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3M（MMM）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是3M的1.8倍（$10.6B vs $6.0B），高通净利率更高（69.5% vs 10.8%，领先58.7%），3M同比增速更快（1.3% vs -3.5%），过去两年高通的营收复合增速更高（6.2% 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
MMM vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.8倍
$6.0B
营收增速更快
MMM
高出4.8%
-3.5%
净利率更高
QCOM
高出58.7%
10.8%
两年增速更快
QCOM
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $10.6B |
| 净利润 | $653.0M | $7.4B |
| 毛利率 | 40.7% | 53.8% |
| 营业利润率 | 23.2% | 21.8% |
| 净利率 | 10.8% | 69.5% |
| 营收同比 | 1.3% | -3.5% |
| 净利润同比 | -41.5% | — |
| 每股收益（稀释后） | $1.23 | $6.88 |
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MMMQCOM
| Q1 26 | $6.0B | $10.6B | ||
| Q4 25 | $6.1B | $12.3B | ||
| Q3 25 | $6.5B | $11.3B | ||
| Q2 25 | $6.3B | $10.4B | ||
| Q1 25 | $6.0B | $11.0B | ||
| Q4 24 | $6.0B | $11.7B | ||
| Q3 24 | $6.3B | $10.2B | ||
| Q2 24 | $6.3B | $9.4B |
净利润MMMQCOM
| Q1 26 | $653.0M | $7.4B | ||
| Q4 25 | $577.0M | $3.0B | ||
| Q3 25 | $834.0M | $-3.1B | ||
| Q2 25 | $723.0M | $2.7B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $728.0M | $3.2B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.1B | $2.1B |
毛利率MMMQCOM
| Q1 26 | 40.7% | 53.8% | ||
| Q4 25 | 33.6% | 54.6% | ||
| Q3 25 | 41.8% | 55.3% | ||
| Q2 25 | 42.5% | 55.6% | ||
| Q1 25 | 41.6% | 55.0% | ||
| Q4 24 | 51.7% | 55.8% | ||
| Q3 24 | 42.1% | 56.4% | ||
| Q2 24 | 42.9% | 55.6% |
营业利润率MMMQCOM
| Q1 26 | 23.2% | 21.8% | ||
| Q4 25 | 13.0% | 27.5% | ||
| Q3 25 | 22.2% | 25.9% | ||
| Q2 25 | 18.0% | 26.6% | ||
| Q1 25 | 20.9% | 28.4% | ||
| Q4 24 | 12.2% | 30.5% | ||
| Q3 24 | 20.9% | 25.2% | ||
| Q2 24 | 20.3% | 23.6% |
净利率MMMQCOM
| Q1 26 | 10.8% | 69.5% | ||
| Q4 25 | 9.4% | 24.5% | ||
| Q3 25 | 12.8% | -27.7% | ||
| Q2 25 | 11.4% | 25.7% | ||
| Q1 25 | 18.7% | 25.6% | ||
| Q4 24 | 12.1% | 27.3% | ||
| Q3 24 | 21.8% | 28.5% | ||
| Q2 24 | 18.3% | 22.7% |
每股收益（稀释后）MMMQCOM
| Q1 26 | $1.23 | $6.88 | ||
| Q4 25 | $1.07 | $2.78 | ||
| Q3 25 | $1.55 | $-2.77 | ||
| Q2 25 | $1.34 | $2.43 | ||
| Q1 25 | $2.04 | $2.52 | ||
| Q4 24 | $1.33 | $2.83 | ||
| Q3 24 | $2.48 | $2.57 | ||
| Q2 24 | $2.07 | $1.88 |
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 | $5.4B |
| 总债务越低越好 | $10.9B | $15.3B |
| 股东权益账面价值 | $3.3B | $27.3B |
| 总资产 | $35.4B | $57.1B |
| 负债/权益比越低杠杆越低 | 3.29× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资MMMQCOM
| Q1 26 | $3.7B | $5.4B | ||
| Q4 25 | — | $11.8B | ||
| Q3 25 | — | $10.2B | ||
| Q2 25 | — | $10.0B | ||
| Q1 25 | — | $13.8B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.0B |
总债务MMMQCOM
| Q1 26 | $10.9B | $15.3B | ||
| Q4 25 | $12.6B | $14.8B | ||
| Q3 25 | $12.6B | $14.8B | ||
| Q2 25 | $13.1B | $14.8B | ||
| Q1 25 | $13.5B | $13.3B | ||
| Q4 24 | $13.0B | $13.2B | ||
| Q3 24 | $13.2B | $13.3B | ||
| Q2 24 | $13.1B | $13.2B |
股东权益MMMQCOM
| Q1 26 | $3.3B | $27.3B | ||
| Q4 25 | $4.7B | $23.1B | ||
| Q3 25 | $4.6B | $21.2B | ||
| Q2 25 | $4.3B | $27.2B | ||
| Q1 25 | $4.5B | $27.7B | ||
| Q4 24 | $3.8B | $26.9B | ||
| Q3 24 | $4.6B | $26.3B | ||
| Q2 24 | $3.9B | $24.7B |
总资产MMMQCOM
| Q1 26 | $35.4B | $57.1B | ||
| Q4 25 | $37.7B | $53.0B | ||
| Q3 25 | $37.6B | $50.1B | ||
| Q2 25 | $38.0B | $54.9B | ||
| Q1 25 | $40.0B | $55.4B | ||
| Q4 24 | $39.9B | $55.6B | ||
| Q3 24 | $40.9B | $55.2B | ||
| Q2 24 | $43.4B | $52.7B |
负债/权益比MMMQCOM
| Q1 26 | 3.29× | 0.56× | ||
| Q4 25 | 2.68× | 0.64× | ||
| Q3 25 | 2.72× | 0.70× | ||
| Q2 25 | 3.06× | 0.54× | ||
| Q1 25 | 3.02× | 0.48× | ||
| Q4 24 | 3.40× | 0.49× | ||
| Q3 24 | 2.84× | 0.51× | ||
| Q2 24 | 3.34× | 0.53× |
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 | — | $7.4B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 10.2% |
| 现金转化率经营现金流/净利润 | — | 1.01× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MMMQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $1.6B | $5.0B | ||
| Q3 25 | $1.8B | $4.0B | ||
| Q2 25 | $-954.0M | $2.9B | ||
| Q1 25 | $-79.0M | $2.6B | ||
| Q4 24 | $1.8B | $4.6B | ||
| Q3 24 | $-1.8B | $2.6B | ||
| Q2 24 | $1.0B | $3.1B |
自由现金流MMMQCOM
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $4.4B | ||
| Q3 25 | $1.5B | $3.6B | ||
| Q2 25 | $-1.2B | $2.6B | ||
| Q1 25 | $-315.0M | $2.3B | ||
| Q4 24 | $1.5B | $4.3B | ||
| Q3 24 | $-2.0B | $2.4B | ||
| Q2 24 | $752.0M | $2.7B |
自由现金流率MMMQCOM
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | 36.0% | ||
| Q3 25 | 23.6% | 31.8% | ||
| Q2 25 | -18.3% | 24.9% | ||
| Q1 25 | -5.3% | 21.3% | ||
| Q4 24 | 25.4% | 36.9% | ||
| Q3 24 | -32.3% | 23.3% | ||
| Q2 24 | 12.0% | 28.4% |
资本支出强度MMMQCOM
| Q1 26 | — | 10.2% | ||
| Q4 25 | 4.0% | 4.5% | ||
| Q3 25 | 3.3% | 3.6% | ||
| Q2 25 | 3.3% | 2.8% | ||
| Q1 25 | 4.0% | 1.9% | ||
| Q4 24 | 4.8% | 2.4% | ||
| Q3 24 | 3.9% | 2.5% | ||
| Q2 24 | 4.3% | 4.1% |
现金转化率MMMQCOM
| Q1 26 | — | 1.01× | ||
| Q4 25 | 2.74× | 1.65× | ||
| Q3 25 | 2.11× | — | ||
| Q2 25 | -1.32× | 1.08× | ||
| Q1 25 | -0.07× | 0.91× | ||
| Q4 24 | 2.50× | 1.44× | ||
| Q3 24 | -1.30× | 0.91× | ||
| Q2 24 | 0.89× | 1.43× |
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
| Personal Safety | $912.0M | 15% |
| Commercial Branding and Transportation | $640.0M | 11% |
| Industrial Adhesives and Tapes | $604.0M | 10% |
| Electronics | $577.0M | 10% |
| Automotive and Aerospace | $484.0M | 8% |
| Electrical Markets | $356.0M | 6% |
| Abrasives | $349.0M | 6% |
| Home and Auto Care | $328.0M | 5% |
| Home Improvement | $311.0M | 5% |
| Automotive Aftermarket | $304.0M | 5% |
| Industrial Specialties Division | $286.0M | 5% |
| Consumer Safety and Well-Being | $278.0M | 5% |
| Packaging and Expression | $214.0M | 4% |
| Advanced Materials | $147.0M | 2% |
| Corporate | $121.0M | 2% |
| Roofing Granules | $119.0M | 2% |
QCOM
| Equipment and services | $9.1B | 85% |
| Licensing | $1.5B | 15% |
