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摩根士丹利（MS）与菲利普莫里斯国际（PM）财务数据对比。点击上方公司名可切换其他公司
摩根士丹利的季度营收约是菲利普莫里斯国际的1.8倍（$17.9B vs $10.1B），摩根士丹利净利率更高（24.6% vs 24.0%，领先0.5%）
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
菲利普莫里斯国际是全球头部烟草企业，产品销往180余个国家和地区，旗下万宝路是全球最知名的烟草品牌，2023年第四季度加热不燃烧产品IQOS贡献了最高营收，位列2025年财富美国500强第121位。
MS vs PM — 直观对比
营收规模更大
MS
是对方的1.8倍
$10.1B
净利率更高
MS
高出0.5%
24.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $17.9B | $10.1B |
| 净利润 | $4.4B | $2.4B |
| 毛利率 | — | 68.1% |
| 营业利润率 | 32.2% | 38.4% |
| 净利率 | 24.6% | 24.0% |
| 营收同比 | — | 9.1% |
| 净利润同比 | — | -9.4% |
| 每股收益（稀释后） | $2.68 | $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MSPM
| Q1 26 | — | $10.1B | ||
| Q4 25 | $17.9B | $10.4B | ||
| Q3 25 | $18.2B | $10.8B | ||
| Q2 25 | $16.8B | $10.1B | ||
| Q1 25 | $17.7B | $9.3B | ||
| Q4 24 | — | $9.7B | ||
| Q3 24 | $15.4B | $9.9B | ||
| Q2 24 | $15.0B | $9.5B |
净利润MSPM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $4.4B | $2.1B | ||
| Q3 25 | $4.6B | $3.5B | ||
| Q2 25 | $3.5B | $3.0B | ||
| Q1 25 | $4.3B | $2.7B | ||
| Q4 24 | — | $-579.0M | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.1B | $2.4B |
毛利率MSPM
| Q1 26 | — | 68.1% | ||
| Q4 25 | — | 65.6% | ||
| Q3 25 | — | 67.8% | ||
| Q2 25 | — | 67.7% | ||
| Q1 25 | — | 67.3% | ||
| Q4 24 | — | 64.7% | ||
| Q3 24 | — | 66.0% | ||
| Q2 24 | — | 64.7% |
营业利润率MSPM
| Q1 26 | — | 38.4% | ||
| Q4 25 | 32.2% | 32.6% | ||
| Q3 25 | 33.1% | 39.3% | ||
| Q2 25 | 27.5% | 36.6% | ||
| Q1 25 | 31.3% | 38.1% | ||
| Q4 24 | — | 33.6% | ||
| Q3 24 | 27.4% | 36.9% | ||
| Q2 24 | 27.1% | 36.4% |
净利率MSPM
| Q1 26 | — | 24.0% | ||
| Q4 25 | 24.6% | 20.7% | ||
| Q3 25 | 25.3% | 32.1% | ||
| Q2 25 | 21.1% | 30.0% | ||
| Q1 25 | 24.3% | 28.9% | ||
| Q4 24 | — | -6.0% | ||
| Q3 24 | 20.7% | 31.1% | ||
| Q2 24 | 20.5% | 25.4% |
每股收益（稀释后）MSPM
| Q1 26 | — | $1.56 | ||
| Q4 25 | $2.68 | $1.36 | ||
| Q3 25 | $2.80 | $2.23 | ||
| Q2 25 | $2.13 | $1.95 | ||
| Q1 25 | $2.60 | $1.72 | ||
| Q4 24 | — | $-0.37 | ||
| Q3 24 | $1.88 | $1.97 | ||
| Q2 24 | $1.82 | $1.54 |
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 | $111.7B | $5.5B |
| 总债务越低越好 | $341.7B | $49.5B |
| 股东权益账面价值 | $111.6B | — |
| 总资产 | $1420.3B | $68.9B |
| 负债/权益比越低杠杆越低 | 3.06× | — |
8季度趋势，按日历期对齐
现金及短期投资MSPM
| Q1 26 | — | $5.5B | ||
| Q4 25 | $111.7B | $4.9B | ||
| Q3 25 | $103.7B | $4.0B | ||
| Q2 25 | $109.1B | $4.1B | ||
| Q1 25 | $90.7B | $4.4B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $91.1B | $4.3B | ||
| Q2 24 | $90.2B | $4.8B |
总债务MSPM
| Q1 26 | — | $49.5B | ||
| Q4 25 | $341.7B | $45.1B | ||
| Q3 25 | $324.1B | $41.9B | ||
| Q2 25 | $320.1B | $42.4B | ||
| Q1 25 | $297.0B | $38.8B | ||
| Q4 24 | — | $42.2B | ||
| Q3 24 | $291.2B | $44.2B | ||
| Q2 24 | $269.9B | $44.6B |
股东权益MSPM
| Q1 26 | — | — | ||
| Q4 25 | $111.6B | $-10.0B | ||
| Q3 25 | $110.0B | $-10.9B | ||
| Q2 25 | $108.2B | $-12.0B | ||
| Q1 25 | $106.8B | $-10.9B | ||
| Q4 24 | — | $-11.8B | ||
| Q3 24 | $103.6B | $-9.7B | ||
| Q2 24 | $100.7B | $-9.7B |
总资产MSPM
| Q1 26 | — | $68.9B | ||
| Q4 25 | $1420.3B | $69.2B | ||
| Q3 25 | $1364.8B | $67.1B | ||
| Q2 25 | $1353.9B | $68.5B | ||
| Q1 25 | $1300.3B | $65.1B | ||
| Q4 24 | — | $61.8B | ||
| Q3 24 | $1258.0B | $66.9B | ||
| Q2 24 | $1212.4B | $65.8B |
负债/权益比MSPM
| Q1 26 | — | — | ||
| Q4 25 | 3.06× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.96× | — | ||
| Q1 25 | 2.78× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.81× | — | ||
| Q2 24 | 2.68× | — |
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 | $-2.4B | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 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 | -0.55× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MSPM
| Q1 26 | — | — | ||
| Q4 25 | $-2.4B | $4.7B | ||
| Q3 25 | $-3.3B | $4.5B | ||
| Q2 25 | $11.8B | $3.4B | ||
| Q1 25 | $-24.0B | $-350.0M | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $4.6B |
自由现金流MSPM
| Q1 26 | — | — | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $-754.0M | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $4.3B |
自由现金流率MSPM
| Q1 26 | — | — | ||
| Q4 25 | — | 41.2% | ||
| Q3 25 | — | 37.8% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | -8.1% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 45.0% |
资本支出强度MSPM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 3.9% |
现金转化率MSPM
| Q1 26 | — | — | ||
| Q4 25 | -0.55× | 2.20× | ||
| Q3 25 | -0.72× | 1.28× | ||
| Q2 25 | 3.34× | 1.12× | ||
| Q1 25 | -5.56× | -0.13× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.08× | ||
| Q2 24 | — | 1.93× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
