vs
CarMax（KMX）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
CarMax的季度营收约是摩托罗拉解决方案的1.7倍（$5.8B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 1.1%，领先18.1%），摩托罗拉解决方案同比增速更快（12.3% vs -6.9%），摩托罗拉解决方案自由现金流更多（$1.1B 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 1.5%）
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
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。
KMX vs MSI — 直观对比
营收规模更大
KMX
是对方的1.7倍
$3.4B
营收增速更快
MSI
高出19.2%
-6.9%
净利率更高
MSI
高出18.1%
1.1%
自由现金流更多
MSI
多$28.7M
$1.1B
两年增速更快
MSI
近两年复合增速
1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.8B | $3.4B |
| 净利润 | $62.2M | $649.0M |
| 毛利率 | 10.2% | 52.3% |
| 营业利润率 | — | 27.9% |
| 净利率 | 1.1% | 19.2% |
| 营收同比 | -6.9% | 12.3% |
| 净利润同比 | -50.4% | 6.2% |
| 每股收益（稀释后） | $0.43 | $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KMXMSI
| Q4 25 | $5.8B | $3.4B | ||
| Q3 25 | $6.6B | $3.0B | ||
| Q2 25 | $7.5B | $2.8B | ||
| Q1 25 | $6.0B | $2.5B | ||
| Q4 24 | $6.2B | $3.0B | ||
| Q3 24 | $7.0B | $2.8B | ||
| Q2 24 | $7.1B | $2.6B | ||
| Q1 24 | $5.6B | $2.4B |
净利润KMXMSI
| Q4 25 | $62.2M | $649.0M | ||
| Q3 25 | $95.4M | $562.0M | ||
| Q2 25 | $210.4M | $513.0M | ||
| Q1 25 | $89.9M | $430.0M | ||
| Q4 24 | $125.4M | $611.0M | ||
| Q3 24 | $132.8M | $562.0M | ||
| Q2 24 | $152.4M | $443.0M | ||
| Q1 24 | $50.3M | $-39.0M |
毛利率KMXMSI
| Q4 25 | 10.2% | 52.3% | ||
| Q3 25 | 10.9% | 51.6% | ||
| Q2 25 | 11.8% | 51.1% | ||
| Q1 25 | 11.1% | 51.4% | ||
| Q4 24 | 10.9% | 51.4% | ||
| Q3 24 | 10.8% | 51.4% | ||
| Q2 24 | 11.1% | 51.0% | ||
| Q1 24 | 10.4% | 49.9% |
营业利润率KMXMSI
| Q4 25 | — | 27.9% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | — | 25.0% | ||
| Q1 25 | 2.0% | 23.0% | ||
| Q4 24 | 2.7% | 27.0% | ||
| Q3 24 | 2.5% | 25.5% | ||
| Q2 24 | 2.9% | 24.5% | ||
| Q1 24 | 1.2% | 21.7% |
净利率KMXMSI
| Q4 25 | 1.1% | 19.2% | ||
| Q3 25 | 1.4% | 18.7% | ||
| Q2 25 | 2.8% | 18.6% | ||
| Q1 25 | 1.5% | 17.0% | ||
| Q4 24 | 2.0% | 20.3% | ||
| Q3 24 | 1.9% | 20.1% | ||
| Q2 24 | 2.1% | 16.9% | ||
| Q1 24 | 0.9% | -1.6% |
每股收益（稀释后）KMXMSI
| Q4 25 | $0.43 | $3.85 | ||
| Q3 25 | $0.64 | $3.33 | ||
| Q2 25 | $1.38 | $3.04 | ||
| Q1 25 | $0.58 | $2.53 | ||
| Q4 24 | $0.81 | $3.57 | ||
| Q3 24 | $0.85 | $3.29 | ||
| Q2 24 | $0.97 | $2.60 | ||
| Q1 24 | $0.31 | $-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 | $204.9M | $1.2B |
| 总债务越低越好 | $16.6B | — |
| 股东权益账面价值 | $6.1B | $2.4B |
| 总资产 | $25.6B | $19.4B |
| 负债/权益比越低杠杆越低 | 2.74× | — |
8季度趋势，按日历期对齐
现金及短期投资KMXMSI
| Q4 25 | $204.9M | $1.2B | ||
| Q3 25 | $540.4M | $894.0M | ||
| Q2 25 | $262.8M | $3.2B | ||
| Q1 25 | $247.0M | $1.6B | ||
| Q4 24 | $271.9M | $2.1B | ||
| Q3 24 | $524.7M | $1.4B | ||
| Q2 24 | $218.9M | $1.4B | ||
| Q1 24 | $574.1M | $1.5B |
总债务KMXMSI
| Q4 25 | $16.6B | — | ||
| Q3 25 | $17.8B | — | ||
| Q2 25 | $18.0B | — | ||
| Q1 25 | $18.1B | — | ||
| Q4 24 | $18.1B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.2B | — | ||
| Q1 24 | $18.0B | — |
股东权益KMXMSI
| Q4 25 | $6.1B | $2.4B | ||
| Q3 25 | $6.2B | $2.3B | ||
| Q2 25 | $6.3B | $2.0B | ||
| Q1 25 | $6.2B | $1.6B | ||
| Q4 24 | $6.2B | $1.7B | ||
| Q3 24 | $6.2B | $1.3B | ||
| Q2 24 | $6.2B | $802.0M | ||
| Q1 24 | $6.1B | $521.0M |
总资产KMXMSI
| Q4 25 | $25.6B | $19.4B | ||
| Q3 25 | $27.1B | $18.8B | ||
| Q2 25 | $27.4B | $16.4B | ||
| Q1 25 | $27.4B | $14.4B | ||
| Q4 24 | $27.3B | $14.6B | ||
| Q3 24 | $27.3B | $13.9B | ||
| Q2 24 | $27.2B | $13.3B | ||
| Q1 24 | $27.2B | $13.3B |
负债/权益比KMXMSI
| Q4 25 | 2.74× | — | ||
| Q3 25 | 2.87× | — | ||
| Q2 25 | 2.86× | — | ||
| Q1 25 | 2.91× | — | ||
| Q4 24 | 2.92× | — | ||
| Q3 24 | 2.93× | — | ||
| Q2 24 | 2.95× | — | ||
| Q1 24 | 2.96× | — |
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 | $1.3B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $1.1B |
| 自由现金流率自由现金流/营收 | 19.2% | 33.8% |
| 资本支出强度资本支出/营收 | 2.4% | 3.4% |
| 现金转化率经营现金流/净利润 | 20.14× | 1.94× |
| 过去12个月自由现金流最近4个季度 | $1.9B | $2.6B |
8季度趋势，按日历期对齐
经营现金流KMXMSI
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $785.5M | $798.0M | ||
| Q2 25 | $299.5M | $273.0M | ||
| Q1 25 | $146.4M | $510.0M | ||
| Q4 24 | $-23.4M | $1.1B | ||
| Q3 24 | $619.1M | $759.0M | ||
| Q2 24 | $-117.7M | $180.0M | ||
| Q1 24 | $309.6M | $382.0M |
自由现金流KMXMSI
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $654.0M | $732.0M | ||
| Q2 25 | $162.8M | $225.0M | ||
| Q1 25 | $18.8M | $473.0M | ||
| Q4 24 | $-150.6M | $984.0M | ||
| Q3 24 | $509.9M | $702.0M | ||
| Q2 24 | $-221.6M | $112.0M | ||
| Q1 24 | $199.8M | $336.0M |
自由现金流率KMXMSI
| Q4 25 | 19.2% | 33.8% | ||
| Q3 25 | 9.9% | 24.3% | ||
| Q2 25 | 2.2% | 8.1% | ||
| Q1 25 | 0.3% | 18.7% | ||
| Q4 24 | -2.4% | 32.7% | ||
| Q3 24 | 7.3% | 25.2% | ||
| Q2 24 | -3.1% | 4.3% | ||
| Q1 24 | 3.6% | 14.1% |
资本支出强度KMXMSI
| Q4 25 | 2.4% | 3.4% | ||
| Q3 25 | 2.0% | 2.2% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 2.1% | 1.5% | ||
| Q4 24 | 2.0% | 2.9% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 1.5% | 2.6% | ||
| Q1 24 | 2.0% | 1.9% |
现金转化率KMXMSI
| Q4 25 | 20.14× | 1.94× | ||
| Q3 25 | 8.24× | 1.42× | ||
| Q2 25 | 1.42× | 0.53× | ||
| Q1 25 | 1.63× | 1.19× | ||
| Q4 24 | -0.19× | 1.75× | ||
| Q3 24 | 4.66× | 1.35× | ||
| Q2 24 | -0.77× | 0.41× | ||
| Q1 24 | 6.16× | — |
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
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 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% |
