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ADT Inc.（ADT）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是ADT Inc.的4.7倍（$6.0B vs $1.3B）。ADT Inc.净利率更高（11.4% vs 10.8%，领先0.6%）。ADT Inc.同比增速更快（2.9% vs 1.3%）。3M自由现金流更多（$2.0B vs $323.5M）。过去两年ADT Inc.的营收复合增速更高（2.7% vs -1.8%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
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。
ADT vs MMM — 直观对比
营收规模更大
MMM
是对方的4.7倍
$1.3B
营收增速更快
ADT
高出1.6%
1.3%
净利率更高
ADT
高出0.6%
10.8%
自由现金流更多
MMM
多$1.7B
$323.5M
两年增速更快
ADT
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $6.0B |
| 净利润 | $145.4M | $653.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | 26.1% | 23.2% |
| 净利率 | 11.4% | 10.8% |
| 营收同比 | 2.9% | 1.3% |
| 净利润同比 | -23.5% | -41.5% |
| 每股收益（稀释后） | — | $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ADTMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $1.3B | $6.1B | ||
| Q3 25 | $1.3B | $6.5B | ||
| Q2 25 | $1.3B | $6.3B | ||
| Q1 25 | $1.3B | $6.0B | ||
| Q4 24 | $1.2B | $6.0B | ||
| Q3 24 | $1.2B | $6.3B | ||
| Q2 24 | $1.2B | $6.3B |
净利润ADTMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $145.4M | $577.0M | ||
| Q3 25 | $145.1M | $834.0M | ||
| Q2 25 | $165.2M | $723.0M | ||
| Q1 25 | $140.2M | $1.1B | ||
| Q4 24 | $190.0M | $728.0M | ||
| Q3 24 | $127.2M | $1.4B | ||
| Q2 24 | $92.4M | $1.1B |
毛利率ADTMMM
| 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ADTMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 26.1% | 13.0% | ||
| Q3 25 | 24.3% | 22.2% | ||
| Q2 25 | 26.6% | 18.0% | ||
| Q1 25 | 25.2% | 20.9% | ||
| Q4 24 | 32.4% | 12.2% | ||
| Q3 24 | 26.2% | 20.9% | ||
| Q2 24 | 23.6% | 20.3% |
净利率ADTMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 11.4% | 9.4% | ||
| Q3 25 | 11.2% | 12.8% | ||
| Q2 25 | 12.8% | 11.4% | ||
| Q1 25 | 11.1% | 18.7% | ||
| Q4 24 | 15.3% | 12.1% | ||
| Q3 24 | 10.2% | 21.8% | ||
| Q2 24 | 7.7% | 18.3% |
每股收益（稀释后）ADTMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | — | $1.07 | ||
| Q3 25 | — | $1.55 | ||
| Q2 25 | — | $1.34 | ||
| Q1 25 | — | $2.04 | ||
| Q4 24 | — | $1.33 | ||
| Q3 24 | — | $2.48 | ||
| Q2 24 | — | $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 | $80.8M | $3.7B |
| 总债务越低越好 | $7.4B | $10.9B |
| 股东权益账面价值 | $3.8B | $3.3B |
| 总资产 | $15.8B | $35.4B |
| 负债/权益比越低杠杆越低 | 1.95× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资ADTMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $80.8M | — | ||
| Q3 25 | $62.8M | — | ||
| Q2 25 | $45.2M | — | ||
| Q1 25 | $3.7M | — | ||
| Q4 24 | $96.2M | — | ||
| Q3 24 | $95.3M | — | ||
| Q2 24 | $37.9M | — |
总债务ADTMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $7.4B | $12.6B | ||
| Q3 25 | $7.3B | $12.6B | ||
| Q2 25 | $6.8B | $13.1B | ||
| Q1 25 | $7.6B | $13.5B | ||
| Q4 24 | $7.5B | $13.0B | ||
| Q3 24 | $7.5B | $13.2B | ||
| Q2 24 | $7.5B | $13.1B |
股东权益ADTMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $3.8B | $4.7B | ||
| Q3 25 | $3.7B | $4.6B | ||
| Q2 25 | $3.7B | $4.3B | ||
| Q1 25 | $3.6B | $4.5B | ||
| Q4 24 | $3.8B | $3.8B | ||
| Q3 24 | $3.9B | $4.6B | ||
| Q2 24 | $3.8B | $3.9B |
总资产ADTMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $15.8B | $37.7B | ||
| Q3 25 | $16.0B | $37.6B | ||
| Q2 25 | $16.0B | $38.0B | ||
| Q1 25 | $15.8B | $40.0B | ||
| Q4 24 | $16.1B | $39.9B | ||
| Q3 24 | $16.1B | $40.9B | ||
| Q2 24 | $16.0B | $43.4B |
负债/权益比ADTMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 1.95× | 2.68× | ||
| Q3 25 | 1.99× | 2.72× | ||
| Q2 25 | 1.84× | 3.06× | ||
| Q1 25 | 2.10× | 3.02× | ||
| Q4 24 | 1.98× | 3.40× | ||
| Q3 24 | 1.93× | 2.84× | ||
| Q2 24 | 1.98× | 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 | $373.6M | — |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $2.0B |
| 自由现金流率自由现金流/营收 | 25.4% | 33.6% |
| 资本支出强度资本支出/营收 | 3.9% | — |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $3.7B |
8季度趋势，按日历期对齐
经营现金流ADTMMM
| Q1 26 | — | — | ||
| Q4 25 | $373.6M | $1.6B | ||
| Q3 25 | $480.1M | $1.8B | ||
| Q2 25 | $563.9M | $-954.0M | ||
| Q1 25 | $466.6M | $-79.0M | ||
| Q4 24 | $459.7M | $1.8B | ||
| Q3 24 | $498.2M | $-1.8B | ||
| Q2 24 | $563.2M | $1.0B |
自由现金流ADTMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $323.5M | $1.3B | ||
| Q3 25 | $437.4M | $1.5B | ||
| Q2 25 | $526.3M | $-1.2B | ||
| Q1 25 | $421.2M | $-315.0M | ||
| Q4 24 | $426.0M | $1.5B | ||
| Q3 24 | $455.5M | $-2.0B | ||
| Q2 24 | $516.5M | $752.0M |
自由现金流率ADTMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 25.4% | 21.8% | ||
| Q3 25 | 33.7% | 23.6% | ||
| Q2 25 | 40.9% | -18.3% | ||
| Q1 25 | 33.2% | -5.3% | ||
| Q4 24 | 34.3% | 25.4% | ||
| Q3 24 | 36.6% | -32.3% | ||
| Q2 24 | 42.9% | 12.0% |
资本支出强度ADTMMM
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 4.0% | ||
| Q3 25 | 3.3% | 3.3% | ||
| Q2 25 | 2.9% | 3.3% | ||
| Q1 25 | 3.6% | 4.0% | ||
| Q4 24 | 2.7% | 4.8% | ||
| Q3 24 | 3.4% | 3.9% | ||
| Q2 24 | 3.9% | 4.3% |
现金转化率ADTMMM
| Q1 26 | — | — | ||
| Q4 25 | 2.57× | 2.74× | ||
| Q3 25 | 3.31× | 2.11× | ||
| Q2 25 | 3.41× | -1.32× | ||
| Q1 25 | 3.33× | -0.07× | ||
| Q4 24 | 2.42× | 2.50× | ||
| Q3 24 | 3.92× | -1.30× | ||
| Q2 24 | 6.10× | 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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Amortization Of Deferred Subscriber Acquisition Revenue | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
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% |
