vs
Aflac（AFL）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
Aflac的季度营收约是摩托罗拉解决方案的1.4倍（$4.9B vs $3.4B），Aflac净利率更高（28.3% vs 19.2%，领先9.1%），摩托罗拉解决方案同比增速更快（12.3% vs -10.0%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -5.4%）
Aflac是美国知名保险企业，也是美国最大的补充保险提供商，成立于1955年，总部位于佐治亚州哥伦布市。公司在美国推出多类保险产品，其中薪资抵扣型保险服务知名度较高，参保人遭遇保障范围内的意外或疾病时可获现金赔付，目前已为全球超5000万用户提供财务保障。
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。
AFL vs MSI — 直观对比
营收规模更大
AFL
是对方的1.4倍
$3.4B
营收增速更快
MSI
高出22.2%
-10.0%
净利率更高
AFL
高出9.1%
19.2%
两年增速更快
MSI
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.4B |
| 净利润 | $1.4B | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 32.3% | 27.9% |
| 净利率 | 28.3% | 19.2% |
| 营收同比 | -10.0% | 12.3% |
| 净利润同比 | -27.5% | 6.2% |
| 每股收益（稀释后） | $2.58 | $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AFLMSI
| Q4 25 | $4.9B | $3.4B | ||
| Q3 25 | $4.7B | $3.0B | ||
| Q2 25 | $4.2B | $2.8B | ||
| Q1 25 | $3.4B | $2.5B | ||
| Q4 24 | $5.4B | $3.0B | ||
| Q3 24 | $2.9B | $2.8B | ||
| Q2 24 | $5.1B | $2.6B | ||
| Q1 24 | $5.4B | $2.4B |
净利润AFLMSI
| Q4 25 | $1.4B | $649.0M | ||
| Q3 25 | $1.6B | $562.0M | ||
| Q2 25 | $599.0M | $513.0M | ||
| Q1 25 | $29.0M | $430.0M | ||
| Q4 24 | $1.9B | $611.0M | ||
| Q3 24 | $-93.0M | $562.0M | ||
| Q2 24 | $1.8B | $443.0M | ||
| Q1 24 | $1.9B | $-39.0M |
毛利率AFLMSI
| 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AFLMSI
| Q4 25 | 32.3% | 27.9% | ||
| Q3 25 | 42.1% | 25.6% | ||
| Q2 25 | 19.8% | 25.0% | ||
| Q1 25 | 4.3% | 23.0% | ||
| Q4 24 | 39.5% | 27.0% | ||
| Q3 24 | 3.1% | 25.5% | ||
| Q2 24 | 39.3% | 24.5% | ||
| Q1 24 | 39.9% | 21.7% |
净利率AFLMSI
| Q4 25 | 28.3% | 19.2% | ||
| Q3 25 | 34.6% | 18.7% | ||
| Q2 25 | 14.4% | 18.6% | ||
| Q1 25 | 0.9% | 17.0% | ||
| Q4 24 | 35.2% | 20.3% | ||
| Q3 24 | -3.2% | 20.1% | ||
| Q2 24 | 34.2% | 16.9% | ||
| Q1 24 | 34.6% | -1.6% |
每股收益（稀释后）AFLMSI
| Q4 25 | $2.58 | $3.85 | ||
| Q3 25 | $3.08 | $3.33 | ||
| Q2 25 | $1.11 | $3.04 | ||
| Q1 25 | $0.05 | $2.53 | ||
| Q4 24 | $3.45 | $3.57 | ||
| Q3 24 | $-0.17 | $3.29 | ||
| Q2 24 | $3.10 | $2.60 | ||
| Q1 24 | $3.25 | $-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 | $6.2B | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $29.5B | $2.4B |
| 总资产 | $116.5B | $19.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AFLMSI
| Q4 25 | $6.2B | $1.2B | ||
| Q3 25 | $6.8B | $894.0M | ||
| Q2 25 | $7.0B | $3.2B | ||
| Q1 25 | $5.2B | $1.6B | ||
| Q4 24 | $6.2B | $2.1B | ||
| Q3 24 | $5.6B | $1.4B | ||
| Q2 24 | $6.1B | $1.4B | ||
| Q1 24 | $5.1B | $1.5B |
股东权益AFLMSI
| Q4 25 | $29.5B | $2.4B | ||
| Q3 25 | $28.7B | $2.3B | ||
| Q2 25 | $27.2B | $2.0B | ||
| Q1 25 | $26.3B | $1.6B | ||
| Q4 24 | $26.1B | $1.7B | ||
| Q3 24 | $24.8B | $1.3B | ||
| Q2 24 | $26.0B | $802.0M | ||
| Q1 24 | $23.5B | $521.0M |
总资产AFLMSI
| Q4 25 | $116.5B | $19.4B | ||
| Q3 25 | $122.3B | $18.8B | ||
| Q2 25 | $124.7B | $16.4B | ||
| Q1 25 | $120.3B | $14.4B | ||
| Q4 24 | $117.6B | $14.6B | ||
| Q3 24 | $128.4B | $13.9B | ||
| Q2 24 | $120.2B | $13.3B | ||
| Q1 24 | $124.7B | $13.3B |
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 | $315.0M | $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 | 0.23× | 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AFLMSI
| Q4 25 | $315.0M | $1.3B | ||
| Q3 25 | $1.3B | $798.0M | ||
| Q2 25 | $399.0M | $273.0M | ||
| Q1 25 | $589.0M | $510.0M | ||
| Q4 24 | $333.0M | $1.1B | ||
| Q3 24 | $1.3B | $759.0M | ||
| Q2 24 | $255.0M | $180.0M | ||
| Q1 24 | $849.0M | $382.0M |
自由现金流AFLMSI
| 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AFLMSI
| 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AFLMSI
| 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AFLMSI
| Q4 25 | 0.23× | 1.94× | ||
| Q3 25 | 0.76× | 1.42× | ||
| Q2 25 | 0.67× | 0.53× | ||
| Q1 25 | 20.31× | 1.19× | ||
| Q4 24 | 0.18× | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 0.15× | 0.41× | ||
| Q1 24 | 0.45× | — |
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
AFL
| Aflac Japan | $2.3B | 47% |
| Aflac US | $1.7B | 35% |
| Other | $862.0M | 18% |
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% |
