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高通（QCOM）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是Smurfit Westrock的1.6倍（$12.3B vs $7.6B），高通净利率更高（24.5% vs 1.3%，领先23.2%），高通同比增速更快（5.0% vs 0.5%），高通自由现金流更多（$4.4B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
QCOM vs SW — 直观对比
营收规模更大
QCOM
是对方的1.6倍
$7.6B
营收增速更快
QCOM
高出4.5%
0.5%
净利率更高
QCOM
高出23.2%
1.3%
自由现金流更多
QCOM
多$3.8B
$612.0M
两年增速更快
SW
近两年复合增速
14.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.3B | $7.6B |
| 净利润 | $3.0B | $97.0M |
| 毛利率 | 54.6% | 18.2% |
| 营业利润率 | 27.5% | 5.1% |
| 净利率 | 24.5% | 1.3% |
| 营收同比 | 5.0% | 0.5% |
| 净利润同比 | -5.5% | -33.6% |
| 每股收益（稀释后） | $2.78 | $0.18 |
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QCOMSW
| Q4 25 | $12.3B | $7.6B | ||
| Q3 25 | $11.3B | $8.0B | ||
| Q2 25 | $10.4B | $7.9B | ||
| Q1 25 | $11.0B | $7.7B | ||
| Q4 24 | $11.7B | $7.5B | ||
| Q3 24 | $10.2B | $7.7B | ||
| Q2 24 | $9.4B | $3.0B | ||
| Q1 24 | $9.4B | $2.9B |
净利润QCOMSW
| Q4 25 | $3.0B | $97.0M | ||
| Q3 25 | $-3.1B | $246.0M | ||
| Q2 25 | $2.7B | $-28.0M | ||
| Q1 25 | $2.8B | $384.0M | ||
| Q4 24 | $3.2B | $146.0M | ||
| Q3 24 | $2.9B | $-150.0M | ||
| Q2 24 | $2.1B | $132.0M | ||
| Q1 24 | $2.3B | $191.0M |
毛利率QCOMSW
| Q4 25 | 54.6% | 18.2% | ||
| Q3 25 | 55.3% | 19.6% | ||
| Q2 25 | 55.6% | 19.1% | ||
| Q1 25 | 55.0% | 20.6% | ||
| Q4 24 | 55.8% | 19.1% | ||
| Q3 24 | 56.4% | 17.6% | ||
| Q2 24 | 55.6% | 23.3% | ||
| Q1 24 | 56.3% | 24.2% |
营业利润率QCOMSW
| Q4 25 | 27.5% | 5.1% | ||
| Q3 25 | 25.9% | 6.6% | ||
| Q2 25 | 26.6% | 3.2% | ||
| Q1 25 | 28.4% | 7.2% | ||
| Q4 24 | 30.5% | 5.3% | ||
| Q3 24 | 25.2% | 0.7% | ||
| Q2 24 | 23.6% | 8.2% | ||
| Q1 24 | 24.9% | 10.5% |
净利率QCOMSW
| Q4 25 | 24.5% | 1.3% | ||
| Q3 25 | -27.7% | 3.1% | ||
| Q2 25 | 25.7% | -0.4% | ||
| Q1 25 | 25.6% | 5.0% | ||
| Q4 24 | 27.3% | 1.9% | ||
| Q3 24 | 28.5% | -2.0% | ||
| Q2 24 | 22.7% | 4.4% | ||
| Q1 24 | 24.8% | 6.5% |
每股收益（稀释后）QCOMSW
| Q4 25 | $2.78 | $0.18 | ||
| Q3 25 | $-2.77 | $0.47 | ||
| Q2 25 | $2.43 | $-0.05 | ||
| Q1 25 | $2.52 | $0.73 | ||
| Q4 24 | $2.83 | $-0.12 | ||
| Q3 24 | $2.57 | $-0.30 | ||
| Q2 24 | $1.88 | $0.51 | ||
| Q1 24 | $2.06 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $14.8B | $13.4B |
| 股东权益账面价值 | $23.1B | $18.3B |
| 总资产 | $53.0B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.64× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资QCOMSW
| Q4 25 | $11.8B | $892.0M | ||
| Q3 25 | $10.2B | $851.0M | ||
| Q2 25 | $10.0B | $778.0M | ||
| Q1 25 | $13.8B | $797.0M | ||
| Q4 24 | $14.3B | $855.0M | ||
| Q3 24 | $13.3B | — | ||
| Q2 24 | $13.0B | $26.8K | ||
| Q1 24 | $13.9B | $108 |
总债务QCOMSW
| Q4 25 | $14.8B | $13.4B | ||
| Q3 25 | $14.8B | $13.3B | ||
| Q2 25 | $14.8B | $13.3B | ||
| Q1 25 | $13.3B | $12.9B | ||
| Q4 24 | $13.2B | $12.5B | ||
| Q3 24 | $13.3B | $13.2B | ||
| Q2 24 | $13.2B | — | ||
| Q1 24 | $14.5B | — |
股东权益QCOMSW
| Q4 25 | $23.1B | $18.3B | ||
| Q3 25 | $21.2B | $18.4B | ||
| Q2 25 | $27.2B | $18.3B | ||
| Q1 25 | $27.7B | $17.9B | ||
| Q4 24 | $26.9B | $17.4B | ||
| Q3 24 | $26.3B | $18.0B | ||
| Q2 24 | $24.7B | $14.5K | ||
| Q1 24 | $24.5B | $108 |
总资产QCOMSW
| Q4 25 | $53.0B | $45.2B | ||
| Q3 25 | $50.1B | $45.6B | ||
| Q2 25 | $54.9B | $45.7B | ||
| Q1 25 | $55.4B | $44.6B | ||
| Q4 24 | $55.6B | $43.8B | ||
| Q3 24 | $55.2B | $45.0B | ||
| Q2 24 | $52.7B | $26.8K | ||
| Q1 24 | $53.2B | $108 |
负债/权益比QCOMSW
| Q4 25 | 0.64× | 0.73× | ||
| Q3 25 | 0.70× | 0.72× | ||
| Q2 25 | 0.54× | 0.73× | ||
| Q1 25 | 0.48× | 0.72× | ||
| Q4 24 | 0.49× | 0.72× | ||
| Q3 24 | 0.51× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $4.4B | $612.0M |
| 自由现金流率自由现金流/营收 | 36.0% | 8.1% |
| 资本支出强度资本支出/营收 | 4.5% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.65× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $1.2B |
8季度趋势，按日历期对齐
经营现金流QCOMSW
| Q4 25 | $5.0B | $1.2B | ||
| Q3 25 | $4.0B | $1.1B | ||
| Q2 25 | $2.9B | $829.0M | ||
| Q1 25 | $2.6B | $235.0M | ||
| Q4 24 | $4.6B | $781.0M | ||
| Q3 24 | $2.6B | $320.0M | ||
| Q2 24 | $3.1B | $340.0M | ||
| Q1 24 | $3.6B | $42.0M |
自由现金流QCOMSW
| Q4 25 | $4.4B | $612.0M | ||
| Q3 25 | $3.6B | $523.0M | ||
| Q2 25 | $2.6B | $307.0M | ||
| Q1 25 | $2.3B | $-242.0M | ||
| Q4 24 | $4.3B | $212.0M | ||
| Q3 24 | $2.4B | $-192.0M | ||
| Q2 24 | $2.7B | $163.0M | ||
| Q1 24 | $3.4B | $-166.0M |
自由现金流率QCOMSW
| Q4 25 | 36.0% | 8.1% | ||
| Q3 25 | 31.8% | 6.5% | ||
| Q2 25 | 24.9% | 3.9% | ||
| Q1 25 | 21.3% | -3.2% | ||
| Q4 24 | 36.9% | 2.8% | ||
| Q3 24 | 23.3% | -2.5% | ||
| Q2 24 | 28.4% | 5.5% | ||
| Q1 24 | 35.9% | -5.7% |
资本支出强度QCOMSW
| Q4 25 | 4.5% | 7.7% | ||
| Q3 25 | 3.6% | 7.6% | ||
| Q2 25 | 2.8% | 6.6% | ||
| Q1 25 | 1.9% | 6.2% | ||
| Q4 24 | 2.4% | 7.5% | ||
| Q3 24 | 2.5% | 6.7% | ||
| Q2 24 | 4.1% | 6.0% | ||
| Q1 24 | 2.0% | 7.1% |
现金转化率QCOMSW
| Q4 25 | 1.65× | 12.32× | ||
| Q3 25 | — | 4.61× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | 0.91× | 0.61× | ||
| Q4 24 | 1.44× | 5.35× | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 1.43× | 2.58× | ||
| Q1 24 | 1.53× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
