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3M（MMM）与UL Solutions Inc.（ULS）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UL Solutions Inc.的7.6倍（$6.0B vs $789.0M）。3M净利率更高（10.8% vs 8.5%，领先2.3%）。UL Solutions Inc.同比增速更快（6.8% vs 1.3%）。3M自由现金流更多（$2.0B vs $86.0M）。过去两年UL Solutions Inc.的营收复合增速更高（8.5% 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。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
MMM vs ULS — 直观对比
营收规模更大
MMM
是对方的7.6倍
$789.0M
营收增速更快
ULS
高出5.5%
1.3%
净利率更高
MMM
高出2.3%
8.5%
自由现金流更多
MMM
多$1.9B
$86.0M
两年增速更快
ULS
近两年复合增速
-1.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $789.0M |
| 净利润 | $653.0M | $67.0M |
| 毛利率 | 40.7% | 49.7% |
| 营业利润率 | 23.2% | 15.0% |
| 净利率 | 10.8% | 8.5% |
| 营收同比 | 1.3% | 6.8% |
| 净利润同比 | -41.5% | -17.3% |
| 每股收益（稀释后） | $1.23 | $0.33 |
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MMMULS
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $789.0M | ||
| Q3 25 | $6.5B | $783.0M | ||
| Q2 25 | $6.3B | $776.0M | ||
| Q1 25 | $6.0B | $705.0M | ||
| Q4 24 | $6.0B | $739.0M | ||
| Q3 24 | $6.3B | $731.0M | ||
| Q2 24 | $6.3B | $730.0M |
净利润MMMULS
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $67.0M | ||
| Q3 25 | $834.0M | $100.0M | ||
| Q2 25 | $723.0M | $91.0M | ||
| Q1 25 | $1.1B | $67.0M | ||
| Q4 24 | $728.0M | $81.0M | ||
| Q3 24 | $1.4B | $88.0M | ||
| Q2 24 | $1.1B | $101.0M |
毛利率MMMULS
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 49.7% | ||
| Q3 25 | 41.8% | 50.3% | ||
| Q2 25 | 42.5% | 49.4% | ||
| Q1 25 | 41.6% | 48.4% | ||
| Q4 24 | 51.7% | 47.4% | ||
| Q3 24 | 42.1% | 49.0% | ||
| Q2 24 | 42.9% | 50.1% |
营业利润率MMMULS
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 15.0% | ||
| Q3 25 | 22.2% | 19.9% | ||
| Q2 25 | 18.0% | 17.9% | ||
| Q1 25 | 20.9% | 15.5% | ||
| Q4 24 | 12.2% | 15.6% | ||
| Q3 24 | 20.9% | 17.8% | ||
| Q2 24 | 20.3% | 17.3% |
净利率MMMULS
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 8.5% | ||
| Q3 25 | 12.8% | 12.8% | ||
| Q2 25 | 11.4% | 11.7% | ||
| Q1 25 | 18.7% | 9.5% | ||
| Q4 24 | 12.1% | 11.0% | ||
| Q3 24 | 21.8% | 12.0% | ||
| Q2 24 | 18.3% | 13.8% |
每股收益（稀释后）MMMULS
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $0.33 | ||
| Q3 25 | $1.55 | $0.49 | ||
| Q2 25 | $1.34 | $0.45 | ||
| Q1 25 | $2.04 | $0.33 | ||
| Q4 24 | $1.33 | $0.40 | ||
| Q3 24 | $2.48 | $0.44 | ||
| Q2 24 | $2.07 | $0.50 |
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 | $295.0M |
| 总债务越低越好 | $10.9B | $491.0M |
| 股东权益账面价值 | $3.3B | $1.3B |
| 总资产 | $35.4B | $2.9B |
| 负债/权益比越低杠杆越低 | 3.29× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资MMMULS
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $295.0M | ||
| Q3 25 | — | $255.0M | ||
| Q2 25 | — | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | — | $298.0M | ||
| Q3 24 | — | $327.0M | ||
| Q2 24 | — | $295.0M |
总债务MMMULS
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $491.0M | ||
| Q3 25 | $12.6B | $544.0M | ||
| Q2 25 | $13.1B | $608.0M | ||
| Q1 25 | $13.5B | $653.0M | ||
| Q4 24 | $13.0B | $742.0M | ||
| Q3 24 | $13.2B | $797.0M | ||
| Q2 24 | $13.1B | $810.0M |
股东权益MMMULS
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $1.3B | ||
| Q3 25 | $4.6B | $1.2B | ||
| Q2 25 | $4.3B | $1.1B | ||
| Q1 25 | $4.5B | $970.0M | ||
| Q4 24 | $3.8B | $904.0M | ||
| Q3 24 | $4.6B | $872.0M | ||
| Q2 24 | $3.9B | $769.0M |
总资产MMMULS
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $2.9B | ||
| Q3 25 | $37.6B | $2.9B | ||
| Q2 25 | $38.0B | $2.9B | ||
| Q1 25 | $40.0B | $2.9B | ||
| Q4 24 | $39.9B | $2.8B | ||
| Q3 24 | $40.9B | $2.9B | ||
| Q2 24 | $43.4B | $2.7B |
负债/权益比MMMULS
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | 0.39× | ||
| Q3 25 | 2.72× | 0.46× | ||
| Q2 25 | 3.06× | 0.56× | ||
| Q1 25 | 3.02× | 0.67× | ||
| Q4 24 | 3.40× | 0.82× | ||
| Q3 24 | 2.84× | 0.91× | ||
| Q2 24 | 3.34× | 1.05× |
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 | — | $144.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $86.0M |
| 自由现金流率自由现金流/营收 | 33.6% | 10.9% |
| 资本支出强度资本支出/营收 | — | 7.4% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $403.0M |
8季度趋势，按日历期对齐
经营现金流MMMULS
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $144.0M | ||
| Q3 25 | $1.8B | $155.0M | ||
| Q2 25 | $-954.0M | $147.0M | ||
| Q1 25 | $-79.0M | $154.0M | ||
| Q4 24 | $1.8B | $130.0M | ||
| Q3 24 | $-1.8B | $150.0M | ||
| Q2 24 | $1.0B | $103.0M |
自由现金流MMMULS
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $86.0M | ||
| Q3 25 | $1.5B | $109.0M | ||
| Q2 25 | $-1.2B | $105.0M | ||
| Q1 25 | $-315.0M | $103.0M | ||
| Q4 24 | $1.5B | $72.0M | ||
| Q3 24 | $-2.0B | $84.0M | ||
| Q2 24 | $752.0M | $47.0M |
自由现金流率MMMULS
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 10.9% | ||
| Q3 25 | 23.6% | 13.9% | ||
| Q2 25 | -18.3% | 13.5% | ||
| Q1 25 | -5.3% | 14.6% | ||
| Q4 24 | 25.4% | 9.7% | ||
| Q3 24 | -32.3% | 11.5% | ||
| Q2 24 | 12.0% | 6.4% |
资本支出强度MMMULS
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 7.4% | ||
| Q3 25 | 3.3% | 5.9% | ||
| Q2 25 | 3.3% | 5.4% | ||
| Q1 25 | 4.0% | 7.2% | ||
| Q4 24 | 4.8% | 7.8% | ||
| Q3 24 | 3.9% | 9.0% | ||
| Q2 24 | 4.3% | 7.7% |
现金转化率MMMULS
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 2.15× | ||
| Q3 25 | 2.11× | 1.55× | ||
| Q2 25 | -1.32× | 1.62× | ||
| Q1 25 | -0.07× | 2.30× | ||
| Q4 24 | 2.50× | 1.60× | ||
| Q3 24 | -1.30× | 1.70× | ||
| Q2 24 | 0.89× | 1.02× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
