vs
泰瑞达（TER）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
永利度假村的季度营收约是泰瑞达的1.7倍（$1.9B vs $1.1B），泰瑞达净利率更高（23.7% vs 5.4%，领先18.4%），泰瑞达同比增速更快（43.9% vs 1.5%），永利度假村自由现金流更多（$306.8M vs $218.8M），过去两年泰瑞达的营收复合增速更高（34.4% vs 0.1%）
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
TER vs WYNN — 直观对比
营收规模更大
WYNN
是对方的1.7倍
$1.1B
营收增速更快
TER
高出42.4%
1.5%
净利率更高
TER
高出18.4%
5.4%
自由现金流更多
WYNN
多$88.0M
$218.8M
两年增速更快
TER
近两年复合增速
0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.9B |
| 净利润 | $257.2M | $100.0M |
| 毛利率 | 57.2% | — |
| 营业利润率 | 27.1% | 14.7% |
| 净利率 | 23.7% | 5.4% |
| 营收同比 | 43.9% | 1.5% |
| 净利润同比 | 75.9% | -63.9% |
| 每股收益（稀释后） | $1.62 | $0.96 |
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TERWYNN
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $769.2M | $1.8B | ||
| Q2 25 | $651.8M | $1.7B | ||
| Q1 25 | $685.7M | $1.7B | ||
| Q4 24 | $752.9M | $1.8B | ||
| Q3 24 | $737.3M | $1.7B | ||
| Q2 24 | $729.9M | $1.7B | ||
| Q1 24 | $599.8M | $1.9B |
净利润TERWYNN
| Q4 25 | $257.2M | $100.0M | ||
| Q3 25 | $119.6M | $88.3M | ||
| Q2 25 | $78.4M | $66.2M | ||
| Q1 25 | $98.9M | $72.7M | ||
| Q4 24 | $146.3M | $277.0M | ||
| Q3 24 | $145.6M | $-32.1M | ||
| Q2 24 | $186.3M | $111.9M | ||
| Q1 24 | $64.2M | $144.2M |
毛利率TERWYNN
| Q4 25 | 57.2% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 57.2% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 59.4% | — | ||
| Q3 24 | 59.2% | — | ||
| Q2 24 | 58.3% | — | ||
| Q1 24 | 56.6% | — |
营业利润率TERWYNN
| Q4 25 | 27.1% | 14.7% | ||
| Q3 25 | 18.9% | 16.9% | ||
| Q2 25 | 13.9% | 15.2% | ||
| Q1 25 | 17.6% | 15.8% | ||
| Q4 24 | 20.4% | 20.0% | ||
| Q3 24 | 20.6% | 7.9% | ||
| Q2 24 | 28.8% | 15.6% | ||
| Q1 24 | 13.0% | 19.5% |
净利率TERWYNN
| Q4 25 | 23.7% | 5.4% | ||
| Q3 25 | 15.5% | 4.8% | ||
| Q2 25 | 12.0% | 3.8% | ||
| Q1 25 | 14.4% | 4.3% | ||
| Q4 24 | 19.4% | 15.1% | ||
| Q3 24 | 19.8% | -1.9% | ||
| Q2 24 | 25.5% | 6.5% | ||
| Q1 24 | 10.7% | 7.7% |
每股收益（稀释后）TERWYNN
| Q4 25 | $1.62 | $0.96 | ||
| Q3 25 | $0.75 | $0.85 | ||
| Q2 25 | $0.49 | $0.64 | ||
| Q1 25 | $0.61 | $0.69 | ||
| Q4 24 | $0.89 | $2.43 | ||
| Q3 24 | $0.89 | $-0.29 | ||
| Q2 24 | $1.14 | $0.91 | ||
| Q1 24 | $0.40 | $1.30 |
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 | $293.8M | $1.5B |
| 总债务越低越好 | — | $10.5B |
| 股东权益账面价值 | $2.8B | $-275.5M |
| 总资产 | $4.2B | $13.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TERWYNN
| Q4 25 | $293.8M | $1.5B | ||
| Q3 25 | $272.7M | $1.5B | ||
| Q2 25 | $339.3M | $2.0B | ||
| Q1 25 | $475.6M | $2.1B | ||
| Q4 24 | $553.4M | $2.4B | ||
| Q3 24 | $510.0M | $2.4B | ||
| Q2 24 | $421.9M | $2.4B | ||
| Q1 24 | $707.4M | $2.4B |
总债务TERWYNN
| Q4 25 | — | $10.5B | ||
| Q3 25 | — | $10.6B | ||
| Q2 25 | — | $10.5B | ||
| Q1 25 | — | $10.6B | ||
| Q4 24 | — | $10.5B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.0B | ||
| Q1 24 | — | $11.2B |
股东权益TERWYNN
| Q4 25 | $2.8B | $-275.5M | ||
| Q3 25 | $2.7B | $-370.0M | ||
| Q2 25 | $2.8B | $-441.5M | ||
| Q1 25 | $2.8B | $-360.7M | ||
| Q4 24 | $2.8B | $-224.2M | ||
| Q3 24 | $2.9B | $-281.4M | ||
| Q2 24 | $2.7B | $-109.8M | ||
| Q1 24 | $2.6B | $-137.0M |
总资产TERWYNN
| Q4 25 | $4.2B | $13.1B | ||
| Q3 25 | $4.0B | $12.8B | ||
| Q2 25 | $3.8B | $12.7B | ||
| Q1 25 | $3.7B | $12.7B | ||
| Q4 24 | $3.7B | $13.0B | ||
| Q3 24 | $3.8B | $14.1B | ||
| Q2 24 | $3.6B | $13.3B | ||
| Q1 24 | $3.4B | $13.5B |
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 | $281.6M | $478.0M |
| 自由现金流经营现金流 - 资本支出 | $218.8M | $306.8M |
| 自由现金流率自由现金流/营收 | 20.2% | 16.4% |
| 资本支出强度资本支出/营收 | 5.8% | 9.2% |
| 现金转化率经营现金流/净利润 | 1.09× | 4.78× |
| 过去12个月自由现金流最近4个季度 | $450.4M | $692.2M |
8季度趋势，按日历期对齐
经营现金流TERWYNN
| Q4 25 | $281.6M | $478.0M | ||
| Q3 25 | $49.0M | $335.8M | ||
| Q2 25 | $182.1M | $405.1M | ||
| Q1 25 | $161.6M | $133.8M | ||
| Q4 24 | $282.6M | $479.0M | ||
| Q3 24 | $166.3M | $279.3M | ||
| Q2 24 | $216.1M | $352.8M | ||
| Q1 24 | $7.3M | $315.1M |
自由现金流TERWYNN
| Q4 25 | $218.8M | $306.8M | ||
| Q3 25 | $2.4M | $171.8M | ||
| Q2 25 | $131.7M | $239.8M | ||
| Q1 25 | $97.6M | $-26.2M | ||
| Q4 24 | $225.2M | $351.8M | ||
| Q3 24 | $114.4M | $178.0M | ||
| Q2 24 | $171.2M | $259.1M | ||
| Q1 24 | $-36.7M | $217.4M |
自由现金流率TERWYNN
| Q4 25 | 20.2% | 16.4% | ||
| Q3 25 | 0.3% | 9.4% | ||
| Q2 25 | 20.2% | 13.8% | ||
| Q1 25 | 14.2% | -1.5% | ||
| Q4 24 | 29.9% | 19.1% | ||
| Q3 24 | 15.5% | 10.5% | ||
| Q2 24 | 23.5% | 15.0% | ||
| Q1 24 | -6.1% | 11.7% |
资本支出强度TERWYNN
| Q4 25 | 5.8% | 9.2% | ||
| Q3 25 | 6.1% | 8.9% | ||
| Q2 25 | 7.7% | 9.5% | ||
| Q1 25 | 9.3% | 9.4% | ||
| Q4 24 | 7.6% | 6.9% | ||
| Q3 24 | 7.0% | 6.0% | ||
| Q2 24 | 6.1% | 5.4% | ||
| Q1 24 | 7.3% | 5.2% |
现金转化率TERWYNN
| Q4 25 | 1.09× | 4.78× | ||
| Q3 25 | 0.41× | 3.80× | ||
| Q2 25 | 2.32× | 6.12× | ||
| Q1 25 | 1.63× | 1.84× | ||
| Q4 24 | 1.93× | 1.73× | ||
| Q3 24 | 1.14× | — | ||
| Q2 24 | 1.16× | 3.15× | ||
| Q1 24 | 0.11× | 2.18× |
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
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
