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康宁（GLW）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
康宁的季度营收约是摩托罗拉解决方案的1.2倍（$4.2B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 12.8%，领先6.4%），康宁同比增速更快（20.4% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $620.0M），过去两年康宁的营收复合增速更高（19.0% vs 18.9%）
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
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。
GLW vs MSI — 直观对比
营收规模更大
GLW
是对方的1.2倍
$3.4B
营收增速更快
GLW
高出8.1%
12.3%
净利率更高
MSI
高出6.4%
12.8%
自由现金流更多
MSI
多$522.0M
$620.0M
两年增速更快
GLW
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $3.4B |
| 净利润 | $540.0M | $649.0M |
| 毛利率 | 35.5% | 52.3% |
| 营业利润率 | 15.9% | 27.9% |
| 净利率 | 12.8% | 19.2% |
| 营收同比 | 20.4% | 12.3% |
| 净利润同比 | 74.2% | 6.2% |
| 每股收益（稀释后） | $0.61 | $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GLWMSI
| Q4 25 | $4.2B | $3.4B | ||
| Q3 25 | $4.1B | $3.0B | ||
| Q2 25 | $3.9B | $2.8B | ||
| Q1 25 | $3.5B | $2.5B | ||
| Q4 24 | $3.5B | $3.0B | ||
| Q3 24 | $3.4B | $2.8B | ||
| Q2 24 | $3.3B | $2.6B | ||
| Q1 24 | $3.0B | $2.4B |
净利润GLWMSI
| Q4 25 | $540.0M | $649.0M | ||
| Q3 25 | $430.0M | $562.0M | ||
| Q2 25 | $469.0M | $513.0M | ||
| Q1 25 | $157.0M | $430.0M | ||
| Q4 24 | $310.0M | $611.0M | ||
| Q3 24 | $-117.0M | $562.0M | ||
| Q2 24 | $104.0M | $443.0M | ||
| Q1 24 | $209.0M | $-39.0M |
毛利率GLWMSI
| Q4 25 | 35.5% | 52.3% | ||
| Q3 25 | 37.1% | 51.6% | ||
| Q2 25 | 36.0% | 51.1% | ||
| Q1 25 | 35.2% | 51.4% | ||
| Q4 24 | 34.2% | 51.4% | ||
| Q3 24 | 33.5% | 51.4% | ||
| Q2 24 | 29.2% | 51.0% | ||
| Q1 24 | 33.4% | 49.9% |
营业利润率GLWMSI
| Q4 25 | 15.9% | 27.9% | ||
| Q3 25 | 14.4% | 25.6% | ||
| Q2 25 | 14.8% | 25.0% | ||
| Q1 25 | 12.9% | 23.0% | ||
| Q4 24 | 11.2% | 27.0% | ||
| Q3 24 | 8.9% | 25.5% | ||
| Q2 24 | 5.7% | 24.5% | ||
| Q1 24 | 8.5% | 21.7% |
净利率GLWMSI
| Q4 25 | 12.8% | 19.2% | ||
| Q3 25 | 10.5% | 18.7% | ||
| Q2 25 | 12.1% | 18.6% | ||
| Q1 25 | 4.5% | 17.0% | ||
| Q4 24 | 8.9% | 20.3% | ||
| Q3 24 | -3.5% | 20.1% | ||
| Q2 24 | 3.2% | 16.9% | ||
| Q1 24 | 7.0% | -1.6% |
每股收益（稀释后）GLWMSI
| Q4 25 | $0.61 | $3.85 | ||
| Q3 25 | $0.50 | $3.33 | ||
| Q2 25 | $0.54 | $3.04 | ||
| Q1 25 | $0.18 | $2.53 | ||
| Q4 24 | $0.36 | $3.57 | ||
| Q3 24 | $-0.14 | $3.29 | ||
| Q2 24 | $0.12 | $2.60 | ||
| Q1 24 | $0.24 | $-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 | $1.5B | $1.2B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $11.8B | $2.4B |
| 总资产 | $31.0B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.65× | — |
8季度趋势，按日历期对齐
现金及短期投资GLWMSI
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | — | $894.0M | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.5B |
总债务GLWMSI
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.4B | — | ||
| Q2 25 | $6.7B | — | ||
| Q1 25 | $7.0B | — | ||
| Q4 24 | $6.9B | — | ||
| Q3 24 | $7.1B | — | ||
| Q2 24 | $6.9B | — | ||
| Q1 24 | $7.0B | — |
股东权益GLWMSI
| Q4 25 | $11.8B | $2.4B | ||
| Q3 25 | $11.5B | $2.3B | ||
| Q2 25 | $11.1B | $2.0B | ||
| Q1 25 | $10.7B | $1.6B | ||
| Q4 24 | $10.7B | $1.7B | ||
| Q3 24 | $11.1B | $1.3B | ||
| Q2 24 | $10.6B | $802.0M | ||
| Q1 24 | $11.2B | $521.0M |
总资产GLWMSI
| Q4 25 | $31.0B | $19.4B | ||
| Q3 25 | $29.9B | $18.8B | ||
| Q2 25 | $28.7B | $16.4B | ||
| Q1 25 | $27.4B | $14.4B | ||
| Q4 24 | $27.7B | $14.6B | ||
| Q3 24 | $28.3B | $13.9B | ||
| Q2 24 | $27.2B | $13.3B | ||
| Q1 24 | $27.6B | $13.3B |
负债/权益比GLWMSI
| Q4 25 | 0.65× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 0.63× | — |
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 | $1.1B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $620.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 14.7% | 33.8% |
| 资本支出强度资本支出/营收 | 10.2% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.95× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $2.6B |
8季度趋势，按日历期对齐
经营现金流GLWMSI
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $784.0M | $798.0M | ||
| Q2 25 | $708.0M | $273.0M | ||
| Q1 25 | $151.0M | $510.0M | ||
| Q4 24 | $623.0M | $1.1B | ||
| Q3 24 | $699.0M | $759.0M | ||
| Q2 24 | $521.0M | $180.0M | ||
| Q1 24 | $96.0M | $382.0M |
自由现金流GLWMSI
| Q4 25 | $620.0M | $1.1B | ||
| Q3 25 | $450.0M | $732.0M | ||
| Q2 25 | $400.0M | $225.0M | ||
| Q1 25 | $-57.0M | $473.0M | ||
| Q4 24 | $369.0M | $984.0M | ||
| Q3 24 | $482.0M | $702.0M | ||
| Q2 24 | $279.0M | $112.0M | ||
| Q1 24 | $-156.0M | $336.0M |
自由现金流率GLWMSI
| Q4 25 | 14.7% | 33.8% | ||
| Q3 25 | 11.0% | 24.3% | ||
| Q2 25 | 10.4% | 8.1% | ||
| Q1 25 | -1.7% | 18.7% | ||
| Q4 24 | 10.5% | 32.7% | ||
| Q3 24 | 14.2% | 25.2% | ||
| Q2 24 | 8.6% | 4.3% | ||
| Q1 24 | -5.2% | 14.1% |
资本支出强度GLWMSI
| Q4 25 | 10.2% | 3.4% | ||
| Q3 25 | 8.1% | 2.2% | ||
| Q2 25 | 8.0% | 1.7% | ||
| Q1 25 | 6.0% | 1.5% | ||
| Q4 24 | 7.3% | 2.9% | ||
| Q3 24 | 6.4% | 2.0% | ||
| Q2 24 | 7.4% | 2.6% | ||
| Q1 24 | 8.5% | 1.9% |
现金转化率GLWMSI
| Q4 25 | 1.95× | 1.94× | ||
| Q3 25 | 1.82× | 1.42× | ||
| Q2 25 | 1.51× | 0.53× | ||
| Q1 25 | 0.96× | 1.19× | ||
| Q4 24 | 2.01× | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 5.01× | 0.41× | ||
| Q1 24 | 0.46× | — |
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
GLW
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% |
