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高通（QCOM）与美超微（SMCI）财务数据对比。点击上方公司名可切换其他公司
美超微的季度营收约是高通的1.0倍（$12.7B vs $12.3B），高通净利率更高（24.5% vs 3.2%，领先21.4%），美超微同比增速更快（123.4% vs 5.0%），高通自由现金流更多（$4.4B vs $-45.1M），过去两年美超微的营收复合增速更高（81.5% vs 14.2%）
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
美超微是总部位于美国加利福尼亚州圣何塞的信息技术企业，是全球高性能、高能效服务器的主要生产商之一，同时面向企业数据中心、云计算、人工智能、5G、边缘计算等多领域客户提供服务器管理软件及存储系统解决方案。
QCOM vs SMCI — 直观对比
营收规模更大
SMCI
是对方的1.0倍
$12.3B
营收增速更快
SMCI
高出118.4%
5.0%
净利率更高
QCOM
高出21.4%
3.2%
自由现金流更多
QCOM
多$4.5B
$-45.1M
两年增速更快
SMCI
近两年复合增速
14.2%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $12.3B | $12.7B |
| 净利润 | $3.0B | $400.6M |
| 毛利率 | 54.6% | 6.3% |
| 营业利润率 | 27.5% | 3.7% |
| 净利率 | 24.5% | 3.2% |
| 营收同比 | 5.0% | 123.4% |
| 净利润同比 | -5.5% | 24.9% |
| 每股收益（稀释后） | $2.78 | $0.60 |
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QCOMSMCI
| Q4 25 | $12.3B | $12.7B | ||
| Q3 25 | $11.3B | $5.0B | ||
| Q2 25 | $10.4B | $5.8B | ||
| Q1 25 | $11.0B | $4.6B | ||
| Q4 24 | $11.7B | $5.7B | ||
| Q3 24 | $10.2B | $5.9B | ||
| Q2 24 | $9.4B | $5.4B | ||
| Q1 24 | $9.4B | $3.9B |
净利润QCOMSMCI
| Q4 25 | $3.0B | $400.6M | ||
| Q3 25 | $-3.1B | $168.3M | ||
| Q2 25 | $2.7B | $195.2M | ||
| Q1 25 | $2.8B | $108.8M | ||
| Q4 24 | $3.2B | $320.6M | ||
| Q3 24 | $2.9B | $424.3M | ||
| Q2 24 | $2.1B | $297.2M | ||
| Q1 24 | $2.3B | $402.5M |
毛利率QCOMSMCI
| Q4 25 | 54.6% | 6.3% | ||
| Q3 25 | 55.3% | 9.3% | ||
| Q2 25 | 55.6% | 9.5% | ||
| Q1 25 | 55.0% | 9.6% | ||
| Q4 24 | 55.8% | 11.8% | ||
| Q3 24 | 56.4% | 13.1% | ||
| Q2 24 | 55.6% | 10.2% | ||
| Q1 24 | 56.3% | 15.5% |
营业利润率QCOMSMCI
| Q4 25 | 27.5% | 3.7% | ||
| Q3 25 | 25.9% | 3.6% | ||
| Q2 25 | 26.6% | 4.0% | ||
| Q1 25 | 28.4% | 3.2% | ||
| Q4 24 | 30.5% | 6.5% | ||
| Q3 24 | 25.2% | 8.6% | ||
| Q2 24 | 23.6% | 5.4% | ||
| Q1 24 | 24.9% | 9.8% |
净利率QCOMSMCI
| Q4 25 | 24.5% | 3.2% | ||
| Q3 25 | -27.7% | 3.4% | ||
| Q2 25 | 25.7% | 3.4% | ||
| Q1 25 | 25.6% | 2.4% | ||
| Q4 24 | 27.3% | 5.6% | ||
| Q3 24 | 28.5% | 7.1% | ||
| Q2 24 | 22.7% | 5.6% | ||
| Q1 24 | 24.8% | 10.5% |
每股收益（稀释后）QCOMSMCI
| Q4 25 | $2.78 | $0.60 | ||
| Q3 25 | $-2.77 | $0.26 | ||
| Q2 25 | $2.43 | $0.33 | ||
| Q1 25 | $2.52 | $0.17 | ||
| Q4 24 | $2.83 | $0.51 | ||
| Q3 24 | $2.57 | $0.67 | ||
| Q2 24 | $1.88 | $-12.49 | ||
| Q1 24 | $2.06 | $6.56 |
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 | $11.8B | $4.1B |
| 总债务越低越好 | $14.8B | — |
| 股东权益账面价值 | $23.1B | $7.0B |
| 总资产 | $53.0B | $28.0B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资QCOMSMCI
| Q4 25 | $11.8B | $4.1B | ||
| Q3 25 | $10.2B | $4.2B | ||
| Q2 25 | $10.0B | $5.2B | ||
| Q1 25 | $13.8B | $2.5B | ||
| Q4 24 | $14.3B | $1.4B | ||
| Q3 24 | $13.3B | $2.1B | ||
| Q2 24 | $13.0B | $1.7B | ||
| Q1 24 | $13.9B | $2.1B |
总债务QCOMSMCI
| Q4 25 | $14.8B | — | ||
| Q3 25 | $14.8B | — | ||
| Q2 25 | $14.8B | — | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $13.2B | — | ||
| Q3 24 | $13.3B | — | ||
| Q2 24 | $13.2B | — | ||
| Q1 24 | $14.5B | — |
股东权益QCOMSMCI
| Q4 25 | $23.1B | $7.0B | ||
| Q3 25 | $21.2B | $6.5B | ||
| Q2 25 | $27.2B | $6.3B | ||
| Q1 25 | $27.7B | $6.4B | ||
| Q4 24 | $26.9B | $6.2B | ||
| Q3 24 | $26.3B | $5.9B | ||
| Q2 24 | $24.7B | $5.4B | ||
| Q1 24 | $24.5B | $5.1B |
总资产QCOMSMCI
| Q4 25 | $53.0B | $28.0B | ||
| Q3 25 | $50.1B | $14.4B | ||
| Q2 25 | $54.9B | $14.0B | ||
| Q1 25 | $55.4B | $10.7B | ||
| Q4 24 | $55.6B | $9.7B | ||
| Q3 24 | $55.2B | $10.9B | ||
| Q2 24 | $52.7B | $9.8B | ||
| Q1 24 | $53.2B | $8.9B |
负债/权益比QCOMSMCI
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 0.59× | — |
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 | $5.0B | $-23.9M |
| 自由现金流经营现金流 - 资本支出 | $4.4B | $-45.1M |
| 自由现金流率自由现金流/营收 | 36.0% | -0.4% |
| 资本支出强度资本支出/营收 | 4.5% | 0.2% |
| 现金转化率经营现金流/净利润 | 1.65× | -0.06× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $440.1M |
8季度趋势，按日历期对齐
经营现金流QCOMSMCI
| Q4 25 | $5.0B | $-23.9M | ||
| Q3 25 | $4.0B | $-917.5M | ||
| Q2 25 | $2.9B | $863.6M | ||
| Q1 25 | $2.6B | $626.8M | ||
| Q4 24 | $4.6B | $-239.8M | ||
| Q3 24 | $2.6B | $408.9M | ||
| Q2 24 | $3.1B | $-641.8M | ||
| Q1 24 | $3.6B | $-1.5B |
自由现金流QCOMSMCI
| Q4 25 | $4.4B | $-45.1M | ||
| Q3 25 | $3.6B | $-949.8M | ||
| Q2 25 | $2.6B | $840.9M | ||
| Q1 25 | $2.3B | $594.1M | ||
| Q4 24 | $4.3B | $-267.3M | ||
| Q3 24 | $2.4B | $364.6M | ||
| Q2 24 | $2.7B | $-655.8M | ||
| Q1 24 | $3.4B | $-1.6B |
自由现金流率QCOMSMCI
| Q4 25 | 36.0% | -0.4% | ||
| Q3 25 | 31.8% | -18.9% | ||
| Q2 25 | 24.9% | 14.6% | ||
| Q1 25 | 21.3% | 12.9% | ||
| Q4 24 | 36.9% | -4.7% | ||
| Q3 24 | 23.3% | 6.1% | ||
| Q2 24 | 28.4% | -12.2% | ||
| Q1 24 | 35.9% | -41.9% |
资本支出强度QCOMSMCI
| Q4 25 | 4.5% | 0.2% | ||
| Q3 25 | 3.6% | 0.6% | ||
| Q2 25 | 2.8% | 0.4% | ||
| Q1 25 | 1.9% | 0.7% | ||
| Q4 24 | 2.4% | 0.5% | ||
| Q3 24 | 2.5% | 0.7% | ||
| Q2 24 | 4.1% | 0.3% | ||
| Q1 24 | 2.0% | 2.4% |
现金转化率QCOMSMCI
| Q4 25 | 1.65× | -0.06× | ||
| Q3 25 | — | -5.45× | ||
| Q2 25 | 1.08× | 4.43× | ||
| Q1 25 | 0.91× | 5.76× | ||
| Q4 24 | 1.44× | -0.75× | ||
| Q3 24 | 0.91× | 0.96× | ||
| Q2 24 | 1.43× | -2.16× | ||
| Q1 24 | 1.53× | -3.78× |
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
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
SMCI
暂无分部数据
