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Deckers Brands（DECK）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Deckers Brands的1.7倍（$3.4B vs $2.0B），Deckers Brands净利率更高（24.6% vs 19.2%，领先5.4%），摩托罗拉解决方案同比增速更快（12.3% vs 7.1%），摩托罗拉解决方案自由现金流更多（$1.1B vs $1.0B），过去两年Deckers Brands的营收复合增速更高（42.8% vs 18.9%）
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
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。
DECK vs MSI — 直观对比
营收规模更大
MSI
是对方的1.7倍
$2.0B
营收增速更快
MSI
高出5.2%
7.1%
净利率更高
DECK
高出5.4%
19.2%
自由现金流更多
MSI
多$121.7M
$1.0B
两年增速更快
DECK
近两年复合增速
18.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.4B |
| 净利润 | $481.1M | $649.0M |
| 毛利率 | 59.8% | 52.3% |
| 营业利润率 | 31.4% | 27.9% |
| 净利率 | 24.6% | 19.2% |
| 营收同比 | 7.1% | 12.3% |
| 净利润同比 | 5.3% | 6.2% |
| 每股收益（稀释后） | $3.33 | $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DECKMSI
| Q4 25 | $2.0B | $3.4B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $964.5M | $2.8B | ||
| Q1 25 | $1.0B | $2.5B | ||
| Q4 24 | $1.8B | $3.0B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $825.3M | $2.6B | ||
| Q1 24 | $959.8M | $2.4B |
净利润DECKMSI
| Q4 25 | $481.1M | $649.0M | ||
| Q3 25 | $268.2M | $562.0M | ||
| Q2 25 | $139.2M | $513.0M | ||
| Q1 25 | $151.4M | $430.0M | ||
| Q4 24 | $456.7M | $611.0M | ||
| Q3 24 | $242.3M | $562.0M | ||
| Q2 24 | $115.6M | $443.0M | ||
| Q1 24 | $127.5M | $-39.0M |
毛利率DECKMSI
| Q4 25 | 59.8% | 52.3% | ||
| Q3 25 | 56.2% | 51.6% | ||
| Q2 25 | 55.8% | 51.1% | ||
| Q1 25 | 56.7% | 51.4% | ||
| Q4 24 | 60.3% | 51.4% | ||
| Q3 24 | 55.9% | 51.4% | ||
| Q2 24 | 56.9% | 51.0% | ||
| Q1 24 | 56.2% | 49.9% |
营业利润率DECKMSI
| Q4 25 | 31.4% | 27.9% | ||
| Q3 25 | 22.8% | 25.6% | ||
| Q2 25 | 17.1% | 25.0% | ||
| Q1 25 | 17.0% | 23.0% | ||
| Q4 24 | 31.0% | 27.0% | ||
| Q3 24 | 23.3% | 25.5% | ||
| Q2 24 | 16.1% | 24.5% | ||
| Q1 24 | 15.0% | 21.7% |
净利率DECKMSI
| Q4 25 | 24.6% | 19.2% | ||
| Q3 25 | 18.7% | 18.7% | ||
| Q2 25 | 14.4% | 18.6% | ||
| Q1 25 | 14.8% | 17.0% | ||
| Q4 24 | 25.0% | 20.3% | ||
| Q3 24 | 18.5% | 20.1% | ||
| Q2 24 | 14.0% | 16.9% | ||
| Q1 24 | 13.3% | -1.6% |
每股收益（稀释后）DECKMSI
| Q4 25 | $3.33 | $3.85 | ||
| Q3 25 | $1.82 | $3.33 | ||
| Q2 25 | $0.93 | $3.04 | ||
| Q1 25 | $-2.78 | $2.53 | ||
| Q4 24 | $3.00 | $3.57 | ||
| Q3 24 | $1.59 | $3.29 | ||
| Q2 24 | $4.52 | $2.60 | ||
| Q1 24 | $4.82 | $-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 | $2.1B | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $2.4B |
| 总资产 | $4.1B | $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DECKMSI
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.4B | $894.0M | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $2.2B | $2.1B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.5B | $1.5B |
股东权益DECKMSI
| Q4 25 | $2.6B | $2.4B | ||
| Q3 25 | $2.5B | $2.3B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.6B | $1.7B | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $2.1B | $802.0M | ||
| Q1 24 | $2.1B | $521.0M |
总资产DECKMSI
| Q4 25 | $4.1B | $19.4B | ||
| Q3 25 | $3.8B | $18.8B | ||
| Q2 25 | $3.8B | $16.4B | ||
| Q1 25 | $3.6B | $14.4B | ||
| Q4 24 | $4.0B | $14.6B | ||
| Q3 24 | $3.4B | $13.9B | ||
| Q2 24 | $3.3B | $13.3B | ||
| Q1 24 | $3.1B | $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 | $1.0B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $1.0B | $1.1B |
| 自由现金流率自由现金流/营收 | 52.1% | 33.8% |
| 资本支出强度资本支出/营收 | 1.1% | 3.4% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $929.1M | $2.6B |
8季度趋势，按日历期对齐
经营现金流DECKMSI
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $8.1M | $798.0M | ||
| Q2 25 | $36.1M | $273.0M | ||
| Q1 25 | $-73.0M | $510.0M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $-90.5M | $759.0M | ||
| Q2 24 | $112.7M | $180.0M | ||
| Q1 24 | $-28.7M | $382.0M |
自由现金流DECKMSI
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $-13.9M | $732.0M | ||
| Q2 25 | $12.2M | $225.0M | ||
| Q1 25 | $-89.4M | $473.0M | ||
| Q4 24 | $1.1B | $984.0M | ||
| Q3 24 | $-113.4M | $702.0M | ||
| Q2 24 | $90.1M | $112.0M | ||
| Q1 24 | $-44.0M | $336.0M |
自由现金流率DECKMSI
| Q4 25 | 52.1% | 33.8% | ||
| Q3 25 | -1.0% | 24.3% | ||
| Q2 25 | 1.3% | 8.1% | ||
| Q1 25 | -8.8% | 18.7% | ||
| Q4 24 | 58.6% | 32.7% | ||
| Q3 24 | -8.6% | 25.2% | ||
| Q2 24 | 10.9% | 4.3% | ||
| Q1 24 | -4.6% | 14.1% |
资本支出强度DECKMSI
| Q4 25 | 1.1% | 3.4% | ||
| Q3 25 | 1.5% | 2.2% | ||
| Q2 25 | 2.5% | 1.7% | ||
| Q1 25 | 1.6% | 1.5% | ||
| Q4 24 | 1.3% | 2.9% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 2.7% | 2.6% | ||
| Q1 24 | 1.6% | 1.9% |
现金转化率DECKMSI
| Q4 25 | 2.17× | 1.94× | ||
| Q3 25 | 0.03× | 1.42× | ||
| Q2 25 | 0.26× | 0.53× | ||
| Q1 25 | -0.48× | 1.19× | ||
| Q4 24 | 2.40× | 1.75× | ||
| Q3 24 | -0.37× | 1.35× | ||
| Q2 24 | 0.97× | 0.41× | ||
| Q1 24 | -0.22× | — |
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
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
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% |
