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奥多比（ADBE）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是3M的1.1倍（$6.4B vs $6.0B），奥多比净利率更高（29.5% vs 10.8%，领先18.7%），奥多比同比增速更快（12.0% vs 1.3%），奥多比自由现金流更多（$2.9B vs $2.0B），过去两年奥多比的营收复合增速更高（9.8% vs -1.8%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
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。
ADBE vs MMM — 直观对比
营收规模更大
ADBE
是对方的1.1倍
$6.0B
营收增速更快
ADBE
高出10.7%
1.3%
净利率更高
ADBE
高出18.7%
10.8%
自由现金流更多
ADBE
多$895.0M
$2.0B
两年增速更快
ADBE
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $6.0B |
| 净利润 | $1.9B | $653.0M |
| 毛利率 | 89.6% | 40.7% |
| 营业利润率 | 37.8% | 23.2% |
| 净利率 | 29.5% | 10.8% |
| 营收同比 | 12.0% | 1.3% |
| 净利润同比 | 4.3% | -41.5% |
| 每股收益（稀释后） | $4.60 | $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ADBEMMM
| Q1 26 | $6.4B | $6.0B | ||
| Q4 25 | $6.2B | $6.1B | ||
| Q3 25 | $6.0B | $6.5B | ||
| Q2 25 | $5.9B | $6.3B | ||
| Q1 25 | $5.7B | $6.0B | ||
| Q4 24 | $5.6B | $6.0B | ||
| Q3 24 | $5.4B | $6.3B | ||
| Q2 24 | $5.3B | $6.3B |
净利润ADBEMMM
| Q1 26 | $1.9B | $653.0M | ||
| Q4 25 | $1.9B | $577.0M | ||
| Q3 25 | $1.8B | $834.0M | ||
| Q2 25 | $1.7B | $723.0M | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.7B | $728.0M | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.6B | $1.1B |
毛利率ADBEMMM
| Q1 26 | 89.6% | 40.7% | ||
| Q4 25 | 89.5% | 33.6% | ||
| Q3 25 | 89.3% | 41.8% | ||
| Q2 25 | 89.1% | 42.5% | ||
| Q1 25 | 89.1% | 41.6% | ||
| Q4 24 | 89.0% | 51.7% | ||
| Q3 24 | 89.8% | 42.1% | ||
| Q2 24 | 88.7% | 42.9% |
营业利润率ADBEMMM
| Q1 26 | 37.8% | 23.2% | ||
| Q4 25 | 36.5% | 13.0% | ||
| Q3 25 | 36.3% | 22.2% | ||
| Q2 25 | 35.9% | 18.0% | ||
| Q1 25 | 37.9% | 20.9% | ||
| Q4 24 | 34.9% | 12.2% | ||
| Q3 24 | 36.8% | 20.9% | ||
| Q2 24 | 35.5% | 20.3% |
净利率ADBEMMM
| Q1 26 | 29.5% | 10.8% | ||
| Q4 25 | 30.0% | 9.4% | ||
| Q3 25 | 29.6% | 12.8% | ||
| Q2 25 | 28.8% | 11.4% | ||
| Q1 25 | 31.7% | 18.7% | ||
| Q4 24 | 30.0% | 12.1% | ||
| Q3 24 | 31.1% | 21.8% | ||
| Q2 24 | 29.6% | 18.3% |
每股收益（稀释后）ADBEMMM
| Q1 26 | $4.60 | $1.23 | ||
| Q4 25 | $4.44 | $1.07 | ||
| Q3 25 | $4.18 | $1.55 | ||
| Q2 25 | $3.94 | $1.34 | ||
| Q1 25 | $4.14 | $2.04 | ||
| Q4 24 | $3.75 | $1.33 | ||
| Q3 24 | $3.76 | $2.48 | ||
| Q2 24 | $3.49 | $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 | $6.9B | $3.7B |
| 总债务越低越好 | $5.4B | $10.9B |
| 股东权益账面价值 | $11.4B | $3.3B |
| 总资产 | $29.7B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.47× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资ADBEMMM
| Q1 26 | $6.9B | $3.7B | ||
| Q4 25 | $6.6B | — | ||
| Q3 25 | $5.9B | — | ||
| Q2 25 | $5.7B | — | ||
| Q1 25 | $7.4B | — | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | — |
总债务ADBEMMM
| Q1 26 | $5.4B | $10.9B | ||
| Q4 25 | $6.2B | $12.6B | ||
| Q3 25 | $6.2B | $12.6B | ||
| Q2 25 | $6.2B | $13.1B | ||
| Q1 25 | $6.2B | $13.5B | ||
| Q4 24 | $4.1B | $13.0B | ||
| Q3 24 | $4.1B | $13.2B | ||
| Q2 24 | $4.1B | $13.1B |
股东权益ADBEMMM
| Q1 26 | $11.4B | $3.3B | ||
| Q4 25 | $11.6B | $4.7B | ||
| Q3 25 | $11.8B | $4.6B | ||
| Q2 25 | $11.4B | $4.3B | ||
| Q1 25 | $13.1B | $4.5B | ||
| Q4 24 | $14.1B | $3.8B | ||
| Q3 24 | $14.5B | $4.6B | ||
| Q2 24 | $14.8B | $3.9B |
总资产ADBEMMM
| Q1 26 | $29.7B | $35.4B | ||
| Q4 25 | $29.5B | $37.7B | ||
| Q3 25 | $28.8B | $37.6B | ||
| Q2 25 | $28.1B | $38.0B | ||
| Q1 25 | $30.0B | $40.0B | ||
| Q4 24 | $30.2B | $39.9B | ||
| Q3 24 | $29.8B | $40.9B | ||
| Q2 24 | $30.0B | $43.4B |
负债/权益比ADBEMMM
| Q1 26 | 0.47× | 3.29× | ||
| Q4 25 | 0.53× | 2.68× | ||
| Q3 25 | 0.53× | 2.72× | ||
| Q2 25 | 0.54× | 3.06× | ||
| Q1 25 | 0.47× | 3.02× | ||
| Q4 24 | 0.29× | 3.40× | ||
| Q3 24 | 0.28× | 2.84× | ||
| Q2 24 | 0.28× | 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 | $3.0B | — |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $2.0B |
| 自由现金流率自由现金流/营收 | 45.7% | 33.6% |
| 资本支出强度资本支出/营收 | 0.6% | — |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $10.3B | $3.7B |
8季度趋势，按日历期对齐
经营现金流ADBEMMM
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $1.6B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.2B | $-954.0M | ||
| Q1 25 | $2.5B | $-79.0M | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $2.0B | $-1.8B | ||
| Q2 24 | $1.9B | $1.0B |
自由现金流ADBEMMM
| Q1 26 | $2.9B | $2.0B | ||
| Q4 25 | $3.1B | $1.3B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $2.1B | $-1.2B | ||
| Q1 25 | $2.5B | $-315.0M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $2.0B | $-2.0B | ||
| Q2 24 | $1.9B | $752.0M |
自由现金流率ADBEMMM
| Q1 26 | 45.7% | 33.6% | ||
| Q4 25 | 50.5% | 21.8% | ||
| Q3 25 | 35.5% | 23.6% | ||
| Q2 25 | 36.5% | -18.3% | ||
| Q1 25 | 43.0% | -5.3% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | 36.3% | -32.3% | ||
| Q2 24 | 35.8% | 12.0% |
资本支出强度ADBEMMM
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 4.0% | ||
| Q3 25 | 1.2% | 3.3% | ||
| Q2 25 | 0.8% | 3.3% | ||
| Q1 25 | 0.5% | 4.0% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | 1.1% | 3.9% | ||
| Q2 24 | 0.8% | 4.3% |
现金转化率ADBEMMM
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 2.74× | ||
| Q3 25 | 1.24× | 2.11× | ||
| Q2 25 | 1.30× | -1.32× | ||
| Q1 25 | 1.37× | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | 1.20× | -1.30× | ||
| Q2 24 | 1.23× | 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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 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% |
