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通用电气医疗（GEHC）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
通用电气医疗的季度营收约是摩托罗拉解决方案的1.7倍（$5.7B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 10.3%，领先8.9%），摩托罗拉解决方案同比增速更快（12.3% vs 7.1%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 10.7%）
通用电气医疗是总部位于美国伊利诺伊州芝加哥的医疗科技企业，旗下设四大业务板块：医学影像（含分子成像、CT、核磁共振、女性健康筛查、X射线系统）、超声、患者护理解决方案（聚焦远程患者监测、麻醉呼吸护理、心脏病诊断、婴幼儿照护）及制药诊断业务。
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。
GEHC vs MSI — 直观对比
营收规模更大
GEHC
是对方的1.7倍
$3.4B
营收增速更快
MSI
高出5.2%
7.1%
净利率更高
MSI
高出8.9%
10.3%
两年增速更快
MSI
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $3.4B |
| 净利润 | $588.0M | $649.0M |
| 毛利率 | 39.7% | 52.3% |
| 营业利润率 | 14.5% | 27.9% |
| 净利率 | 10.3% | 19.2% |
| 营收同比 | 7.1% | 12.3% |
| 净利润同比 | -18.4% | 6.2% |
| 每股收益（稀释后） | $1.28 | $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GEHCMSI
| Q4 25 | $5.7B | $3.4B | ||
| Q3 25 | $5.1B | $3.0B | ||
| Q2 25 | $5.0B | $2.8B | ||
| Q1 25 | $4.8B | $2.5B | ||
| Q4 24 | $5.3B | $3.0B | ||
| Q3 24 | $4.9B | $2.8B | ||
| Q2 24 | $4.8B | $2.6B | ||
| Q1 24 | $4.7B | $2.4B |
净利润GEHCMSI
| Q4 25 | $588.0M | $649.0M | ||
| Q3 25 | $446.0M | $562.0M | ||
| Q2 25 | $486.0M | $513.0M | ||
| Q1 25 | $564.0M | $430.0M | ||
| Q4 24 | $721.0M | $611.0M | ||
| Q3 24 | $470.0M | $562.0M | ||
| Q2 24 | $428.0M | $443.0M | ||
| Q1 24 | $374.0M | $-39.0M |
毛利率GEHCMSI
| Q4 25 | 39.7% | 52.3% | ||
| Q3 25 | 38.7% | 51.6% | ||
| Q2 25 | 39.6% | 51.1% | ||
| Q1 25 | 42.1% | 51.4% | ||
| Q4 24 | 42.8% | 51.4% | ||
| Q3 24 | 41.7% | 51.4% | ||
| Q2 24 | 41.4% | 51.0% | ||
| Q1 24 | 40.9% | 49.9% |
营业利润率GEHCMSI
| Q4 25 | 14.5% | 27.9% | ||
| Q3 25 | 12.7% | 25.6% | ||
| Q2 25 | 13.1% | 25.0% | ||
| Q1 25 | 13.2% | 23.0% | ||
| Q4 24 | 15.1% | 27.0% | ||
| Q3 24 | 13.9% | 25.5% | ||
| Q2 24 | 12.6% | 24.5% | ||
| Q1 24 | 11.6% | 21.7% |
净利率GEHCMSI
| Q4 25 | 10.3% | 19.2% | ||
| Q3 25 | 8.7% | 18.7% | ||
| Q2 25 | 9.7% | 18.6% | ||
| Q1 25 | 11.8% | 17.0% | ||
| Q4 24 | 13.6% | 20.3% | ||
| Q3 24 | 9.7% | 20.1% | ||
| Q2 24 | 8.8% | 16.9% | ||
| Q1 24 | 8.0% | -1.6% |
每股收益（稀释后）GEHCMSI
| Q4 25 | $1.28 | $3.85 | ||
| Q3 25 | $0.98 | $3.33 | ||
| Q2 25 | $1.06 | $3.04 | ||
| Q1 25 | $1.23 | $2.53 | ||
| Q4 24 | $1.58 | $3.57 | ||
| Q3 24 | $1.02 | $3.29 | ||
| Q2 24 | $0.93 | $2.60 | ||
| Q1 24 | $0.81 | $-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 | $4.5B | $1.2B |
| 总债务越低越好 | $10.0B | — |
| 股东权益账面价值 | $10.4B | $2.4B |
| 总资产 | $36.9B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.96× | — |
8季度趋势，按日历期对齐
现金及短期投资GEHCMSI
| Q4 25 | $4.5B | $1.2B | ||
| Q3 25 | $4.0B | $894.0M | ||
| Q2 25 | $3.7B | $3.2B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.9B | $2.1B | ||
| Q3 24 | $3.5B | $1.4B | ||
| Q2 24 | $2.0B | $1.4B | ||
| Q1 24 | $2.6B | $1.5B |
总债务GEHCMSI
| Q4 25 | $10.0B | — | ||
| Q3 25 | $10.3B | — | ||
| Q2 25 | $10.3B | — | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $9.0B | — | ||
| Q3 24 | $10.3B | — | ||
| Q2 24 | $9.2B | — | ||
| Q1 24 | $9.3B | — |
股东权益GEHCMSI
| Q4 25 | $10.4B | $2.4B | ||
| Q3 25 | $10.0B | $2.3B | ||
| Q2 25 | $9.7B | $2.0B | ||
| Q1 25 | $9.2B | $1.6B | ||
| Q4 24 | $8.4B | $1.7B | ||
| Q3 24 | $8.3B | $1.3B | ||
| Q2 24 | $7.8B | $802.0M | ||
| Q1 24 | $7.4B | $521.0M |
总资产GEHCMSI
| Q4 25 | $36.9B | $19.4B | ||
| Q3 25 | $36.1B | $18.8B | ||
| Q2 25 | $35.5B | $16.4B | ||
| Q1 25 | $33.6B | $14.4B | ||
| Q4 24 | $33.1B | $14.6B | ||
| Q3 24 | $33.9B | $13.9B | ||
| Q2 24 | $31.9B | $13.3B | ||
| Q1 24 | $32.2B | $13.3B |
负债/权益比GEHCMSI
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.06× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 1.24× | — | ||
| Q2 24 | 1.18× | — | ||
| Q1 24 | 1.25× | — |
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 | — | $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 | 2.4% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 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GEHCMSI
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $798.0M | ||
| Q2 25 | $94.0M | $273.0M | ||
| Q1 25 | $250.0M | $510.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $759.0M | ||
| Q2 24 | $-119.0M | $180.0M | ||
| Q1 24 | $419.0M | $382.0M |
自由现金流GEHCMSI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $732.0M | ||
| Q2 25 | $8.0M | $225.0M | ||
| Q1 25 | $98.0M | $473.0M | ||
| Q4 24 | — | $984.0M | ||
| Q3 24 | — | $702.0M | ||
| Q2 24 | $-183.0M | $112.0M | ||
| Q1 24 | $274.0M | $336.0M |
自由现金流率GEHCMSI
| Q4 25 | — | 33.8% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | 0.2% | 8.1% | ||
| Q1 25 | 2.1% | 18.7% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | -3.8% | 4.3% | ||
| Q1 24 | 5.9% | 14.1% |
资本支出强度GEHCMSI
| Q4 25 | 2.4% | 3.4% | ||
| Q3 25 | 2.1% | 2.2% | ||
| Q2 25 | 1.7% | 1.7% | ||
| Q1 25 | 3.2% | 1.5% | ||
| Q4 24 | 1.9% | 2.9% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 1.3% | 2.6% | ||
| Q1 24 | 3.1% | 1.9% |
现金转化率GEHCMSI
| Q4 25 | — | 1.94× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | 0.19× | 0.53× | ||
| Q1 25 | 0.44× | 1.19× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | -0.28× | 0.41× | ||
| Q1 24 | 1.12× | — |
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
GEHC
| Imaging Segment | $2.6B | 45% |
| PCS Segment | $824.0M | 14% |
| P Dx Segment | $790.0M | 14% |
| Specialized Ultrasound Subsegment | $735.0M | 13% |
| Monitoring Solutions Subsegment | $578.0M | 10% |
| Life Support Solutions Subsegment | $247.0M | 4% |
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% |
