vs
佳明（GRMN）与安森美半导体（ON）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是安森美半导体的1.4倍（$2.1B vs $1.6B），佳明净利率更高（24.9% vs 16.4%，领先8.4%），佳明同比增速更快（16.6% vs -10.0%），佳明自由现金流更多（$429.6M vs $372.4M），过去两年佳明的营收复合增速更高（24.0% vs -12.3%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
安森美半导体旗下原仙童半导体是总部位于美国加利福尼亚州圣何塞的半导体企业，1957年由从肖克利半导体实验室离职的“八叛逆”创立，是晶体管和集成电路制造领域的先驱，曾历经多次股权变更，1997年再度独立运营后并入安森美。
GRMN vs ON — 直观对比
营收规模更大
GRMN
是对方的1.4倍
$1.6B
营收增速更快
GRMN
高出26.6%
-10.0%
净利率更高
GRMN
高出8.4%
16.4%
自由现金流更多
GRMN
多$57.2M
$372.4M
两年增速更快
GRMN
近两年复合增速
-12.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.6B |
| 净利润 | $528.7M | $255.0M |
| 毛利率 | 59.2% | 37.9% |
| 营业利润率 | 28.9% | 17.0% |
| 净利率 | 24.9% | 16.4% |
| 营收同比 | 16.6% | -10.0% |
| 净利润同比 | 21.3% | -32.9% |
| 每股收益（稀释后） | $2.72 | $0.63 |
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GRMNON
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.5B | $1.7B | ||
| Q1 24 | $1.4B | $1.9B |
净利润GRMNON
| Q4 25 | $528.7M | $255.0M | ||
| Q3 25 | $401.6M | $170.3M | ||
| Q2 25 | $400.8M | $-486.1M | ||
| Q1 25 | $332.8M | — | ||
| Q4 24 | $435.7M | $379.9M | ||
| Q3 24 | $399.1M | $401.7M | ||
| Q2 24 | $300.6M | $338.2M | ||
| Q1 24 | $276.0M | $453.0M |
毛利率GRMNON
| Q4 25 | 59.2% | 37.9% | ||
| Q3 25 | 59.1% | 37.6% | ||
| Q2 25 | 58.8% | 20.3% | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | 45.2% | ||
| Q3 24 | 60.0% | 45.4% | ||
| Q2 24 | 57.3% | 45.2% | ||
| Q1 24 | 58.1% | 45.8% |
营业利润率GRMNON
| Q4 25 | 28.9% | 17.0% | ||
| Q3 25 | 25.8% | 13.2% | ||
| Q2 25 | 26.0% | -39.7% | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 28.3% | 23.7% | ||
| Q3 24 | 27.6% | 25.3% | ||
| Q2 24 | 22.7% | 22.4% | ||
| Q1 24 | 21.6% | 28.2% |
净利率GRMNON
| Q4 25 | 24.9% | 16.4% | ||
| Q3 25 | 22.7% | 11.6% | ||
| Q2 25 | 22.1% | -33.6% | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 23.9% | 22.1% | ||
| Q3 24 | 25.2% | 22.8% | ||
| Q2 24 | 20.0% | 19.5% | ||
| Q1 24 | 20.0% | 24.3% |
每股收益（稀释后）GRMNON
| Q4 25 | $2.72 | $0.63 | ||
| Q3 25 | $2.08 | $0.41 | ||
| Q2 25 | $2.07 | $-1.15 | ||
| Q1 25 | $1.72 | — | ||
| Q4 24 | $2.24 | $0.88 | ||
| Q3 24 | $2.07 | $0.93 | ||
| Q2 24 | $1.56 | $0.78 | ||
| Q1 24 | $1.43 | $1.04 |
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 | $2.3B | $2.9B |
| 总债务越低越好 | — | $3.4B |
| 股东权益账面价值 | $9.0B | $7.9B |
| 总资产 | $11.0B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资GRMNON
| Q4 25 | $2.3B | $2.9B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $2.1B | $3.0B | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | $3.0B | ||
| Q3 24 | $2.0B | $2.8B | ||
| Q2 24 | $1.9B | $2.7B | ||
| Q1 24 | $1.9B | $2.6B |
总债务GRMNON
| Q4 25 | — | $3.4B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $3.4B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.4B |
股东权益GRMNON
| Q4 25 | $9.0B | $7.9B | ||
| Q3 25 | $8.5B | $7.9B | ||
| Q2 25 | $8.1B | $8.0B | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $7.8B | $8.8B | ||
| Q3 24 | $7.5B | $8.6B | ||
| Q2 24 | $7.0B | $8.3B | ||
| Q1 24 | $7.2B | $8.1B |
总资产GRMNON
| Q4 25 | $11.0B | $13.0B | ||
| Q3 25 | $10.5B | $13.1B | ||
| Q2 25 | $10.3B | $13.3B | ||
| Q1 25 | $9.8B | — | ||
| Q4 24 | $9.6B | $14.1B | ||
| Q3 24 | $9.3B | $13.9B | ||
| Q2 24 | $8.9B | $13.7B | ||
| Q1 24 | $8.6B | $13.5B |
负债/权益比GRMNON
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.41× | ||
| Q1 24 | — | 0.42× |
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 | $553.8M | $418.7M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $372.4M |
| 自由现金流率自由现金流/营收 | 20.2% | 24.0% |
| 资本支出强度资本支出/营收 | 5.8% | 3.0% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.64× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.4B |
8季度趋势，按日历期对齐
经营现金流GRMNON
| Q4 25 | $553.8M | $418.7M | ||
| Q3 25 | $485.6M | $184.3M | ||
| Q2 25 | $173.2M | $602.3M | ||
| Q1 25 | $420.8M | — | ||
| Q4 24 | $483.9M | $579.7M | ||
| Q3 24 | $258.0M | $465.8M | ||
| Q2 24 | $255.3M | $362.2M | ||
| Q1 24 | $435.3M | $498.7M |
自由现金流GRMNON
| Q4 25 | $429.6M | $372.4M | ||
| Q3 25 | $425.1M | $106.1M | ||
| Q2 25 | $127.5M | $454.7M | ||
| Q1 25 | $380.7M | — | ||
| Q4 24 | $399.2M | $434.8M | ||
| Q3 24 | $219.4M | $293.6M | ||
| Q2 24 | $218.2M | $207.7M | ||
| Q1 24 | $402.1M | $276.3M |
自由现金流率GRMNON
| Q4 25 | 20.2% | 24.0% | ||
| Q3 25 | 24.0% | 7.2% | ||
| Q2 25 | 7.0% | 31.5% | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 21.9% | 25.2% | ||
| Q3 24 | 13.8% | 16.7% | ||
| Q2 24 | 14.5% | 12.0% | ||
| Q1 24 | 29.1% | 14.8% |
资本支出强度GRMNON
| Q4 25 | 5.8% | 3.0% | ||
| Q3 25 | 3.4% | 5.3% | ||
| Q2 25 | 2.5% | 10.2% | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 4.6% | 8.4% | ||
| Q3 24 | 2.4% | 9.8% | ||
| Q2 24 | 2.5% | 8.9% | ||
| Q1 24 | 2.4% | 11.9% |
现金转化率GRMNON
| Q4 25 | 1.05× | 1.64× | ||
| Q3 25 | 1.21× | 1.08× | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | 1.53× | ||
| Q3 24 | 0.65× | 1.16× | ||
| Q2 24 | 0.85× | 1.07× | ||
| Q1 24 | 1.58× | 1.10× |
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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
ON
| Industrial Segment | $426.3M | 27% |
| Other End Markets Segment | $337.3M | 22% |
| Intelligent Sensing Segments | $284.0M | 18% |
| Direct Customers | $282.4M | 18% |
| Intelligent Sensing Group | $230.0M | 15% |
