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摩根士丹利（MS）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是摩根士丹利的1.4倍（$14.6B vs $10.7B），摩根士丹利净利率更高（52.6% vs 4.8%，领先47.8%），摩根士丹利同比增速更快（16.0% vs 10.6%），过去两年美国联合航空的营收复合增速更高（-1.3% 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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
MS vs UAL — 直观对比
营收规模更大
UAL
是对方的1.4倍
$10.7B
营收增速更快
MS
高出5.5%
10.6%
净利率更高
MS
高出47.8%
4.8%
两年增速更快
UAL
近两年复合增速
-15.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.7B | $14.6B |
| 净利润 | $5.6B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 6.8% |
| 净利率 | 52.6% | 4.8% |
| 营收同比 | 16.0% | 10.6% |
| 净利润同比 | — | 769.4% |
| 每股收益（稀释后） | — | $2.14 |
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MSUAL
| Q1 26 | $10.7B | $14.6B | ||
| Q4 25 | $17.9B | $15.4B | ||
| Q3 25 | $18.2B | $15.2B | ||
| Q2 25 | $16.8B | $15.2B | ||
| Q1 25 | $17.7B | $13.2B | ||
| Q4 24 | — | $14.7B | ||
| Q3 24 | $15.4B | $14.8B | ||
| Q2 24 | $15.0B | $15.0B |
净利润MSUAL
| Q1 26 | $5.6B | $699.0M | ||
| Q4 25 | $4.4B | $1.0B | ||
| Q3 25 | $4.6B | $949.0M | ||
| Q2 25 | $3.5B | $973.0M | ||
| Q1 25 | $4.3B | $387.0M | ||
| Q4 24 | — | $985.0M | ||
| Q3 24 | $3.2B | $965.0M | ||
| Q2 24 | $3.1B | $1.3B |
营业利润率MSUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 32.2% | 9.0% | ||
| Q3 25 | 33.1% | 9.2% | ||
| Q2 25 | 27.5% | 8.7% | ||
| Q1 25 | 31.3% | 4.6% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 27.4% | 10.5% | ||
| Q2 24 | 27.1% | 12.9% |
净利率MSUAL
| Q1 26 | 52.6% | 4.8% | ||
| Q4 25 | 24.6% | 6.8% | ||
| Q3 25 | 25.3% | 6.2% | ||
| Q2 25 | 21.1% | 6.4% | ||
| Q1 25 | 24.3% | 2.9% | ||
| Q4 24 | — | 6.7% | ||
| Q3 24 | 20.7% | 6.5% | ||
| Q2 24 | 20.5% | 8.8% |
每股收益（稀释后）MSUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $2.68 | $3.17 | ||
| Q3 25 | $2.80 | $2.90 | ||
| Q2 25 | $2.13 | $2.97 | ||
| Q1 25 | $2.60 | $1.16 | ||
| Q4 24 | — | $2.97 | ||
| Q3 24 | $1.88 | $2.90 | ||
| Q2 24 | $1.82 | $3.96 |
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 | — | $14.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.1M | $15.9B |
| 总资产 | $1581.4B | $80.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MSUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | $111.7B | $12.2B | ||
| Q3 25 | $103.7B | $13.3B | ||
| Q2 25 | $109.1B | $15.6B | ||
| Q1 25 | $90.7B | $15.3B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | $91.1B | $14.2B | ||
| Q2 24 | $90.2B | $15.2B |
总债务MSUAL
| Q1 26 | — | — | ||
| Q4 25 | $341.7B | $20.6B | ||
| Q3 25 | $324.1B | $20.8B | ||
| Q2 25 | $320.1B | $20.9B | ||
| Q1 25 | $297.0B | $24.4B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | $291.2B | — | ||
| Q2 24 | $269.9B | — |
股东权益MSUAL
| Q1 26 | $5.1M | $15.9B | ||
| Q4 25 | $111.6B | $15.3B | ||
| Q3 25 | $110.0B | $14.3B | ||
| Q2 25 | $108.2B | $13.4B | ||
| Q1 25 | $106.8B | $12.6B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $103.6B | $11.4B | ||
| Q2 24 | $100.7B | $10.5B |
总资产MSUAL
| Q1 26 | $1581.4B | $80.9B | ||
| Q4 25 | $1420.3B | $76.4B | ||
| Q3 25 | $1364.8B | $76.3B | ||
| Q2 25 | $1353.9B | $77.2B | ||
| Q1 25 | $1300.3B | $76.1B | ||
| Q4 24 | — | $74.1B | ||
| Q3 24 | $1258.0B | $72.6B | ||
| Q2 24 | $1212.4B | $73.3B |
负债/权益比MSUAL
| Q1 26 | — | — | ||
| Q4 25 | 3.06× | 1.35× | ||
| Q3 25 | 2.95× | 1.45× | ||
| Q2 25 | 2.96× | 1.56× | ||
| Q1 25 | 2.78× | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| 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 | — | $4.8B |
| 自由现金流经营现金流 - 资本支出 | — | $2.0B |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | — | 6.87× |
| 过去12个月自由现金流最近4个季度 | — | $2.1B |
8季度趋势，按日历期对齐
经营现金流MSUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $-2.4B | $1.3B | ||
| Q3 25 | $-3.3B | $1.2B | ||
| Q2 25 | $11.8B | $2.2B | ||
| Q1 25 | $-24.0B | $3.7B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $2.9B |
自由现金流MSUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $-604.0M | ||
| Q3 25 | — | $-246.0M | ||
| Q2 25 | — | $930.0M | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $1.7B |
自由现金流率MSUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | -3.9% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 11.4% |
资本支出强度MSUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 9.5% | ||
| Q2 24 | — | 7.8% |
现金转化率MSUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | -0.55× | 1.23× | ||
| Q3 25 | -0.72× | 1.28× | ||
| Q2 25 | 3.34× | 2.28× | ||
| Q1 25 | -5.56× | 9.59× | ||
| Q4 24 | — | 2.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 2.17× |
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
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
