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Concentrix Corp（CNXC）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Concentrix Corp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 -57.9%，领先77.1%），摩托罗拉解决方案同比增速更快（12.3% vs 4.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $281.2M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 3.1%）
Concentrix是总部位于美国加利福尼亚州纽瓦克的业务流程外包服务商，2006年起成为SYNNEX集团旗下子公司，2020年12月1日独立上市，2025年位列《财富》美国500强第426位，为全球客户提供专业的外包解决方案支持。
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。
CNXC 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8.0%
4.3%
净利率更高
MSI
高出77.1%
-57.9%
自由现金流更多
MSI
多$860.8M
$281.2M
两年增速更快
MSI
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $3.4B |
| 净利润 | $-1.5B | $649.0M |
| 毛利率 | 34.3% | 52.3% |
| 营业利润率 | -54.1% | 27.9% |
| 净利率 | -57.9% | 19.2% |
| 营收同比 | 4.3% | 12.3% |
| 净利润同比 | -1379.2% | 6.2% |
| 每股收益（稀释后） | $-23.37 | $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CNXCMSI
| Q4 25 | $2.6B | $3.4B | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $2.4B | $2.8B | ||
| Q1 25 | $2.4B | $2.5B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.4B | $2.6B | ||
| Q1 24 | $2.4B | $2.4B |
净利润CNXCMSI
| Q4 25 | $-1.5B | $649.0M | ||
| Q3 25 | $88.1M | $562.0M | ||
| Q2 25 | $42.1M | $513.0M | ||
| Q1 25 | $70.3M | $430.0M | ||
| Q4 24 | $115.7M | $611.0M | ||
| Q3 24 | $16.6M | $562.0M | ||
| Q2 24 | $66.8M | $443.0M | ||
| Q1 24 | $52.1M | $-39.0M |
毛利率CNXCMSI
| Q4 25 | 34.3% | 52.3% | ||
| Q3 25 | 34.4% | 51.6% | ||
| Q2 25 | 35.1% | 51.1% | ||
| Q1 25 | 36.1% | 51.4% | ||
| Q4 24 | 35.6% | 51.4% | ||
| Q3 24 | 36.2% | 51.4% | ||
| Q2 24 | 36.0% | 51.0% | ||
| Q1 24 | 35.6% | 49.9% |
营业利润率CNXCMSI
| Q4 25 | -54.1% | 27.9% | ||
| Q3 25 | 5.9% | 25.6% | ||
| Q2 25 | 6.1% | 25.0% | ||
| Q1 25 | 7.1% | 23.0% | ||
| Q4 24 | 5.9% | 27.0% | ||
| Q3 24 | 6.4% | 25.5% | ||
| Q2 24 | 6.3% | 24.5% | ||
| Q1 24 | 6.2% | 21.7% |
净利率CNXCMSI
| Q4 25 | -57.9% | 19.2% | ||
| Q3 25 | 3.5% | 18.7% | ||
| Q2 25 | 1.7% | 18.6% | ||
| Q1 25 | 3.0% | 17.0% | ||
| Q4 24 | 4.7% | 20.3% | ||
| Q3 24 | 0.7% | 20.1% | ||
| Q2 24 | 2.8% | 16.9% | ||
| Q1 24 | 2.2% | -1.6% |
每股收益（稀释后）CNXCMSI
| Q4 25 | $-23.37 | $3.85 | ||
| Q3 25 | $1.34 | $3.33 | ||
| Q2 25 | $0.63 | $3.04 | ||
| Q1 25 | $1.04 | $2.53 | ||
| Q4 24 | $1.72 | $3.57 | ||
| Q3 24 | $0.25 | $3.29 | ||
| Q2 24 | $0.98 | $2.60 | ||
| Q1 24 | $0.76 | $-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 | $327.3M | $1.2B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $2.7B | $2.4B |
| 总资产 | $10.8B | $19.4B |
| 负债/权益比越低杠杆越低 | 1.67× | — |
8季度趋势，按日历期对齐
现金及短期投资CNXCMSI
| Q4 25 | $327.3M | $1.2B | ||
| Q3 25 | $350.3M | $894.0M | ||
| Q2 25 | $342.8M | $3.2B | ||
| Q1 25 | $308.0M | $1.6B | ||
| Q4 24 | $240.6M | $2.1B | ||
| Q3 24 | $246.2M | $1.4B | ||
| Q2 24 | $207.3M | $1.4B | ||
| Q1 24 | $234.8M | $1.5B |
总债务CNXCMSI
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | $4.9B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.9B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $5.0B | — |
股东权益CNXCMSI
| Q4 25 | $2.7B | $2.4B | ||
| Q3 25 | $4.3B | $2.3B | ||
| Q2 25 | $4.3B | $2.0B | ||
| Q1 25 | $4.0B | $1.6B | ||
| Q4 24 | $4.0B | $1.7B | ||
| Q3 24 | $4.2B | $1.3B | ||
| Q2 24 | $4.1B | $802.0M | ||
| Q1 24 | $4.1B | $521.0M |
总资产CNXCMSI
| Q4 25 | $10.8B | $19.4B | ||
| Q3 25 | $12.4B | $18.8B | ||
| Q2 25 | $12.4B | $16.4B | ||
| Q1 25 | $11.9B | $14.4B | ||
| Q4 24 | $12.0B | $14.6B | ||
| Q3 24 | $12.2B | $13.9B | ||
| Q2 24 | $12.1B | $13.3B | ||
| Q1 24 | $12.2B | $13.3B |
负债/权益比CNXCMSI
| Q4 25 | 1.67× | — | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.21× | — | ||
| Q1 24 | 1.23× | — |
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 | $344.2M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $281.2M | $1.1B |
| 自由现金流率自由现金流/营收 | 11.0% | 33.8% |
| 资本支出强度资本支出/营收 | 2.5% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 1.94× |
| 过去12个月自由现金流最近4个季度 | $572.5M | $2.6B |
8季度趋势，按日历期对齐
经营现金流CNXCMSI
| Q4 25 | $344.2M | $1.3B | ||
| Q3 25 | $224.8M | $798.0M | ||
| Q2 25 | $236.5M | $273.0M | ||
| Q1 25 | $1.4M | $510.0M | ||
| Q4 24 | $284.4M | $1.1B | ||
| Q3 24 | $191.6M | $759.0M | ||
| Q2 24 | $238.3M | $180.0M | ||
| Q1 24 | $-46.9M | $382.0M |
自由现金流CNXCMSI
| Q4 25 | $281.2M | $1.1B | ||
| Q3 25 | $159.7M | $732.0M | ||
| Q2 25 | $180.7M | $225.0M | ||
| Q1 25 | $-49.2M | $473.0M | ||
| Q4 24 | $224.5M | $984.0M | ||
| Q3 24 | $128.9M | $702.0M | ||
| Q2 24 | $178.3M | $112.0M | ||
| Q1 24 | $-102.9M | $336.0M |
自由现金流率CNXCMSI
| Q4 25 | 11.0% | 33.8% | ||
| Q3 25 | 6.4% | 24.3% | ||
| Q2 25 | 7.5% | 8.1% | ||
| Q1 25 | -2.1% | 18.7% | ||
| Q4 24 | 9.2% | 32.7% | ||
| Q3 24 | 5.4% | 25.2% | ||
| Q2 24 | 7.5% | 4.3% | ||
| Q1 24 | -4.3% | 14.1% |
资本支出强度CNXCMSI
| Q4 25 | 2.5% | 3.4% | ||
| Q3 25 | 2.6% | 2.2% | ||
| Q2 25 | 2.3% | 1.7% | ||
| Q1 25 | 2.1% | 1.5% | ||
| Q4 24 | 2.4% | 2.9% | ||
| Q3 24 | 2.6% | 2.0% | ||
| Q2 24 | 2.5% | 2.6% | ||
| Q1 24 | 2.3% | 1.9% |
现金转化率CNXCMSI
| Q4 25 | — | 1.94× | ||
| Q3 25 | 2.55× | 1.42× | ||
| Q2 25 | 5.62× | 0.53× | ||
| Q1 25 | 0.02× | 1.19× | ||
| Q4 24 | 2.46× | 1.75× | ||
| Q3 24 | 11.52× | 1.35× | ||
| Q2 24 | 3.57× | 0.41× | ||
| Q1 24 | -0.90× | — |
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
CNXC
| Technology And Consumer Electronics | $675.1M | 26% |
| Retail Travel And Ecommerce | $643.4M | 25% |
| Communications And Media | $417.2M | 16% |
| Banking Financial Services And Insurance | $402.6M | 16% |
| Other Industries | $229.7M | 9% |
| Other | $185.0M | 7% |
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% |
