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艾默生（EMR）与奥驰亚（MO）财务数据对比。点击上方公司名可切换其他公司
奥驰亚的季度营收约是艾默生的1.3倍（$5.8B vs $4.3B），奥驰亚净利率更高（19.1% vs 13.9%，领先5.2%），艾默生同比增速更快（4.1% vs -2.1%），奥驰亚自由现金流更多（$3.2B vs $602.0M），过去两年奥驰亚的营收复合增速更高（2.4% 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。
奥驰亚集团是美国头部烟草企业，通过旗下子公司生产销售可燃烟草与口服类烟草相关产品，核心品牌包括万宝路香烟、Black & Mild雪茄及烟斗烟、哥本哈根、斯库尔等湿无烟烟草，以及on!口服尼古丁袋，产品主要供应批发商、分销商及大型零售客户。
EMR vs MO — 直观对比
营收规模更大
MO
是对方的1.3倍
$4.3B
营收增速更快
EMR
高出6.2%
-2.1%
净利率更高
MO
高出5.2%
13.9%
自由现金流更多
MO
多$2.6B
$602.0M
两年增速更快
MO
近两年复合增速
-0.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $5.8B |
| 净利润 | $605.0M | $1.1B |
| 毛利率 | 53.2% | 62.1% |
| 营业利润率 | 17.8% | 28.2% |
| 净利率 | 13.9% | 19.1% |
| 营收同比 | 4.1% | -2.1% |
| 净利润同比 | 3.4% | -63.2% |
| 每股收益（稀释后） | $1.07 | $0.67 |
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EMRMO
| Q4 25 | $4.3B | $5.8B | ||
| Q3 25 | $4.9B | $6.1B | ||
| Q2 25 | $4.6B | $6.1B | ||
| Q1 25 | $4.4B | $5.3B | ||
| Q4 24 | $4.2B | $6.0B | ||
| Q3 24 | $4.6B | $6.3B | ||
| Q2 24 | $4.4B | $6.2B | ||
| Q1 24 | $4.4B | $5.6B |
净利润EMRMO
| Q4 25 | $605.0M | $1.1B | ||
| Q3 25 | $637.0M | $2.4B | ||
| Q2 25 | $586.0M | $2.4B | ||
| Q1 25 | $485.0M | $1.1B | ||
| Q4 24 | $585.0M | $3.0B | ||
| Q3 24 | $996.0M | $2.3B | ||
| Q2 24 | $329.0M | $3.8B | ||
| Q1 24 | $501.0M | $2.1B |
毛利率EMRMO
| Q4 25 | 53.2% | 62.1% | ||
| Q3 25 | 51.9% | 62.8% | ||
| Q2 25 | 52.6% | 63.1% | ||
| Q1 25 | 53.5% | 61.8% | ||
| Q4 24 | 53.5% | 60.3% | ||
| Q3 24 | 51.3% | 60.8% | ||
| Q2 24 | 52.8% | 59.2% | ||
| Q1 24 | 52.2% | 58.8% |
营业利润率EMRMO
| Q4 25 | 17.8% | 28.2% | ||
| Q3 25 | 16.4% | 53.2% | ||
| Q2 25 | 16.1% | 52.9% | ||
| Q1 25 | 14.2% | 34.0% | ||
| Q4 24 | 18.6% | 48.2% | ||
| Q3 24 | 14.7% | 50.4% | ||
| Q2 24 | 10.4% | 40.8% | ||
| Q1 24 | 16.2% | 48.0% |
净利率EMRMO
| Q4 25 | 13.9% | 19.1% | ||
| Q3 25 | 13.1% | 39.1% | ||
| Q2 25 | 12.9% | 39.0% | ||
| Q1 25 | 10.9% | 20.5% | ||
| Q4 24 | 14.0% | 50.9% | ||
| Q3 24 | 21.6% | 36.6% | ||
| Q2 24 | 7.5% | 61.2% | ||
| Q1 24 | 11.4% | 38.2% |
每股收益（稀释后）EMRMO
| Q4 25 | $1.07 | $0.67 | ||
| Q3 25 | $1.12 | $1.41 | ||
| Q2 25 | $1.04 | $1.41 | ||
| Q1 25 | $0.86 | $0.63 | ||
| Q4 24 | $1.02 | $1.78 | ||
| Q3 24 | $1.74 | $1.34 | ||
| Q2 24 | $0.57 | $2.21 | ||
| Q1 24 | $0.87 | $1.21 |
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 | — | $4.5B |
| 总债务越低越好 | $7.6B | $25.7B |
| 股东权益账面价值 | $20.3B | $-3.5B |
| 总资产 | $41.9B | $35.0B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
现金及短期投资EMRMO
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $3.6B |
总债务EMRMO
| Q4 25 | $7.6B | $25.7B | ||
| Q3 25 | $8.9B | $25.7B | ||
| Q2 25 | $8.3B | $24.7B | ||
| Q1 25 | $8.2B | $26.1B | ||
| Q4 24 | $6.6B | $24.9B | ||
| Q3 24 | $7.7B | $25.2B | ||
| Q2 24 | $7.1B | $25.0B | ||
| Q1 24 | $7.6B | $25.0B |
股东权益EMRMO
| Q4 25 | $20.3B | $-3.5B | ||
| Q3 25 | $20.3B | $-2.6B | ||
| Q2 25 | $19.9B | $-3.3B | ||
| Q1 25 | $19.2B | $-3.5B | ||
| Q4 24 | $20.5B | $-2.2B | ||
| Q3 24 | $21.6B | $-3.5B | ||
| Q2 24 | $20.8B | $-3.0B | ||
| Q1 24 | $20.9B | $-5.1B |
总资产EMRMO
| Q4 25 | $41.9B | $35.0B | ||
| Q3 25 | $42.0B | $35.0B | ||
| Q2 25 | $42.5B | $32.3B | ||
| Q1 25 | $42.0B | $35.8B | ||
| Q4 24 | $42.6B | $35.2B | ||
| Q3 24 | $44.2B | $34.2B | ||
| Q2 24 | $45.6B | $34.4B | ||
| Q1 24 | $46.4B | $36.5B |
负债/权益比EMRMO
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.44× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.36× | — |
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 | $3.3B |
| 自由现金流经营现金流 - 资本支出 | $602.0M | $3.2B |
| 自由现金流率自由现金流/营收 | 13.9% | 54.4% |
| 资本支出强度资本支出/营收 | 2.2% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.16× | 2.93× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $9.1B |
8季度趋势，按日历期对齐
经营现金流EMRMO
| Q4 25 | $699.0M | $3.3B | ||
| Q3 25 | $3.1B | $3.1B | ||
| Q2 25 | $1.1B | $205.0M | ||
| Q1 25 | $241.0M | $2.7B | ||
| Q4 24 | $777.0M | $3.3B | ||
| Q3 24 | $3.3B | $2.6B | ||
| Q2 24 | $1.1B | $-75.0M | ||
| Q1 24 | $743.0M | $2.9B |
自由现金流EMRMO
| Q4 25 | $602.0M | $3.2B | ||
| Q3 25 | $2.7B | $3.0B | ||
| Q2 25 | $977.0M | $173.0M | ||
| Q1 25 | $154.0M | $2.7B | ||
| Q4 24 | $694.0M | $3.3B | ||
| Q3 24 | $2.9B | $2.6B | ||
| Q2 24 | $998.0M | $-104.0M | ||
| Q1 24 | $661.0M | $2.8B |
自由现金流率EMRMO
| Q4 25 | 13.9% | 54.4% | ||
| Q3 25 | 54.9% | 50.1% | ||
| Q2 25 | 21.5% | 2.8% | ||
| Q1 25 | 3.5% | 51.0% | ||
| Q4 24 | 16.6% | 55.1% | ||
| Q3 24 | 63.1% | 41.2% | ||
| Q2 24 | 22.8% | -1.7% | ||
| Q1 24 | 15.1% | 51.0% |
资本支出强度EMRMO
| Q4 25 | 2.2% | 1.6% | ||
| Q3 25 | 8.9% | 0.9% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 2.0% | 0.8% | ||
| Q3 24 | 9.1% | 0.5% | ||
| Q2 24 | 2.1% | 0.5% | ||
| Q1 24 | 1.9% | 0.6% |
现金转化率EMRMO
| Q4 25 | 1.16× | 2.93× | ||
| Q3 25 | 4.86× | 1.30× | ||
| Q2 25 | 1.83× | 0.09× | ||
| Q1 25 | 0.50× | 2.53× | ||
| Q4 24 | 1.33× | 1.10× | ||
| Q3 24 | 3.35× | 1.14× | ||
| Q2 24 | 3.31× | -0.02× | ||
| Q1 24 | 1.48× | 1.35× |
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% |
MO
| Smokeable Products Segment | $5.1B | 88% |
| Oral Tobacco Segment | $706.0M | 12% |
