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摩根士丹利（MS）与高通（QCOM）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高通的1.7倍（$17.9B vs $10.6B），高通净利率更高（69.5% vs 24.6%，领先45.0%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
MS vs QCOM — 直观对比
营收规模更大
MS
是对方的1.7倍
$10.6B
净利率更高
QCOM
高出45.0%
24.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $17.9B | $10.6B |
| 净利润 | $4.4B | $7.4B |
| 毛利率 | — | 53.8% |
| 营业利润率 | 32.2% | 21.8% |
| 净利率 | 24.6% | 69.5% |
| 营收同比 | — | -3.5% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $2.68 | $6.88 |
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MSQCOM
| Q1 26 | — | $10.6B | ||
| Q4 25 | $17.9B | $12.3B | ||
| Q3 25 | $18.2B | $11.3B | ||
| Q2 25 | $16.8B | $10.4B | ||
| Q1 25 | $17.7B | $11.0B | ||
| Q4 24 | — | $11.7B | ||
| Q3 24 | $15.4B | $10.2B | ||
| Q2 24 | $15.0B | $9.4B |
净利润MSQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $4.4B | $3.0B | ||
| Q3 25 | $4.6B | $-3.1B | ||
| Q2 25 | $3.5B | $2.7B | ||
| Q1 25 | $4.3B | $2.8B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $3.2B | $2.9B | ||
| Q2 24 | $3.1B | $2.1B |
毛利率MSQCOM
| Q1 26 | — | 53.8% | ||
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% |
营业利润率MSQCOM
| Q1 26 | — | 21.8% | ||
| Q4 25 | 32.2% | 27.5% | ||
| Q3 25 | 33.1% | 25.9% | ||
| Q2 25 | 27.5% | 26.6% | ||
| Q1 25 | 31.3% | 28.4% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | 27.4% | 25.2% | ||
| Q2 24 | 27.1% | 23.6% |
净利率MSQCOM
| Q1 26 | — | 69.5% | ||
| Q4 25 | 24.6% | 24.5% | ||
| Q3 25 | 25.3% | -27.7% | ||
| Q2 25 | 21.1% | 25.7% | ||
| Q1 25 | 24.3% | 25.6% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | 20.7% | 28.5% | ||
| Q2 24 | 20.5% | 22.7% |
每股收益（稀释后）MSQCOM
| Q1 26 | — | $6.88 | ||
| Q4 25 | $2.68 | $2.78 | ||
| Q3 25 | $2.80 | $-2.77 | ||
| Q2 25 | $2.13 | $2.43 | ||
| Q1 25 | $2.60 | $2.52 | ||
| Q4 24 | — | $2.83 | ||
| Q3 24 | $1.88 | $2.57 | ||
| Q2 24 | $1.82 | $1.88 |
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 | $5.4B |
| 总债务越低越好 | $341.7B | $15.3B |
| 股东权益账面价值 | $111.6B | $27.3B |
| 总资产 | $1420.3B | $57.1B |
| 负债/权益比越低杠杆越低 | 3.06× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资MSQCOM
| Q1 26 | — | $5.4B | ||
| Q4 25 | $111.7B | $11.8B | ||
| Q3 25 | $103.7B | $10.2B | ||
| Q2 25 | $109.1B | $10.0B | ||
| Q1 25 | $90.7B | $13.8B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | $91.1B | $13.3B | ||
| Q2 24 | $90.2B | $13.0B |
总债务MSQCOM
| Q1 26 | — | $15.3B | ||
| Q4 25 | $341.7B | $14.8B | ||
| Q3 25 | $324.1B | $14.8B | ||
| Q2 25 | $320.1B | $14.8B | ||
| Q1 25 | $297.0B | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | $291.2B | $13.3B | ||
| Q2 24 | $269.9B | $13.2B |
股东权益MSQCOM
| Q1 26 | — | $27.3B | ||
| Q4 25 | $111.6B | $23.1B | ||
| Q3 25 | $110.0B | $21.2B | ||
| Q2 25 | $108.2B | $27.2B | ||
| Q1 25 | $106.8B | $27.7B | ||
| Q4 24 | — | $26.9B | ||
| Q3 24 | $103.6B | $26.3B | ||
| Q2 24 | $100.7B | $24.7B |
总资产MSQCOM
| Q1 26 | — | $57.1B | ||
| Q4 25 | $1420.3B | $53.0B | ||
| Q3 25 | $1364.8B | $50.1B | ||
| Q2 25 | $1353.9B | $54.9B | ||
| Q1 25 | $1300.3B | $55.4B | ||
| Q4 24 | — | $55.6B | ||
| Q3 24 | $1258.0B | $55.2B | ||
| Q2 24 | $1212.4B | $52.7B |
负债/权益比MSQCOM
| Q1 26 | — | 0.56× | ||
| Q4 25 | 3.06× | 0.64× | ||
| Q3 25 | 2.95× | 0.70× | ||
| Q2 25 | 2.96× | 0.54× | ||
| Q1 25 | 2.78× | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | 2.81× | 0.51× | ||
| Q2 24 | 2.68× | 0.53× |
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 | $7.4B |
| 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 | — | 10.2% |
| 现金转化率经营现金流/净利润 | -0.55× | 1.01× |
| 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MSQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $-2.4B | $5.0B | ||
| Q3 25 | $-3.3B | $4.0B | ||
| Q2 25 | $11.8B | $2.9B | ||
| Q1 25 | $-24.0B | $2.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $3.1B |
自由现金流MSQCOM
| Q1 26 | — | — | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.7B |
自由现金流率MSQCOM
| Q1 26 | — | — | ||
| Q4 25 | — | 36.0% | ||
| Q3 25 | — | 31.8% | ||
| Q2 25 | — | 24.9% | ||
| Q1 25 | — | 21.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 28.4% |
资本支出强度MSQCOM
| Q1 26 | — | 10.2% | ||
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 4.1% |
现金转化率MSQCOM
| Q1 26 | — | 1.01× | ||
| Q4 25 | -0.55× | 1.65× | ||
| Q3 25 | -0.72× | — | ||
| Q2 25 | 3.34× | 1.08× | ||
| Q1 25 | -5.56× | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.43× |
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
MS
暂无分部数据
QCOM
| Equipment and services | $9.1B | 85% |
| Licensing | $1.5B | 15% |
