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博思艾伦汉密尔顿（BAH）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博思艾伦汉密尔顿的1.3倍（$3.4B vs $2.6B），摩托罗拉解决方案净利率更高（19.2% vs 7.6%，领先11.6%），摩托罗拉解决方案同比增速更快（12.3% vs -10.2%），摩托罗拉解决方案自由现金流更多（$1.1B vs $248.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -2.8%）
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
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。
BAH vs MSI — 直观对比
营收规模更大
MSI
是对方的1.3倍
$2.6B
营收增速更快
MSI
高出22.5%
-10.2%
净利率更高
MSI
高出11.6%
7.6%
自由现金流更多
MSI
多$894.0M
$248.0M
两年增速更快
MSI
近两年复合增速
-2.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $3.4B |
| 净利润 | $200.0M | $649.0M |
| 毛利率 | 51.9% | 52.3% |
| 营业利润率 | 8.8% | 27.9% |
| 净利率 | 7.6% | 19.2% |
| 营收同比 | -10.2% | 12.3% |
| 净利润同比 | 7.0% | 6.2% |
| 每股收益（稀释后） | $1.63 | $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BAHMSI
| Q4 25 | $2.6B | $3.4B | ||
| Q3 25 | $2.9B | $3.0B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $3.0B | $2.5B | ||
| Q4 24 | $2.9B | $3.0B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $2.9B | $2.6B | ||
| Q1 24 | $2.8B | $2.4B |
净利润BAHMSI
| Q4 25 | $200.0M | $649.0M | ||
| Q3 25 | $175.0M | $562.0M | ||
| Q2 25 | $271.0M | $513.0M | ||
| Q1 25 | $192.7M | $430.0M | ||
| Q4 24 | $186.9M | $611.0M | ||
| Q3 24 | $390.1M | $562.0M | ||
| Q2 24 | $165.2M | $443.0M | ||
| Q1 24 | $128.0M | $-39.0M |
毛利率BAHMSI
| Q4 25 | 51.9% | 52.3% | ||
| Q3 25 | 53.6% | 51.6% | ||
| Q2 25 | 51.3% | 51.1% | ||
| Q1 25 | 53.6% | 51.4% | ||
| Q4 24 | 55.2% | 51.4% | ||
| Q3 24 | 56.7% | 51.4% | ||
| Q2 24 | 53.4% | 51.0% | ||
| Q1 24 | 54.7% | 49.9% |
营业利润率BAHMSI
| Q4 25 | 8.8% | 27.9% | ||
| Q3 25 | 9.8% | 25.6% | ||
| Q2 25 | 8.8% | 25.0% | ||
| Q1 25 | 9.2% | 23.0% | ||
| Q4 24 | 10.0% | 27.0% | ||
| Q3 24 | 17.4% | 25.5% | ||
| Q2 24 | 8.7% | 24.5% | ||
| Q1 24 | 9.5% | 21.7% |
净利率BAHMSI
| Q4 25 | 7.6% | 19.2% | ||
| Q3 25 | 6.1% | 18.7% | ||
| Q2 25 | 9.3% | 18.6% | ||
| Q1 25 | 6.5% | 17.0% | ||
| Q4 24 | 6.4% | 20.3% | ||
| Q3 24 | 12.4% | 20.1% | ||
| Q2 24 | 5.6% | 16.9% | ||
| Q1 24 | 4.6% | -1.6% |
每股收益（稀释后）BAHMSI
| Q4 25 | $1.63 | $3.85 | ||
| Q3 25 | $1.42 | $3.33 | ||
| Q2 25 | $2.16 | $3.04 | ||
| Q1 25 | $1.52 | $2.53 | ||
| Q4 24 | $1.45 | $3.57 | ||
| Q3 24 | $3.01 | $3.29 | ||
| Q2 24 | $1.27 | $2.60 | ||
| Q1 24 | $0.97 | $-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 | $882.0M | $1.2B |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $1.0B | $2.4B |
| 总资产 | $7.1B | $19.4B |
| 负债/权益比越低杠杆越低 | 3.84× | — |
8季度趋势，按日历期对齐
现金及短期投资BAHMSI
| Q4 25 | $882.0M | $1.2B | ||
| Q3 25 | $816.0M | $894.0M | ||
| Q2 25 | $711.0M | $3.2B | ||
| Q1 25 | $885.0M | $1.6B | ||
| Q4 24 | $453.5M | $2.1B | ||
| Q3 24 | $558.7M | $1.4B | ||
| Q2 24 | $297.7M | $1.4B | ||
| Q1 24 | $554.3M | $1.5B |
总债务BAHMSI
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.4B | — |
股东权益BAHMSI
| Q4 25 | $1.0B | $2.4B | ||
| Q3 25 | $996.0M | $2.3B | ||
| Q2 25 | $1.1B | $2.0B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $802.0M | ||
| Q1 24 | $1.0B | $521.0M |
总资产BAHMSI
| Q4 25 | $7.1B | $19.4B | ||
| Q3 25 | $7.2B | $18.8B | ||
| Q2 25 | $7.2B | $16.4B | ||
| Q1 25 | $7.3B | $14.4B | ||
| Q4 24 | $6.8B | $14.6B | ||
| Q3 24 | $6.9B | $13.9B | ||
| Q2 24 | $6.6B | $13.3B | ||
| Q1 24 | $6.6B | $13.3B |
负债/权益比BAHMSI
| Q4 25 | 3.84× | — | ||
| Q3 25 | 3.98× | — | ||
| Q2 25 | 3.74× | — | ||
| Q1 25 | 3.99× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 2.83× | — | ||
| Q2 24 | 3.14× | — | ||
| Q1 24 | 3.26× | — |
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 | $261.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $248.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 9.5% | 33.8% |
| 资本支出强度资本支出/营收 | 0.5% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.30× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $933.4M | $2.6B |
8季度趋势，按日历期对齐
经营现金流BAHMSI
| Q4 25 | $261.0M | $1.3B | ||
| Q3 25 | $421.0M | $798.0M | ||
| Q2 25 | $119.0M | $273.0M | ||
| Q1 25 | $219.0M | $510.0M | ||
| Q4 24 | $150.8M | $1.1B | ||
| Q3 24 | $587.1M | $759.0M | ||
| Q2 24 | $52.1M | $180.0M | ||
| Q1 24 | $143.8M | $382.0M |
自由现金流BAHMSI
| Q4 25 | $248.0M | $1.1B | ||
| Q3 25 | $395.0M | $732.0M | ||
| Q2 25 | $96.0M | $225.0M | ||
| Q1 25 | $194.4M | $473.0M | ||
| Q4 24 | $133.6M | $984.0M | ||
| Q3 24 | $563.3M | $702.0M | ||
| Q2 24 | $19.7M | $112.0M | ||
| Q1 24 | $127.6M | $336.0M |
自由现金流率BAHMSI
| Q4 25 | 9.5% | 33.8% | ||
| Q3 25 | 13.7% | 24.3% | ||
| Q2 25 | 3.3% | 8.1% | ||
| Q1 25 | 6.5% | 18.7% | ||
| Q4 24 | 4.6% | 32.7% | ||
| Q3 24 | 17.9% | 25.2% | ||
| Q2 24 | 0.7% | 4.3% | ||
| Q1 24 | 4.6% | 14.1% |
资本支出强度BAHMSI
| Q4 25 | 0.5% | 3.4% | ||
| Q3 25 | 0.9% | 2.2% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 0.8% | 1.5% | ||
| Q4 24 | 0.6% | 2.9% | ||
| Q3 24 | 0.8% | 2.0% | ||
| Q2 24 | 1.1% | 2.6% | ||
| Q1 24 | 0.6% | 1.9% |
现金转化率BAHMSI
| Q4 25 | 1.30× | 1.94× | ||
| Q3 25 | 2.41× | 1.42× | ||
| Q2 25 | 0.44× | 0.53× | ||
| Q1 25 | 1.14× | 1.19× | ||
| Q4 24 | 0.81× | 1.75× | ||
| Q3 24 | 1.50× | 1.35× | ||
| Q2 24 | 0.32× | 0.41× | ||
| Q1 24 | 1.12× | — |
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
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
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% |
