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3M（MMM）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是3M的1.2倍（$7.4B vs $6.0B），美国合众银行净利率更高（27.8% vs 10.8%，领先16.9%），美国合众银行同比增速更快（5.1% vs 1.3%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
MMM vs USB — 直观对比
营收规模更大
USB
是对方的1.2倍
$6.0B
营收增速更快
USB
高出3.8%
1.3%
净利率更高
USB
高出16.9%
10.8%
两年增速更快
USB
近两年复合增速
-1.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $7.4B |
| 净利润 | $653.0M | $2.0B |
| 毛利率 | 40.7% | — |
| 营业利润率 | 23.2% | 34.4% |
| 净利率 | 10.8% | 27.8% |
| 营收同比 | 1.3% | 5.1% |
| 净利润同比 | -41.5% | 23.0% |
| 每股收益（稀释后） | $1.23 | $1.26 |
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MMMUSB
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $7.4B | ||
| Q3 25 | $6.5B | $7.3B | ||
| Q2 25 | $6.3B | $7.0B | ||
| Q1 25 | $6.0B | $7.0B | ||
| Q4 24 | $6.0B | $7.0B | ||
| Q3 24 | $6.3B | $6.9B | ||
| Q2 24 | $6.3B | $6.9B |
净利润MMMUSB
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $2.0B | ||
| Q3 25 | $834.0M | $2.0B | ||
| Q2 25 | $723.0M | $1.8B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $728.0M | $1.7B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.1B | $1.6B |
毛利率MMMUSB
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | — | ||
| Q3 25 | 41.8% | — | ||
| Q2 25 | 42.5% | — | ||
| Q1 25 | 41.6% | — | ||
| Q4 24 | 51.7% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | 42.9% | — |
营业利润率MMMUSB
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 34.4% | ||
| Q3 25 | 22.2% | 34.5% | ||
| Q2 25 | 18.0% | 32.7% | ||
| Q1 25 | 20.9% | 31.0% | ||
| Q4 24 | 12.2% | 30.1% | ||
| Q3 24 | 20.9% | 30.2% | ||
| Q2 24 | 20.3% | 29.9% |
净利率MMMUSB
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 27.8% | ||
| Q3 25 | 12.8% | 27.3% | ||
| Q2 25 | 11.4% | 25.9% | ||
| Q1 25 | 18.7% | 24.6% | ||
| Q4 24 | 12.1% | 23.7% | ||
| Q3 24 | 21.8% | 25.0% | ||
| Q2 24 | 18.3% | 23.3% |
每股收益（稀释后）MMMUSB
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | $1.26 | ||
| Q3 25 | $1.55 | $1.22 | ||
| Q2 25 | $1.34 | $1.11 | ||
| Q1 25 | $2.04 | $1.03 | ||
| Q4 24 | $1.33 | $1.01 | ||
| Q3 24 | $2.48 | $1.03 | ||
| Q2 24 | $2.07 | $0.97 |
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 | — |
| 股东权益账面价值 | $3.3B | $65.2B |
| 总资产 | $35.4B | $692.3B |
| 负债/权益比越低杠杆越低 | 3.29× | — |
8季度趋势，按日历期对齐
现金及短期投资MMMUSB
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务MMMUSB
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $13.1B | — | ||
| Q1 25 | $13.5B | — | ||
| Q4 24 | $13.0B | — | ||
| Q3 24 | $13.2B | — | ||
| Q2 24 | $13.1B | — |
股东权益MMMUSB
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | $65.2B | ||
| Q3 25 | $4.6B | $63.3B | ||
| Q2 25 | $4.3B | $61.4B | ||
| Q1 25 | $4.5B | $60.1B | ||
| Q4 24 | $3.8B | $58.6B | ||
| Q3 24 | $4.6B | $58.9B | ||
| Q2 24 | $3.9B | $56.4B |
总资产MMMUSB
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $692.3B | ||
| Q3 25 | $37.6B | $695.4B | ||
| Q2 25 | $38.0B | $686.4B | ||
| Q1 25 | $40.0B | $676.5B | ||
| Q4 24 | $39.9B | $678.3B | ||
| Q3 24 | $40.9B | $686.5B | ||
| Q2 24 | $43.4B | $680.1B |
负债/权益比MMMUSB
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.40× | — | ||
| 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 | — | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | — |
| 自由现金流率自由现金流/营收 | 33.6% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 1.39× |
| 过去12个月自由现金流最近4个季度 | $3.7B | — |
8季度趋势，按日历期对齐
经营现金流MMMUSB
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.8B | $3.4B | ||
| Q2 25 | $-954.0M | $2.0B | ||
| Q1 25 | $-79.0M | $-285.0M | ||
| Q4 24 | $1.8B | $4.8B | ||
| Q3 24 | $-1.8B | $972.0M | ||
| Q2 24 | $1.0B | $2.9B |
自由现金流MMMUSB
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $-1.2B | — | ||
| Q1 25 | $-315.0M | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $-2.0B | — | ||
| Q2 24 | $752.0M | — |
自由现金流率MMMUSB
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | -18.3% | — | ||
| Q1 25 | -5.3% | — | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | -32.3% | — | ||
| Q2 24 | 12.0% | — |
资本支出强度MMMUSB
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 4.3% | — |
现金转化率MMMUSB
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 1.39× | ||
| Q3 25 | 2.11× | 1.69× | ||
| Q2 25 | -1.32× | 1.12× | ||
| Q1 25 | -0.07× | -0.17× | ||
| Q4 24 | 2.50× | 2.87× | ||
| Q3 24 | -1.30× | 0.57× | ||
| Q2 24 | 0.89× | 1.79× |
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% |
USB
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