vs
摩根士丹利（MS）与T-Mobile US（TMUS）财务数据对比。点击上方公司名可切换其他公司
T-Mobile US的季度营收约是摩根士丹利的2.2倍（$23.1B vs $10.7B），摩根士丹利净利率更高（52.6% vs 10.8%，领先41.8%），摩根士丹利同比增速更快（16.0% vs 10.6%），过去两年T-Mobile US的营收复合增速更高（8.1% vs -15.8%）
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。
T-Mobile US是总部位于美国华盛顿州贝尔维尤的无线网络运营商，多数股权由德国电信巨头德国电信持有，为美国第二大无线通信服务商，截至2025年9月30日其用户规模达1.4亿，面向个人及商业客户提供高速移动通信等相关服务。
MS vs TMUS — 直观对比
营收规模更大
TMUS
是对方的2.2倍
$10.7B
营收增速更快
MS
高出5.4%
10.6%
净利率更高
MS
高出41.8%
10.8%
两年增速更快
TMUS
近两年复合增速
-15.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.7B | $23.1B |
| 净利润 | $5.6B | $2.5B |
| 毛利率 | — | — |
| 营业利润率 | — | 20.8% |
| 净利率 | 52.6% | 10.8% |
| 营收同比 | 16.0% | 10.6% |
| 净利润同比 | — | -15.2% |
| 每股收益（稀释后） | — | $2.27 |
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MSTMUS
| Q1 26 | $10.7B | $23.1B | ||
| Q4 25 | $17.9B | $24.3B | ||
| Q3 25 | $18.2B | $22.0B | ||
| Q2 25 | $16.8B | $21.1B | ||
| Q1 25 | $17.7B | $20.9B | ||
| Q4 24 | — | $21.9B | ||
| Q3 24 | $15.4B | $20.2B | ||
| Q2 24 | $15.0B | $19.8B |
净利润MSTMUS
| Q1 26 | $5.6B | $2.5B | ||
| Q4 25 | $4.4B | $2.1B | ||
| Q3 25 | $4.6B | $2.7B | ||
| Q2 25 | $3.5B | $3.2B | ||
| Q1 25 | $4.3B | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B |
营业利润率MSTMUS
| Q1 26 | — | 20.8% | ||
| Q4 25 | 32.2% | 15.4% | ||
| Q3 25 | 33.1% | 20.6% | ||
| Q2 25 | 27.5% | 24.7% | ||
| Q1 25 | 31.3% | 23.0% | ||
| Q4 24 | — | 21.0% | ||
| Q3 24 | 27.4% | 23.8% | ||
| Q2 24 | 27.1% | 23.4% |
净利率MSTMUS
| Q1 26 | 52.6% | 10.8% | ||
| Q4 25 | 24.6% | 8.6% | ||
| Q3 25 | 25.3% | 12.4% | ||
| Q2 25 | 21.1% | 15.2% | ||
| Q1 25 | 24.3% | 14.1% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | 20.7% | 15.2% | ||
| Q2 24 | 20.5% | 14.8% |
每股收益（稀释后）MSTMUS
| Q1 26 | — | $2.27 | ||
| Q4 25 | $2.68 | $1.89 | ||
| Q3 25 | $2.80 | $2.41 | ||
| Q2 25 | $2.13 | $2.84 | ||
| Q1 25 | $2.60 | $2.58 | ||
| Q4 24 | — | $2.56 | ||
| Q3 24 | $1.88 | $2.61 | ||
| Q2 24 | $1.82 | $2.49 |
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 | — | $3.5B |
| 总债务越低越好 | — | $86.0B |
| 股东权益账面价值 | $5.1M | $55.9B |
| 总资产 | $1581.4B | $214.7B |
| 负债/权益比越低杠杆越低 | — | 1.54× |
8季度趋势，按日历期对齐
现金及短期投资MSTMUS
| Q1 26 | — | $3.5B | ||
| Q4 25 | $111.7B | $5.6B | ||
| Q3 25 | $103.7B | $3.3B | ||
| Q2 25 | $109.1B | $10.3B | ||
| Q1 25 | $90.7B | $12.0B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | $91.1B | $9.8B | ||
| Q2 24 | $90.2B | $6.4B |
总债务MSTMUS
| Q1 26 | — | $86.0B | ||
| Q4 25 | $341.7B | $86.3B | ||
| Q3 25 | $324.1B | — | ||
| Q2 25 | $320.1B | — | ||
| Q1 25 | $297.0B | — | ||
| Q4 24 | — | $78.3B | ||
| Q3 24 | $291.2B | — | ||
| Q2 24 | $269.9B | — |
股东权益MSTMUS
| Q1 26 | $5.1M | $55.9B | ||
| Q4 25 | $111.6B | $59.2B | ||
| Q3 25 | $110.0B | $60.5B | ||
| Q2 25 | $108.2B | $61.1B | ||
| Q1 25 | $106.8B | $61.1B | ||
| Q4 24 | — | $61.7B | ||
| Q3 24 | $103.6B | $64.3B | ||
| Q2 24 | $100.7B | $62.6B |
总资产MSTMUS
| Q1 26 | $1581.4B | $214.7B | ||
| Q4 25 | $1420.3B | $219.2B | ||
| Q3 25 | $1364.8B | $217.2B | ||
| Q2 25 | $1353.9B | $212.6B | ||
| Q1 25 | $1300.3B | $214.6B | ||
| Q4 24 | — | $208.0B | ||
| Q3 24 | $1258.0B | $210.7B | ||
| Q2 24 | $1212.4B | $208.6B |
负债/权益比MSTMUS
| Q1 26 | — | 1.54× | ||
| Q4 25 | 3.06× | 1.46× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.96× | — | ||
| Q1 25 | 2.78× | — | ||
| Q4 24 | — | 1.27× | ||
| 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 | — | $7.2B |
| 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 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | 2.88× |
| 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MSTMUS
| Q1 26 | — | $7.2B | ||
| Q4 25 | $-2.4B | $6.7B | ||
| Q3 25 | $-3.3B | $7.5B | ||
| Q2 25 | $11.8B | $7.0B | ||
| Q1 25 | $-24.0B | $6.8B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.5B |
自由现金流MSTMUS
| Q1 26 | — | — | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.5B |
自由现金流率MSTMUS
| Q1 26 | — | — | ||
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 21.7% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | — | 15.3% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | — | 17.6% |
资本支出强度MSTMUS
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 10.1% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 11.3% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 10.3% |
现金转化率MSTMUS
| Q1 26 | — | 2.88× | ||
| Q4 25 | -0.55× | 3.16× | ||
| Q3 25 | -0.72× | 2.75× | ||
| Q2 25 | 3.34× | 2.17× | ||
| Q1 25 | -5.56× | 2.32× | ||
| Q4 24 | — | 1.86× | ||
| Q3 24 | — | 2.01× | ||
| Q2 24 | — | 1.89× |
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
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
