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荷美尔食品（HRL）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
摩托罗拉解决方案的季度营收约是荷美尔食品的1.1倍（$3.4B vs $3.2B），摩托罗拉解决方案净利率更高（19.2% vs -1.8%，领先21.0%），摩托罗拉解决方案同比增速更快（12.3% vs 1.5%），摩托罗拉解决方案自由现金流更多（$1.1B vs $231.4M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 3.1%）
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
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。
HRL vs MSI — 直观对比
营收规模更大
MSI
是对方的1.1倍
$3.2B
营收增速更快
MSI
高出10.8%
1.5%
净利率更高
MSI
高出21.0%
-1.8%
自由现金流更多
MSI
多$910.6M
$231.4M
两年增速更快
MSI
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.4B |
| 净利润 | $-56.1M | $649.0M |
| 毛利率 | 14.0% | 52.3% |
| 营业利润率 | 0.1% | 27.9% |
| 净利率 | -1.8% | 19.2% |
| 营收同比 | 1.5% | 12.3% |
| 净利润同比 | -125.5% | 6.2% |
| 每股收益（稀释后） | $-0.10 | $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HRLMSI
| Q4 25 | $3.2B | $3.4B | ||
| Q3 25 | $3.0B | $3.0B | ||
| Q2 25 | $2.9B | $2.8B | ||
| Q1 25 | $3.0B | $2.5B | ||
| Q4 24 | $3.1B | $3.0B | ||
| Q3 24 | $2.9B | $2.8B | ||
| Q2 24 | $2.9B | $2.6B | ||
| Q1 24 | $3.0B | $2.4B |
净利润HRLMSI
| Q4 25 | $-56.1M | $649.0M | ||
| Q3 25 | $183.7M | $562.0M | ||
| Q2 25 | $180.0M | $513.0M | ||
| Q1 25 | $170.6M | $430.0M | ||
| Q4 24 | $220.2M | $611.0M | ||
| Q3 24 | $176.7M | $562.0M | ||
| Q2 24 | $189.3M | $443.0M | ||
| Q1 24 | $218.9M | $-39.0M |
毛利率HRLMSI
| Q4 25 | 14.0% | 52.3% | ||
| Q3 25 | 16.1% | 51.6% | ||
| Q2 25 | 16.7% | 51.1% | ||
| Q1 25 | 15.9% | 51.4% | ||
| Q4 24 | 16.6% | 51.4% | ||
| Q3 24 | 16.8% | 51.4% | ||
| Q2 24 | 17.4% | 51.0% | ||
| Q1 24 | 17.0% | 49.9% |
营业利润率HRLMSI
| Q4 25 | 0.1% | 27.9% | ||
| Q3 25 | 7.9% | 25.6% | ||
| Q2 25 | 8.6% | 25.0% | ||
| Q1 25 | 7.6% | 23.0% | ||
| Q4 24 | 9.4% | 27.0% | ||
| Q3 24 | 8.2% | 25.5% | ||
| Q2 24 | 8.7% | 24.5% | ||
| Q1 24 | 9.5% | 21.7% |
净利率HRLMSI
| Q4 25 | -1.8% | 19.2% | ||
| Q3 25 | 6.1% | 18.7% | ||
| Q2 25 | 6.2% | 18.6% | ||
| Q1 25 | 5.7% | 17.0% | ||
| Q4 24 | 7.0% | 20.3% | ||
| Q3 24 | 6.1% | 20.1% | ||
| Q2 24 | 6.6% | 16.9% | ||
| Q1 24 | 7.3% | -1.6% |
每股收益（稀释后）HRLMSI
| Q4 25 | $-0.10 | $3.85 | ||
| Q3 25 | $0.33 | $3.33 | ||
| Q2 25 | $0.33 | $3.04 | ||
| Q1 25 | $0.31 | $2.53 | ||
| Q4 24 | $0.41 | $3.57 | ||
| Q3 24 | $0.32 | $3.29 | ||
| Q2 24 | $0.34 | $2.60 | ||
| Q1 24 | $0.40 | $-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 | $703.6M | $1.2B |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | $7.9B | $2.4B |
| 总资产 | $13.4B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.36× | — |
8季度趋势，按日历期对齐
现金及短期投资HRLMSI
| Q4 25 | $703.6M | $1.2B | ||
| Q3 25 | $630.7M | $894.0M | ||
| Q2 25 | $699.0M | $3.2B | ||
| Q1 25 | $866.4M | $1.6B | ||
| Q4 24 | $766.6M | $2.1B | ||
| Q3 24 | $561.9M | $1.4B | ||
| Q2 24 | $1.5B | $1.4B | ||
| Q1 24 | $981.9M | $1.5B |
总债务HRLMSI
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.4B | — |
股东权益HRLMSI
| Q4 25 | $7.9B | $2.4B | ||
| Q3 25 | $8.1B | $2.3B | ||
| Q2 25 | $8.0B | $2.0B | ||
| Q1 25 | $8.0B | $1.6B | ||
| Q4 24 | $8.0B | $1.7B | ||
| Q3 24 | $7.9B | $1.3B | ||
| Q2 24 | $7.9B | $802.0M | ||
| Q1 24 | $7.8B | $521.0M |
总资产HRLMSI
| Q4 25 | $13.4B | $19.4B | ||
| Q3 25 | $13.5B | $18.8B | ||
| Q2 25 | $13.4B | $16.4B | ||
| Q1 25 | $13.4B | $14.4B | ||
| Q4 24 | $13.4B | $14.6B | ||
| Q3 24 | $13.1B | $13.9B | ||
| Q2 24 | $14.1B | $13.3B | ||
| Q1 24 | $13.5B | $13.3B |
负债/权益比HRLMSI
| Q4 25 | 0.36× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.30× | — |
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 | $322.9M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $1.1B |
| 自由现金流率自由现金流/营收 | 7.3% | 33.8% |
| 资本支出强度资本支出/营收 | 2.9% | 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 | $534.3M | $2.6B |
8季度趋势，按日历期对齐
经营现金流HRLMSI
| Q4 25 | $322.9M | $1.3B | ||
| Q3 25 | $156.7M | $798.0M | ||
| Q2 25 | $56.4M | $273.0M | ||
| Q1 25 | $309.2M | $510.0M | ||
| Q4 24 | $408.6M | $1.1B | ||
| Q3 24 | $218.0M | $759.0M | ||
| Q2 24 | $236.1M | $180.0M | ||
| Q1 24 | $404.0M | $382.0M |
自由现金流HRLMSI
| Q4 25 | $231.4M | $1.1B | ||
| Q3 25 | $84.5M | $732.0M | ||
| Q2 25 | $-18.6M | $225.0M | ||
| Q1 25 | $237.0M | $473.0M | ||
| Q4 24 | $324.8M | $984.0M | ||
| Q3 24 | $152.5M | $702.0M | ||
| Q2 24 | $176.2M | $112.0M | ||
| Q1 24 | $356.8M | $336.0M |
自由现金流率HRLMSI
| Q4 25 | 7.3% | 33.8% | ||
| Q3 25 | 2.8% | 24.3% | ||
| Q2 25 | -0.6% | 8.1% | ||
| Q1 25 | 7.9% | 18.7% | ||
| Q4 24 | 10.4% | 32.7% | ||
| Q3 24 | 5.3% | 25.2% | ||
| Q2 24 | 6.1% | 4.3% | ||
| Q1 24 | 11.9% | 14.1% |
资本支出强度HRLMSI
| Q4 25 | 2.9% | 3.4% | ||
| Q3 25 | 2.4% | 2.2% | ||
| Q2 25 | 2.6% | 1.7% | ||
| Q1 25 | 2.4% | 1.5% | ||
| Q4 24 | 2.7% | 2.9% | ||
| Q3 24 | 2.3% | 2.0% | ||
| Q2 24 | 2.1% | 2.6% | ||
| Q1 24 | 1.6% | 1.9% |
现金转化率HRLMSI
| Q4 25 | — | 1.94× | ||
| Q3 25 | 0.85× | 1.42× | ||
| Q2 25 | 0.31× | 0.53× | ||
| Q1 25 | 1.81× | 1.19× | ||
| Q4 24 | 1.86× | 1.75× | ||
| Q3 24 | 1.23× | 1.35× | ||
| Q2 24 | 1.25× | 0.41× | ||
| Q1 24 | 1.85× | — |
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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
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% |
