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摩根大通（JPM）与美光科技（MU）财务数据对比。点击上方公司名可切换其他公司
摩根大通的季度营收约是美光科技的1.9倍（$45.8B vs $23.9B），美光科技净利率更高（57.8% vs 28.4%，领先29.3%）
摩根大通是总部位于美国纽约、在特拉华州注册的跨国银行机构，为美国四大银行之首，截至2025年是全球市值最高的银行，被金融稳定委员会认定为系统重要性金融机构，业务覆盖全球各地，为各类客户提供综合金融服务。
美光科技是总部位于美国爱达荷州博伊西的半导体厂商，专注于计算机内存及数据存储产品的研发生产，核心产品涵盖动态随机存取存储器（DRAM）、闪存、固态硬盘（SSD）等，是全球知名的存储解决方案供应商，产品广泛应用于消费电子、数据中心等诸多领域。
JPM vs MU — 直观对比
营收规模更大
JPM
是对方的1.9倍
$23.9B
净利率更高
MU
高出29.3%
28.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $45.8B | $23.9B |
| 净利润 | $13.0B | $13.8B |
| 毛利率 | — | 74.4% |
| 营业利润率 | 37.5% | 67.6% |
| 净利率 | 28.4% | 57.8% |
| 营收同比 | — | 196.3% |
| 净利润同比 | — | 770.8% |
| 每股收益（稀释后） | $4.64 | $12.07 |
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JPMMU
| Q1 26 | — | $23.9B | ||
| Q4 25 | $45.8B | $13.6B | ||
| Q3 25 | $46.4B | $11.3B | ||
| Q2 25 | $44.9B | $9.3B | ||
| Q1 25 | $45.3B | $8.1B | ||
| Q4 24 | — | $8.7B | ||
| Q3 24 | $42.7B | $7.8B | ||
| Q2 24 | $50.2B | $6.8B |
净利润JPMMU
| Q1 26 | — | $13.8B | ||
| Q4 25 | $13.0B | $5.2B | ||
| Q3 25 | $14.4B | $3.2B | ||
| Q2 25 | $15.0B | $1.9B | ||
| Q1 25 | $14.6B | $1.6B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $12.9B | — | ||
| Q2 24 | $18.1B | $332.0M |
毛利率JPMMU
| Q1 26 | — | 74.4% | ||
| Q4 25 | — | 56.0% | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 37.7% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | — | 35.3% | ||
| Q2 24 | — | 26.9% |
营业利润率JPMMU
| Q1 26 | — | 67.6% | ||
| Q4 25 | 37.5% | 45.0% | ||
| Q3 25 | 40.4% | 32.3% | ||
| Q2 25 | 40.7% | 23.3% | ||
| Q1 25 | 40.6% | 22.0% | ||
| Q4 24 | — | 25.0% | ||
| Q3 24 | 39.8% | — | ||
| Q2 24 | 46.7% | 10.6% |
净利率JPMMU
| Q1 26 | — | 57.8% | ||
| Q4 25 | 28.4% | 38.4% | ||
| Q3 25 | 31.0% | 28.3% | ||
| Q2 25 | 33.4% | 20.3% | ||
| Q1 25 | 32.3% | 19.7% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | 30.2% | — | ||
| Q2 24 | 36.2% | 4.9% |
每股收益（稀释后）JPMMU
| Q1 26 | — | $12.07 | ||
| Q4 25 | $4.64 | $4.60 | ||
| Q3 25 | $5.07 | $2.83 | ||
| Q2 25 | $5.24 | $1.68 | ||
| Q1 25 | $5.07 | $1.41 | ||
| Q4 24 | — | $1.67 | ||
| Q3 24 | $4.37 | — | ||
| Q2 24 | $6.12 | $0.30 |
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 | — | $13.9B |
| 总债务越低越好 | — | $9.6B |
| 股东权益账面价值 | $362.4B | $72.5B |
| 总资产 | $4424.9B | $101.5B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资JPMMU
| Q1 26 | — | $13.9B | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.6B | ||
| Q2 25 | — | $10.2B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $7.6B |
总债务JPMMU
| Q1 26 | — | $9.6B | ||
| Q4 25 | — | $11.2B | ||
| Q3 25 | — | $14.0B | ||
| Q2 25 | — | $15.0B | ||
| Q1 25 | — | $13.9B | ||
| Q4 24 | — | $13.3B | ||
| Q3 24 | — | $13.0B | ||
| Q2 24 | — | $12.9B |
股东权益JPMMU
| Q1 26 | — | $72.5B | ||
| Q4 25 | $362.4B | $58.8B | ||
| Q3 25 | $360.2B | $54.2B | ||
| Q2 25 | $356.9B | $50.7B | ||
| Q1 25 | $351.4B | $48.6B | ||
| Q4 24 | — | $46.8B | ||
| Q3 24 | $345.8B | $45.1B | ||
| Q2 24 | $340.6B | $44.2B |
总资产JPMMU
| Q1 26 | — | $101.5B | ||
| Q4 25 | $4424.9B | $86.0B | ||
| Q3 25 | $4560.2B | $82.8B | ||
| Q2 25 | $4552.5B | $78.4B | ||
| Q1 25 | $4357.9B | $73.1B | ||
| Q4 24 | — | $71.5B | ||
| Q3 24 | $4210.0B | $69.4B | ||
| Q2 24 | $4143.0B | $66.3B |
负债/权益比JPMMU
| Q1 26 | — | 0.13× | ||
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.29× |
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 | $119.7B | $11.9B |
| 自由现金流经营现金流 - 资本支出 | — | $5.5B |
| 自由现金流率自由现金流/营收 | — | 23.1% |
| 资本支出强度资本支出/营收 | — | 26.8% |
| 现金转化率经营现金流/净利润 | 9.19× | 0.86× |
| 过去12个月自由现金流最近4个季度 | — | $11.9B |
8季度趋势，按日历期对齐
经营现金流JPMMU
| Q1 26 | — | $11.9B | ||
| Q4 25 | $119.7B | $8.4B | ||
| Q3 25 | $-45.2B | $17.5B | ||
| Q2 25 | $29.5B | $4.6B | ||
| Q1 25 | $-251.8B | $3.9B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | — | $2.5B |
自由现金流JPMMU
| Q1 26 | — | $5.5B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $-113.0M | ||
| Q4 24 | — | $38.0M | ||
| Q3 24 | — | $121.0M | ||
| Q2 24 | — | $396.0M |
自由现金流率JPMMU
| Q1 26 | — | 23.1% | ||
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 18.0% | ||
| Q1 25 | — | -1.4% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 5.8% |
资本支出强度JPMMU
| Q1 26 | — | 26.8% | ||
| Q4 25 | — | 39.5% | ||
| Q3 25 | — | 140.1% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | — | 50.4% | ||
| Q4 24 | — | 36.8% | ||
| Q3 24 | — | 108.2% | ||
| Q2 24 | — | 30.6% |
现金转化率JPMMU
| Q1 26 | — | 0.86× | ||
| Q4 25 | 9.19× | 1.61× | ||
| Q3 25 | -3.14× | 5.47× | ||
| Q2 25 | 1.97× | 2.45× | ||
| Q1 25 | -17.20× | 2.49× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.48× |
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
JPM
| Other | $19.7B | 43% |
| Commercial And Investment Bank | $19.4B | 42% |
| Assetand Wealth Management Segment | $6.5B | 14% |
| Consumer Community Banking | $188.0M | 0% |
MU
| CMBU | $7.7B | 32% |
| MCBU | $7.7B | 32% |
| CDBU | $5.7B | 24% |
| AEBU | $2.7B | 11% |
| Other Product Sales | $95.0M | 0% |
