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费森尤斯医疗（FMS）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
费森尤斯医疗的季度营收约是摩托罗拉解决方案的1.6倍（$5.5B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 7.9%，领先11.3%），摩托罗拉解决方案同比增速更快（12.3% vs -0.3%）
费森尤斯医疗是德国知名医疗保健企业，核心业务为肾脏透析服务，在全球运营4171家门诊透析中心，服务约34.54万名患者。公司主要为终末期肾病患者提供治疗服务，该类患者需终身每周接受3次透析治疗以维持生命。
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。
FMS vs MSI — 直观对比
营收规模更大
FMS
是对方的1.6倍
$3.4B
营收增速更快
MSI
高出12.6%
-0.3%
净利率更高
MSI
高出11.3%
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.4B |
| 净利润 | $434.2M | $649.0M |
| 毛利率 | 27.4% | 52.3% |
| 营业利润率 | 11.7% | 27.9% |
| 净利率 | 7.9% | 19.2% |
| 营收同比 | -0.3% | 12.3% |
| 净利润同比 | 240.4% | 6.2% |
| 每股收益（稀释后） | — | $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FMSMSI
| Q4 25 | $5.5B | $3.4B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $5.5B | $3.0B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.4B |
净利润FMSMSI
| Q4 25 | $434.2M | $649.0M | ||
| Q3 25 | — | $562.0M | ||
| Q2 25 | — | $513.0M | ||
| Q1 25 | — | $430.0M | ||
| Q4 24 | $127.6M | $611.0M | ||
| Q3 24 | — | $562.0M | ||
| Q2 24 | — | $443.0M | ||
| Q1 24 | — | $-39.0M |
毛利率FMSMSI
| Q4 25 | 27.4% | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | 25.0% | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率FMSMSI
| Q4 25 | 11.7% | 27.9% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | — | 25.0% | ||
| Q1 25 | — | 23.0% | ||
| Q4 24 | 5.1% | 27.0% | ||
| Q3 24 | — | 25.5% | ||
| Q2 24 | — | 24.5% | ||
| Q1 24 | — | 21.7% |
净利率FMSMSI
| Q4 25 | 7.9% | 19.2% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 18.6% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | 2.3% | 20.3% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 16.9% | ||
| Q1 24 | — | -1.6% |
每股收益（稀释后）FMSMSI
| Q4 25 | — | $3.85 | ||
| Q3 25 | — | $3.33 | ||
| Q2 25 | — | $3.04 | ||
| Q1 25 | — | $2.53 | ||
| Q4 24 | — | $3.57 | ||
| Q3 24 | — | $3.29 | ||
| Q2 24 | — | $2.60 | ||
| Q1 24 | — | $-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 | $1.7B | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $2.4B |
| 总资产 | $33.5B | $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FMSMSI
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | — | $894.0M | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.5B |
股东权益FMSMSI
| Q4 25 | $15.4B | $2.4B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $17.0B | $1.7B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $802.0M | ||
| Q1 24 | — | $521.0M |
总资产FMSMSI
| Q4 25 | $33.5B | $19.4B | ||
| Q3 25 | — | $18.8B | ||
| Q2 25 | — | $16.4B | ||
| Q1 25 | — | $14.4B | ||
| Q4 24 | $36.3B | $14.6B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.3B | ||
| Q1 24 | — | $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 | $2.9B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 33.8% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | 6.67× | 1.94× |
| 过去12个月自由现金流最近4个季度 | — | $2.6B |
8季度趋势，按日历期对齐
经营现金流FMSMSI
| Q4 25 | $2.9B | $1.3B | ||
| Q3 25 | — | $798.0M | ||
| Q2 25 | — | $273.0M | ||
| Q1 25 | — | $510.0M | ||
| Q4 24 | $2.6B | $1.1B | ||
| Q3 24 | — | $759.0M | ||
| Q2 24 | — | $180.0M | ||
| Q1 24 | — | $382.0M |
自由现金流FMSMSI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $732.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $473.0M | ||
| Q4 24 | — | $984.0M | ||
| Q3 24 | — | $702.0M | ||
| Q2 24 | — | $112.0M | ||
| Q1 24 | — | $336.0M |
自由现金流率FMSMSI
| Q4 25 | — | 33.8% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 14.1% |
资本支出强度FMSMSI
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率FMSMSI
| Q4 25 | 6.67× | 1.94× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | 20.20× | 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
FMS
暂无分部数据
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% |
