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摩丁制造（MOD）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是摩丁制造的1.8倍（$1.5B vs $805.0M），斑马技术净利率更高（4.7% vs -5.9%，领先10.6%），摩丁制造同比增速更快（30.5% vs 10.6%），斑马技术自由现金流更多（$327.0M vs $-17.1M），过去两年摩丁制造的营收复合增速更高（15.5% vs 12.0%）
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
MOD vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.8倍
$805.0M
营收增速更快
MOD
高出19.9%
10.6%
净利率更高
ZBRA
高出10.6%
-5.9%
自由现金流更多
ZBRA
多$344.1M
$-17.1M
两年增速更快
MOD
近两年复合增速
12.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $805.0M | $1.5B |
| 净利润 | $-47.4M | $70.0M |
| 毛利率 | 23.1% | 47.3% |
| 营业利润率 | 11.1% | 9.4% |
| 净利率 | -5.9% | 4.7% |
| 营收同比 | 30.5% | 10.6% |
| 净利润同比 | -215.6% | -57.1% |
| 每股收益（稀释后） | $-0.90 | $1.40 |
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MODZBRA
| Q4 25 | $805.0M | $1.5B | ||
| Q3 25 | $738.9M | $1.3B | ||
| Q2 25 | $682.8M | $1.3B | ||
| Q1 25 | $647.2M | $1.3B | ||
| Q4 24 | $616.8M | $1.3B | ||
| Q3 24 | $658.0M | $1.3B | ||
| Q2 24 | $661.5M | $1.2B | ||
| Q1 24 | $603.5M | $1.2B |
净利润MODZBRA
| Q4 25 | $-47.4M | $70.0M | ||
| Q3 25 | $44.4M | $101.0M | ||
| Q2 25 | $51.2M | $112.0M | ||
| Q1 25 | $49.6M | $136.0M | ||
| Q4 24 | $41.0M | $163.0M | ||
| Q3 24 | $46.1M | $137.0M | ||
| Q2 24 | $47.3M | $113.0M | ||
| Q1 24 | $25.8M | $115.0M |
毛利率MODZBRA
| Q4 25 | 23.1% | 47.3% | ||
| Q3 25 | 22.3% | 48.0% | ||
| Q2 25 | 24.2% | 47.6% | ||
| Q1 25 | 25.6% | 49.3% | ||
| Q4 24 | 24.3% | 48.6% | ||
| Q3 24 | 25.2% | 48.8% | ||
| Q2 24 | 24.6% | 48.4% | ||
| Q1 24 | 22.4% | 47.9% |
营业利润率MODZBRA
| Q4 25 | 11.1% | 9.4% | ||
| Q3 25 | 9.9% | 13.9% | ||
| Q2 25 | 11.1% | 14.2% | ||
| Q1 25 | 11.5% | 14.9% | ||
| Q4 24 | 9.6% | 16.9% | ||
| Q3 24 | 11.4% | 15.2% | ||
| Q2 24 | 11.2% | 13.7% | ||
| Q1 24 | 7.8% | 13.5% |
净利率MODZBRA
| Q4 25 | -5.9% | 4.7% | ||
| Q3 25 | 6.0% | 7.7% | ||
| Q2 25 | 7.5% | 8.7% | ||
| Q1 25 | 7.7% | 10.4% | ||
| Q4 24 | 6.6% | 12.2% | ||
| Q3 24 | 7.0% | 10.9% | ||
| Q2 24 | 7.2% | 9.3% | ||
| Q1 24 | 4.3% | 9.8% |
每股收益（稀释后）MODZBRA
| Q4 25 | $-0.90 | $1.40 | ||
| Q3 25 | $0.83 | $1.97 | ||
| Q2 25 | $0.95 | $2.19 | ||
| Q1 25 | $0.92 | $2.62 | ||
| Q4 24 | $0.76 | $3.14 | ||
| Q3 24 | $0.86 | $2.64 | ||
| Q2 24 | $0.88 | $2.17 | ||
| Q1 24 | $0.48 | $2.23 |
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 | $98.7M | $125.0M |
| 总债务越低越好 | $570.7M | — |
| 股东权益账面价值 | $1.1B | $3.6B |
| 总资产 | $2.5B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MODZBRA
| Q4 25 | $98.7M | $125.0M | ||
| Q3 25 | $83.8M | $1.1B | ||
| Q2 25 | $124.5M | $872.0M | ||
| Q1 25 | $71.6M | $879.0M | ||
| Q4 24 | $83.8M | $901.0M | ||
| Q3 24 | $78.6M | $676.0M | ||
| Q2 24 | $72.9M | $411.0M | ||
| Q1 24 | $60.1M | $127.0M |
总债务MODZBRA
| Q4 25 | $570.7M | — | ||
| Q3 25 | $525.8M | $2.2B | ||
| Q2 25 | $482.1M | $2.2B | ||
| Q1 25 | $296.7M | $2.2B | ||
| Q4 24 | $330.0M | — | ||
| Q3 24 | $359.1M | $2.2B | ||
| Q2 24 | $405.7M | $2.2B | ||
| Q1 24 | $399.9M | $2.1B |
股东权益MODZBRA
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.1B | $3.7B | ||
| Q2 25 | $1.0B | $3.6B | ||
| Q1 25 | $910.2M | $3.6B | ||
| Q4 24 | $855.1M | $3.6B | ||
| Q3 24 | $858.8M | $3.4B | ||
| Q2 24 | $788.4M | $3.3B | ||
| Q1 24 | $747.6M | $3.2B |
总资产MODZBRA
| Q4 25 | $2.5B | $8.5B | ||
| Q3 25 | $2.4B | $8.1B | ||
| Q2 25 | $2.2B | $7.9B | ||
| Q1 25 | $1.9B | $7.9B | ||
| Q4 24 | $1.8B | $8.0B | ||
| Q3 24 | $1.9B | $7.7B | ||
| Q2 24 | $1.9B | $7.5B | ||
| Q1 24 | $1.9B | $7.3B |
负债/权益比MODZBRA
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | 0.58× | ||
| Q2 25 | 0.48× | 0.60× | ||
| Q1 25 | 0.33× | 0.60× | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.42× | 0.64× | ||
| Q2 24 | 0.51× | 0.66× | ||
| Q1 24 | 0.53× | 0.66× |
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 | $24.7M | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $-17.1M | $327.0M |
| 自由现金流率自由现金流/营收 | -2.1% | 22.2% |
| 资本支出强度资本支出/营收 | 5.2% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 5.10× |
| 过去12个月自由现金流最近4个季度 | $-20.3M | $831.0M |
8季度趋势，按日历期对齐
经营现金流MODZBRA
| Q4 25 | $24.7M | $357.0M | ||
| Q3 25 | $1.4M | $235.0M | ||
| Q2 25 | $27.7M | $147.0M | ||
| Q1 25 | $54.8M | $178.0M | ||
| Q4 24 | $60.7M | $306.0M | ||
| Q3 24 | $57.3M | $294.0M | ||
| Q2 24 | $40.5M | $288.0M | ||
| Q1 24 | $39.6M | $125.0M |
自由现金流MODZBRA
| Q4 25 | $-17.1M | $327.0M | ||
| Q3 25 | $-30.5M | $216.0M | ||
| Q2 25 | $200.0K | $130.0M | ||
| Q1 25 | $27.1M | $158.0M | ||
| Q4 24 | $44.7M | $288.0M | ||
| Q3 24 | $43.8M | $277.0M | ||
| Q2 24 | $13.7M | $278.0M | ||
| Q1 24 | $-4.3M | $111.0M |
自由现金流率MODZBRA
| Q4 25 | -2.1% | 22.2% | ||
| Q3 25 | -4.1% | 16.4% | ||
| Q2 25 | 0.0% | 10.1% | ||
| Q1 25 | 4.2% | 12.1% | ||
| Q4 24 | 7.2% | 21.6% | ||
| Q3 24 | 6.7% | 22.1% | ||
| Q2 24 | 2.1% | 22.8% | ||
| Q1 24 | -0.7% | 9.4% |
资本支出强度MODZBRA
| Q4 25 | 5.2% | 2.0% | ||
| Q3 25 | 4.3% | 1.4% | ||
| Q2 25 | 4.0% | 1.3% | ||
| Q1 25 | 4.3% | 1.5% | ||
| Q4 24 | 2.6% | 1.3% | ||
| Q3 24 | 2.1% | 1.4% | ||
| Q2 24 | 4.1% | 0.8% | ||
| Q1 24 | 7.3% | 1.2% |
现金转化率MODZBRA
| Q4 25 | — | 5.10× | ||
| Q3 25 | 0.03× | 2.33× | ||
| Q2 25 | 0.54× | 1.31× | ||
| Q1 25 | 1.10× | 1.31× | ||
| Q4 24 | 1.48× | 1.88× | ||
| Q3 24 | 1.24× | 2.15× | ||
| Q2 24 | 0.86× | 2.55× | ||
| Q1 24 | 1.53× | 1.09× |
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
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
