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3M（MMM）与SPX Technologies, Inc.（SPXC）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SPX Technologies, Inc.的9.5倍（$6.0B vs $637.3M）。SPX Technologies, Inc.净利率更高（12.2% vs 10.8%，领先1.4%）。SPX Technologies, Inc.同比增速更快（19.4% vs 1.3%）。3M自由现金流更多（$2.0B vs $126.7M）。过去两年SPX Technologies, Inc.的营收复合增速更高（17.0% 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。
SPX Technologies是美国头部制造企业，总部位于北卡罗来纳州夏洛特市，业务布局暖通空调、检测测量、输发电及工程解决方案四大核心领域，产品涵盖冷却塔、锅炉、地下管线定位仪、电力变压器、热交换器等，旗下拥有Waukesha、Dielectric、Genfare等多个知名品牌。
MMM vs SPXC — 直观对比
营收规模更大
MMM
是对方的9.5倍
$637.3M
营收增速更快
SPXC
高出18.1%
1.3%
净利率更高
SPXC
高出1.4%
10.8%
自由现金流更多
MMM
多$1.9B
$126.7M
两年增速更快
SPXC
近两年复合增速
-1.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $637.3M |
| 净利润 | $653.0M | $77.9M |
| 毛利率 | 40.7% | 39.8% |
| 营业利润率 | 23.2% | 15.7% |
| 净利率 | 10.8% | 12.2% |
| 营收同比 | 1.3% | 19.4% |
| 净利润同比 | -41.5% | 36.4% |
| 每股收益（稀释后） | $1.23 | $1.56 |
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MMMSPXC
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $637.3M | ||
| Q3 25 | $6.5B | $592.8M | ||
| Q2 25 | $6.3B | $552.4M | ||
| Q1 25 | $6.0B | $482.6M | ||
| Q4 24 | $6.0B | $533.7M | ||
| Q3 24 | $6.3B | $483.7M | ||
| Q2 24 | $6.3B | $501.3M |
净利润MMMSPXC
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $77.9M | ||
| Q3 25 | $834.0M | $62.7M | ||
| Q2 25 | $723.0M | $52.2M | ||
| Q1 25 | $1.1B | $51.2M | ||
| Q4 24 | $728.0M | $57.1M | ||
| Q3 24 | $1.4B | $50.2M | ||
| Q2 24 | $1.1B | $44.2M |
毛利率MMMSPXC
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 39.8% | ||
| Q3 25 | 41.8% | 40.4% | ||
| Q2 25 | 42.5% | 41.4% | ||
| Q1 25 | 41.6% | 40.6% | ||
| Q4 24 | 51.7% | 40.9% | ||
| Q3 24 | 42.1% | 40.9% | ||
| Q2 24 | 42.9% | 40.1% |
营业利润率MMMSPXC
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 15.7% | ||
| Q3 25 | 22.2% | 16.4% | ||
| Q2 25 | 18.0% | 15.7% | ||
| Q1 25 | 20.9% | 13.8% | ||
| Q4 24 | 12.2% | 16.9% | ||
| Q3 24 | 20.9% | 16.3% | ||
| Q2 24 | 20.3% | 14.9% |
净利率MMMSPXC
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 12.2% | ||
| Q3 25 | 12.8% | 10.6% | ||
| Q2 25 | 11.4% | 9.4% | ||
| Q1 25 | 18.7% | 10.6% | ||
| Q4 24 | 12.1% | 10.7% | ||
| Q3 24 | 21.8% | 10.4% | ||
| Q2 24 | 18.3% | 8.8% |
每股收益（稀释后）MMMSPXC
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $1.56 | ||
| Q3 25 | $1.55 | $1.28 | ||
| Q2 25 | $1.34 | $1.10 | ||
| Q1 25 | $2.04 | $1.09 | ||
| Q4 24 | $1.33 | $1.21 | ||
| Q3 24 | $2.48 | $1.06 | ||
| Q2 24 | $2.07 | $0.94 |
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 | $364.0M |
| 总债务越低越好 | $10.9B | $496.7M |
| 股东权益账面价值 | $3.3B | $2.2B |
| 总资产 | $35.4B | $3.6B |
| 负债/权益比越低杠杆越低 | 3.29× | 0.22× |
8季度趋势，按日历期对齐
现金及短期投资MMMSPXC
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $364.0M | ||
| Q3 25 | — | $229.4M | ||
| Q2 25 | — | $132.8M | ||
| Q1 25 | — | $177.8M | ||
| Q4 24 | — | $156.9M | ||
| Q3 24 | — | $124.8M | ||
| Q2 24 | — | $128.1M |
总债务MMMSPXC
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $496.7M | ||
| Q3 25 | $12.6B | $499.8M | ||
| Q2 25 | $13.1B | $950.3M | ||
| Q1 25 | $13.5B | $872.0M | ||
| Q4 24 | $13.0B | $577.0M | ||
| Q3 24 | $13.2B | $665.2M | ||
| Q2 24 | $13.1B | $509.9M |
股东权益MMMSPXC
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $2.2B | ||
| Q3 25 | $4.6B | $2.1B | ||
| Q2 25 | $4.3B | $1.5B | ||
| Q1 25 | $4.5B | $1.4B | ||
| Q4 24 | $3.8B | $1.4B | ||
| Q3 24 | $4.6B | $1.4B | ||
| Q2 24 | $3.9B | $1.3B |
总资产MMMSPXC
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $3.6B | ||
| Q3 25 | $37.6B | $3.4B | ||
| Q2 25 | $38.0B | $3.3B | ||
| Q1 25 | $40.0B | $3.1B | ||
| Q4 24 | $39.9B | $2.7B | ||
| Q3 24 | $40.9B | $2.8B | ||
| Q2 24 | $43.4B | $2.8B |
负债/权益比MMMSPXC
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 0.22× | ||
| Q3 25 | 2.72× | 0.23× | ||
| Q2 25 | 3.06× | 0.62× | ||
| Q1 25 | 3.02× | 0.60× | ||
| Q4 24 | 3.40× | 0.42× | ||
| Q3 24 | 2.84× | 0.49× | ||
| Q2 24 | 3.34× | 0.40× |
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 | — | $195.2M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $126.7M |
| 自由现金流率自由现金流/营收 | 33.6% | 19.9% |
| 资本支出强度资本支出/营收 | — | 10.7% |
| 现金转化率经营现金流/净利润 | — | 2.51× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $241.2M |
8季度趋势，按日历期对齐
经营现金流MMMSPXC
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $195.2M | ||
| Q3 25 | $1.8B | $106.5M | ||
| Q2 25 | $-954.0M | $42.5M | ||
| Q1 25 | $-79.0M | $-10.9M | ||
| Q4 24 | $1.8B | $166.5M | ||
| Q3 24 | $-1.8B | $51.4M | ||
| Q2 24 | $1.0B | $57.5M |
自由现金流MMMSPXC
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $126.7M | ||
| Q3 25 | $1.5B | $96.1M | ||
| Q2 25 | $-1.2B | $34.8M | ||
| Q1 25 | $-315.0M | $-16.4M | ||
| Q4 24 | $1.5B | $156.7M | ||
| Q3 24 | $-2.0B | $43.5M | ||
| Q2 24 | $752.0M | $47.1M |
自由现金流率MMMSPXC
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 19.9% | ||
| Q3 25 | 23.6% | 16.2% | ||
| Q2 25 | -18.3% | 6.3% | ||
| Q1 25 | -5.3% | -3.4% | ||
| Q4 24 | 25.4% | 29.4% | ||
| Q3 24 | -32.3% | 9.0% | ||
| Q2 24 | 12.0% | 9.4% |
资本支出强度MMMSPXC
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 10.7% | ||
| Q3 25 | 3.3% | 1.8% | ||
| Q2 25 | 3.3% | 1.4% | ||
| Q1 25 | 4.0% | 1.1% | ||
| Q4 24 | 4.8% | 1.8% | ||
| Q3 24 | 3.9% | 1.6% | ||
| Q2 24 | 4.3% | 2.1% |
现金转化率MMMSPXC
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 2.51× | ||
| Q3 25 | 2.11× | 1.70× | ||
| Q2 25 | -1.32× | 0.81× | ||
| Q1 25 | -0.07× | -0.21× | ||
| Q4 24 | 2.50× | 2.92× | ||
| Q3 24 | -1.30× | 1.02× | ||
| Q2 24 | 0.89× | 1.30× |
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% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
