vs
3M（MMM）与通用动力（PLOW）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是通用动力的32.7倍（$6.0B vs $184.5M）。3M净利率更高（10.8% vs 7.0%，领先3.9%）。通用动力同比增速更快（28.6% vs 1.3%）。3M自由现金流更多（$2.0B vs $92.8M）。过去两年通用动力的营收复合增速更高（38.9% 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。
通用动力公司是总部位于美国弗吉尼亚州雷斯顿的工业与科技企业，核心业务是研发制造各类先进军用装备，产品包括核潜艇、主战坦克、装甲战车等，同时也生产民用湾流公务机，并提供信息技术服务，是美国联邦政府前五大国防承包商之一。
MMM vs PLOW — 直观对比
营收规模更大
MMM
是对方的32.7倍
$184.5M
营收增速更快
PLOW
高出27.3%
1.3%
净利率更高
MMM
高出3.9%
7.0%
自由现金流更多
MMM
多$1.9B
$92.8M
两年增速更快
PLOW
近两年复合增速
-1.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $184.5M |
| 净利润 | $653.0M | $12.8M |
| 毛利率 | 40.7% | 26.1% |
| 营业利润率 | 23.2% | 10.5% |
| 净利率 | 10.8% | 7.0% |
| 营收同比 | 1.3% | 28.6% |
| 净利润同比 | -41.5% | 62.3% |
| 每股收益（稀释后） | $1.23 | $0.54 |
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MMMPLOW
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $184.5M | ||
| Q3 25 | $6.5B | $162.1M | ||
| Q2 25 | $6.3B | $194.3M | ||
| Q1 25 | $6.0B | $115.1M | ||
| Q4 24 | $6.0B | $143.5M | ||
| Q3 24 | $6.3B | $129.4M | ||
| Q2 24 | $6.3B | $199.9M |
净利润MMMPLOW
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $12.8M | ||
| Q3 25 | $834.0M | $8.0M | ||
| Q2 25 | $723.0M | $26.0M | ||
| Q1 25 | $1.1B | $148.0K | ||
| Q4 24 | $728.0M | $7.9M | ||
| Q3 24 | $1.4B | $32.3M | ||
| Q2 24 | $1.1B | $24.3M |
毛利率MMMPLOW
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 26.1% | ||
| Q3 25 | 41.8% | 23.5% | ||
| Q2 25 | 42.5% | 31.0% | ||
| Q1 25 | 41.6% | 24.5% | ||
| Q4 24 | 51.7% | 24.9% | ||
| Q3 24 | 42.1% | 23.9% | ||
| Q2 24 | 42.9% | 30.7% |
营业利润率MMMPLOW
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 10.5% | ||
| Q3 25 | 22.2% | 8.7% | ||
| Q2 25 | 18.0% | 19.0% | ||
| Q1 25 | 20.9% | 2.8% | ||
| Q4 24 | 12.2% | 9.0% | ||
| Q3 24 | 20.9% | 35.4% | ||
| Q2 24 | 20.3% | 18.2% |
净利率MMMPLOW
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 7.0% | ||
| Q3 25 | 12.8% | 4.9% | ||
| Q2 25 | 11.4% | 13.4% | ||
| Q1 25 | 18.7% | 0.1% | ||
| Q4 24 | 12.1% | 5.5% | ||
| Q3 24 | 21.8% | 24.9% | ||
| Q2 24 | 18.3% | 12.2% |
每股收益（稀释后）MMMPLOW
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $0.54 | ||
| Q3 25 | $1.55 | $0.33 | ||
| Q2 25 | $1.34 | $1.09 | ||
| Q1 25 | $2.04 | $0.00 | ||
| Q4 24 | $1.33 | $0.35 | ||
| Q3 24 | $2.48 | $1.36 | ||
| Q2 24 | $2.07 | $1.02 |
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 | — |
| 总债务越低越好 | $10.9B | $144.0M |
| 股东权益账面价值 | $3.3B | $281.4M |
| 总资产 | $35.4B | $626.7M |
| 负债/权益比越低杠杆越低 | 3.29× | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资MMMPLOW
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务MMMPLOW
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $144.0M | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $13.1B | — | ||
| Q1 25 | $13.5B | — | ||
| Q4 24 | $13.0B | $147.5M | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | $13.1B | — |
股东权益MMMPLOW
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $281.4M | ||
| Q3 25 | $4.6B | $275.3M | ||
| Q2 25 | $4.3B | $273.3M | ||
| Q1 25 | $4.5B | $258.9M | ||
| Q4 24 | $3.8B | $264.2M | ||
| Q3 24 | $4.6B | $260.8M | ||
| Q2 24 | $3.9B | $236.7M |
总资产MMMPLOW
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $626.7M | ||
| Q3 25 | $37.6B | $694.9M | ||
| Q2 25 | $38.0B | $671.5M | ||
| Q1 25 | $40.0B | $621.0M | ||
| Q4 24 | $39.9B | $590.0M | ||
| Q3 24 | $40.9B | $665.6M | ||
| Q2 24 | $43.4B | $617.0M |
负债/权益比MMMPLOW
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 0.51× | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.40× | 0.56× | ||
| 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 | — | $95.9M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $92.8M |
| 自由现金流率自由现金流/营收 | 33.6% | 50.3% |
| 资本支出强度资本支出/营收 | — | 1.7% |
| 现金转化率经营现金流/净利润 | — | 7.47× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $63.6M |
8季度趋势，按日历期对齐
经营现金流MMMPLOW
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $95.9M | ||
| Q3 25 | $1.8B | $-8.5M | ||
| Q2 25 | $-954.0M | $-11.4M | ||
| Q1 25 | $-79.0M | $-1.3M | ||
| Q4 24 | $1.8B | $74.4M | ||
| Q3 24 | $-1.8B | $-14.2M | ||
| Q2 24 | $1.0B | $2.5M |
自由现金流MMMPLOW
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $92.8M | ||
| Q3 25 | $1.5B | $-11.4M | ||
| Q2 25 | $-1.2B | $-14.3M | ||
| Q1 25 | $-315.0M | $-3.5M | ||
| Q4 24 | $1.5B | $70.2M | ||
| Q3 24 | $-2.0B | $-15.2M | ||
| Q2 24 | $752.0M | $836.0K |
自由现金流率MMMPLOW
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 50.3% | ||
| Q3 25 | 23.6% | -7.1% | ||
| Q2 25 | -18.3% | -7.4% | ||
| Q1 25 | -5.3% | -3.0% | ||
| Q4 24 | 25.4% | 48.9% | ||
| Q3 24 | -32.3% | -11.8% | ||
| Q2 24 | 12.0% | 0.4% |
资本支出强度MMMPLOW
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 1.7% | ||
| Q3 25 | 3.3% | 1.8% | ||
| Q2 25 | 3.3% | 1.5% | ||
| Q1 25 | 4.0% | 1.9% | ||
| Q4 24 | 4.8% | 2.9% | ||
| Q3 24 | 3.9% | 0.8% | ||
| Q2 24 | 4.3% | 0.8% |
现金转化率MMMPLOW
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 7.47× | ||
| Q3 25 | 2.11× | -1.07× | ||
| Q2 25 | -1.32× | -0.44× | ||
| Q1 25 | -0.07× | -9.03× | ||
| Q4 24 | 2.50× | 9.41× | ||
| Q3 24 | -1.30× | -0.44× | ||
| Q2 24 | 0.89× | 0.10× |
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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
