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FEDERAL SIGNAL CORP（FSS）与天宝（TRMB）财务数据对比。点击上方公司名可切换其他公司
天宝的季度营收约是FEDERAL SIGNAL CORP的1.6倍（$969.8M vs $597.1M），天宝净利率更高（16.1% vs 10.2%，领先6.0%），FEDERAL SIGNAL CORP同比增速更快（26.5% vs -73.7%），天宝自由现金流更多（$360.9M vs $89.5M），过去两年FEDERAL SIGNAL CORP的营收复合增速更高（18.5% vs 0.9%）
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。
天宝（Trimble Inc.）是1978年成立的美国科技企业，总部位于科罗拉多州威斯敏斯特，于纳斯达克上市，为标普500成分股。公司面向建筑工程、地理空间测绘、交通物流等多个行业，提供软硬件产品及相关技术服务。
FSS vs TRMB — 直观对比
营收规模更大
TRMB
是对方的1.6倍
$597.1M
营收增速更快
FSS
高出100.2%
-73.7%
净利率更高
TRMB
高出6.0%
10.2%
自由现金流更多
TRMB
多$271.4M
$89.5M
两年增速更快
FSS
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $969.8M |
| 净利润 | $60.8M | $156.6M |
| 毛利率 | 28.4% | 72.0% |
| 营业利润率 | 14.0% | 22.3% |
| 净利率 | 10.2% | 16.1% |
| 营收同比 | 26.5% | -73.7% |
| 净利润同比 | 21.6% | 73.6% |
| 每股收益（稀释后） | $0.99 | $0.65 |
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FSSTRMB
| Q4 25 | $597.1M | $901.2M | ||
| Q3 25 | $555.0M | $875.7M | ||
| Q2 25 | $564.6M | $840.6M | ||
| Q1 25 | $463.8M | $983.4M | ||
| Q4 24 | $472.0M | — | ||
| Q3 24 | $474.2M | $875.8M | ||
| Q2 24 | $490.4M | $870.8M | ||
| Q1 24 | $424.9M | $953.3M |
净利润FSSTRMB
| Q4 25 | $60.8M | $111.5M | ||
| Q3 25 | $68.1M | $89.2M | ||
| Q2 25 | $71.4M | $66.7M | ||
| Q1 25 | $46.3M | $90.2M | ||
| Q4 24 | $50.0M | — | ||
| Q3 24 | $53.9M | $40.6M | ||
| Q2 24 | $60.8M | $1.3B | ||
| Q1 24 | $51.6M | $57.2M |
毛利率FSSTRMB
| Q4 25 | 28.4% | 68.9% | ||
| Q3 25 | 29.1% | 68.3% | ||
| Q2 25 | 30.0% | 66.7% | ||
| Q1 25 | 28.2% | 69.3% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | 65.7% | ||
| Q2 24 | 29.4% | 62.7% | ||
| Q1 24 | 27.3% | 62.3% |
营业利润率FSSTRMB
| Q4 25 | 14.0% | 16.7% | ||
| Q3 25 | 16.9% | 14.6% | ||
| Q2 25 | 17.3% | 11.6% | ||
| Q1 25 | 14.2% | 17.6% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | 16.0% | 13.3% | ||
| Q2 24 | 16.5% | 7.1% | ||
| Q1 24 | 12.8% | 11.5% |
净利率FSSTRMB
| Q4 25 | 10.2% | 12.4% | ||
| Q3 25 | 12.3% | 10.2% | ||
| Q2 25 | 12.6% | 7.9% | ||
| Q1 25 | 10.0% | 9.2% | ||
| Q4 24 | 10.6% | — | ||
| Q3 24 | 11.4% | 4.6% | ||
| Q2 24 | 12.4% | 151.2% | ||
| Q1 24 | 12.1% | 6.0% |
每股收益（稀释后）FSSTRMB
| Q4 25 | $0.99 | $0.46 | ||
| Q3 25 | $1.11 | $0.37 | ||
| Q2 25 | $1.16 | $0.27 | ||
| Q1 25 | $0.75 | $0.36 | ||
| Q4 24 | $0.80 | — | ||
| Q3 24 | $0.87 | $0.16 | ||
| Q2 24 | $0.99 | $5.34 | ||
| Q1 24 | $0.84 | $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 | $63.7M | $253.4M |
| 总债务越低越好 | $564.6M | $1.4B |
| 股东权益账面价值 | $1.4B | $5.8B |
| 总资产 | $2.4B | $9.3B |
| 负债/权益比越低杠杆越低 | 0.41× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资FSSTRMB
| Q4 25 | $63.7M | $232.7M | ||
| Q3 25 | $54.4M | $265.9M | ||
| Q2 25 | $64.7M | $290.0M | ||
| Q1 25 | $57.5M | $738.8M | ||
| Q4 24 | $91.1M | — | ||
| Q3 24 | $73.7M | $1.0B | ||
| Q2 24 | $48.6M | $944.1M | ||
| Q1 24 | $48.9M | $255.1M |
总债务FSSTRMB
| Q4 25 | $564.6M | $1.4B | ||
| Q3 25 | $201.2M | — | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $266.9M | $1.4B | ||
| Q4 24 | $204.4M | — | ||
| Q3 24 | $223.3M | — | ||
| Q2 24 | $248.8M | — | ||
| Q1 24 | $266.8M | — |
股东权益FSSTRMB
| Q4 25 | $1.4B | $5.8B | ||
| Q3 25 | $1.3B | $5.7B | ||
| Q2 25 | $1.3B | $5.4B | ||
| Q1 25 | $1.2B | $5.7B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | $5.9B | ||
| Q2 24 | $1.1B | $5.6B | ||
| Q1 24 | $1.0B | $4.3B |
总资产FSSTRMB
| Q4 25 | $2.4B | $9.0B | ||
| Q3 25 | $1.9B | $9.1B | ||
| Q2 25 | $1.9B | $8.9B | ||
| Q1 25 | $1.9B | $9.5B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.7B | $9.9B | ||
| Q2 24 | $1.7B | $9.6B | ||
| Q1 24 | $1.7B | $9.3B |
负债/权益比FSSTRMB
| Q4 25 | 0.41× | 0.24× | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | 0.24× | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.26× | — |
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 | $386.2M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $360.9M |
| 自由现金流率自由现金流/营收 | 15.0% | 37.2% |
| 资本支出强度资本支出/营收 | 1.3% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.60× | 2.47× |
| 过去12个月自由现金流最近4个季度 | $227.1M | — |
8季度趋势，按日历期对齐
经营现金流FSSTRMB
| Q4 25 | $97.2M | — | ||
| Q3 25 | $61.1M | $123.8M | ||
| Q2 25 | $59.7M | $155.6M | ||
| Q1 25 | $36.7M | $115.1M | ||
| Q4 24 | $90.6M | — | ||
| Q3 24 | $68.8M | $94.9M | ||
| Q2 24 | $40.6M | $87.6M | ||
| Q1 24 | $31.3M | $233.8M |
自由现金流FSSTRMB
| Q4 25 | $89.5M | — | ||
| Q3 25 | $54.1M | $116.6M | ||
| Q2 25 | $52.4M | $149.0M | ||
| Q1 25 | $31.1M | $109.0M | ||
| Q4 24 | $82.1M | — | ||
| Q3 24 | $60.9M | $88.5M | ||
| Q2 24 | $24.8M | $73.3M | ||
| Q1 24 | $22.9M | $227.0M |
自由现金流率FSSTRMB
| Q4 25 | 15.0% | — | ||
| Q3 25 | 9.7% | 13.3% | ||
| Q2 25 | 9.3% | 17.7% | ||
| Q1 25 | 6.7% | 11.1% | ||
| Q4 24 | 17.4% | — | ||
| Q3 24 | 12.8% | 10.1% | ||
| Q2 24 | 5.1% | 8.4% | ||
| Q1 24 | 5.4% | 23.8% |
资本支出强度FSSTRMB
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.3% | 0.8% | ||
| Q2 25 | 1.3% | 0.8% | ||
| Q1 25 | 1.2% | 0.6% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.7% | 0.7% | ||
| Q2 24 | 3.2% | 1.6% | ||
| Q1 24 | 2.0% | 0.7% |
现金转化率FSSTRMB
| Q4 25 | 1.60× | — | ||
| Q3 25 | 0.90× | 1.39× | ||
| Q2 25 | 0.84× | 2.33× | ||
| Q1 25 | 0.79× | 1.28× | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.28× | 2.34× | ||
| Q2 24 | 0.67× | 0.07× | ||
| Q1 24 | 0.61× | 4.09× |
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% |
TRMB
| Subscription and services | $701.5M | 72% |
| Product | $268.3M | 28% |
