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伯克希尔·哈撒韦（HEI）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是伯克希尔·哈撒韦的5.0倍（$6.0B vs $1.2B）。伯克希尔·哈撒韦净利率更高（15.6% vs 10.8%，领先4.7%）。伯克希尔·哈撒韦同比增速更快（19.3% vs 1.3%）。3M自由现金流更多（$2.0B vs $268.5M）。过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs -1.8%）
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
HEI vs MMM — 直观对比
营收规模更大
MMM
是对方的5.0倍
$1.2B
营收增速更快
HEI
高出18.0%
1.3%
净利率更高
HEI
高出4.7%
10.8%
自由现金流更多
MMM
多$1.8B
$268.5M
两年增速更快
HEI
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $6.0B |
| 净利润 | $188.3M | $653.0M |
| 毛利率 | 40.2% | 40.7% |
| 营业利润率 | 23.1% | 23.2% |
| 净利率 | 15.6% | 10.8% |
| 营收同比 | 19.3% | 1.3% |
| 净利润同比 | 34.8% | -41.5% |
| 每股收益（稀释后） | $1.32 | $1.23 |
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HEIMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $1.2B | $6.1B | ||
| Q3 25 | $1.1B | $6.5B | ||
| Q2 25 | $1.1B | $6.3B | ||
| Q1 25 | $1.0B | $6.0B | ||
| Q4 24 | $1.0B | $6.0B | ||
| Q3 24 | $992.2M | $6.3B | ||
| Q2 24 | $955.4M | $6.3B |
净利润HEIMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $188.3M | $577.0M | ||
| Q3 25 | $177.3M | $834.0M | ||
| Q2 25 | $156.8M | $723.0M | ||
| Q1 25 | $168.0M | $1.1B | ||
| Q4 24 | $139.7M | $728.0M | ||
| Q3 24 | $136.6M | $1.4B | ||
| Q2 24 | $123.1M | $1.1B |
毛利率HEIMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 40.2% | 33.6% | ||
| Q3 25 | 39.8% | 41.8% | ||
| Q2 25 | 39.9% | 42.5% | ||
| Q1 25 | 39.4% | 41.6% | ||
| Q4 24 | 38.9% | 51.7% | ||
| Q3 24 | 39.2% | 42.1% | ||
| Q2 24 | 38.9% | 42.9% |
营业利润率HEIMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 23.1% | 13.0% | ||
| Q3 25 | 23.1% | 22.2% | ||
| Q2 25 | 22.6% | 18.0% | ||
| Q1 25 | 22.0% | 20.9% | ||
| Q4 24 | 21.6% | 12.2% | ||
| Q3 24 | 21.8% | 20.9% | ||
| Q2 24 | 21.9% | 20.3% |
净利率HEIMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 15.6% | 9.4% | ||
| Q3 25 | 15.5% | 12.8% | ||
| Q2 25 | 14.3% | 11.4% | ||
| Q1 25 | 16.3% | 18.7% | ||
| Q4 24 | 13.8% | 12.1% | ||
| Q3 24 | 13.8% | 21.8% | ||
| Q2 24 | 12.9% | 18.3% |
每股收益（稀释后）HEIMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $1.32 | $1.07 | ||
| Q3 25 | $1.26 | $1.55 | ||
| Q2 25 | $1.12 | $1.34 | ||
| Q1 25 | $1.20 | $2.04 | ||
| Q4 24 | $1.00 | $1.33 | ||
| Q3 24 | $0.97 | $2.48 | ||
| Q2 24 | $0.88 | $2.07 |
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 | $217.8M | $3.7B |
| 总债务越低越好 | $2.2B | $10.9B |
| 股东权益账面价值 | $4.3B | $3.3B |
| 总资产 | $8.5B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.50× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资HEIMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $217.8M | — | ||
| Q3 25 | $261.9M | — | ||
| Q2 25 | $242.3M | — | ||
| Q1 25 | $165.5M | — | ||
| Q4 24 | $162.1M | — | ||
| Q3 24 | $202.9M | — | ||
| Q2 24 | $204.2M | — |
总债务HEIMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $2.2B | $12.6B | ||
| Q3 25 | $2.4B | $12.6B | ||
| Q2 25 | $2.3B | $13.1B | ||
| Q1 25 | $2.3B | $13.5B | ||
| Q4 24 | $2.2B | $13.0B | ||
| Q3 24 | $2.3B | $13.2B | ||
| Q2 24 | $2.4B | $13.1B |
股东权益HEIMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $4.3B | $4.7B | ||
| Q3 25 | $4.1B | $4.6B | ||
| Q2 25 | $4.0B | $4.3B | ||
| Q1 25 | $3.7B | $4.5B | ||
| Q4 24 | $3.6B | $3.8B | ||
| Q3 24 | $3.5B | $4.6B | ||
| Q2 24 | $3.4B | $3.9B |
总资产HEIMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $8.5B | $37.7B | ||
| Q3 25 | $8.5B | $37.6B | ||
| Q2 25 | $8.1B | $38.0B | ||
| Q1 25 | $7.9B | $40.0B | ||
| Q4 24 | $7.6B | $39.9B | ||
| Q3 24 | $7.4B | $40.9B | ||
| Q2 24 | $7.4B | $43.4B |
负债/权益比HEIMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 0.50× | 2.68× | ||
| Q3 25 | 0.59× | 2.72× | ||
| Q2 25 | 0.57× | 3.06× | ||
| Q1 25 | 0.63× | 3.02× | ||
| Q4 24 | 0.61× | 3.40× | ||
| Q3 24 | 0.64× | 2.84× | ||
| Q2 24 | 0.70× | 3.34× |
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 | $295.3M | — |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $2.0B |
| 自由现金流率自由现金流/营收 | 22.2% | 33.6% |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $861.4M | $3.7B |
8季度趋势，按日历期对齐
经营现金流HEIMMM
| Q1 26 | — | — | ||
| Q4 25 | $295.3M | $1.6B | ||
| Q3 25 | $231.2M | $1.8B | ||
| Q2 25 | $204.7M | $-954.0M | ||
| Q1 25 | $203.0M | $-79.0M | ||
| Q4 24 | $205.6M | $1.8B | ||
| Q3 24 | $214.0M | $-1.8B | ||
| Q2 24 | $141.1M | $1.0B |
自由现金流HEIMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $268.5M | $1.3B | ||
| Q3 25 | $218.5M | $1.5B | ||
| Q2 25 | $188.7M | $-1.2B | ||
| Q1 25 | $185.7M | $-315.0M | ||
| Q4 24 | $189.5M | $1.5B | ||
| Q3 24 | $198.1M | $-2.0B | ||
| Q2 24 | $128.2M | $752.0M |
自由现金流率HEIMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 22.2% | 21.8% | ||
| Q3 25 | 19.0% | 23.6% | ||
| Q2 25 | 17.2% | -18.3% | ||
| Q1 25 | 18.0% | -5.3% | ||
| Q4 24 | 18.7% | 25.4% | ||
| Q3 24 | 20.0% | -32.3% | ||
| Q2 24 | 13.4% | 12.0% |
资本支出强度HEIMMM
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 4.0% | ||
| Q3 25 | 1.1% | 3.3% | ||
| Q2 25 | 1.5% | 3.3% | ||
| Q1 25 | 1.7% | 4.0% | ||
| Q4 24 | 1.6% | 4.8% | ||
| Q3 24 | 1.6% | 3.9% | ||
| Q2 24 | 1.4% | 4.3% |
现金转化率HEIMMM
| Q1 26 | — | — | ||
| Q4 25 | 1.57× | 2.74× | ||
| Q3 25 | 1.30× | 2.11× | ||
| Q2 25 | 1.31× | -1.32× | ||
| Q1 25 | 1.21× | -0.07× | ||
| Q4 24 | 1.47× | 2.50× | ||
| Q3 24 | 1.57× | -1.30× | ||
| Q2 24 | 1.15× | 0.89× |
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
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
