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哈雷戴维森（HOG）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是哈雷戴维森的15.4倍（$6.0B vs $390.5M）。3M净利率更高（10.8% vs -72.3%，领先83.2%）。3M同比增速更快（1.3% vs -9.4%）。3M自由现金流更多（$2.0B vs $100.4M）。过去两年3M的营收复合增速更高（-1.8% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
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。
HOG vs MMM — 直观对比
营收规模更大
MMM
是对方的15.4倍
$390.5M
营收增速更快
MMM
高出10.7%
-9.4%
净利率更高
MMM
高出83.2%
-72.3%
自由现金流更多
MMM
多$1.9B
$100.4M
两年增速更快
MMM
近两年复合增速
-48.6%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $6.0B |
| 净利润 | $-282.6M | $653.0M |
| 毛利率 | -7.9% | 40.7% |
| 营业利润率 | -92.4% | 23.2% |
| 净利率 | -72.3% | 10.8% |
| 营收同比 | -9.4% | 1.3% |
| 净利润同比 | -138.6% | -41.5% |
| 每股收益（稀释后） | $-2.27 | $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HOGMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $390.5M | $6.1B | ||
| Q3 25 | $1.1B | $6.5B | ||
| Q2 25 | $1.0B | $6.3B | ||
| Q1 25 | $1.1B | $6.0B | ||
| Q4 24 | $430.9M | $6.0B | ||
| Q3 24 | $881.2M | $6.3B | ||
| Q2 24 | $1.4B | $6.3B |
净利润HOGMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-282.6M | $577.0M | ||
| Q3 25 | $377.4M | $834.0M | ||
| Q2 25 | $107.6M | $723.0M | ||
| Q1 25 | $133.1M | $1.1B | ||
| Q4 24 | $-118.4M | $728.0M | ||
| Q3 24 | $119.0M | $1.4B | ||
| Q2 24 | $218.3M | $1.1B |
毛利率HOGMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | -7.9% | 33.6% | ||
| Q3 25 | 26.0% | 41.8% | ||
| Q2 25 | 28.5% | 42.5% | ||
| Q1 25 | 28.9% | 41.6% | ||
| Q4 24 | -2.0% | 51.7% | ||
| Q3 24 | 29.8% | 42.1% | ||
| Q2 24 | 31.8% | 42.9% |
营业利润率HOGMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -92.4% | 13.0% | ||
| Q3 25 | 44.0% | 22.2% | ||
| Q2 25 | 10.7% | 18.0% | ||
| Q1 25 | 14.8% | 20.9% | ||
| Q4 24 | -44.9% | 12.2% | ||
| Q3 24 | 12.0% | 20.9% | ||
| Q2 24 | 17.8% | 20.3% |
净利率HOGMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -72.3% | 9.4% | ||
| Q3 25 | 35.0% | 12.8% | ||
| Q2 25 | 10.2% | 11.4% | ||
| Q1 25 | 12.3% | 18.7% | ||
| Q4 24 | -27.5% | 12.1% | ||
| Q3 24 | 13.5% | 21.8% | ||
| Q2 24 | 16.1% | 18.3% |
每股收益（稀释后）HOGMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $-2.27 | $1.07 | ||
| Q3 25 | $3.10 | $1.55 | ||
| Q2 25 | $0.88 | $1.34 | ||
| Q1 25 | $1.07 | $2.04 | ||
| Q4 24 | $-0.82 | $1.33 | ||
| Q3 24 | $0.91 | $2.48 | ||
| Q2 24 | $1.63 | $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 | $3.1B | $3.7B |
| 总债务越低越好 | $2.5B | $10.9B |
| 股东权益账面价值 | $3.1B | $3.3B |
| 总资产 | $8.0B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.79× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资HOGMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.8B | — |
总债务HOGMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $2.5B | $12.6B | ||
| Q3 25 | $4.5B | $12.6B | ||
| Q2 25 | $6.4B | $13.1B | ||
| Q1 25 | $6.8B | $13.5B | ||
| Q4 24 | $6.3B | $13.0B | ||
| Q3 24 | $7.3B | $13.2B | ||
| Q2 24 | $7.0B | $13.1B |
股东权益HOGMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $3.1B | $4.7B | ||
| Q3 25 | $3.6B | $4.6B | ||
| Q2 25 | $3.3B | $4.3B | ||
| Q1 25 | $3.2B | $4.5B | ||
| Q4 24 | $3.2B | $3.8B | ||
| Q3 24 | $3.4B | $4.6B | ||
| Q2 24 | $3.4B | $3.9B |
总资产HOGMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $8.0B | $37.7B | ||
| Q3 25 | $10.6B | $37.6B | ||
| Q2 25 | $12.1B | $38.0B | ||
| Q1 25 | $12.4B | $40.0B | ||
| Q4 24 | $11.9B | $39.9B | ||
| Q3 24 | $13.0B | $40.9B | ||
| Q2 24 | $12.8B | $43.4B |
负债/权益比HOGMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 0.79× | 2.68× | ||
| Q3 25 | 1.25× | 2.72× | ||
| Q2 25 | 1.91× | 3.06× | ||
| Q1 25 | 2.14× | 3.02× | ||
| Q4 24 | 2.00× | 3.40× | ||
| Q3 24 | 2.13× | 2.84× | ||
| Q2 24 | 2.03× | 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 | $152.0M | — |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $2.0B |
| 自由现金流率自由现金流/营收 | 25.7% | 33.6% |
| 资本支出强度资本支出/营收 | 13.2% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $415.2M | $3.7B |
8季度趋势，按日历期对齐
经营现金流HOGMMM
| Q1 26 | — | — | ||
| Q4 25 | $152.0M | $1.6B | ||
| Q3 25 | $-92.6M | $1.8B | ||
| Q2 25 | $368.0M | $-954.0M | ||
| Q1 25 | $141.5M | $-79.0M | ||
| Q4 24 | $133.2M | $1.8B | ||
| Q3 24 | $353.0M | $-1.8B | ||
| Q2 24 | $473.6M | $1.0B |
自由现金流HOGMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $100.4M | $1.3B | ||
| Q3 25 | $-129.1M | $1.5B | ||
| Q2 25 | $332.4M | $-1.2B | ||
| Q1 25 | $111.6M | $-315.0M | ||
| Q4 24 | $77.0M | $1.5B | ||
| Q3 24 | $300.4M | $-2.0B | ||
| Q2 24 | $432.2M | $752.0M |
自由现金流率HOGMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 25.7% | 21.8% | ||
| Q3 25 | -12.0% | 23.6% | ||
| Q2 25 | 31.7% | -18.3% | ||
| Q1 25 | 10.3% | -5.3% | ||
| Q4 24 | 17.9% | 25.4% | ||
| Q3 24 | 34.1% | -32.3% | ||
| Q2 24 | 31.9% | 12.0% |
资本支出强度HOGMMM
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | 4.0% | ||
| Q3 25 | 3.4% | 3.3% | ||
| Q2 25 | 3.4% | 3.3% | ||
| Q1 25 | 2.8% | 4.0% | ||
| Q4 24 | 13.0% | 4.8% | ||
| Q3 24 | 6.0% | 3.9% | ||
| Q2 24 | 3.1% | 4.3% |
现金转化率HOGMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | -0.25× | 2.11× | ||
| Q2 25 | 3.42× | -1.32× | ||
| Q1 25 | 1.06× | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | 2.97× | -1.30× | ||
| Q2 24 | 2.17× | 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
HOG
| Motorcycles | $193.9M | 50% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Interest Income Financial Services | $45.8M | 12% |
| Other | $18.0M | 5% |
| Livewire Segment | $11.4M | 3% |
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% |
