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MSA Safety Inc（MSA）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
MSA Safety Inc的季度营收约是RBC Bearings INC的1.1倍（$510.9M vs $461.6M），MSA Safety Inc净利率更高（17.0% vs 14.6%，领先2.4%），RBC Bearings INC同比增速更快（17.0% vs 2.2%），MSA Safety Inc自由现金流更多（$106.0M vs $99.1M），过去两年MSA Safety Inc的营收复合增速更高（11.2% vs 5.6%）
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
MSA vs RBC — 直观对比
营收规模更大
MSA
是对方的1.1倍
$461.6M
营收增速更快
RBC
高出14.8%
2.2%
净利率更高
MSA
高出2.4%
14.6%
自由现金流更多
MSA
多$6.9M
$99.1M
两年增速更快
MSA
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $461.6M |
| 净利润 | $86.9M | $67.4M |
| 毛利率 | 46.9% | 44.3% |
| 营业利润率 | 22.3% | 22.3% |
| 净利率 | 17.0% | 14.6% |
| 营收同比 | 2.2% | 17.0% |
| 净利润同比 | -1.2% | 16.4% |
| 每股收益（稀释后） | $2.22 | $2.13 |
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MSARBC
| Q4 25 | $510.9M | $461.6M | ||
| Q3 25 | $468.4M | $455.3M | ||
| Q2 25 | $474.1M | $436.0M | ||
| Q1 25 | $421.3M | $437.7M | ||
| Q4 24 | $499.7M | $394.4M | ||
| Q3 24 | $432.7M | $397.9M | ||
| Q2 24 | $462.5M | $406.3M | ||
| Q1 24 | $413.3M | $413.7M |
净利润MSARBC
| Q4 25 | $86.9M | $67.4M | ||
| Q3 25 | $69.6M | $60.0M | ||
| Q2 25 | $62.8M | $68.5M | ||
| Q1 25 | $59.6M | $72.7M | ||
| Q4 24 | $87.9M | $57.9M | ||
| Q3 24 | $66.6M | $54.2M | ||
| Q2 24 | $72.2M | $61.4M | ||
| Q1 24 | $58.1M | — |
毛利率MSARBC
| Q4 25 | 46.9% | 44.3% | ||
| Q3 25 | 46.5% | 44.1% | ||
| Q2 25 | 46.6% | 44.8% | ||
| Q1 25 | 45.9% | 44.2% | ||
| Q4 24 | 46.9% | 44.3% | ||
| Q3 24 | 47.9% | 43.7% | ||
| Q2 24 | 48.2% | 45.3% | ||
| Q1 24 | 47.3% | 43.1% |
营业利润率MSARBC
| Q4 25 | 22.3% | 22.3% | ||
| Q3 25 | 20.1% | 21.5% | ||
| Q2 25 | 18.1% | 23.2% | ||
| Q1 25 | 18.5% | 23.0% | ||
| Q4 24 | 23.5% | 21.7% | ||
| Q3 24 | 21.1% | 21.6% | ||
| Q2 24 | 21.6% | 24.0% | ||
| Q1 24 | 19.4% | 22.8% |
净利率MSARBC
| Q4 25 | 17.0% | 14.6% | ||
| Q3 25 | 14.9% | 13.2% | ||
| Q2 25 | 13.2% | 15.7% | ||
| Q1 25 | 14.1% | 16.6% | ||
| Q4 24 | 17.6% | 14.7% | ||
| Q3 24 | 15.4% | 13.6% | ||
| Q2 24 | 15.6% | 15.1% | ||
| Q1 24 | 14.1% | — |
每股收益（稀释后）MSARBC
| Q4 25 | $2.22 | $2.13 | ||
| Q3 25 | $1.77 | $1.90 | ||
| Q2 25 | $1.59 | $2.17 | ||
| Q1 25 | $1.51 | $2.33 | ||
| Q4 24 | $2.22 | $1.82 | ||
| Q3 24 | $1.69 | $1.65 | ||
| Q2 24 | $1.83 | $1.90 | ||
| Q1 24 | $1.47 | $1.92 |
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 | $165.1M | $107.6M |
| 总债务越低越好 | $580.9M | $990.2M |
| 股东权益账面价值 | $1.4B | $3.3B |
| 总资产 | $2.6B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.42× | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资MSARBC
| Q4 25 | $165.1M | $107.6M | ||
| Q3 25 | $170.0M | $91.2M | ||
| Q2 25 | $147.0M | $132.9M | ||
| Q1 25 | $170.6M | $36.8M | ||
| Q4 24 | $164.6M | — | ||
| Q3 24 | $154.4M | — | ||
| Q2 24 | $146.8M | $76.8M | ||
| Q1 24 | $148.3M | $63.5M |
总债务MSARBC
| Q4 25 | $580.9M | $990.2M | ||
| Q3 25 | $628.6M | $1.1B | ||
| Q2 25 | $679.3M | $915.6M | ||
| Q1 25 | $502.1M | $920.1M | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | $1.2B |
股东权益MSARBC
| Q4 25 | $1.4B | $3.3B | ||
| Q3 25 | $1.3B | $3.2B | ||
| Q2 25 | $1.3B | $3.1B | ||
| Q1 25 | $1.2B | $3.0B | ||
| Q4 24 | $1.1B | $2.9B | ||
| Q3 24 | $1.1B | $2.9B | ||
| Q2 24 | $1.0B | $2.8B | ||
| Q1 24 | $994.8M | $2.8B |
总资产MSARBC
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $2.6B | $5.1B | ||
| Q2 25 | $2.6B | $4.8B | ||
| Q1 25 | $2.2B | $4.7B | ||
| Q4 24 | $2.2B | $4.7B | ||
| Q3 24 | $2.2B | $4.7B | ||
| Q2 24 | $2.2B | $4.7B | ||
| Q1 24 | $2.2B | $4.7B |
负债/权益比MSARBC
| Q4 25 | 0.42× | 0.30× | ||
| Q3 25 | 0.48× | 0.34× | ||
| Q2 25 | 0.54× | 0.29× | ||
| Q1 25 | 0.42× | 0.30× | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.60× | 0.43× |
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 | $122.4M | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | $99.1M |
| 自由现金流率自由现金流/营收 | 20.8% | 21.5% |
| 资本支出强度资本支出/营收 | 3.2% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.41× | 1.81× |
| 过去12个月自由现金流最近4个季度 | $295.4M | — |
8季度趋势，按日历期对齐
经营现金流MSARBC
| Q4 25 | $122.4M | $122.1M | ||
| Q3 25 | $112.5M | $88.4M | ||
| Q2 25 | $67.2M | $120.0M | ||
| Q1 25 | $61.8M | — | ||
| Q4 24 | $107.9M | $84.0M | ||
| Q3 24 | $84.3M | — | ||
| Q2 24 | $53.3M | $97.4M | ||
| Q1 24 | $50.9M | — |
自由现金流MSARBC
| Q4 25 | $106.0M | $99.1M | ||
| Q3 25 | $100.5M | $71.7M | ||
| Q2 25 | $37.9M | $104.3M | ||
| Q1 25 | $51.0M | — | ||
| Q4 24 | $93.5M | $73.6M | ||
| Q3 24 | $70.1M | — | ||
| Q2 24 | $39.0M | $88.4M | ||
| Q1 24 | $39.7M | — |
自由现金流率MSARBC
| Q4 25 | 20.8% | 21.5% | ||
| Q3 25 | 21.4% | 15.7% | ||
| Q2 25 | 8.0% | 23.9% | ||
| Q1 25 | 12.1% | — | ||
| Q4 24 | 18.7% | 18.7% | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 8.4% | 21.8% | ||
| Q1 24 | 9.6% | — |
资本支出强度MSARBC
| Q4 25 | 3.2% | 5.0% | ||
| Q3 25 | 2.6% | 3.7% | ||
| Q2 25 | 6.2% | 3.6% | ||
| Q1 25 | 2.6% | 3.2% | ||
| Q4 24 | 2.9% | 2.6% | ||
| Q3 24 | 3.3% | 4.1% | ||
| Q2 24 | 3.1% | 2.2% | ||
| Q1 24 | 2.7% | — |
现金转化率MSARBC
| Q4 25 | 1.41× | 1.81× | ||
| Q3 25 | 1.62× | 1.47× | ||
| Q2 25 | 1.07× | 1.75× | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 1.23× | 1.45× | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 0.74× | 1.59× | ||
| Q1 24 | 0.88× | — |
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
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
