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伟创力（FLEX）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
伟创力的季度营收约是新美亚的2.2倍（$7.1B vs $3.2B）。伟创力净利率更高（3.4% vs 1.5%，领先1.8%）。新美亚同比增速更快（59.0% vs 7.7%）。伟创力自由现金流更多（$272.0M vs $91.9M）。过去两年新美亚的营收复合增速更高（31.9% vs 25.2%）
伟创力（Flex Ltd.）是一家拥有新加坡与美国背景的跨国制造企业，按营收计算为全球第三大电子制造服务（EMS）及原始设计制造商（ODM），仅次于和硕。其美国总部位于得克萨斯州奥斯汀，在30多个国家设有生产基地，员工总数约17.2万人。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
FLEX vs SANM — 直观对比
营收规模更大
FLEX
是对方的2.2倍
$3.2B
营收增速更快
SANM
高出51.3%
7.7%
净利率更高
FLEX
高出1.8%
1.5%
自由现金流更多
FLEX
多$180.1M
$91.9M
两年增速更快
SANM
近两年复合增速
25.2%
损益表 — Q3 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $7.1B | $3.2B |
| 净利润 | $239.0M | $49.3M |
| 毛利率 | 9.6% | 7.6% |
| 营业利润率 | 5.5% | 2.3% |
| 净利率 | 3.4% | 1.5% |
| 营收同比 | 7.7% | 59.0% |
| 净利润同比 | -9.1% | -24.2% |
| 每股收益（稀释后） | $0.64 | $0.89 |
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FLEXSANM
| Q4 25 | $7.1B | $3.2B | ||
| Q3 25 | $6.8B | $2.1B | ||
| Q2 25 | $6.6B | $2.0B | ||
| Q1 25 | $6.4B | $2.0B | ||
| Q4 24 | $6.6B | $2.0B | ||
| Q3 24 | $6.5B | $2.0B | ||
| Q2 24 | $6.3B | $1.8B | ||
| Q1 24 | $4.5B | $1.8B |
净利润FLEXSANM
| Q4 25 | $239.0M | $49.3M | ||
| Q3 25 | $199.0M | $48.1M | ||
| Q2 25 | $192.0M | $68.6M | ||
| Q1 25 | $222.0M | $64.2M | ||
| Q4 24 | $263.0M | $65.0M | ||
| Q3 24 | $214.0M | $61.4M | ||
| Q2 24 | $139.0M | $51.6M | ||
| Q1 24 | $395.0M | $52.5M |
毛利率FLEXSANM
| Q4 25 | 9.6% | 7.6% | ||
| Q3 25 | 9.0% | 9.1% | ||
| Q2 25 | 8.7% | 8.9% | ||
| Q1 25 | 8.8% | 8.9% | ||
| Q4 24 | 9.1% | 8.4% | ||
| Q3 24 | 8.1% | 8.5% | ||
| Q2 24 | 7.5% | 8.3% | ||
| Q1 24 | -0.6% | 8.4% |
营业利润率FLEXSANM
| Q4 25 | 5.5% | 2.3% | ||
| Q3 25 | 4.4% | 3.7% | ||
| Q2 25 | 4.7% | 4.7% | ||
| Q1 25 | 4.8% | 4.6% | ||
| Q4 24 | 5.1% | 4.4% | ||
| Q3 24 | 4.5% | 4.4% | ||
| Q2 24 | 3.7% | 4.5% | ||
| Q1 24 | -3.6% | 4.1% |
净利率FLEXSANM
| Q4 25 | 3.4% | 1.5% | ||
| Q3 25 | 2.9% | 2.3% | ||
| Q2 25 | 2.9% | 3.4% | ||
| Q1 25 | 3.5% | 3.2% | ||
| Q4 24 | 4.0% | 3.2% | ||
| Q3 24 | 3.3% | 3.0% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 8.8% | 2.9% |
每股收益（稀释后）FLEXSANM
| Q4 25 | $0.64 | $0.89 | ||
| Q3 25 | $0.52 | $0.88 | ||
| Q2 25 | $0.50 | $1.26 | ||
| Q1 25 | $0.56 | $1.16 | ||
| Q4 24 | $0.67 | $1.16 | ||
| Q3 24 | $0.54 | $1.09 | ||
| Q2 24 | $0.34 | $0.91 | ||
| Q1 24 | $0.91 | $0.93 |
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 | $3.1B | $1.4B |
| 总债务越低越好 | $4.4B | $2.2B |
| 股东权益账面价值 | $5.1B | $2.7B |
| 总资产 | $20.8B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.87× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资FLEXSANM
| Q4 25 | $3.1B | $1.4B | ||
| Q3 25 | $2.2B | $926.3M | ||
| Q2 25 | $2.2B | $797.9M | ||
| Q1 25 | $2.3B | $647.1M | ||
| Q4 24 | $2.3B | $642.4M | ||
| Q3 24 | $2.6B | $625.9M | ||
| Q2 24 | $2.2B | $657.7M | ||
| Q1 24 | $2.5B | $650.9M |
总债务FLEXSANM
| Q4 25 | $4.4B | $2.2B | ||
| Q3 25 | $3.7B | $300.5M | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.7B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.3B | — |
股东权益FLEXSANM
| Q4 25 | $5.1B | $2.7B | ||
| Q3 25 | $5.0B | $2.5B | ||
| Q2 25 | $5.1B | $2.5B | ||
| Q1 25 | $5.0B | $2.4B | ||
| Q4 24 | $5.0B | $2.4B | ||
| Q3 24 | $5.0B | $2.4B | ||
| Q2 24 | $5.0B | $2.3B | ||
| Q1 24 | $5.3B | $2.3B |
总资产FLEXSANM
| Q4 25 | $20.8B | $9.8B | ||
| Q3 25 | $19.5B | $5.9B | ||
| Q2 25 | $19.1B | $5.2B | ||
| Q1 25 | $18.4B | $5.0B | ||
| Q4 24 | $18.3B | $4.8B | ||
| Q3 24 | $18.6B | $4.8B | ||
| Q2 24 | $17.7B | $4.7B | ||
| Q1 24 | $18.3B | $4.7B |
负债/权益比FLEXSANM
| Q4 25 | 0.87× | 0.82× | ||
| Q3 25 | 0.73× | 0.12× | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.74× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.74× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.61× | — |
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 | $420.0M | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $272.0M | $91.9M |
| 自由现金流率自由现金流/营收 | 3.9% | 2.9% |
| 资本支出强度资本支出/营收 | 2.1% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.76× | 3.63× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $518.3M |
8季度趋势，按日历期对齐
经营现金流FLEXSANM
| Q4 25 | $420.0M | $178.7M | ||
| Q3 25 | $453.0M | $199.1M | ||
| Q2 25 | $399.0M | $200.8M | ||
| Q1 25 | $433.0M | $156.9M | ||
| Q4 24 | $413.0M | $63.9M | ||
| Q3 24 | $319.0M | $51.9M | ||
| Q2 24 | $340.0M | $90.0M | ||
| Q1 24 | $679.0M | $72.3M |
自由现金流FLEXSANM
| Q4 25 | $272.0M | $91.9M | ||
| Q3 25 | $303.0M | $136.6M | ||
| Q2 25 | $266.0M | $163.7M | ||
| Q1 25 | $321.0M | $126.1M | ||
| Q4 24 | $301.0M | $46.9M | ||
| Q3 24 | $216.0M | $27.2M | ||
| Q2 24 | $229.0M | $67.2M | ||
| Q1 24 | $598.0M | $42.7M |
自由现金流率FLEXSANM
| Q4 25 | 3.9% | 2.9% | ||
| Q3 25 | 4.5% | 6.5% | ||
| Q2 25 | 4.0% | 8.0% | ||
| Q1 25 | 5.0% | 6.4% | ||
| Q4 24 | 4.6% | 2.3% | ||
| Q3 24 | 3.3% | 1.4% | ||
| Q2 24 | 3.6% | 3.7% | ||
| Q1 24 | 13.3% | 2.3% |
资本支出强度FLEXSANM
| Q4 25 | 2.1% | 2.7% | ||
| Q3 25 | 2.2% | 3.0% | ||
| Q2 25 | 2.0% | 1.8% | ||
| Q1 25 | 1.8% | 1.5% | ||
| Q4 24 | 1.7% | 0.9% | ||
| Q3 24 | 1.6% | 1.2% | ||
| Q2 24 | 1.8% | 1.2% | ||
| Q1 24 | 1.8% | 1.6% |
现金转化率FLEXSANM
| Q4 25 | 1.76× | 3.63× | ||
| Q3 25 | 2.28× | 4.14× | ||
| Q2 25 | 2.08× | 2.93× | ||
| Q1 25 | 1.95× | 2.44× | ||
| Q4 24 | 1.57× | 0.98× | ||
| Q3 24 | 1.49× | 0.85× | ||
| Q2 24 | 2.45× | 1.74× | ||
| Q1 24 | 1.72× | 1.38× |
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
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
