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美光科技（MU）与拼多多（PDD）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拼多多的1.6倍（$23.9B vs $15.2B），美光科技净利率更高（57.8% vs 27.1%，领先30.7%），过去两年美光科技的营收复合增速更高（87.2% vs 74.6%）
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。
PDD控股是总部位于爱尔兰的跨国企业，旗下拥有中国头部线上零售平台拼多多和跨境电商平台Temu。拼多多主打农业供应链数字化升级，助力农产品直接对接广大消费者需求。
MU vs PDD — 直观对比
营收规模更大
MU
是对方的1.6倍
$15.2B
净利率更高
MU
高出30.7%
27.1%
两年增速更快
MU
近两年复合增速
74.6%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $23.9B | $15.2B |
| 净利润 | $13.8B | $4.1B |
| 毛利率 | 74.4% | 56.7% |
| 营业利润率 | 67.6% | 23.1% |
| 净利率 | 57.8% | 27.1% |
| 营收同比 | 196.3% | — |
| 净利润同比 | 770.8% | — |
| 每股收益（稀释后） | $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MUPDD
| Q1 26 | $23.9B | — | ||
| Q4 25 | $13.6B | — | ||
| Q3 25 | $11.3B | $15.2B | ||
| Q2 25 | $9.3B | $14.5B | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.7B | — | ||
| Q3 24 | $7.8B | $14.2B | ||
| Q2 24 | $6.8B | — |
净利润MUPDD
| Q1 26 | $13.8B | — | ||
| Q4 25 | $5.2B | — | ||
| Q3 25 | $3.2B | $4.1B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | $332.0M | — |
毛利率MUPDD
| Q1 26 | 74.4% | — | ||
| Q4 25 | 56.0% | — | ||
| Q3 25 | 44.7% | 56.7% | ||
| Q2 25 | 37.7% | 55.9% | ||
| Q1 25 | 36.8% | — | ||
| Q4 24 | 38.4% | — | ||
| Q3 24 | 35.3% | 60.0% | ||
| Q2 24 | 26.9% | — |
营业利润率MUPDD
| Q1 26 | 67.6% | — | ||
| Q4 25 | 45.0% | — | ||
| Q3 25 | 32.3% | 23.1% | ||
| Q2 25 | 23.3% | 24.8% | ||
| Q1 25 | 22.0% | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | 10.6% | — |
净利率MUPDD
| Q1 26 | 57.8% | — | ||
| Q4 25 | 38.4% | — | ||
| Q3 25 | 28.3% | 27.1% | ||
| Q2 25 | 20.3% | 29.6% | ||
| Q1 25 | 19.7% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | 4.9% | — |
每股收益（稀释后）MUPDD
| Q1 26 | $12.07 | — | ||
| Q4 25 | $4.60 | — | ||
| Q3 25 | $2.83 | — | ||
| Q2 25 | $1.68 | — | ||
| Q1 25 | $1.41 | — | ||
| Q4 24 | $1.67 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $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 | $13.0B |
| 总债务越低越好 | $9.6B | — |
| 股东权益账面价值 | $72.5B | $55.0B |
| 总资产 | $101.5B | $86.2B |
| 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MUPDD
| Q1 26 | $13.9B | — | ||
| Q4 25 | $9.7B | — | ||
| Q3 25 | $9.6B | $13.0B | ||
| Q2 25 | $10.2B | $8.8B | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $6.7B | — | ||
| Q3 24 | $7.0B | $9.3B | ||
| Q2 24 | $7.6B | — |
总债务MUPDD
| 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MUPDD
| Q1 26 | $72.5B | — | ||
| Q4 25 | $58.8B | — | ||
| Q3 25 | $54.2B | $55.0B | ||
| Q2 25 | $50.7B | $50.5B | ||
| Q1 25 | $48.6B | — | ||
| Q4 24 | $46.8B | — | ||
| Q3 24 | $45.1B | $39.7B | ||
| Q2 24 | $44.2B | — |
总资产MUPDD
| Q1 26 | $101.5B | — | ||
| Q4 25 | $86.0B | — | ||
| Q3 25 | $82.8B | $86.2B | ||
| Q2 25 | $78.4B | $79.2B | ||
| Q1 25 | $73.1B | — | ||
| Q4 24 | $71.5B | — | ||
| Q3 24 | $69.4B | $66.5B | ||
| Q2 24 | $66.3B | — |
负债/权益比MUPDD
| 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 | $11.9B | $6.4B |
| 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 | 0.86× | 1.56× |
| 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MUPDD
| Q1 26 | $11.9B | — | ||
| Q4 25 | $8.4B | — | ||
| Q3 25 | $17.5B | $6.4B | ||
| Q2 25 | $4.6B | $3.0B | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $8.5B | $3.9B | ||
| Q2 24 | $2.5B | — |
自由现金流MUPDD
| 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MUPDD
| 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MUPDD
| 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MUPDD
| Q1 26 | 0.86× | — | ||
| Q4 25 | 1.61× | — | ||
| Q3 25 | 5.47× | 1.56× | ||
| Q2 25 | 2.45× | 0.70× | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | — | 1.10× | ||
| 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
MU
| CMBU | $7.7B | 32% |
| MCBU | $7.7B | 32% |
| CDBU | $5.7B | 24% |
| AEBU | $2.7B | 11% |
| Other Product Sales | $95.0M | 0% |
PDD
暂无分部数据
