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汉瑞祥（HSIC）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
汉瑞祥的季度营收约是摩托罗拉解决方案的1.0倍（$3.4B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 2.9%，领先16.3%），摩托罗拉解决方案同比增速更快（12.3% vs 7.7%），摩托罗拉解决方案自由现金流更多（$1.1B vs $338.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 4.1%）
汉瑞祥（Henry Schein, Inc.）是美国的医疗保健产品及服务分销商，业务覆盖全球33个国家和地区，是全球面向诊所类牙科及医疗从业者的最大医疗解决方案供应商。公司连续14年入选Ethisphere评选的「全球最具道德企业」榜单，2025年再次登榜。
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。
HSIC vs MSI — 直观对比
营收规模更大
HSIC
是对方的1.0倍
$3.4B
营收增速更快
MSI
高出4.6%
7.7%
净利率更高
MSI
高出16.3%
2.9%
自由现金流更多
MSI
多$804.0M
$338.0M
两年增速更快
MSI
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.4B |
| 净利润 | $101.0M | $649.0M |
| 毛利率 | 30.9% | 52.3% |
| 营业利润率 | 4.7% | 27.9% |
| 净利率 | 2.9% | 19.2% |
| 营收同比 | 7.7% | 12.3% |
| 净利润同比 | 7.4% | 6.2% |
| 每股收益（稀释后） | $0.85 | $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HSICMSI
| Q4 25 | $3.4B | $3.4B | ||
| Q3 25 | $3.3B | $3.0B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.2B | $2.5B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $3.2B | $2.4B |
净利润HSICMSI
| Q4 25 | $101.0M | $649.0M | ||
| Q3 25 | $101.0M | $562.0M | ||
| Q2 25 | $86.0M | $513.0M | ||
| Q1 25 | $110.0M | $430.0M | ||
| Q4 24 | $94.0M | $611.0M | ||
| Q3 24 | $99.0M | $562.0M | ||
| Q2 24 | $104.0M | $443.0M | ||
| Q1 24 | $93.0M | $-39.0M |
毛利率HSICMSI
| Q4 25 | 30.9% | 52.3% | ||
| Q3 25 | 30.7% | 51.6% | ||
| Q2 25 | 31.4% | 51.1% | ||
| Q1 25 | 31.6% | 51.4% | ||
| Q4 24 | 31.1% | 51.4% | ||
| Q3 24 | 31.3% | 51.4% | ||
| Q2 24 | 32.5% | 51.0% | ||
| Q1 24 | 31.9% | 49.9% |
营业利润率HSICMSI
| Q4 25 | 4.7% | 27.9% | ||
| Q3 25 | 4.9% | 25.6% | ||
| Q2 25 | 4.7% | 25.0% | ||
| Q1 25 | 5.5% | 23.0% | ||
| Q4 24 | 4.9% | 27.0% | ||
| Q3 24 | 4.9% | 25.5% | ||
| Q2 24 | 5.1% | 24.5% | ||
| Q1 24 | 4.7% | 21.7% |
净利率HSICMSI
| Q4 25 | 2.9% | 19.2% | ||
| Q3 25 | 3.0% | 18.7% | ||
| Q2 25 | 2.7% | 18.6% | ||
| Q1 25 | 3.5% | 17.0% | ||
| Q4 24 | 2.9% | 20.3% | ||
| Q3 24 | 3.1% | 20.1% | ||
| Q2 24 | 3.3% | 16.9% | ||
| Q1 24 | 2.9% | -1.6% |
每股收益（稀释后）HSICMSI
| Q4 25 | $0.85 | $3.85 | ||
| Q3 25 | $0.84 | $3.33 | ||
| Q2 25 | $0.70 | $3.04 | ||
| Q1 25 | $0.88 | $2.53 | ||
| Q4 24 | $0.75 | $3.57 | ||
| Q3 24 | $0.78 | $3.29 | ||
| Q2 24 | $0.80 | $2.60 | ||
| Q1 24 | $0.72 | $-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 | $156.0M | $1.2B |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $3.2B | $2.4B |
| 总资产 | $11.2B | $19.4B |
| 负债/权益比越低杠杆越低 | 0.71× | — |
8季度趋势，按日历期对齐
现金及短期投资HSICMSI
| Q4 25 | $156.0M | $1.2B | ||
| Q3 25 | $136.0M | $894.0M | ||
| Q2 25 | $145.0M | $3.2B | ||
| Q1 25 | $127.0M | $1.6B | ||
| Q4 24 | $122.0M | $2.1B | ||
| Q3 24 | $126.0M | $1.4B | ||
| Q2 24 | $138.0M | $1.4B | ||
| Q1 24 | $159.0M | $1.5B |
总债务HSICMSI
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.0B | — |
股东权益HSICMSI
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.4B | $2.3B | ||
| Q2 25 | $3.4B | $2.0B | ||
| Q1 25 | $3.3B | $1.6B | ||
| Q4 24 | $3.4B | $1.7B | ||
| Q3 24 | $3.5B | $1.3B | ||
| Q2 24 | $3.5B | $802.0M | ||
| Q1 24 | $3.6B | $521.0M |
总资产HSICMSI
| Q4 25 | $11.2B | $19.4B | ||
| Q3 25 | $11.1B | $18.8B | ||
| Q2 25 | $10.9B | $16.4B | ||
| Q1 25 | $10.5B | $14.4B | ||
| Q4 24 | $10.2B | $14.6B | ||
| Q3 24 | $10.6B | $13.9B | ||
| Q2 24 | $10.3B | $13.3B | ||
| Q1 24 | $10.1B | $13.3B |
负债/权益比HSICMSI
| Q4 25 | 0.71× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.54× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
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 | $381.0M | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $338.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 9.8% | 33.8% |
| 资本支出强度资本支出/营收 | 1.3% | 3.4% |
| 现金转化率经营现金流/净利润 | 3.77× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $573.0M | $2.6B |
8季度趋势，按日历期对齐
经营现金流HSICMSI
| Q4 25 | $381.0M | $1.3B | ||
| Q3 25 | $174.0M | $798.0M | ||
| Q2 25 | $120.0M | $273.0M | ||
| Q1 25 | $37.0M | $510.0M | ||
| Q4 24 | $204.0M | $1.1B | ||
| Q3 24 | $151.0M | $759.0M | ||
| Q2 24 | $296.0M | $180.0M | ||
| Q1 24 | $197.0M | $382.0M |
自由现金流HSICMSI
| Q4 25 | $338.0M | $1.1B | ||
| Q3 25 | $141.0M | $732.0M | ||
| Q2 25 | $88.0M | $225.0M | ||
| Q1 25 | $6.0M | $473.0M | ||
| Q4 24 | $168.0M | $984.0M | ||
| Q3 24 | $117.0M | $702.0M | ||
| Q2 24 | $259.0M | $112.0M | ||
| Q1 24 | $156.0M | $336.0M |
自由现金流率HSICMSI
| Q4 25 | 9.8% | 33.8% | ||
| Q3 25 | 4.2% | 24.3% | ||
| Q2 25 | 2.7% | 8.1% | ||
| Q1 25 | 0.2% | 18.7% | ||
| Q4 24 | 5.3% | 32.7% | ||
| Q3 24 | 3.7% | 25.2% | ||
| Q2 24 | 8.3% | 4.3% | ||
| Q1 24 | 4.9% | 14.1% |
资本支出强度HSICMSI
| Q4 25 | 1.3% | 3.4% | ||
| Q3 25 | 1.0% | 2.2% | ||
| Q2 25 | 1.0% | 1.7% | ||
| Q1 25 | 1.0% | 1.5% | ||
| Q4 24 | 1.1% | 2.9% | ||
| Q3 24 | 1.1% | 2.0% | ||
| Q2 24 | 1.2% | 2.6% | ||
| Q1 24 | 1.3% | 1.9% |
现金转化率HSICMSI
| Q4 25 | 3.77× | 1.94× | ||
| Q3 25 | 1.72× | 1.42× | ||
| Q2 25 | 1.40× | 0.53× | ||
| Q1 25 | 0.34× | 1.19× | ||
| Q4 24 | 2.17× | 1.75× | ||
| Q3 24 | 1.53× | 1.35× | ||
| Q2 24 | 2.85× | 0.41× | ||
| Q1 24 | 2.12× | — |
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
HSIC
| Global Dental Merchandise | $1.2B | 35% |
| Global Medical | $1.1B | 31% |
| Global Dental Equipment | $536.0M | 16% |
| Global Specialty Products | $422.0M | 12% |
| Global Technology | $173.0M | 5% |
| Global Value Added Services | $64.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
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% |
