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洛克希德·马丁（LMT）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
美光科技的季度营收约是洛克希德·马丁的1.3倍（$23.9B vs $18.0B），美光科技净利率更高（57.8% vs 8.3%，领先49.5%），美光科技同比增速更快（196.3% vs 0.3%），美光科技自由现金流更多（$5.5B vs $-291.0M），过去两年美光科技的营收复合增速更高（87.2% vs -0.3%）
洛克希德·马丁是美国知名国防与航空航天制造企业，总部位于美国马里兰州北贝塞斯达。该公司由洛克希德公司与马丁·玛丽埃塔公司于1995年3月15日合并组建，在全球防务、航天科技等领域拥有深厚技术积累，是全球顶尖的军工及航天设备供应商。
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。
LMT vs MU — 直观对比
营收规模更大
MU
是对方的1.3倍
$18.0B
营收增速更快
MU
高出196.0%
0.3%
净利率更高
MU
高出49.5%
8.3%
自由现金流更多
MU
多$5.8B
$-291.0M
两年增速更快
MU
近两年复合增速
-0.3%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $18.0B | $23.9B |
| 净利润 | $1.5B | $13.8B |
| 毛利率 | 11.5% | 74.4% |
| 营业利润率 | 3.4% | 67.6% |
| 净利率 | 8.3% | 57.8% |
| 营收同比 | 0.3% | 196.3% |
| 净利润同比 | -13.1% | 770.8% |
| 每股收益（稀释后） | $6.44 | $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LMTMU
| Q1 26 | $18.0B | $23.9B | ||
| Q4 25 | $20.3B | $13.6B | ||
| Q3 25 | $18.6B | $11.3B | ||
| Q2 25 | $18.2B | $9.3B | ||
| Q1 25 | $18.0B | $8.1B | ||
| Q4 24 | $18.6B | $8.7B | ||
| Q3 24 | $17.1B | $7.8B | ||
| Q2 24 | $18.1B | $6.8B |
净利润LMTMU
| Q1 26 | $1.5B | $13.8B | ||
| Q4 25 | $1.3B | $5.2B | ||
| Q3 25 | $1.6B | $3.2B | ||
| Q2 25 | $342.0M | $1.9B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $527.0M | $1.9B | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | $332.0M |
毛利率LMTMU
| Q1 26 | 11.5% | 74.4% | ||
| Q4 25 | 11.4% | 56.0% | ||
| Q3 25 | 12.0% | 44.7% | ||
| Q2 25 | 4.0% | 37.7% | ||
| Q1 25 | 12.9% | 36.8% | ||
| Q4 24 | 3.7% | 38.4% | ||
| Q3 24 | 12.4% | 35.3% | ||
| Q2 24 | 11.8% | 26.9% |
营业利润率LMTMU
| Q1 26 | 3.4% | 67.6% | ||
| Q4 25 | 11.5% | 45.0% | ||
| Q3 25 | 12.3% | 32.3% | ||
| Q2 25 | 4.1% | 23.3% | ||
| Q1 25 | 13.2% | 22.0% | ||
| Q4 24 | 3.7% | 25.0% | ||
| Q3 24 | 12.5% | — | ||
| Q2 24 | 11.9% | 10.6% |
净利率LMTMU
| Q1 26 | 8.3% | 57.8% | ||
| Q4 25 | 6.6% | 38.4% | ||
| Q3 25 | 8.7% | 28.3% | ||
| Q2 25 | 1.9% | 20.3% | ||
| Q1 25 | 9.5% | 19.7% | ||
| Q4 24 | 2.8% | 21.5% | ||
| Q3 24 | 9.5% | — | ||
| Q2 24 | 9.1% | 4.9% |
每股收益（稀释后）LMTMU
| Q1 26 | $6.44 | $12.07 | ||
| Q4 25 | $5.80 | $4.60 | ||
| Q3 25 | $6.95 | $2.83 | ||
| Q2 25 | $1.46 | $1.68 | ||
| Q1 25 | $7.28 | $1.41 | ||
| Q4 24 | $2.27 | $1.67 | ||
| Q3 24 | $6.80 | — | ||
| Q2 24 | $6.85 | $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 | $1.9B | $13.9B |
| 总债务越低越好 | $168.0M | $9.6B |
| 股东权益账面价值 | $7.5B | $72.5B |
| 总资产 | $59.2B | $101.5B |
| 负债/权益比越低杠杆越低 | 0.02× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资LMTMU
| Q1 26 | $1.9B | $13.9B | ||
| Q4 25 | $4.1B | $9.7B | ||
| Q3 25 | $3.5B | $9.6B | ||
| Q2 25 | $1.3B | $10.2B | ||
| Q1 25 | $1.8B | $7.6B | ||
| Q4 24 | $2.5B | $6.7B | ||
| Q3 24 | $3.2B | $7.0B | ||
| Q2 24 | $2.5B | $7.6B |
总债务LMTMU
| Q1 26 | $168.0M | $9.6B | ||
| Q4 25 | $21.7B | $11.2B | ||
| Q3 25 | — | $14.0B | ||
| Q2 25 | — | $15.0B | ||
| Q1 25 | — | $13.9B | ||
| Q4 24 | $20.3B | $13.3B | ||
| Q3 24 | — | $13.0B | ||
| Q2 24 | — | $12.9B |
股东权益LMTMU
| Q1 26 | $7.5B | $72.5B | ||
| Q4 25 | $6.7B | $58.8B | ||
| Q3 25 | $6.2B | $54.2B | ||
| Q2 25 | $5.3B | $50.7B | ||
| Q1 25 | $6.7B | $48.6B | ||
| Q4 24 | $6.3B | $46.8B | ||
| Q3 24 | $7.2B | $45.1B | ||
| Q2 24 | $6.2B | $44.2B |
总资产LMTMU
| Q1 26 | $59.2B | $101.5B | ||
| Q4 25 | $59.8B | $86.0B | ||
| Q3 25 | $60.3B | $82.8B | ||
| Q2 25 | $58.9B | $78.4B | ||
| Q1 25 | $56.7B | $73.1B | ||
| Q4 24 | $55.6B | $71.5B | ||
| Q3 24 | $55.5B | $69.4B | ||
| Q2 24 | $55.1B | $66.3B |
负债/权益比LMTMU
| Q1 26 | 0.02× | 0.13× | ||
| Q4 25 | 3.23× | 0.19× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | 3.20× | 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 | $220.0M | $11.9B |
| 自由现金流经营现金流 - 资本支出 | $-291.0M | $5.5B |
| 自由现金流率自由现金流/营收 | -1.6% | 23.1% |
| 资本支出强度资本支出/营收 | 2.8% | 26.8% |
| 现金转化率经营现金流/净利润 | 0.15× | 0.86× |
| 过去12个月自由现金流最近4个季度 | $5.7B | $11.9B |
8季度趋势，按日历期对齐
经营现金流LMTMU
| Q1 26 | $220.0M | $11.9B | ||
| Q4 25 | $3.2B | $8.4B | ||
| Q3 25 | $3.7B | $17.5B | ||
| Q2 25 | $201.0M | $4.6B | ||
| Q1 25 | $1.4B | $3.9B | ||
| Q4 24 | $1.0B | $3.2B | ||
| Q3 24 | $2.4B | $8.5B | ||
| Q2 24 | $1.9B | $2.5B |
自由现金流LMTMU
| Q1 26 | $-291.0M | $5.5B | ||
| Q4 25 | $2.8B | $3.0B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $-150.0M | $1.7B | ||
| Q1 25 | $955.0M | $-113.0M | ||
| Q4 24 | $441.0M | $38.0M | ||
| Q3 24 | $2.1B | $121.0M | ||
| Q2 24 | $1.5B | $396.0M |
自由现金流率LMTMU
| Q1 26 | -1.6% | 23.1% | ||
| Q4 25 | 13.6% | 22.2% | ||
| Q3 25 | 18.0% | 14.7% | ||
| Q2 25 | -0.8% | 18.0% | ||
| Q1 25 | 5.3% | -1.4% | ||
| Q4 24 | 2.4% | 0.4% | ||
| Q3 24 | 12.2% | 1.6% | ||
| Q2 24 | 8.3% | 5.8% |
资本支出强度LMTMU
| Q1 26 | 2.8% | 26.8% | ||
| Q4 25 | 2.3% | 39.5% | ||
| Q3 25 | 2.0% | 140.1% | ||
| Q2 25 | 1.9% | 31.6% | ||
| Q1 25 | 2.5% | 50.4% | ||
| Q4 24 | 3.1% | 36.8% | ||
| Q3 24 | 2.1% | 108.2% | ||
| Q2 24 | 2.0% | 30.6% |
现金转化率LMTMU
| Q1 26 | 0.15× | 0.86× | ||
| Q4 25 | 2.40× | 1.61× | ||
| Q3 25 | 2.30× | 5.47× | ||
| Q2 25 | 0.59× | 2.45× | ||
| Q1 25 | 0.82× | 2.49× | ||
| Q4 24 | 1.94× | 1.73× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.14× | 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
LMT
| Aeronautics | $7.0B | 39% |
| Rotary and Mission Systems | $4.3B | 24% |
| Missiles and Fire Control | $3.4B | 19% |
| Space | $3.2B | 18% |
MU
| CMBU | $7.7B | 32% |
| MCBU | $7.7B | 32% |
| CDBU | $5.7B | 24% |
| AEBU | $2.7B | 11% |
| Other Product Sales | $95.0M | 0% |
