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3M（MMM）与ServiceNow（NOW）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ServiceNow的1.6倍（$6.0B vs $3.8B），ServiceNow净利率更高（12.4% vs 10.8%，领先1.6%），ServiceNow同比增速更快（2.8% vs 1.3%），3M自由现金流更多（$2.0B vs $1.7B），过去两年ServiceNow的营收复合增速更高（19.8% vs -1.8%）
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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
MMM vs NOW — 直观对比
营收规模更大
MMM
是对方的1.6倍
$3.8B
营收增速更快
NOW
高出1.5%
1.3%
净利率更高
NOW
高出1.6%
10.8%
自由现金流更多
MMM
多$361.0M
$1.7B
两年增速更快
NOW
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $3.8B |
| 净利润 | $653.0M | $469.0M |
| 毛利率 | 40.7% | 75.1% |
| 营业利润率 | 23.2% | 13.3% |
| 净利率 | 10.8% | 12.4% |
| 营收同比 | 1.3% | 2.8% |
| 净利润同比 | -41.5% | -53.7% |
| 每股收益（稀释后） | $1.23 | $1.04 |
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MMMNOW
| Q1 26 | $6.0B | $3.8B | ||
| Q4 25 | $6.1B | $3.6B | ||
| Q3 25 | $6.5B | $3.4B | ||
| Q2 25 | $6.3B | $3.2B | ||
| Q1 25 | $6.0B | $3.1B | ||
| Q4 24 | $6.0B | $3.0B | ||
| Q3 24 | $6.3B | $2.8B | ||
| Q2 24 | $6.3B | $2.6B |
净利润MMMNOW
| Q1 26 | $653.0M | $469.0M | ||
| Q4 25 | $577.0M | $401.0M | ||
| Q3 25 | $834.0M | $502.0M | ||
| Q2 25 | $723.0M | $385.0M | ||
| Q1 25 | $1.1B | $460.0M | ||
| Q4 24 | $728.0M | $384.0M | ||
| Q3 24 | $1.4B | $432.0M | ||
| Q2 24 | $1.1B | $262.0M |
毛利率MMMNOW
| Q1 26 | 40.7% | 75.1% | ||
| Q4 25 | 33.6% | 76.6% | ||
| Q3 25 | 41.8% | 77.3% | ||
| Q2 25 | 42.5% | 77.5% | ||
| Q1 25 | 41.6% | 78.9% | ||
| Q4 24 | 51.7% | 78.7% | ||
| Q3 24 | 42.1% | 79.1% | ||
| Q2 24 | 42.9% | 79.0% |
营业利润率MMMNOW
| Q1 26 | 23.2% | 13.3% | ||
| Q4 25 | 13.0% | 12.4% | ||
| Q3 25 | 22.2% | 16.8% | ||
| Q2 25 | 18.0% | 11.1% | ||
| Q1 25 | 20.9% | 14.6% | ||
| Q4 24 | 12.2% | 12.6% | ||
| Q3 24 | 20.9% | 14.9% | ||
| Q2 24 | 20.3% | 9.1% |
净利率MMMNOW
| Q1 26 | 10.8% | 12.4% | ||
| Q4 25 | 9.4% | 11.2% | ||
| Q3 25 | 12.8% | 14.7% | ||
| Q2 25 | 11.4% | 12.0% | ||
| Q1 25 | 18.7% | 14.9% | ||
| Q4 24 | 12.1% | 13.0% | ||
| Q3 24 | 21.8% | 15.4% | ||
| Q2 24 | 18.3% | 10.0% |
每股收益（稀释后）MMMNOW
| Q1 26 | $1.23 | $1.04 | ||
| Q4 25 | $1.07 | $-4.77 | ||
| Q3 25 | $1.55 | $2.40 | ||
| Q2 25 | $1.34 | $1.84 | ||
| Q1 25 | $2.04 | $2.20 | ||
| Q4 24 | $1.33 | $1.84 | ||
| Q3 24 | $2.48 | $2.07 | ||
| Q2 24 | $2.07 | $1.26 |
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 | $3.7B | $2.7B |
| 总债务越低越好 | $10.9B | — |
| 股东权益账面价值 | $3.3B | $11.7B |
| 总资产 | $35.4B | $24.4B |
| 负债/权益比越低杠杆越低 | 3.29× | — |
8季度趋势，按日历期对齐
现金及短期投资MMMNOW
| Q1 26 | $3.7B | $2.7B | ||
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.2B |
总债务MMMNOW
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $13.1B | — | ||
| Q1 25 | $13.5B | — | ||
| Q4 24 | $13.0B | — | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | $13.1B | — |
股东权益MMMNOW
| Q1 26 | $3.3B | $11.7B | ||
| Q4 25 | $4.7B | $13.0B | ||
| Q3 25 | $4.6B | $11.3B | ||
| Q2 25 | $4.3B | $10.9B | ||
| Q1 25 | $4.5B | $10.1B | ||
| Q4 24 | $3.8B | $9.6B | ||
| Q3 24 | $4.6B | $9.3B | ||
| Q2 24 | $3.9B | $8.7B |
总资产MMMNOW
| Q1 26 | $35.4B | $24.4B | ||
| Q4 25 | $37.7B | $26.0B | ||
| Q3 25 | $37.6B | $21.8B | ||
| Q2 25 | $38.0B | $22.1B | ||
| Q1 25 | $40.0B | $21.0B | ||
| Q4 24 | $39.9B | $20.4B | ||
| Q3 24 | $40.9B | $18.4B | ||
| Q2 24 | $43.4B | $18.2B |
负债/权益比MMMNOW
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.40× | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 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 | — | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $1.7B |
| 自由现金流率自由现金流/营收 | 33.6% | 44.2% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 3.56× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $4.8B |
8季度趋势，按日历期对齐
经营现金流MMMNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.6B | $2.2B | ||
| Q3 25 | $1.8B | $813.0M | ||
| Q2 25 | $-954.0M | $716.0M | ||
| Q1 25 | $-79.0M | $1.7B | ||
| Q4 24 | $1.8B | $1.6B | ||
| Q3 24 | $-1.8B | $671.0M | ||
| Q2 24 | $1.0B | $620.0M |
自由现金流MMMNOW
| Q1 26 | $2.0B | $1.7B | ||
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.5B | $578.0M | ||
| Q2 25 | $-1.2B | $526.0M | ||
| Q1 25 | $-315.0M | $1.5B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $-2.0B | $469.0M | ||
| Q2 24 | $752.0M | $358.0M |
自由现金流率MMMNOW
| Q1 26 | 33.6% | 44.2% | ||
| Q4 25 | 21.8% | 56.1% | ||
| Q3 25 | 23.6% | 17.0% | ||
| Q2 25 | -18.3% | 16.4% | ||
| Q1 25 | -5.3% | 47.7% | ||
| Q4 24 | 25.4% | 46.7% | ||
| Q3 24 | -32.3% | 16.8% | ||
| Q2 24 | 12.0% | 13.6% |
资本支出强度MMMNOW
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 6.7% | ||
| Q3 25 | 3.3% | 6.9% | ||
| Q2 25 | 3.3% | 5.9% | ||
| Q1 25 | 4.0% | 6.6% | ||
| Q4 24 | 4.8% | 8.6% | ||
| Q3 24 | 3.9% | 7.2% | ||
| Q2 24 | 4.3% | 10.0% |
现金转化率MMMNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 2.74× | 5.58× | ||
| Q3 25 | 2.11× | 1.62× | ||
| Q2 25 | -1.32× | 1.86× | ||
| Q1 25 | -0.07× | 3.65× | ||
| Q4 24 | 2.50× | 4.26× | ||
| Q3 24 | -1.30× | 1.55× | ||
| Q2 24 | 0.89× | 2.37× |
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
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
