vs
3M（MMM）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是托尔工业的2.5倍（$6.0B vs $2.4B）。3M净利率更高（10.8% vs 0.9%，领先9.9%）。托尔工业同比增速更快（11.5% vs 1.3%）。3M自由现金流更多（$2.0B vs $-74.8M）。过去两年托尔工业的营收复合增速更高（4.0% 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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
MMM vs THO — 直观对比
营收规模更大
MMM
是对方的2.5倍
$2.4B
营收增速更快
THO
高出10.2%
1.3%
净利率更高
MMM
高出9.9%
0.9%
自由现金流更多
MMM
多$2.1B
$-74.8M
两年增速更快
THO
近两年复合增速
-1.8%
损益表 — Q1 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $2.4B |
| 净利润 | $653.0M | $21.7M |
| 毛利率 | 40.7% | 13.4% |
| 营业利润率 | 23.2% | 1.4% |
| 净利率 | 10.8% | 0.9% |
| 营收同比 | 1.3% | 11.5% |
| 净利润同比 | -41.5% | 1282.8% |
| 每股收益（稀释后） | $1.23 | $0.41 |
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MMMTHO
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $2.4B | ||
| Q3 25 | $6.5B | $2.5B | ||
| Q2 25 | $6.3B | $2.9B | ||
| Q1 25 | $6.0B | $2.0B | ||
| Q4 24 | $6.0B | $2.1B | ||
| Q3 24 | $6.3B | $2.5B | ||
| Q2 24 | $6.3B | $2.8B |
净利润MMMTHO
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $21.7M | ||
| Q3 25 | $834.0M | $125.8M | ||
| Q2 25 | $723.0M | $135.2M | ||
| Q1 25 | $1.1B | $-551.0K | ||
| Q4 24 | $728.0M | $-1.8M | ||
| Q3 24 | $1.4B | $90.0M | ||
| Q2 24 | $1.1B | $114.5M |
毛利率MMMTHO
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 13.4% | ||
| Q3 25 | 41.8% | 14.7% | ||
| Q2 25 | 42.5% | 15.3% | ||
| Q1 25 | 41.6% | 12.1% | ||
| Q4 24 | 51.7% | 13.1% | ||
| Q3 24 | 42.1% | 15.8% | ||
| Q2 24 | 42.9% | 15.1% |
营业利润率MMMTHO
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 1.4% | ||
| Q3 25 | 22.2% | 5.7% | ||
| Q2 25 | 18.0% | 5.4% | ||
| Q1 25 | 20.9% | -0.1% | ||
| Q4 24 | 12.2% | -0.1% | ||
| Q3 24 | 20.9% | 5.0% | ||
| Q2 24 | 20.3% | 5.1% |
净利率MMMTHO
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 0.9% | ||
| Q3 25 | 12.8% | 5.0% | ||
| Q2 25 | 11.4% | 4.7% | ||
| Q1 25 | 18.7% | -0.0% | ||
| Q4 24 | 12.1% | -0.1% | ||
| Q3 24 | 21.8% | 3.6% | ||
| Q2 24 | 18.3% | 4.1% |
每股收益（稀释后）MMMTHO
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $0.41 | ||
| Q3 25 | $1.55 | $2.35 | ||
| Q2 25 | $1.34 | $2.53 | ||
| Q1 25 | $2.04 | $-0.01 | ||
| Q4 24 | $1.33 | $-0.03 | ||
| Q3 24 | $2.48 | $1.69 | ||
| Q2 24 | $2.07 | $2.13 |
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 | $509.9M |
| 总债务越低越好 | $10.9B | $916.0M |
| 股东权益账面价值 | $3.3B | $4.3B |
| 总资产 | $35.4B | $7.0B |
| 负债/权益比越低杠杆越低 | 3.29× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资MMMTHO
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $509.9M | ||
| Q3 25 | — | $586.6M | ||
| Q2 25 | — | $508.3M | ||
| Q1 25 | — | $373.8M | ||
| Q4 24 | — | $445.2M | ||
| Q3 24 | — | $501.3M | ||
| Q2 24 | — | $371.8M |
总债务MMMTHO
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $916.0M | ||
| Q3 25 | $12.6B | $923.0M | ||
| Q2 25 | $13.1B | $1.0B | ||
| Q1 25 | $13.5B | $1.0B | ||
| Q4 24 | $13.0B | $1.1B | ||
| Q3 24 | $13.2B | $1.1B | ||
| Q2 24 | $13.1B | $1.2B |
股东权益MMMTHO
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $4.3B | ||
| Q3 25 | $4.6B | $4.3B | ||
| Q2 25 | $4.3B | $4.2B | ||
| Q1 25 | $4.5B | $4.0B | ||
| Q4 24 | $3.8B | $4.1B | ||
| Q3 24 | $4.6B | $4.1B | ||
| Q2 24 | $3.9B | $4.0B |
总资产MMMTHO
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $7.0B | ||
| Q3 25 | $37.6B | $7.1B | ||
| Q2 25 | $38.0B | $7.2B | ||
| Q1 25 | $40.0B | $6.7B | ||
| Q4 24 | $39.9B | $6.9B | ||
| Q3 24 | $40.9B | $7.0B | ||
| Q2 24 | $43.4B | $7.2B |
负债/权益比MMMTHO
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 0.21× | ||
| Q3 25 | 2.72× | 0.22× | ||
| Q2 25 | 3.06× | 0.24× | ||
| Q1 25 | 3.02× | 0.26× | ||
| Q4 24 | 3.40× | 0.27× | ||
| Q3 24 | 2.84× | 0.28× | ||
| Q2 24 | 3.34× | 0.31× |
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 | — | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $-74.8M |
| 自由现金流率自由现金流/营收 | 33.6% | -3.1% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | — | -2.07× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $375.1M |
8季度趋势，按日历期对齐
经营现金流MMMTHO
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $-44.9M | ||
| Q3 25 | $1.8B | $258.7M | ||
| Q2 25 | $-954.0M | $257.7M | ||
| Q1 25 | $-79.0M | $30.8M | ||
| Q4 24 | $1.8B | $30.7M | ||
| Q3 24 | $-1.8B | $338.0M | ||
| Q2 24 | $1.0B | $251.7M |
自由现金流MMMTHO
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $-74.8M | ||
| Q3 25 | $1.5B | $221.6M | ||
| Q2 25 | $-1.2B | $222.5M | ||
| Q1 25 | $-315.0M | $5.8M | ||
| Q4 24 | $1.5B | $6.4M | ||
| Q3 24 | $-2.0B | $301.3M | ||
| Q2 24 | $752.0M | $225.4M |
自由现金流率MMMTHO
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | -3.1% | ||
| Q3 25 | 23.6% | 8.8% | ||
| Q2 25 | -18.3% | 7.7% | ||
| Q1 25 | -5.3% | 0.3% | ||
| Q4 24 | 25.4% | 0.3% | ||
| Q3 24 | -32.3% | 11.9% | ||
| Q2 24 | 12.0% | 8.0% |
资本支出强度MMMTHO
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 1.3% | ||
| Q3 25 | 3.3% | 1.5% | ||
| Q2 25 | 3.3% | 1.2% | ||
| Q1 25 | 4.0% | 1.2% | ||
| Q4 24 | 4.8% | 1.1% | ||
| Q3 24 | 3.9% | 1.4% | ||
| Q2 24 | 4.3% | 0.9% |
现金转化率MMMTHO
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | -2.07× | ||
| Q3 25 | 2.11× | 2.06× | ||
| Q2 25 | -1.32× | 1.91× | ||
| Q1 25 | -0.07× | — | ||
| Q4 24 | 2.50× | — | ||
| Q3 24 | -1.30× | 3.76× | ||
| Q2 24 | 0.89× | 2.20× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
