vs
Expand Energy（EXE）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Expand Energy的1.0倍（$3.4B vs $3.3B），摩托罗拉解决方案净利率更高（19.2% vs 16.9%，领先2.3%），Expand Energy同比增速更快（63.5% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $215.0M），过去两年Expand Energy的营收复合增速更高（29.6% vs 18.9%）
Expand Energy是按净日产量统计的美国最大独立天然气生产商，总部位于俄克拉荷马城，运营范围覆盖宾夕法尼亚州、西弗吉尼亚州境内马塞勒斯地层的阿巴拉契亚盆地，以及路易斯安那州西北部的海恩斯维尔页岩区块。
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。
EXE vs MSI — 直观对比
营收规模更大
MSI
是对方的1.0倍
$3.3B
营收增速更快
EXE
高出51.2%
12.3%
净利率更高
MSI
高出2.3%
16.9%
自由现金流更多
MSI
多$927.0M
$215.0M
两年增速更快
EXE
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.4B |
| 净利润 | $553.0M | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 22.8% | 27.9% |
| 净利率 | 16.9% | 19.2% |
| 营收同比 | 63.5% | 12.3% |
| 净利润同比 | 238.6% | 6.2% |
| 每股收益（稀释后） | $2.33 | $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EXEMSI
| Q4 25 | $3.3B | $3.4B | ||
| Q3 25 | $3.0B | $3.0B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $2.2B | $2.5B | ||
| Q4 24 | $2.0B | $3.0B | ||
| Q3 24 | $648.0M | $2.8B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | $1.1B | $2.4B |
净利润EXEMSI
| Q4 25 | $553.0M | $649.0M | ||
| Q3 25 | $547.0M | $562.0M | ||
| Q2 25 | $968.0M | $513.0M | ||
| Q1 25 | $-249.0M | $430.0M | ||
| Q4 24 | $-399.0M | $611.0M | ||
| Q3 24 | $-114.0M | $562.0M | ||
| Q2 24 | — | $443.0M | ||
| Q1 24 | $26.0M | $-39.0M |
毛利率EXEMSI
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率EXEMSI
| Q4 25 | 22.8% | 27.9% | ||
| Q3 25 | 24.4% | 25.6% | ||
| Q2 25 | 34.4% | 25.0% | ||
| Q1 25 | -12.2% | 23.0% | ||
| Q4 24 | -19.3% | 27.0% | ||
| Q3 24 | -23.9% | 25.5% | ||
| Q2 24 | — | 24.5% | ||
| Q1 24 | 3.0% | 21.7% |
净利率EXEMSI
| Q4 25 | 16.9% | 19.2% | ||
| Q3 25 | 18.4% | 18.7% | ||
| Q2 25 | 26.2% | 18.6% | ||
| Q1 25 | -11.3% | 17.0% | ||
| Q4 24 | -19.9% | 20.3% | ||
| Q3 24 | -17.6% | 20.1% | ||
| Q2 24 | — | 16.9% | ||
| Q1 24 | 2.4% | -1.6% |
每股收益（稀释后）EXEMSI
| Q4 25 | $2.33 | $3.85 | ||
| Q3 25 | $2.28 | $3.33 | ||
| Q2 25 | $4.02 | $3.04 | ||
| Q1 25 | $-1.06 | $2.53 | ||
| Q4 24 | $-2.15 | $3.57 | ||
| Q3 24 | $-0.85 | $3.29 | ||
| Q2 24 | — | $2.60 | ||
| Q1 24 | $0.18 | $-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 | $616.0M | $1.2B |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $18.6B | $2.4B |
| 总资产 | $28.3B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资EXEMSI
| Q4 25 | $616.0M | $1.2B | ||
| Q3 25 | $613.0M | $894.0M | ||
| Q2 25 | $731.0M | $3.2B | ||
| Q1 25 | $349.0M | $1.6B | ||
| Q4 24 | $317.0M | $2.1B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | $1.2B | $1.5B |
总债务EXEMSI
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益EXEMSI
| Q4 25 | $18.6B | $2.4B | ||
| Q3 25 | $18.1B | $2.3B | ||
| Q2 25 | $17.9B | $2.0B | ||
| Q1 25 | $17.2B | $1.6B | ||
| Q4 24 | $17.6B | $1.7B | ||
| Q3 24 | $10.2B | $1.3B | ||
| Q2 24 | — | $802.0M | ||
| Q1 24 | $10.7B | $521.0M |
总资产EXEMSI
| Q4 25 | $28.3B | $19.4B | ||
| Q3 25 | $27.6B | $18.8B | ||
| Q2 25 | $27.8B | $16.4B | ||
| Q1 25 | $27.9B | $14.4B | ||
| Q4 24 | $27.9B | $14.6B | ||
| Q3 24 | $13.4B | $13.9B | ||
| Q2 24 | — | $13.3B | ||
| Q1 24 | $14.0B | $13.3B |
负债/权益比EXEMSI
| Q4 25 | 0.27× | — | ||
| Q3 25 | 0.28× | — | ||
| Q2 25 | 0.29× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $956.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $215.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 6.6% | 33.8% |
| 资本支出强度资本支出/营收 | 22.6% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.73× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $2.6B |
8季度趋势，按日历期对齐
经营现金流EXEMSI
| Q4 25 | $956.0M | $1.3B | ||
| Q3 25 | $1.2B | $798.0M | ||
| Q2 25 | $1.3B | $273.0M | ||
| Q1 25 | $1.1B | $510.0M | ||
| Q4 24 | $382.0M | $1.1B | ||
| Q3 24 | $422.0M | $759.0M | ||
| Q2 24 | — | $180.0M | ||
| Q1 24 | $552.0M | $382.0M |
自由现金流EXEMSI
| Q4 25 | $215.0M | $1.1B | ||
| Q3 25 | $426.0M | $732.0M | ||
| Q2 25 | $665.0M | $225.0M | ||
| Q1 25 | $533.0M | $473.0M | ||
| Q4 24 | $-154.0M | $984.0M | ||
| Q3 24 | $124.0M | $702.0M | ||
| Q2 24 | — | $112.0M | ||
| Q1 24 | $131.0M | $336.0M |
自由现金流率EXEMSI
| Q4 25 | 6.6% | 33.8% | ||
| Q3 25 | 14.4% | 24.3% | ||
| Q2 25 | 18.0% | 8.1% | ||
| Q1 25 | 24.3% | 18.7% | ||
| Q4 24 | -7.7% | 32.7% | ||
| Q3 24 | 19.1% | 25.2% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | 12.1% | 14.1% |
资本支出强度EXEMSI
| Q4 25 | 22.6% | 3.4% | ||
| Q3 25 | 26.1% | 2.2% | ||
| Q2 25 | 17.8% | 1.7% | ||
| Q1 25 | 25.6% | 1.5% | ||
| Q4 24 | 26.8% | 2.9% | ||
| Q3 24 | 46.0% | 2.0% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | 38.9% | 1.9% |
现金转化率EXEMSI
| Q4 25 | 1.73× | 1.94× | ||
| Q3 25 | 2.20× | 1.42× | ||
| Q2 25 | 1.37× | 0.53× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | 0.41× | ||
| Q1 24 | 21.23× | — |
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
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 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% |
