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台积电（TSM）与联合包裹服务（UPS）财务数据对比。点击上方公司名可切换其他公司
台积电的季度营收约是联合包裹服务的1.7倍（$35.5B vs $21.2B），台积电净利率更高（50.5% vs 4.1%，领先46.4%）
台积电是全球规模最大的专业独立半导体晶圆代工厂，总部位于中国台湾新竹，主要为无晶圆厂客户代工生产先进逻辑芯片，服务客户包括苹果、英伟达、AMD、高通和博通等，在3纳米、5纳米、7纳米等先进制程节点领域处于行业领先地位。
联合包裹服务（UPS）是1907年成立的美国跨国物流与供应链管理企业，前身为主营电报业务的美国信使公司，现为《财富》世界500强、全球规模最大的快递服务商之一。核心业务包括陆运配送，同时运营UPS Store零售网点，提供寄件支持及小微企业服务工具。
TSM vs UPS — 直观对比
营收规模更大
TSM
是对方的1.7倍
$21.2B
净利率更高
TSM
高出46.4%
4.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $35.5B | $21.2B |
| 净利润 | $17.9B | $864.0M |
| 毛利率 | 66.2% | — |
| 营业利润率 | 58.0% | — |
| 净利率 | 50.5% | 4.1% |
| 营收同比 | — | -1.6% |
| 净利润同比 | — | -27.2% |
| 每股收益（稀释后） | $111.55 | $1.02 |
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TSMUPS
| Q1 26 | $35.5B | $21.2B | ||
| Q4 25 | $32.7B | $24.5B | ||
| Q3 25 | $30.7B | $21.4B | ||
| Q2 25 | $28.9B | $21.2B | ||
| Q1 25 | $26.0B | $21.5B | ||
| Q4 24 | $88.3B | $25.3B | ||
| Q3 24 | — | $22.2B | ||
| Q2 24 | — | $21.8B |
净利润TSMUPS
| Q1 26 | $17.9B | $864.0M | ||
| Q4 25 | $15.8B | $1.8B | ||
| Q3 25 | $14.0B | $1.3B | ||
| Q2 25 | $12.3B | $1.3B | ||
| Q1 25 | $11.2B | $1.2B | ||
| Q4 24 | $35.3B | $1.7B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.4B |
毛利率TSMUPS
| Q1 26 | 66.2% | — | ||
| Q4 25 | 62.3% | — | ||
| Q3 25 | 59.5% | — | ||
| Q2 25 | 58.6% | — | ||
| Q1 25 | 58.8% | — | ||
| Q4 24 | 56.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率TSMUPS
| Q1 26 | 58.0% | — | ||
| Q4 25 | 53.9% | 10.5% | ||
| Q3 25 | 50.6% | 8.4% | ||
| Q2 25 | 49.6% | 8.6% | ||
| Q1 25 | 48.5% | 7.7% | ||
| Q4 24 | 45.7% | 11.6% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | 8.9% |
净利率TSMUPS
| Q1 26 | 50.5% | 4.1% | ||
| Q4 25 | 48.3% | 7.3% | ||
| Q3 25 | 45.7% | 6.1% | ||
| Q2 25 | 42.7% | 6.0% | ||
| Q1 25 | 43.1% | 5.5% | ||
| Q4 24 | 40.0% | 6.8% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 6.5% |
每股收益（稀释后）TSMUPS
| Q1 26 | $111.55 | $1.02 | ||
| Q4 25 | $98.45 | $2.10 | ||
| Q3 25 | $87.20 | $1.55 | ||
| Q2 25 | $76.80 | $1.51 | ||
| Q1 25 | $69.70 | $1.40 | ||
| Q4 24 | $1.36 | $2.00 | ||
| Q3 24 | — | $1.80 | ||
| Q2 24 | — | $1.65 |
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 | — | $5.8B |
| 总债务越低越好 | — | $23.7B |
| 股东权益账面价值 | — | — |
| 总资产 | — | $71.8B |
| 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TSMUPS
| Q1 26 | — | $5.8B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | $64.9B | $6.3B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.5B |
总债务TSMUPS
| Q1 26 | — | $23.7B | ||
| Q4 25 | — | $23.5B | ||
| Q3 25 | — | $23.9B | ||
| Q2 25 | — | $23.8B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $19.4B | ||
| Q3 24 | — | $20.3B | ||
| Q2 24 | — | $20.2B |
股东权益TSMUPS
| Q1 26 | — | — | ||
| Q4 25 | — | $16.2B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.8B | ||
| Q1 25 | — | $15.7B | ||
| Q4 24 | $130.5B | $16.7B | ||
| Q3 24 | — | $16.9B | ||
| Q2 24 | — | $17.0B |
总资产TSMUPS
| Q1 26 | — | $71.8B | ||
| Q4 25 | — | $73.1B | ||
| Q3 25 | — | $71.4B | ||
| Q2 25 | — | $70.9B | ||
| Q1 25 | — | $68.5B | ||
| Q4 24 | $204.1B | $70.1B | ||
| Q3 24 | — | $68.3B | ||
| Q2 24 | — | $69.4B |
负债/权益比TSMUPS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.45× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.16× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.19× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $1.3B |
| 自由现金流率自由现金流/营收 | — | 6.0% |
| 资本支出强度资本支出/营收 | — | 4.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $4.6B |
8季度趋势，按日历期对齐
经营现金流TSMUPS
| Q1 26 | — | — | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $348.0M | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $55.7B | $3.3B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $2.0B |
自由现金流TSMUPS
| Q1 26 | — | $1.3B | ||
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $-775.0M | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $26.5B | $2.2B | ||
| Q3 24 | — | $655.0M | ||
| Q2 24 | — | $1.1B |
自由现金流率TSMUPS
| Q1 26 | — | 6.0% | ||
| Q4 25 | — | 10.6% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | 30.1% | 8.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 4.9% |
资本支出强度TSMUPS
| Q1 26 | — | 4.9% | ||
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | 33.0% | 4.3% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 4.3% |
现金转化率TSMUPS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.84× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 1.95× | ||
| Q4 24 | 1.58× | 1.93× | ||
| Q3 24 | — | 0.97× | ||
| Q2 24 | — | 1.41× |
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
TSM
暂无分部数据
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
