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美国航空集团（AAL）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
美国航空集团的季度营收约是3M的2.3倍（$14.0B vs $6.0B）。3M净利率更高（10.8% vs 0.7%，领先10.1%）。美国航空集团同比增速更快（2.5% vs 1.3%）。3M自由现金流更多（$2.0B vs $-1.9B）。过去两年美国航空集团的营收复合增速更高（5.5% vs -1.8%）
美国航空集团是美国头部航司，总部坐落于得克萨斯州沃斯堡的达拉斯-沃斯堡都会区，按客运量、日航班量计算为全球最大航司。集团旗下连同区域子公司及以American Eagle品牌运营的合作航司，每日运营近6800个航班，覆盖48个国家近350个目的地，拥有完善的国内外航线网络。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
AAL vs MMM — 直观对比
营收规模更大
AAL
是对方的2.3倍
$6.0B
营收增速更快
AAL
高出1.2%
1.3%
净利率更高
MMM
高出10.1%
0.7%
自由现金流更多
MMM
多$3.9B
$-1.9B
两年增速更快
AAL
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $6.0B |
| 净利润 | $99.0M | $653.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | 3.2% | 23.2% |
| 净利率 | 0.7% | 10.8% |
| 营收同比 | 2.5% | 1.3% |
| 净利润同比 | -83.2% | -41.5% |
| 每股收益（稀释后） | $0.15 | $1.23 |
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AALMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $14.0B | $6.1B | ||
| Q3 25 | $13.7B | $6.5B | ||
| Q2 25 | $14.4B | $6.3B | ||
| Q1 25 | $12.6B | $6.0B | ||
| Q4 24 | $13.7B | $6.0B | ||
| Q3 24 | $13.6B | $6.3B | ||
| Q2 24 | $14.3B | $6.3B |
净利润AALMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $99.0M | $577.0M | ||
| Q3 25 | $-114.0M | $834.0M | ||
| Q2 25 | $599.0M | $723.0M | ||
| Q1 25 | $-473.0M | $1.1B | ||
| Q4 24 | $590.0M | $728.0M | ||
| Q3 24 | $-149.0M | $1.4B | ||
| Q2 24 | $717.0M | $1.1B |
毛利率AALMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | — | 33.6% | ||
| Q3 25 | — | 41.8% | ||
| Q2 25 | — | 42.5% | ||
| Q1 25 | — | 41.6% | ||
| Q4 24 | — | 51.7% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 42.9% |
营业利润率AALMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 3.2% | 13.0% | ||
| Q3 25 | 1.1% | 22.2% | ||
| Q2 25 | 7.9% | 18.0% | ||
| Q1 25 | -2.2% | 20.9% | ||
| Q4 24 | 8.3% | 12.2% | ||
| Q3 24 | 0.7% | 20.9% | ||
| Q2 24 | 9.7% | 20.3% |
净利率AALMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 0.7% | 9.4% | ||
| Q3 25 | -0.8% | 12.8% | ||
| Q2 25 | 4.2% | 11.4% | ||
| Q1 25 | -3.8% | 18.7% | ||
| Q4 24 | 4.3% | 12.1% | ||
| Q3 24 | -1.1% | 21.8% | ||
| Q2 24 | 5.0% | 18.3% |
每股收益（稀释后）AALMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $0.15 | $1.07 | ||
| Q3 25 | $-0.17 | $1.55 | ||
| Q2 25 | $0.91 | $1.34 | ||
| Q1 25 | $-0.72 | $2.04 | ||
| Q4 24 | $0.94 | $1.33 | ||
| Q3 24 | $-0.23 | $2.48 | ||
| Q2 24 | $1.01 | $2.07 |
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 | — | $3.7B |
| 总债务越低越好 | $25.3B | $10.9B |
| 股东权益账面价值 | $-3.7B | $3.3B |
| 总资产 | $61.8B | $35.4B |
| 负债/权益比越低杠杆越低 | — | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资AALMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务AALMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $25.3B | $12.6B | ||
| Q3 25 | $25.1B | $12.6B | ||
| Q2 25 | $25.3B | $13.1B | ||
| Q1 25 | $24.7B | $13.5B | ||
| Q4 24 | $25.2B | $13.0B | ||
| Q3 24 | $26.3B | $13.2B | ||
| Q2 24 | $27.6B | $13.1B |
股东权益AALMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $-3.7B | $4.7B | ||
| Q3 25 | $-4.0B | $4.6B | ||
| Q2 25 | $-3.9B | $4.3B | ||
| Q1 25 | $-4.5B | $4.5B | ||
| Q4 24 | $-4.0B | $3.8B | ||
| Q3 24 | $-4.9B | $4.6B | ||
| Q2 24 | $-4.7B | $3.9B |
总资产AALMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $61.8B | $37.7B | ||
| Q3 25 | $62.1B | $37.6B | ||
| Q2 25 | $63.7B | $38.0B | ||
| Q1 25 | $62.6B | $40.0B | ||
| Q4 24 | $61.8B | $39.9B | ||
| Q3 24 | $63.5B | $40.9B | ||
| Q2 24 | $64.1B | $43.4B |
负债/权益比AALMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | — | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | $-274.0M | — |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $2.0B |
| 自由现金流率自由现金流/营收 | -13.6% | 33.6% |
| 资本支出强度资本支出/营收 | 11.6% | — |
| 现金转化率经营现金流/净利润 | -2.77× | — |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $3.7B |
8季度趋势，按日历期对齐
经营现金流AALMMM
| Q1 26 | — | — | ||
| Q4 25 | $-274.0M | $1.6B | ||
| Q3 25 | $-46.0M | $1.8B | ||
| Q2 25 | $963.0M | $-954.0M | ||
| Q1 25 | $2.5B | $-79.0M | ||
| Q4 24 | $398.0M | $1.8B | ||
| Q3 24 | $277.0M | $-1.8B | ||
| Q2 24 | $1.1B | $1.0B |
自由现金流AALMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-1.9B | $1.3B | ||
| Q3 25 | $-872.0M | $1.5B | ||
| Q2 25 | $464.0M | $-1.2B | ||
| Q1 25 | $1.6B | $-315.0M | ||
| Q4 24 | $-342.0M | $1.5B | ||
| Q3 24 | $-191.0M | $-2.0B | ||
| Q2 24 | $477.0M | $752.0M |
自由现金流率AALMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | -13.6% | 21.8% | ||
| Q3 25 | -6.4% | 23.6% | ||
| Q2 25 | 3.2% | -18.3% | ||
| Q1 25 | 13.0% | -5.3% | ||
| Q4 24 | -2.5% | 25.4% | ||
| Q3 24 | -1.4% | -32.3% | ||
| Q2 24 | 3.3% | 12.0% |
资本支出强度AALMMM
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 4.0% | ||
| Q3 25 | 6.0% | 3.3% | ||
| Q2 25 | 3.5% | 3.3% | ||
| Q1 25 | 6.6% | 4.0% | ||
| Q4 24 | 5.4% | 4.8% | ||
| Q3 24 | 3.4% | 3.9% | ||
| Q2 24 | 4.5% | 4.3% |
现金转化率AALMMM
| Q1 26 | — | — | ||
| Q4 25 | -2.77× | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | 1.61× | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | 0.67× | 2.50× | ||
| Q3 24 | — | -1.30× | ||
| Q2 24 | 1.57× | 0.89× |
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
AAL
| Passenger Travel | $11.6B | 83% |
| Loyalty Program Travel Redemptions | $1.1B | 8% |
| Loyalty Program Marketing Services | $945.0M | 7% |
| Cargo And Freight | $227.0M | 2% |
| Other Revenue | $169.0M | 1% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
