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Delek US Holdings, Inc.（DK）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Delek US Holdings, Inc.的1.4倍（$3.4B vs $2.4B），摩托罗拉解决方案净利率更高（19.2% vs 3.2%，领先16.0%），摩托罗拉解决方案同比增速更快（12.3% vs 2.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $382.8M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -11.9%）
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
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。
DK vs MSI — 直观对比
营收规模更大
MSI
是对方的1.4倍
$2.4B
营收增速更快
MSI
高出9.9%
2.3%
净利率更高
MSI
高出16.0%
3.2%
自由现金流更多
MSI
多$759.2M
$382.8M
两年增速更快
MSI
近两年复合增速
-11.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $3.4B |
| 净利润 | $78.3M | $649.0M |
| 毛利率 | 9.3% | 52.3% |
| 营业利润率 | 6.8% | 27.9% |
| 净利率 | 3.2% | 19.2% |
| 营收同比 | 2.3% | 12.3% |
| 净利润同比 | 118.9% | 6.2% |
| 每股收益（稀释后） | $1.23 | $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DKMSI
| Q4 25 | $2.4B | $3.4B | ||
| Q3 25 | $2.9B | $3.0B | ||
| Q2 25 | $2.8B | $2.8B | ||
| Q1 25 | $2.6B | $2.5B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $3.3B | $2.6B | ||
| Q1 24 | $3.1B | $2.4B |
净利润DKMSI
| Q4 25 | $78.3M | $649.0M | ||
| Q3 25 | $178.0M | $562.0M | ||
| Q2 25 | $-106.4M | $513.0M | ||
| Q1 25 | $-172.7M | $430.0M | ||
| Q4 24 | $-413.8M | $611.0M | ||
| Q3 24 | $-76.8M | $562.0M | ||
| Q2 24 | $-37.2M | $443.0M | ||
| Q1 24 | $-32.6M | $-39.0M |
毛利率DKMSI
| Q4 25 | 9.3% | 52.3% | ||
| Q3 25 | 13.8% | 51.6% | ||
| Q2 25 | 1.9% | 51.1% | ||
| Q1 25 | -2.4% | 51.4% | ||
| Q4 24 | -5.7% | 51.4% | ||
| Q3 24 | -0.7% | 51.4% | ||
| Q2 24 | 0.5% | 51.0% | ||
| Q1 24 | 3.0% | 49.9% |
营业利润率DKMSI
| Q4 25 | 6.8% | 27.9% | ||
| Q3 25 | 10.2% | 25.6% | ||
| Q2 25 | -1.2% | 25.0% | ||
| Q1 25 | -4.8% | 23.0% | ||
| Q4 24 | -17.0% | 27.0% | ||
| Q3 24 | -4.0% | 25.5% | ||
| Q2 24 | 0.1% | 24.5% | ||
| Q1 24 | 0.9% | 21.7% |
净利率DKMSI
| Q4 25 | 3.2% | 19.2% | ||
| Q3 25 | 6.2% | 18.7% | ||
| Q2 25 | -3.8% | 18.6% | ||
| Q1 25 | -6.5% | 17.0% | ||
| Q4 24 | -17.4% | 20.3% | ||
| Q3 24 | -2.5% | 20.1% | ||
| Q2 24 | -1.1% | 16.9% | ||
| Q1 24 | -1.0% | -1.6% |
每股收益（稀释后）DKMSI
| Q4 25 | $1.23 | $3.85 | ||
| Q3 25 | $2.93 | $3.33 | ||
| Q2 25 | $-1.76 | $3.04 | ||
| Q1 25 | $-2.78 | $2.53 | ||
| Q4 24 | $-6.48 | $3.57 | ||
| Q3 24 | $-1.20 | $3.29 | ||
| Q2 24 | $-0.58 | $2.60 | ||
| Q1 24 | $-0.51 | $-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 | $625.8M | $1.2B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $547.3M | $2.4B |
| 总资产 | $6.8B | $19.4B |
| 负债/权益比越低杠杆越低 | 5.91× | — |
8季度趋势，按日历期对齐
现金及短期投资DKMSI
| Q4 25 | $625.8M | $1.2B | ||
| Q3 25 | $630.9M | $894.0M | ||
| Q2 25 | $615.5M | $3.2B | ||
| Q1 25 | $623.8M | $1.6B | ||
| Q4 24 | $735.6M | $2.1B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $657.9M | $1.4B | ||
| Q1 24 | $753.4M | $1.5B |
总债务DKMSI
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.5B | — |
股东权益DKMSI
| Q4 25 | $547.3M | $2.4B | ||
| Q3 25 | $444.8M | $2.3B | ||
| Q2 25 | $294.9M | $2.0B | ||
| Q1 25 | $429.4M | $1.6B | ||
| Q4 24 | $575.2M | $1.7B | ||
| Q3 24 | $875.4M | $1.3B | ||
| Q2 24 | $982.8M | $802.0M | ||
| Q1 24 | $1.0B | $521.0M |
总资产DKMSI
| Q4 25 | $6.8B | $19.4B | ||
| Q3 25 | $7.1B | $18.8B | ||
| Q2 25 | $7.1B | $16.4B | ||
| Q1 25 | $6.9B | $14.4B | ||
| Q4 24 | $6.7B | $14.6B | ||
| Q3 24 | $7.0B | $13.9B | ||
| Q2 24 | $6.9B | $13.3B | ||
| Q1 24 | $7.2B | $13.3B |
负债/权益比DKMSI
| Q4 25 | 5.91× | — | ||
| Q3 25 | 7.14× | — | ||
| Q2 25 | 10.51× | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 4.81× | — | ||
| Q3 24 | 3.19× | — | ||
| Q2 24 | 2.50× | — | ||
| Q1 24 | 2.41× | — |
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 | $502.8M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $1.1B |
| 自由现金流率自由现金流/营收 | 15.8% | 33.8% |
| 资本支出强度资本支出/营收 | 4.9% | 3.4% |
| 现金转化率经营现金流/净利润 | 6.42× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $6.3M | $2.6B |
8季度趋势，按日历期对齐
经营现金流DKMSI
| Q4 25 | $502.8M | $1.3B | ||
| Q3 25 | $44.0M | $798.0M | ||
| Q2 25 | $51.4M | $273.0M | ||
| Q1 25 | $-62.4M | $510.0M | ||
| Q4 24 | $-163.5M | $1.1B | ||
| Q3 24 | $-21.6M | $759.0M | ||
| Q2 24 | $-48.4M | $180.0M | ||
| Q1 24 | $166.7M | $382.0M |
自由现金流DKMSI
| Q4 25 | $382.8M | $1.1B | ||
| Q3 25 | $-64.0M | $732.0M | ||
| Q2 25 | $-114.4M | $225.0M | ||
| Q1 25 | $-198.1M | $473.0M | ||
| Q4 24 | $-354.0M | $984.0M | ||
| Q3 24 | $-140.6M | $702.0M | ||
| Q2 24 | $-128.3M | $112.0M | ||
| Q1 24 | $128.4M | $336.0M |
自由现金流率DKMSI
| Q4 25 | 15.8% | 33.8% | ||
| Q3 25 | -2.2% | 24.3% | ||
| Q2 25 | -4.1% | 8.1% | ||
| Q1 25 | -7.5% | 18.7% | ||
| Q4 24 | -14.9% | 32.7% | ||
| Q3 24 | -4.6% | 25.2% | ||
| Q2 24 | -3.9% | 4.3% | ||
| Q1 24 | 4.1% | 14.1% |
资本支出强度DKMSI
| Q4 25 | 4.9% | 3.4% | ||
| Q3 25 | 3.7% | 2.2% | ||
| Q2 25 | 6.0% | 1.7% | ||
| Q1 25 | 5.1% | 1.5% | ||
| Q4 24 | 8.0% | 2.9% | ||
| Q3 24 | 3.9% | 2.0% | ||
| Q2 24 | 2.4% | 2.6% | ||
| Q1 24 | 1.2% | 1.9% |
现金转化率DKMSI
| Q4 25 | 6.42× | 1.94× | ||
| Q3 25 | 0.25× | 1.42× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | 0.41× | ||
| Q1 24 | — | — |
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
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
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% |
