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艾地盟（ADM）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
艾地盟的季度营收约是摩托罗拉解决方案的1.8倍（$6.1B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 7.5%，领先11.7%），艾地盟同比增速更快（123.5% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $-669.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -47.4%）
艾地盟（ADM）是美国跨国食品加工与大宗商品贸易企业，1902年成立，总部位于伊利诺伊州芝加哥。集团在全球布局270多家加工厂及420多个农作物采购站点，将谷物、油籽加工为食品、饮料、营养保健、工业生产及动物饲料领域的各类产品，供应全球市场。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
ADM vs MSI — 直观对比
营收规模更大
ADM
是对方的1.8倍
$3.4B
营收增速更快
ADM
高出111.3%
12.3%
净利率更高
MSI
高出11.7%
7.5%
自由现金流更多
MSI
多$1.8B
$-669.0M
两年增速更快
MSI
近两年复合增速
-47.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.1B | $3.4B |
| 净利润 | $456.0M | $649.0M |
| 毛利率 | 20.0% | 52.3% |
| 营业利润率 | 7.9% | 27.9% |
| 净利率 | 7.5% | 19.2% |
| 营收同比 | 123.5% | 12.3% |
| 净利润同比 | -19.6% | 6.2% |
| 每股收益（稀释后） | $0.95 | $3.85 |
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ADMMSI
| Q4 25 | $6.1B | $3.4B | ||
| Q3 25 | $6.4B | $3.0B | ||
| Q2 25 | $6.3B | $2.8B | ||
| Q1 25 | $6.1B | $2.5B | ||
| Q4 24 | $-25.7B | $3.0B | ||
| Q3 24 | $6.0B | $2.8B | ||
| Q2 24 | $22.2B | $2.6B | ||
| Q1 24 | $21.8B | $2.4B |
净利润ADMMSI
| Q4 25 | $456.0M | $649.0M | ||
| Q3 25 | $108.0M | $562.0M | ||
| Q2 25 | $219.0M | $513.0M | ||
| Q1 25 | $295.0M | $430.0M | ||
| Q4 24 | $567.0M | $611.0M | ||
| Q3 24 | $18.0M | $562.0M | ||
| Q2 24 | $486.0M | $443.0M | ||
| Q1 24 | $729.0M | $-39.0M |
毛利率ADMMSI
| Q4 25 | 20.0% | 52.3% | ||
| Q3 25 | 19.8% | 51.6% | ||
| Q2 25 | 21.6% | 51.1% | ||
| Q1 25 | 19.2% | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | 22.8% | 51.4% | ||
| Q2 24 | 6.3% | 51.0% | ||
| Q1 24 | 7.6% | 49.9% |
营业利润率ADMMSI
| Q4 25 | 7.9% | 27.9% | ||
| Q3 25 | 2.3% | 25.6% | ||
| Q2 25 | 4.4% | 25.0% | ||
| Q1 25 | 5.7% | 23.0% | ||
| Q4 24 | — | 27.0% | ||
| Q3 24 | 1.8% | 25.5% | ||
| Q2 24 | 2.7% | 24.5% | ||
| Q1 24 | 4.1% | 21.7% |
净利率ADMMSI
| Q4 25 | 7.5% | 19.2% | ||
| Q3 25 | 1.7% | 18.7% | ||
| Q2 25 | 3.5% | 18.6% | ||
| Q1 25 | 4.8% | 17.0% | ||
| Q4 24 | -2.2% | 20.3% | ||
| Q3 24 | 0.3% | 20.1% | ||
| Q2 24 | 2.2% | 16.9% | ||
| Q1 24 | 3.3% | -1.6% |
每股收益（稀释后）ADMMSI
| Q4 25 | $0.95 | $3.85 | ||
| Q3 25 | $0.22 | $3.33 | ||
| Q2 25 | $0.45 | $3.04 | ||
| Q1 25 | $0.61 | $2.53 | ||
| Q4 24 | $1.21 | $3.57 | ||
| Q3 24 | $0.04 | $3.29 | ||
| Q2 24 | $0.98 | $2.60 | ||
| Q1 24 | $1.42 | $-0.23 |
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 | $1.0B | $1.2B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $22.7B | $2.4B |
| 总资产 | $52.4B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资ADMMSI
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.2B | $894.0M | ||
| Q2 25 | $1.1B | $3.2B | ||
| Q1 25 | $864.0M | $1.6B | ||
| Q4 24 | $611.0M | $2.1B | ||
| Q3 24 | $784.0M | $1.4B | ||
| Q2 24 | $764.0M | $1.4B | ||
| Q1 24 | $830.0M | $1.5B |
总债务ADMMSI
| Q4 25 | $7.6B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.3B | — | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADMMSI
| Q4 25 | $22.7B | $2.4B | ||
| Q3 25 | $22.5B | $2.3B | ||
| Q2 25 | $22.4B | $2.0B | ||
| Q1 25 | $22.1B | $1.6B | ||
| Q4 24 | $22.2B | $1.7B | ||
| Q3 24 | $22.0B | $1.3B | ||
| Q2 24 | $22.2B | $802.0M | ||
| Q1 24 | $23.2B | $521.0M |
总资产ADMMSI
| Q4 25 | $52.4B | $19.4B | ||
| Q3 25 | $51.9B | $18.8B | ||
| Q2 25 | $52.0B | $16.4B | ||
| Q1 25 | $53.4B | $14.4B | ||
| Q4 24 | $53.3B | $14.6B | ||
| Q3 24 | $52.2B | $13.9B | ||
| Q2 24 | $52.7B | $13.3B | ||
| Q1 24 | $54.8B | $13.3B |
负债/权益比ADMMSI
| Q4 25 | 0.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.37× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-313.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $-669.0M | $1.1B |
| 自由现金流率自由现金流/营收 | -11.1% | 33.8% |
| 资本支出强度资本支出/营收 | 5.9% | 3.4% |
| 现金转化率经营现金流/净利润 | -0.69× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $2.6B |
8季度趋势，按日历期对齐
经营现金流ADMMSI
| Q4 25 | $-313.0M | $1.3B | ||
| Q3 25 | $1.8B | $798.0M | ||
| Q2 25 | $4.3B | $273.0M | ||
| Q1 25 | $-342.0M | $510.0M | ||
| Q4 24 | $322.0M | $1.1B | ||
| Q3 24 | $1.3B | $759.0M | ||
| Q2 24 | $468.0M | $180.0M | ||
| Q1 24 | $700.0M | $382.0M |
自由现金流ADMMSI
| Q4 25 | $-669.0M | $1.1B | ||
| Q3 25 | $1.5B | $732.0M | ||
| Q2 25 | $4.0B | $225.0M | ||
| Q1 25 | $-633.0M | $473.0M | ||
| Q4 24 | $-170.0M | $984.0M | ||
| Q3 24 | $919.0M | $702.0M | ||
| Q2 24 | $106.0M | $112.0M | ||
| Q1 24 | $372.0M | $336.0M |
自由现金流率ADMMSI
| Q4 25 | -11.1% | 33.8% | ||
| Q3 25 | 23.6% | 24.3% | ||
| Q2 25 | 63.0% | 8.1% | ||
| Q1 25 | -10.3% | 18.7% | ||
| Q4 24 | 0.7% | 32.7% | ||
| Q3 24 | 15.3% | 25.2% | ||
| Q2 24 | 0.5% | 4.3% | ||
| Q1 24 | 1.7% | 14.1% |
资本支出强度ADMMSI
| Q4 25 | 5.9% | 3.4% | ||
| Q3 25 | 4.6% | 2.2% | ||
| Q2 25 | 4.8% | 1.7% | ||
| Q1 25 | 4.7% | 1.5% | ||
| Q4 24 | -1.9% | 2.9% | ||
| Q3 24 | 6.4% | 2.0% | ||
| Q2 24 | 1.6% | 2.6% | ||
| Q1 24 | 1.5% | 1.9% |
现金转化率ADMMSI
| Q4 25 | -0.69× | 1.94× | ||
| Q3 25 | 16.75× | 1.42× | ||
| Q2 25 | 19.63× | 0.53× | ||
| Q1 25 | -1.16× | 1.19× | ||
| Q4 24 | 0.57× | 1.75× | ||
| Q3 24 | 72.22× | 1.35× | ||
| Q2 24 | 0.96× | 0.41× | ||
| Q1 24 | 0.96× | — |
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
ADM
| Starchesandsweeteners | $1.4B | 23% |
| Ag Services | $1.1B | 18% |
| Human Nutrition | $961.0M | 16% |
| Refined Productsand Other | $924.0M | 15% |
| Animal Nutrition | $825.0M | 14% |
| Vantage Corn Processors | $700.0M | 12% |
| Transferred Over Time | $176.0M | 3% |
| Crushing | $59.0M | 1% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
