vs
3M（MMM）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是北极星的3.1倍（$6.0B vs $1.9B）。3M净利率更高（10.8% vs -15.8%，领先26.6%）。北极星同比增速更快（9.5% vs 1.3%）。3M自由现金流更多（$2.0B vs $114.0M）。过去两年北极星的营收复合增速更高（5.2% 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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
MMM vs PII — 直观对比
营收规模更大
MMM
是对方的3.1倍
$1.9B
营收增速更快
PII
高出8.2%
1.3%
净利率更高
MMM
高出26.6%
-15.8%
自由现金流更多
MMM
多$1.9B
$114.0M
两年增速更快
PII
近两年复合增速
-1.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $1.9B |
| 净利润 | $653.0M | $-303.6M |
| 毛利率 | 40.7% | 20.0% |
| 营业利润率 | 23.2% | -16.7% |
| 净利率 | 10.8% | -15.8% |
| 营收同比 | 1.3% | 9.5% |
| 净利润同比 | -41.5% | -2964.2% |
| 每股收益（稀释后） | $1.23 | $-5.34 |
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MMMPII
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $1.9B | ||
| Q3 25 | $6.5B | $1.8B | ||
| Q2 25 | $6.3B | $1.9B | ||
| Q1 25 | $6.0B | $1.5B | ||
| Q4 24 | $6.0B | $1.8B | ||
| Q3 24 | $6.3B | $1.7B | ||
| Q2 24 | $6.3B | $2.0B |
净利润MMMPII
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $-303.6M | ||
| Q3 25 | $834.0M | $-15.8M | ||
| Q2 25 | $723.0M | $-79.3M | ||
| Q1 25 | $1.1B | $-66.8M | ||
| Q4 24 | $728.0M | $10.6M | ||
| Q3 24 | $1.4B | $27.7M | ||
| Q2 24 | $1.1B | $68.7M |
毛利率MMMPII
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 20.0% | ||
| Q3 25 | 41.8% | 20.7% | ||
| Q2 25 | 42.5% | 19.4% | ||
| Q1 25 | 41.6% | 16.0% | ||
| Q4 24 | 51.7% | 20.4% | ||
| Q3 24 | 42.1% | 20.6% | ||
| Q2 24 | 42.9% | 21.6% |
营业利润率MMMPII
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | -16.7% | ||
| Q3 25 | 22.2% | 1.1% | ||
| Q2 25 | 18.0% | -0.7% | ||
| Q1 25 | 20.9% | -2.4% | ||
| Q4 24 | 12.2% | 3.7% | ||
| Q3 24 | 20.9% | 3.8% | ||
| Q2 24 | 20.3% | 6.1% |
净利率MMMPII
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | -15.8% | ||
| Q3 25 | 12.8% | -0.9% | ||
| Q2 25 | 11.4% | -4.3% | ||
| Q1 25 | 18.7% | -4.3% | ||
| Q4 24 | 12.1% | 0.6% | ||
| Q3 24 | 21.8% | 1.6% | ||
| Q2 24 | 18.3% | 3.5% |
每股收益（稀释后）MMMPII
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $-5.34 | ||
| Q3 25 | $1.55 | $-0.28 | ||
| Q2 25 | $1.34 | $-1.39 | ||
| Q1 25 | $2.04 | $-1.17 | ||
| Q4 24 | $1.33 | $0.18 | ||
| Q3 24 | $2.48 | $0.49 | ||
| Q2 24 | $2.07 | $1.21 |
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 | $138.0M |
| 总债务越低越好 | $10.9B | $1.5B |
| 股东权益账面价值 | $3.3B | $828.4M |
| 总资产 | $35.4B | $4.9B |
| 负债/权益比越低杠杆越低 | 3.29× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资MMMPII
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | — | $335.5M | ||
| Q2 25 | — | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | — | $287.8M | ||
| Q3 24 | — | $291.3M | ||
| Q2 24 | — | $322.7M |
总债务MMMPII
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $1.5B | ||
| Q3 25 | $12.6B | $1.3B | ||
| Q2 25 | $13.1B | $1.4B | ||
| Q1 25 | $13.5B | $1.6B | ||
| Q4 24 | $13.0B | $1.6B | ||
| Q3 24 | $13.2B | $1.7B | ||
| Q2 24 | $13.1B | $2.1B |
股东权益MMMPII
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $828.4M | ||
| Q3 25 | $4.6B | $1.1B | ||
| Q2 25 | $4.3B | $1.2B | ||
| Q1 25 | $4.5B | $1.2B | ||
| Q4 24 | $3.8B | $1.3B | ||
| Q3 24 | $4.6B | $1.3B | ||
| Q2 24 | $3.9B | $1.3B |
总资产MMMPII
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $4.9B | ||
| Q3 25 | $37.6B | $5.3B | ||
| Q2 25 | $38.0B | $5.4B | ||
| Q1 25 | $40.0B | $5.5B | ||
| Q4 24 | $39.9B | $5.5B | ||
| Q3 24 | $40.9B | $5.6B | ||
| Q2 24 | $43.4B | $5.7B |
负债/权益比MMMPII
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 1.82× | ||
| Q3 25 | 2.72× | 1.13× | ||
| Q2 25 | 3.06× | 1.17× | ||
| Q1 25 | 3.02× | 1.32× | ||
| Q4 24 | 3.40× | 1.27× | ||
| Q3 24 | 2.84× | 1.29× | ||
| Q2 24 | 3.34× | 1.56× |
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 | — | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $114.0M |
| 自由现金流率自由现金流/营收 | 33.6% | 5.9% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $3.7B | $558.1M |
8季度趋势，按日历期对齐
经营现金流MMMPII
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $178.7M | ||
| Q3 25 | $1.8B | $158.8M | ||
| Q2 25 | $-954.0M | $320.3M | ||
| Q1 25 | $-79.0M | $83.2M | ||
| Q4 24 | $1.8B | $206.3M | ||
| Q3 24 | $-1.8B | $21.0M | ||
| Q2 24 | $1.0B | $146.3M |
自由现金流MMMPII
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $114.0M | ||
| Q3 25 | $1.5B | $116.7M | ||
| Q2 25 | $-1.2B | $279.8M | ||
| Q1 25 | $-315.0M | $47.6M | ||
| Q4 24 | $1.5B | $137.3M | ||
| Q3 24 | $-2.0B | $-32.4M | ||
| Q2 24 | $752.0M | $79.1M |
自由现金流率MMMPII
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 5.9% | ||
| Q3 25 | 23.6% | 6.3% | ||
| Q2 25 | -18.3% | 15.1% | ||
| Q1 25 | -5.3% | 3.1% | ||
| Q4 24 | 25.4% | 7.8% | ||
| Q3 24 | -32.3% | -1.9% | ||
| Q2 24 | 12.0% | 4.0% |
资本支出强度MMMPII
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 3.4% | ||
| Q3 25 | 3.3% | 2.3% | ||
| Q2 25 | 3.3% | 2.2% | ||
| Q1 25 | 4.0% | 2.3% | ||
| Q4 24 | 4.8% | 3.9% | ||
| Q3 24 | 3.9% | 3.1% | ||
| Q2 24 | 4.3% | 3.4% |
现金转化率MMMPII
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | — | ||
| Q3 25 | 2.11× | — | ||
| Q2 25 | -1.32× | — | ||
| Q1 25 | -0.07× | — | ||
| Q4 24 | 2.50× | 19.46× | ||
| Q3 24 | -1.30× | 0.76× | ||
| Q2 24 | 0.89× | 2.13× |
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% |
PII
| Wholegoods | $1.1B | 58% |
| Other | $243.3M | 13% |
| On Road Segment | $187.2M | 10% |
| Marine Segment | $138.3M | 7% |
| CA | $134.5M | 7% |
| APLA | $76.7M | 4% |
| Financial Service | $19.7M | 1% |
