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艾默生（EMR）与Leidos（LDOS）财务数据对比。点击上方公司名可切换其他公司
艾默生的季度营收约是Leidos的1.0倍（$4.3B vs $4.2B），艾默生净利率更高（13.9% vs 7.8%，领先6.1%），艾默生同比增速更快（4.1% vs -3.5%），艾默生自由现金流更多（$602.0M vs $452.0M），过去两年Leidos的营收复合增速更高（3.1% vs -0.3%）
艾默生是总部位于美国密苏里州圣路易斯的世界500强跨国企业，业务涵盖工业自动化设备、暖通控制系统、精密测量仪器的研发制造，同时面向工业、商业、消费级市场提供工程服务及对应软件工程解决方案。
Leidos Holdings, Inc.是总部位于美国弗吉尼亚州雷斯顿的企业，业务覆盖国防、航空、信息技术、生物医学研究领域，提供科研、工程、系统集成及技术服务。其前身为科学应用国际公司（SAIC），2016年8月与洛克希德·马丁旗下IT业务板块合并，成为国防行业规模最大的IT服务提供商。
EMR vs LDOS — 直观对比
营收规模更大
EMR
是对方的1.0倍
$4.2B
营收增速更快
EMR
高出7.6%
-3.5%
净利率更高
EMR
高出6.1%
7.8%
自由现金流更多
EMR
多$150.0M
$452.0M
两年增速更快
LDOS
近两年复合增速
-0.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.2B |
| 净利润 | $605.0M | $327.0M |
| 毛利率 | 53.2% | 17.4% |
| 营业利润率 | 17.8% | 11.3% |
| 净利率 | 13.9% | 7.8% |
| 营收同比 | 4.1% | -3.5% |
| 净利润同比 | 3.4% | 15.1% |
| 每股收益（稀释后） | $1.07 | $2.54 |
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EMRLDOS
| Q1 26 | — | $4.2B | ||
| Q4 25 | $4.3B | $4.4B | ||
| Q3 25 | $4.9B | $4.2B | ||
| Q2 25 | $4.6B | $4.2B | ||
| Q1 25 | $4.4B | $4.3B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.6B | $4.2B | ||
| Q2 24 | $4.4B | $4.1B |
净利润EMRLDOS
| Q1 26 | — | $327.0M | ||
| Q4 25 | $605.0M | $367.0M | ||
| Q3 25 | $637.0M | $391.0M | ||
| Q2 25 | $586.0M | $363.0M | ||
| Q1 25 | $485.0M | $284.0M | ||
| Q4 24 | $585.0M | — | ||
| Q3 24 | $996.0M | $364.0M | ||
| Q2 24 | $329.0M | $322.0M |
毛利率EMRLDOS
| Q1 26 | — | 17.4% | ||
| Q4 25 | 53.2% | 18.0% | ||
| Q3 25 | 51.9% | 18.0% | ||
| Q2 25 | 52.6% | 17.5% | ||
| Q1 25 | 53.5% | 15.6% | ||
| Q4 24 | 53.5% | — | ||
| Q3 24 | 51.3% | 17.8% | ||
| Q2 24 | 52.8% | 16.6% |
营业利润率EMRLDOS
| Q1 26 | — | 11.3% | ||
| Q4 25 | 17.8% | 12.0% | ||
| Q3 25 | 16.4% | 13.5% | ||
| Q2 25 | 16.1% | 12.5% | ||
| Q1 25 | 14.2% | 9.7% | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 14.7% | 12.4% | ||
| Q2 24 | 10.4% | 11.6% |
净利率EMRLDOS
| Q1 26 | — | 7.8% | ||
| Q4 25 | 13.9% | 8.2% | ||
| Q3 25 | 13.1% | 9.2% | ||
| Q2 25 | 12.9% | 8.6% | ||
| Q1 25 | 10.9% | 6.5% | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 21.6% | 8.7% | ||
| Q2 24 | 7.5% | 7.8% |
每股收益（稀释后）EMRLDOS
| Q1 26 | — | $2.54 | ||
| Q4 25 | $1.07 | $2.82 | ||
| Q3 25 | $1.12 | $3.01 | ||
| Q2 25 | $1.04 | $2.77 | ||
| Q1 25 | $0.86 | $2.10 | ||
| Q4 24 | $1.02 | — | ||
| Q3 24 | $1.74 | $2.68 | ||
| Q2 24 | $0.57 | $2.37 |
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 | — | $1.1B |
| 总债务越低越好 | $7.6B | $4.6B |
| 股东权益账面价值 | $20.3B | $4.9B |
| 总资产 | $41.9B | $13.5B |
| 负债/权益比越低杠杆越低 | 0.37× | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资EMRLDOS
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $974.0M | ||
| Q3 25 | — | $930.0M | ||
| Q2 25 | — | $842.0M | ||
| Q1 25 | — | $943.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $823.0M |
总债务EMRLDOS
| Q1 26 | — | $4.6B | ||
| Q4 25 | $7.6B | $4.6B | ||
| Q3 25 | $8.9B | $5.0B | ||
| Q2 25 | $8.3B | $5.0B | ||
| Q1 25 | $8.2B | $4.1B | ||
| Q4 24 | $6.6B | — | ||
| Q3 24 | $7.7B | $4.1B | ||
| Q2 24 | $7.1B | $4.1B |
股东权益EMRLDOS
| Q1 26 | — | $4.9B | ||
| Q4 25 | $20.3B | $4.9B | ||
| Q3 25 | $20.3B | $4.7B | ||
| Q2 25 | $19.9B | $4.3B | ||
| Q1 25 | $19.2B | $4.4B | ||
| Q4 24 | $20.5B | — | ||
| Q3 24 | $21.6B | $4.6B | ||
| Q2 24 | $20.8B | $4.5B |
总资产EMRLDOS
| Q1 26 | — | $13.5B | ||
| Q4 25 | $41.9B | $13.5B | ||
| Q3 25 | $42.0B | $13.5B | ||
| Q2 25 | $42.5B | $13.2B | ||
| Q1 25 | $42.0B | $13.1B | ||
| Q4 24 | $42.6B | — | ||
| Q3 24 | $44.2B | $13.3B | ||
| Q2 24 | $45.6B | $12.9B |
负债/权益比EMRLDOS
| Q1 26 | — | 0.94× | ||
| Q4 25 | 0.37× | 0.94× | ||
| Q3 25 | 0.44× | 1.07× | ||
| Q2 25 | 0.42× | 1.18× | ||
| Q1 25 | 0.42× | 0.92× | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.36× | 0.88× | ||
| Q2 24 | 0.34× | 0.92× |
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 | $699.0M | $495.0M |
| 自由现金流经营现金流 - 资本支出 | $602.0M | $452.0M |
| 自由现金流率自由现金流/营收 | 13.9% | 10.8% |
| 资本支出强度资本支出/营收 | 2.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $4.4B | — |
8季度趋势，按日历期对齐
经营现金流EMRLDOS
| Q1 26 | — | $495.0M | ||
| Q4 25 | $699.0M | — | ||
| Q3 25 | $3.1B | $711.0M | ||
| Q2 25 | $1.1B | $58.0M | ||
| Q1 25 | $241.0M | $299.0M | ||
| Q4 24 | $777.0M | — | ||
| Q3 24 | $3.3B | $656.0M | ||
| Q2 24 | $1.1B | $374.0M |
自由现金流EMRLDOS
| Q1 26 | — | $452.0M | ||
| Q4 25 | $602.0M | — | ||
| Q3 25 | $2.7B | $680.0M | ||
| Q2 25 | $977.0M | $36.0M | ||
| Q1 25 | $154.0M | $213.0M | ||
| Q4 24 | $694.0M | — | ||
| Q3 24 | $2.9B | $633.0M | ||
| Q2 24 | $998.0M | $351.0M |
自由现金流率EMRLDOS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 13.9% | — | ||
| Q3 25 | 54.9% | 16.1% | ||
| Q2 25 | 21.5% | 0.9% | ||
| Q1 25 | 3.5% | 4.9% | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 63.1% | 15.2% | ||
| Q2 24 | 22.8% | 8.5% |
资本支出强度EMRLDOS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 2.2% | — | ||
| Q3 25 | 8.9% | 0.7% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 2.0% | 2.0% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 9.1% | 0.6% | ||
| Q2 24 | 2.1% | 0.6% |
现金转化率EMRLDOS
| Q1 26 | — | 1.51× | ||
| Q4 25 | 1.16× | — | ||
| Q3 25 | 4.86× | 1.82× | ||
| Q2 25 | 1.83× | 0.16× | ||
| Q1 25 | 0.50× | 1.05× | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 3.35× | 1.80× | ||
| Q2 24 | 3.31× | 1.16× |
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
EMR
| Other | $1.8B | 41% |
| Software And Systems | $1.0B | 24% |
| Intelligent Devices | $996.0M | 23% |
| Safety And Productivity | $503.0M | 12% |
LDOS
| US Do D And US Intelligence Community | $1.4B | 32% |
| Cost Reimbursement And Fixed Price Incentive Fee | $1.0B | 24% |
| Commercial And International Segment | $609.0M | 15% |
| Defense Systems Segment | $546.0M | 13% |
| Other | $358.0M | 9% |
| Time And Materials And Fixed Price Level Of Effort | $295.0M | 7% |
| Commercial And Non US Customers | $38.0M | 1% |
