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KLA Corporation（KLAC）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KLA Corporation的1.0倍（$3.4B vs $3.3B），KLA Corporation净利率更高（34.7% vs 19.2%，领先15.5%），摩托罗拉解决方案同比增速更快（12.3% vs 7.2%），KLA Corporation自由现金流更多（$1.3B vs $1.1B），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 18.2%）
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
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。
KLAC vs MSI — 直观对比
营收规模更大
MSI
是对方的1.0倍
$3.3B
营收增速更快
MSI
高出5.1%
7.2%
净利率更高
KLAC
高出15.5%
19.2%
自由现金流更多
KLAC
多$120.0M
$1.1B
两年增速更快
MSI
近两年复合增速
18.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $3.4B |
| 净利润 | $1.1B | $649.0M |
| 毛利率 | 61.4% | 52.3% |
| 营业利润率 | — | 27.9% |
| 净利率 | 34.7% | 19.2% |
| 营收同比 | 7.2% | 12.3% |
| 净利润同比 | 39.0% | 6.2% |
| 每股收益（稀释后） | $8.68 | $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KLACMSI
| Q4 25 | $3.3B | $3.4B | ||
| Q3 25 | $3.2B | $3.0B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.1B | $2.5B | ||
| Q4 24 | $3.1B | $3.0B | ||
| Q3 24 | $2.8B | $2.8B | ||
| Q2 24 | $2.6B | $2.6B | ||
| Q1 24 | $2.4B | $2.4B |
净利润KLACMSI
| Q4 25 | $1.1B | $649.0M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.2B | $513.0M | ||
| Q1 25 | $1.1B | $430.0M | ||
| Q4 24 | $824.5M | $611.0M | ||
| Q3 24 | $945.9M | $562.0M | ||
| Q2 24 | $836.4M | $443.0M | ||
| Q1 24 | $601.5M | $-39.0M |
毛利率KLACMSI
| Q4 25 | 61.4% | 52.3% | ||
| Q3 25 | 61.3% | 51.6% | ||
| Q2 25 | 62.0% | 51.1% | ||
| Q1 25 | 61.6% | 51.4% | ||
| Q4 24 | 60.3% | 51.4% | ||
| Q3 24 | 59.6% | 51.4% | ||
| Q2 24 | 60.7% | 51.0% | ||
| Q1 24 | 57.9% | 49.9% |
营业利润率KLACMSI
| Q4 25 | — | 27.9% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | 41.9% | 25.0% | ||
| Q1 25 | 41.3% | 23.0% | ||
| Q4 24 | 31.6% | 27.0% | ||
| Q3 24 | 38.0% | 25.5% | ||
| Q2 24 | 36.8% | 24.5% | ||
| Q1 24 | 29.7% | 21.7% |
净利率KLACMSI
| Q4 25 | 34.7% | 19.2% | ||
| Q3 25 | 34.9% | 18.7% | ||
| Q2 25 | 37.9% | 18.6% | ||
| Q1 25 | 35.5% | 17.0% | ||
| Q4 24 | 26.8% | 20.3% | ||
| Q3 24 | 33.3% | 20.1% | ||
| Q2 24 | 32.6% | 16.9% | ||
| Q1 24 | 25.5% | -1.6% |
每股收益（稀释后）KLACMSI
| Q4 25 | $8.68 | $3.85 | ||
| Q3 25 | $8.47 | $3.33 | ||
| Q2 25 | $9.04 | $3.04 | ||
| Q1 25 | $8.16 | $2.53 | ||
| Q4 24 | $6.16 | $3.57 | ||
| Q3 24 | $7.01 | $3.29 | ||
| Q2 24 | $6.16 | $2.60 | ||
| Q1 24 | $4.43 | $-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 | $2.5B | $1.2B |
| 总债务越低越好 | $5.9B | — |
| 股东权益账面价值 | $5.5B | $2.4B |
| 总资产 | $16.7B | $19.4B |
| 负债/权益比越低杠杆越低 | 1.08× | — |
8季度趋势，按日历期对齐
现金及短期投资KLACMSI
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $1.9B | $894.0M | ||
| Q2 25 | $2.1B | $3.2B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $2.0B | $1.4B | ||
| Q1 24 | $1.8B | $1.5B |
总债务KLACMSI
| Q4 25 | $5.9B | — | ||
| Q3 25 | $5.9B | — | ||
| Q2 25 | $5.9B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $5.9B | — | ||
| Q1 24 | $5.9B | — |
股东权益KLACMSI
| Q4 25 | $5.5B | $2.4B | ||
| Q3 25 | $5.0B | $2.3B | ||
| Q2 25 | $4.7B | $2.0B | ||
| Q1 25 | $4.0B | $1.6B | ||
| Q4 24 | $3.6B | $1.7B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | $3.4B | $802.0M | ||
| Q1 24 | $3.1B | $521.0M |
总资产KLACMSI
| Q4 25 | $16.7B | $19.4B | ||
| Q3 25 | $16.3B | $18.8B | ||
| Q2 25 | $16.1B | $16.4B | ||
| Q1 25 | $15.2B | $14.4B | ||
| Q4 24 | $15.0B | $14.6B | ||
| Q3 24 | $15.7B | $13.9B | ||
| Q2 24 | $15.4B | $13.3B | ||
| Q1 24 | $15.0B | $13.3B |
负债/权益比KLACMSI
| Q4 25 | 1.08× | — | ||
| Q3 25 | 1.18× | — | ||
| Q2 25 | 1.25× | — | ||
| Q1 25 | 1.47× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.90× | — |
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 | $1.4B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $1.1B |
| 自由现金流率自由现金流/营收 | 38.3% | 33.8% |
| 资本支出强度资本支出/营收 | 3.2% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.19× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $4.4B | $2.6B |
8季度趋势，按日历期对齐
经营现金流KLACMSI
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.2B | $798.0M | ||
| Q2 25 | $1.2B | $273.0M | ||
| Q1 25 | $1.1B | $510.0M | ||
| Q4 24 | $849.5M | $1.1B | ||
| Q3 24 | $995.2M | $759.0M | ||
| Q2 24 | $892.6M | $180.0M | ||
| Q1 24 | $910.0M | $382.0M |
自由现金流KLACMSI
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.1B | $732.0M | ||
| Q2 25 | $1.1B | $225.0M | ||
| Q1 25 | $990.0M | $473.0M | ||
| Q4 24 | $757.2M | $984.0M | ||
| Q3 24 | $934.8M | $702.0M | ||
| Q2 24 | $831.9M | $112.0M | ||
| Q1 24 | $838.2M | $336.0M |
自由现金流率KLACMSI
| Q4 25 | 38.3% | 33.8% | ||
| Q3 25 | 33.2% | 24.3% | ||
| Q2 25 | 33.5% | 8.1% | ||
| Q1 25 | 32.3% | 18.7% | ||
| Q4 24 | 24.6% | 32.7% | ||
| Q3 24 | 32.9% | 25.2% | ||
| Q2 24 | 32.4% | 4.3% | ||
| Q1 24 | 35.5% | 14.1% |
资本支出强度KLACMSI
| Q4 25 | 3.2% | 3.4% | ||
| Q3 25 | 3.0% | 2.2% | ||
| Q2 25 | 3.2% | 1.7% | ||
| Q1 25 | 2.7% | 1.5% | ||
| Q4 24 | 3.0% | 2.9% | ||
| Q3 24 | 2.1% | 2.0% | ||
| Q2 24 | 2.4% | 2.6% | ||
| Q1 24 | 3.0% | 1.9% |
现金转化率KLACMSI
| Q4 25 | 1.19× | 1.94× | ||
| Q3 25 | 1.04× | 1.42× | ||
| Q2 25 | 0.97× | 0.53× | ||
| Q1 25 | 0.99× | 1.19× | ||
| Q4 24 | 1.03× | 1.75× | ||
| Q3 24 | 1.05× | 1.35× | ||
| Q2 24 | 1.07× | 0.41× | ||
| Q1 24 | 1.51× | — |
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
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
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% |
