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FEDERAL SIGNAL CORP（FSS）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
FEDERAL SIGNAL CORP的季度营收约是美世的1.3倍（$597.1M vs $449.5M），FEDERAL SIGNAL CORP净利率更高（10.2% vs -68.7%，领先78.9%），FEDERAL SIGNAL CORP同比增速更快（26.5% vs -8.0%），FEDERAL SIGNAL CORP自由现金流更多（$89.5M vs $32.0M），过去两年FEDERAL SIGNAL CORP的营收复合增速更高（18.5% vs -9.9%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
FSS vs MERC — 直观对比
营收规模更大
FSS
是对方的1.3倍
$449.5M
营收增速更快
FSS
高出34.5%
-8.0%
净利率更高
FSS
高出78.9%
-68.7%
自由现金流更多
FSS
多$57.5M
$32.0M
两年增速更快
FSS
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $449.5M |
| 净利润 | $60.8M | $-308.7M |
| 毛利率 | 28.4% | — |
| 营业利润率 | 14.0% | -62.0% |
| 净利率 | 10.2% | -68.7% |
| 营收同比 | 26.5% | -8.0% |
| 净利润同比 | 21.6% | -1947.7% |
| 每股收益（稀释后） | $0.99 | $-4.61 |
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FSSMERC
| Q4 25 | $597.1M | $449.5M | ||
| Q3 25 | $555.0M | $458.1M | ||
| Q2 25 | $564.6M | $453.5M | ||
| Q1 25 | $463.8M | $507.0M | ||
| Q4 24 | $472.0M | $488.4M | ||
| Q3 24 | $474.2M | $502.1M | ||
| Q2 24 | $490.4M | $499.4M | ||
| Q1 24 | $424.9M | $553.4M |
净利润FSSMERC
| Q4 25 | $60.8M | $-308.7M | ||
| Q3 25 | $68.1M | $-80.8M | ||
| Q2 25 | $71.4M | $-86.1M | ||
| Q1 25 | $46.3M | $-22.3M | ||
| Q4 24 | $50.0M | $16.7M | ||
| Q3 24 | $53.9M | $-17.6M | ||
| Q2 24 | $60.8M | $-67.6M | ||
| Q1 24 | $51.6M | $-16.7M |
毛利率FSSMERC
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 27.3% | — |
营业利润率FSSMERC
| Q4 25 | 14.0% | -62.0% | ||
| Q3 25 | 16.9% | -14.8% | ||
| Q2 25 | 17.3% | -12.9% | ||
| Q1 25 | 14.2% | 1.3% | ||
| Q4 24 | 14.9% | 10.3% | ||
| Q3 24 | 16.0% | 1.8% | ||
| Q2 24 | 16.5% | -8.8% | ||
| Q1 24 | 12.8% | -0.1% |
净利率FSSMERC
| Q4 25 | 10.2% | -68.7% | ||
| Q3 25 | 12.3% | -17.6% | ||
| Q2 25 | 12.6% | -19.0% | ||
| Q1 25 | 10.0% | -4.4% | ||
| Q4 24 | 10.6% | 3.4% | ||
| Q3 24 | 11.4% | -3.5% | ||
| Q2 24 | 12.4% | -13.5% | ||
| Q1 24 | 12.1% | -3.0% |
每股收益（稀释后）FSSMERC
| Q4 25 | $0.99 | $-4.61 | ||
| Q3 25 | $1.11 | $-1.21 | ||
| Q2 25 | $1.16 | $-1.29 | ||
| Q1 25 | $0.75 | $-0.33 | ||
| Q4 24 | $0.80 | $0.25 | ||
| Q3 24 | $0.87 | $-0.26 | ||
| Q2 24 | $0.99 | $-1.01 | ||
| Q1 24 | $0.84 | $-0.25 |
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 | $63.7M | $186.8M |
| 总债务越低越好 | $564.6M | $1.6B |
| 股东权益账面价值 | $1.4B | $68.1M |
| 总资产 | $2.4B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.41× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资FSSMERC
| Q4 25 | $63.7M | $186.8M | ||
| Q3 25 | $54.4M | $98.1M | ||
| Q2 25 | $64.7M | $146.5M | ||
| Q1 25 | $57.5M | $181.5M | ||
| Q4 24 | $91.1M | $184.9M | ||
| Q3 24 | $73.7M | $239.0M | ||
| Q2 24 | $48.6M | $263.2M | ||
| Q1 24 | $48.9M | $274.3M |
总债务FSSMERC
| Q4 25 | $564.6M | $1.6B | ||
| Q3 25 | $201.2M | $1.5B | ||
| Q2 25 | $258.3M | $1.5B | ||
| Q1 25 | $266.9M | $1.5B | ||
| Q4 24 | $204.4M | $1.5B | ||
| Q3 24 | $223.3M | $1.6B | ||
| Q2 24 | $248.8M | $1.6B | ||
| Q1 24 | $266.8M | $1.6B |
股东权益FSSMERC
| Q4 25 | $1.4B | $68.1M | ||
| Q3 25 | $1.3B | $359.5M | ||
| Q2 25 | $1.3B | $446.5M | ||
| Q1 25 | $1.2B | $437.4M | ||
| Q4 24 | $1.2B | $429.8M | ||
| Q3 24 | $1.1B | $516.8M | ||
| Q2 24 | $1.1B | $487.7M | ||
| Q1 24 | $1.0B | $573.6M |
总资产FSSMERC
| Q4 25 | $2.4B | $2.0B | ||
| Q3 25 | $1.9B | $2.3B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.7B | $2.5B | ||
| Q2 24 | $1.7B | $2.5B | ||
| Q1 24 | $1.7B | $2.6B |
负债/权益比FSSMERC
| Q4 25 | 0.41× | 23.58× | ||
| Q3 25 | 0.15× | 4.30× | ||
| Q2 25 | 0.20× | 3.42× | ||
| Q1 25 | 0.22× | 3.44× | ||
| Q4 24 | 0.17× | 3.43× | ||
| Q3 24 | 0.19× | 3.09× | ||
| Q2 24 | 0.23× | 3.22× | ||
| Q1 24 | 0.26× | 2.82× |
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 | $97.2M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $32.0M |
| 自由现金流率自由现金流/营收 | 15.0% | 7.1% |
| 资本支出强度资本支出/营收 | 1.3% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $227.1M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流FSSMERC
| Q4 25 | $97.2M | $46.2M | ||
| Q3 25 | $61.1M | $-30.1M | ||
| Q2 25 | $59.7M | $-4.5M | ||
| Q1 25 | $36.7M | $-3.0M | ||
| Q4 24 | $90.6M | $71.2M | ||
| Q3 24 | $68.8M | $-13.9M | ||
| Q2 24 | $40.6M | $62.2M | ||
| Q1 24 | $31.3M | $-29.2M |
自由现金流FSSMERC
| Q4 25 | $89.5M | $32.0M | ||
| Q3 25 | $54.1M | $-60.1M | ||
| Q2 25 | $52.4M | $-28.9M | ||
| Q1 25 | $31.1M | $-23.1M | ||
| Q4 24 | $82.1M | $50.4M | ||
| Q3 24 | $60.9M | $-41.2M | ||
| Q2 24 | $24.8M | $44.3M | ||
| Q1 24 | $22.9M | $-47.7M |
自由现金流率FSSMERC
| Q4 25 | 15.0% | 7.1% | ||
| Q3 25 | 9.7% | -13.1% | ||
| Q2 25 | 9.3% | -6.4% | ||
| Q1 25 | 6.7% | -4.6% | ||
| Q4 24 | 17.4% | 10.3% | ||
| Q3 24 | 12.8% | -8.2% | ||
| Q2 24 | 5.1% | 8.9% | ||
| Q1 24 | 5.4% | -8.6% |
资本支出强度FSSMERC
| Q4 25 | 1.3% | 3.1% | ||
| Q3 25 | 1.3% | 6.6% | ||
| Q2 25 | 1.3% | 5.4% | ||
| Q1 25 | 1.2% | 4.0% | ||
| Q4 24 | 1.8% | 4.2% | ||
| Q3 24 | 1.7% | 5.4% | ||
| Q2 24 | 3.2% | 3.6% | ||
| Q1 24 | 2.0% | 3.3% |
现金转化率FSSMERC
| Q4 25 | 1.60× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.81× | 4.26× | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | 0.61× | — |
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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
