q4 24 | 18.3% | 10.3% | ||
| Q3 24 | 11.2% | -8.2% | ||
| Q2 24 | -1.1% | 8.9% | ||
| Q1 24 | -17.1% | -8.6% |
资本支出强度DIODMERC
| Q4 25 | 6.6% | 3.1% | ||
| Q3 25 | 4.2% | 6.6% | ||
| Q2 25 | 5.6% | 5.4% | ||
| Q1 25 | 4.8% | 4.0% | ||
| Q4 24 | 5.8% | 4.2% | ||
| Q3 24 | 4.3% | 5.4% | ||
| Q2 24 | 5.6% | 3.6% | ||
| Q1 24 | 6.7% | 3.3% |
现金转化率DIODMERC
| Q4 25 | 3.74× | — | ||
| Q3 25 | 5.54× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 9.93× | 4.26× | ||
| Q3 24 | 3.95× | — | ||
| Q2 24 | 1.80× | — | ||
| Q1 24 | -2.22× | — |
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
DIOD
| Distributor | $253.1M | 65% |
| Direct Sales | $138.5M | 35% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
