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西联汇款（AFG）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
摩托罗拉解决方案的季度营收约是西联汇款的1.6倍（$3.4B vs $2.1B），摩托罗拉解决方案净利率更高（19.2% vs 14.5%，领先4.7%），摩托罗拉解决方案同比增速更快（12.3% vs -4.0%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 4.0%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
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。
AFG vs MSI — 直观对比
营收规模更大
MSI
是对方的1.6倍
$2.1B
营收增速更快
MSI
高出16.3%
-4.0%
净利率更高
MSI
高出4.7%
14.5%
两年增速更快
MSI
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $3.4B |
| 净利润 | $299.0M | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 18.4% | 27.9% |
| 净利率 | 14.5% | 19.2% |
| 营收同比 | -4.0% | 12.3% |
| 净利润同比 | 17.3% | 6.2% |
| 每股收益（稀释后） | $3.59 | $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AFGMSI
| Q4 25 | $2.1B | $3.4B | ||
| Q3 25 | $2.3B | $3.0B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.9B | $2.5B | ||
| Q4 24 | $2.1B | $3.0B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $1.9B | $2.6B | ||
| Q1 24 | $1.9B | $2.4B |
净利润AFGMSI
| Q4 25 | $299.0M | $649.0M | ||
| Q3 25 | $215.0M | $562.0M | ||
| Q2 25 | $174.0M | $513.0M | ||
| Q1 25 | $154.0M | $430.0M | ||
| Q4 24 | $255.0M | $611.0M | ||
| Q3 24 | $181.0M | $562.0M | ||
| Q2 24 | $209.0M | $443.0M | ||
| Q1 24 | $242.0M | $-39.0M |
毛利率AFGMSI
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率AFGMSI
| Q4 25 | 18.4% | 27.9% | ||
| Q3 25 | 11.5% | 25.6% | ||
| Q2 25 | 11.9% | 25.0% | ||
| Q1 25 | 10.6% | 23.0% | ||
| Q4 24 | 14.9% | 27.0% | ||
| Q3 24 | 9.7% | 25.5% | ||
| Q2 24 | 14.3% | 24.5% | ||
| Q1 24 | 15.9% | 21.7% |
净利率AFGMSI
| Q4 25 | 14.5% | 19.2% | ||
| Q3 25 | 9.2% | 18.7% | ||
| Q2 25 | 9.0% | 18.6% | ||
| Q1 25 | 8.3% | 17.0% | ||
| Q4 24 | 11.9% | 20.3% | ||
| Q3 24 | 7.6% | 20.1% | ||
| Q2 24 | 11.0% | 16.9% | ||
| Q1 24 | 12.7% | -1.6% |
每股收益（稀释后）AFGMSI
| Q4 25 | $3.59 | $3.85 | ||
| Q3 25 | $2.58 | $3.33 | ||
| Q2 25 | $2.07 | $3.04 | ||
| Q1 25 | $1.84 | $2.53 | ||
| Q4 24 | $3.03 | $3.57 | ||
| Q3 24 | $2.16 | $3.29 | ||
| Q2 24 | $2.49 | $2.60 | ||
| Q1 24 | $2.89 | $-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 | $1.7B | $1.2B |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $4.8B | $2.4B |
| 总资产 | $32.6B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资AFGMSI
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.8B | $894.0M | ||
| Q2 25 | $1.3B | $3.2B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.1B | $1.5B |
总债务AFGMSI
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
股东权益AFGMSI
| Q4 25 | $4.8B | $2.4B | ||
| Q3 25 | $4.7B | $2.3B | ||
| Q2 25 | $4.5B | $2.0B | ||
| Q1 25 | $4.4B | $1.6B | ||
| Q4 24 | $4.5B | $1.7B | ||
| Q3 24 | $4.7B | $1.3B | ||
| Q2 24 | $4.4B | $802.0M | ||
| Q1 24 | $4.2B | $521.0M |
总资产AFGMSI
| Q4 25 | $32.6B | $19.4B | ||
| Q3 25 | $33.8B | $18.8B | ||
| Q2 25 | $30.7B | $16.4B | ||
| Q1 25 | $30.3B | $14.4B | ||
| Q4 24 | $30.8B | $14.6B | ||
| Q3 24 | $32.6B | $13.9B | ||
| Q2 24 | $29.9B | $13.3B | ||
| Q1 24 | $30.0B | $13.3B |
负债/权益比AFGMSI
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
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 | $784.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 33.8% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | 2.62× | 1.94× |
| 过去12个月自由现金流最近4个季度 | — | $2.6B |
8季度趋势，按日历期对齐
经营现金流AFGMSI
| Q4 25 | $784.0M | $1.3B | ||
| Q3 25 | $216.0M | $798.0M | ||
| Q2 25 | $191.0M | $273.0M | ||
| Q1 25 | $342.0M | $510.0M | ||
| Q4 24 | $674.0M | $1.1B | ||
| Q3 24 | $459.0M | $759.0M | ||
| Q2 24 | $-88.0M | $180.0M | ||
| Q1 24 | $107.0M | $382.0M |
自由现金流AFGMSI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $732.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $473.0M | ||
| Q4 24 | — | $984.0M | ||
| Q3 24 | — | $702.0M | ||
| Q2 24 | — | $112.0M | ||
| Q1 24 | — | $336.0M |
自由现金流率AFGMSI
| Q4 25 | — | 33.8% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 14.1% |
资本支出强度AFGMSI
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率AFGMSI
| Q4 25 | 2.62× | 1.94× | ||
| Q3 25 | 1.00× | 1.42× | ||
| Q2 25 | 1.10× | 0.53× | ||
| Q1 25 | 2.22× | 1.19× | ||
| Q4 24 | 2.64× | 1.75× | ||
| Q3 24 | 2.54× | 1.35× | ||
| Q2 24 | -0.42× | 0.41× | ||
| Q1 24 | 0.44× | — |
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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
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% |
