vs
思佳讯（SWKS）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是思佳讯的1.8倍（$1.8B vs $1.0B），华纳音乐集团净利率更高（9.6% vs 7.6%，领先1.9%），华纳音乐集团同比增速更快（10.4% vs 8.6%），华纳音乐集团自由现金流更多（$420.0M vs $339.0M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs -0.5%）
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
SWKS vs WMG — 直观对比
营收规模更大
WMG
是对方的1.8倍
$1.0B
营收增速更快
WMG
高出1.8%
8.6%
净利率更高
WMG
高出1.9%
7.6%
自由现金流更多
WMG
多$81.0M
$339.0M
两年增速更快
WMG
近两年复合增速
-0.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.8B |
| 净利润 | $79.2M | $176.0M |
| 毛利率 | 41.3% | 46.4% |
| 营业利润率 | 10.0% | 15.7% |
| 净利率 | 7.6% | 9.6% |
| 营收同比 | 8.6% | 10.4% |
| 净利润同比 | 15.3% | -25.4% |
| 每股收益（稀释后） | $0.53 | — |
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SWKSWMG
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $965.0M | $1.7B | ||
| Q1 25 | $953.2M | $1.5B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.0B | $1.6B | ||
| Q2 24 | $905.5M | $1.6B |
净利润SWKSWMG
| Q1 26 | $79.2M | — | ||
| Q4 25 | $141.4M | $176.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | $105.0M | $-16.0M | ||
| Q1 25 | $68.7M | $36.0M | ||
| Q4 24 | $162.0M | $236.0M | ||
| Q3 24 | $60.5M | $41.0M | ||
| Q2 24 | $120.9M | $139.0M |
毛利率SWKSWMG
| Q1 26 | 41.3% | — | ||
| Q4 25 | 40.7% | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | 41.6% | 45.9% | ||
| Q1 25 | 41.1% | 46.7% | ||
| Q4 24 | 41.4% | 46.3% | ||
| Q3 24 | 41.9% | 47.6% | ||
| Q2 24 | 40.2% | 46.6% |
营业利润率SWKSWMG
| Q1 26 | 10.0% | — | ||
| Q4 25 | 10.1% | 15.7% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | 11.5% | 10.0% | ||
| Q1 25 | 10.2% | 11.3% | ||
| Q4 24 | 16.9% | 12.8% | ||
| Q3 24 | 5.8% | 8.8% | ||
| Q2 24 | 14.4% | 13.3% |
净利率SWKSWMG
| Q1 26 | 7.6% | — | ||
| Q4 25 | 12.9% | 9.6% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | 10.9% | -0.9% | ||
| Q1 25 | 7.2% | 2.4% | ||
| Q4 24 | 15.2% | 14.2% | ||
| Q3 24 | 5.9% | 2.5% | ||
| Q2 24 | 13.4% | 8.9% |
每股收益（稀释后）SWKSWMG
| Q1 26 | $0.53 | — | ||
| Q4 25 | $0.95 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $0.70 | — | ||
| Q1 25 | $0.43 | — | ||
| Q4 24 | $1.00 | — | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $0.75 | — |
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 | $1.6B | $751.0M |
| 总债务越低越好 | $496.6M | $4.4B |
| 股东权益账面价值 | $5.8B | $720.0M |
| 总资产 | $7.9B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.09× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资SWKSWMG
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.4B | $751.0M | ||
| Q3 25 | — | $532.0M | ||
| Q2 25 | $1.3B | $527.0M | ||
| Q1 25 | $1.5B | $637.0M | ||
| Q4 24 | $1.7B | $802.0M | ||
| Q3 24 | $1.6B | $694.0M | ||
| Q2 24 | $1.3B | $607.0M |
总债务SWKSWMG
| Q1 26 | $496.6M | — | ||
| Q4 25 | $496.4M | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | $496.2M | $4.4B | ||
| Q1 25 | $995.1M | $4.3B | ||
| Q4 24 | $994.7M | $4.0B | ||
| Q3 24 | $994.3M | $4.0B | ||
| Q2 24 | $994.0M | $4.0B |
股东权益SWKSWMG
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.8B | $720.0M | ||
| Q3 25 | — | $647.0M | ||
| Q2 25 | $5.7B | $589.0M | ||
| Q1 25 | $5.9B | $567.0M | ||
| Q4 24 | $6.4B | $545.0M | ||
| Q3 24 | $6.3B | $518.0M | ||
| Q2 24 | $6.3B | $483.0M |
总资产SWKSWMG
| Q1 26 | $7.9B | — | ||
| Q4 25 | $7.9B | $10.0B | ||
| Q3 25 | — | $9.8B | ||
| Q2 25 | $7.7B | $9.8B | ||
| Q1 25 | $7.9B | $9.6B | ||
| Q4 24 | $8.3B | $9.1B | ||
| Q3 24 | $8.3B | $9.2B | ||
| Q2 24 | $8.2B | $8.8B |
负债/权益比SWKSWMG
| Q1 26 | 0.09× | — | ||
| Q4 25 | 0.09× | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | 0.09× | 7.41× | ||
| Q1 25 | 0.17× | 7.57× | ||
| Q4 24 | 0.16× | 7.26× | ||
| Q3 24 | 0.16× | 7.75× | ||
| Q2 24 | 0.16× | 8.24× |
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 | $395.5M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $339.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 32.7% | 22.8% |
| 资本支出强度资本支出/营收 | 5.5% | 1.1% |
| 现金转化率经营现金流/净利润 | 4.99× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $663.0M |
8季度趋势，按日历期对齐
经营现金流SWKSWMG
| Q1 26 | $395.5M | — | ||
| Q4 25 | $200.0M | $440.0M | ||
| Q3 25 | — | $231.0M | ||
| Q2 25 | $314.2M | $46.0M | ||
| Q1 25 | $409.4M | $69.0M | ||
| Q4 24 | $377.2M | $332.0M | ||
| Q3 24 | $476.1M | $304.0M | ||
| Q2 24 | $273.4M | $188.0M |
自由现金流SWKSWMG
| Q1 26 | $339.0M | — | ||
| Q4 25 | $144.0M | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | $252.7M | $7.0M | ||
| Q1 25 | $370.9M | $33.0M | ||
| Q4 24 | $338.2M | $296.0M | ||
| Q3 24 | $393.3M | $271.0M | ||
| Q2 24 | $249.0M | $160.0M |
自由现金流率SWKSWMG
| Q1 26 | 32.7% | — | ||
| Q4 25 | 13.1% | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | 26.2% | 0.4% | ||
| Q1 25 | 38.9% | 2.2% | ||
| Q4 24 | 31.7% | 17.8% | ||
| Q3 24 | 38.4% | 16.6% | ||
| Q2 24 | 27.5% | 10.3% |
资本支出强度SWKSWMG
| Q1 26 | 5.5% | — | ||
| Q4 25 | 5.1% | 1.1% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | 6.4% | 2.3% | ||
| Q1 25 | 4.0% | 2.4% | ||
| Q4 24 | 3.6% | 2.2% | ||
| Q3 24 | 8.1% | 2.0% | ||
| Q2 24 | 2.7% | 1.8% |
现金转化率SWKSWMG
| Q1 26 | 4.99× | — | ||
| Q4 25 | 1.41× | 2.50× | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 2.99× | — | ||
| Q1 25 | 5.96× | 1.92× | ||
| Q4 24 | 2.33× | 1.41× | ||
| Q3 24 | 7.87× | 7.41× | ||
| Q2 24 | 2.26× | 1.35× |
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
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
