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摩根士丹利（MS）与AT&T（T）财务数据对比。点击上方公司名可切换其他公司
AT&T的季度营收约是摩根士丹利的1.8倍（$31.5B vs $17.9B），摩根士丹利净利率更高（24.6% vs 13.3%，领先11.3%）
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。
AT&T是总部位于美国得克萨斯州达拉斯市中心惠塔克大厦的跨国电信集团，前身为美国电话电报公司。按营收计算，AT&T为全球第三大电信运营商，是美国仅次于T-Mobile和威瑞森的第三大无线运营商，同时也是全美规模最大的光纤互联网服务商。
MS vs T — 直观对比
营收规模更大
T
是对方的1.8倍
$17.9B
净利率更高
MS
高出11.3%
13.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $17.9B | $31.5B |
| 净利润 | $4.4B | $4.2B |
| 毛利率 | — | — |
| 营业利润率 | 32.2% | 21.1% |
| 净利率 | 24.6% | 13.3% |
| 营收同比 | — | 2.9% |
| 净利润同比 | — | -10.9% |
| 每股收益（稀释后） | $2.68 | $0.54 |
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MST
| Q1 26 | — | $31.5B | ||
| Q4 25 | $17.9B | $33.5B | ||
| Q3 25 | $18.2B | $30.7B | ||
| Q2 25 | $16.8B | $30.8B | ||
| Q1 25 | $17.7B | $30.6B | ||
| Q4 24 | — | $32.3B | ||
| Q3 24 | $15.4B | $30.2B | ||
| Q2 24 | $15.0B | $29.8B |
净利润MST
| Q1 26 | — | $4.2B | ||
| Q4 25 | $4.4B | $3.8B | ||
| Q3 25 | $4.6B | $9.3B | ||
| Q2 25 | $3.5B | $4.5B | ||
| Q1 25 | $4.3B | $4.4B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | $3.2B | $-174.0M | ||
| Q2 24 | $3.1B | $3.6B |
营业利润率MST
| Q1 26 | — | 21.1% | ||
| Q4 25 | 32.2% | 17.3% | ||
| Q3 25 | 33.1% | 19.9% | ||
| Q2 25 | 27.5% | 21.1% | ||
| Q1 25 | 31.3% | 18.8% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 27.4% | 7.0% | ||
| Q2 24 | 27.1% | 19.3% |
净利率MST
| Q1 26 | — | 13.3% | ||
| Q4 25 | 24.6% | 11.3% | ||
| Q3 25 | 25.3% | 30.3% | ||
| Q2 25 | 21.1% | 14.6% | ||
| Q1 25 | 24.3% | 14.2% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 20.7% | -0.6% | ||
| Q2 24 | 20.5% | 12.1% |
每股收益（稀释后）MST
| Q1 26 | — | $0.54 | ||
| Q4 25 | $2.68 | $0.52 | ||
| Q3 25 | $2.80 | $1.29 | ||
| Q2 25 | $2.13 | $0.62 | ||
| Q1 25 | $2.60 | $0.61 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | $1.88 | $-0.03 | ||
| Q2 24 | $1.82 | $0.49 |
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 | $12.0B |
| 总债务越低越好 | $341.7B | $131.6B |
| 股东权益账面价值 | $111.6B | $125.6B |
| 总资产 | $1420.3B | $421.2B |
| 负债/权益比越低杠杆越低 | 3.06× | 1.05× |
8季度趋势，按日历期对齐
现金及短期投资MST
| Q1 26 | — | $12.0B | ||
| Q4 25 | $111.7B | $18.2B | ||
| Q3 25 | $103.7B | $20.3B | ||
| Q2 25 | $109.1B | $10.5B | ||
| Q1 25 | $90.7B | $6.9B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $91.1B | $2.6B | ||
| Q2 24 | $90.2B | $3.1B |
总债务MST
| Q1 26 | — | $131.6B | ||
| Q4 25 | $341.7B | $127.1B | ||
| Q3 25 | $324.1B | $128.1B | ||
| Q2 25 | $320.1B | $123.1B | ||
| Q1 25 | $297.0B | $117.3B | ||
| Q4 24 | — | $118.4B | ||
| Q3 24 | $291.2B | $126.4B | ||
| Q2 24 | $269.9B | $125.4B |
股东权益MST
| Q1 26 | — | $125.6B | ||
| Q4 25 | $111.6B | $126.5B | ||
| Q3 25 | $110.0B | $126.8B | ||
| Q2 25 | $108.2B | $121.4B | ||
| Q1 25 | $106.8B | $119.9B | ||
| Q4 24 | — | $118.2B | ||
| Q3 24 | $103.6B | $116.3B | ||
| Q2 24 | $100.7B | $119.3B |
总资产MST
| Q1 26 | — | $421.2B | ||
| Q4 25 | $1420.3B | $420.2B | ||
| Q3 25 | $1364.8B | $423.2B | ||
| Q2 25 | $1353.9B | $405.5B | ||
| Q1 25 | $1300.3B | $397.5B | ||
| Q4 24 | — | $394.8B | ||
| Q3 24 | $1258.0B | $393.7B | ||
| Q2 24 | $1212.4B | $398.0B |
负债/权益比MST
| Q1 26 | — | 1.05× | ||
| Q4 25 | 3.06× | 1.00× | ||
| Q3 25 | 2.95× | 1.01× | ||
| Q2 25 | 2.96× | 1.01× | ||
| Q1 25 | 2.78× | 0.98× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | 2.81× | 1.09× | ||
| Q2 24 | 2.68× | 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 | $-2.4B | $7.6B |
| 自由现金流经营现金流 - 资本支出 | — | $2.5B |
| 自由现金流率自由现金流/营收 | — | 8.0% |
| 资本支出强度资本支出/营收 | — | 15.5% |
| 现金转化率经营现金流/净利润 | -0.55× | 1.82× |
| 过去12个月自由现金流最近4个季度 | — | $17.2B |
8季度趋势，按日历期对齐
经营现金流MST
| Q1 26 | — | $7.6B | ||
| Q4 25 | $-2.4B | $11.3B | ||
| Q3 25 | $-3.3B | $10.2B | ||
| Q2 25 | $11.8B | $9.8B | ||
| Q1 25 | $-24.0B | $9.0B | ||
| Q4 24 | — | $11.9B | ||
| Q3 24 | — | $10.2B | ||
| Q2 24 | — | $9.1B |
自由现金流MST
| Q1 26 | — | $2.5B | ||
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.7B |
自由现金流率MST
| Q1 26 | — | 8.0% | ||
| Q4 25 | — | 13.6% | ||
| Q3 25 | — | 17.1% | ||
| Q2 25 | — | 15.8% | ||
| Q1 25 | — | 15.6% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | — | 16.3% | ||
| Q2 24 | — | 15.9% |
资本支出强度MST
| Q1 26 | — | 15.5% | ||
| Q4 25 | — | 20.3% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 14.0% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 17.5% | ||
| Q2 24 | — | 14.6% |
现金转化率MST
| Q1 26 | — | 1.82× | ||
| Q4 25 | -0.55× | 2.99× | ||
| Q3 25 | -0.72× | 1.09× | ||
| Q2 25 | 3.34× | 2.17× | ||
| Q1 25 | -5.56× | 2.08× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.53× |
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
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
