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MSA Safety Inc（MSA）与Ubiquiti Inc.（UI）财务数据对比。点击上方公司名可切换其他公司
Ubiquiti Inc.的季度营收约是MSA Safety Inc的1.6倍（$814.9M vs $510.9M），Ubiquiti Inc.净利率更高（28.7% vs 17.0%，领先11.7%），Ubiquiti Inc.同比增速更快（35.8% vs 2.2%），Ubiquiti Inc.自由现金流更多（$260.3M vs $106.0M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% vs 11.2%）
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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
MSA vs UI — 直观对比
营收规模更大
UI
是对方的1.6倍
$510.9M
营收增速更快
UI
高出33.6%
2.2%
净利率更高
UI
高出11.7%
17.0%
自由现金流更多
UI
多$154.3M
$106.0M
两年增速更快
UI
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $814.9M |
| 净利润 | $86.9M | $233.6M |
| 毛利率 | 46.9% | 45.9% |
| 营业利润率 | 22.3% | 35.9% |
| 净利率 | 17.0% | 28.7% |
| 营收同比 | 2.2% | 35.8% |
| 净利润同比 | -1.2% | 70.8% |
| 每股收益（稀释后） | $2.22 | $3.86 |
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MSAUI
| Q4 25 | $510.9M | $814.9M | ||
| Q3 25 | $468.4M | $733.8M | ||
| Q2 25 | $474.1M | $759.2M | ||
| Q1 25 | $421.3M | $664.2M | ||
| Q4 24 | $499.7M | $599.9M | ||
| Q3 24 | $432.7M | $550.3M | ||
| Q2 24 | $462.5M | $507.5M | ||
| Q1 24 | $413.3M | $493.0M |
净利润MSAUI
| Q4 25 | $86.9M | $233.6M | ||
| Q3 25 | $69.6M | $207.9M | ||
| Q2 25 | $62.8M | $266.7M | ||
| Q1 25 | $59.6M | $180.4M | ||
| Q4 24 | $87.9M | $136.8M | ||
| Q3 24 | $66.6M | $128.0M | ||
| Q2 24 | $72.2M | $103.8M | ||
| Q1 24 | $58.1M | $76.3M |
毛利率MSAUI
| Q4 25 | 46.9% | 45.9% | ||
| Q3 25 | 46.5% | 46.0% | ||
| Q2 25 | 46.6% | 45.1% | ||
| Q1 25 | 45.9% | 44.5% | ||
| Q4 24 | 46.9% | 41.2% | ||
| Q3 24 | 47.9% | 42.1% | ||
| Q2 24 | 48.2% | 40.2% | ||
| Q1 24 | 47.3% | 35.3% |
营业利润率MSAUI
| Q4 25 | 22.3% | 35.9% | ||
| Q3 25 | 20.1% | 35.7% | ||
| Q2 25 | 18.1% | 34.4% | ||
| Q1 25 | 18.5% | 34.2% | ||
| Q4 24 | 23.5% | 29.8% | ||
| Q3 24 | 21.1% | 30.7% | ||
| Q2 24 | 21.6% | 27.3% | ||
| Q1 24 | 19.4% | 22.6% |
净利率MSAUI
| Q4 25 | 17.0% | 28.7% | ||
| Q3 25 | 14.9% | 28.3% | ||
| Q2 25 | 13.2% | 35.1% | ||
| Q1 25 | 14.1% | 27.2% | ||
| Q4 24 | 17.6% | 22.8% | ||
| Q3 24 | 15.4% | 23.3% | ||
| Q2 24 | 15.6% | 20.5% | ||
| Q1 24 | 14.1% | 15.5% |
每股收益（稀释后）MSAUI
| Q4 25 | $2.22 | $3.86 | ||
| Q3 25 | $1.77 | $3.43 | ||
| Q2 25 | $1.59 | $4.40 | ||
| Q1 25 | $1.51 | $2.98 | ||
| Q4 24 | $2.22 | $2.26 | ||
| Q3 24 | $1.69 | $2.12 | ||
| Q2 24 | $1.83 | $1.72 | ||
| Q1 24 | $1.47 | $1.26 |
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 | $302.8M |
| 总债务越低越好 | $580.9M | $47.5M |
| 股东权益账面价值 | $1.4B | $1.0B |
| 总资产 | $2.6B | $1.6B |
| 负债/权益比越低杠杆越低 | 0.42× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资MSAUI
| Q4 25 | $165.1M | $302.8M | ||
| Q3 25 | $170.0M | $177.2M | ||
| Q2 25 | $147.0M | $149.7M | ||
| Q1 25 | $170.6M | $151.0M | ||
| Q4 24 | $164.6M | $133.1M | ||
| Q3 24 | $154.4M | $165.2M | ||
| Q2 24 | $146.8M | $126.3M | ||
| Q1 24 | $148.3M | $102.5M |
总债务MSAUI
| Q4 25 | $580.9M | $47.5M | ||
| Q3 25 | $628.6M | $133.8M | ||
| Q2 25 | $679.3M | $250.0M | ||
| Q1 25 | $502.1M | $340.0M | ||
| Q4 24 | $508.0M | $406.3M | ||
| Q3 24 | $554.7M | $552.5M | ||
| Q2 24 | $588.2M | $708.1M | ||
| Q1 24 | $596.2M | $877.5M |
股东权益MSAUI
| Q4 25 | $1.4B | $1.0B | ||
| Q3 25 | $1.3B | $828.4M | ||
| Q2 25 | $1.3B | $668.3M | ||
| Q1 25 | $1.2B | $436.1M | ||
| Q4 24 | $1.1B | $290.4M | ||
| Q3 24 | $1.1B | $188.1M | ||
| Q2 24 | $1.0B | $95.1M | ||
| Q1 24 | $994.8M | $25.9M |
总资产MSAUI
| Q4 25 | $2.6B | $1.6B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.2B | $1.2B | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | $2.2B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
负债/权益比MSAUI
| Q4 25 | 0.42× | 0.05× | ||
| Q3 25 | 0.48× | 0.16× | ||
| Q2 25 | 0.54× | 0.37× | ||
| Q1 25 | 0.42× | 0.78× | ||
| Q4 24 | 0.44× | 1.40× | ||
| Q3 24 | 0.51× | 2.94× | ||
| Q2 24 | 0.57× | 7.45× | ||
| Q1 24 | 0.60× | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | $260.3M |
| 自由现金流率自由现金流/营收 | 20.8% | 31.9% |
| 资本支出强度资本支出/营收 | 3.2% | 0.4% |
| 现金转化率经营现金流/净利润 | 1.41× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $295.4M | $699.5M |
8季度趋势，按日历期对齐
经营现金流MSAUI
| Q4 25 | $122.4M | $263.9M | ||
| Q3 25 | $112.5M | $198.5M | ||
| Q2 25 | $67.2M | $130.4M | ||
| Q1 25 | $61.8M | $123.6M | ||
| Q4 24 | $107.9M | $152.4M | ||
| Q3 24 | $84.3M | $233.7M | ||
| Q2 24 | $53.3M | $231.4M | ||
| Q1 24 | $50.9M | $163.9M |
自由现金流MSAUI
| Q4 25 | $106.0M | $260.3M | ||
| Q3 25 | $100.5M | $193.3M | ||
| Q2 25 | $37.9M | $125.2M | ||
| Q1 25 | $51.0M | $120.7M | ||
| Q4 24 | $93.5M | $150.4M | ||
| Q3 24 | $70.1M | $231.1M | ||
| Q2 24 | $39.0M | $229.5M | ||
| Q1 24 | $39.7M | $160.6M |
自由现金流率MSAUI
| Q4 25 | 20.8% | 31.9% | ||
| Q3 25 | 21.4% | 26.3% | ||
| Q2 25 | 8.0% | 16.5% | ||
| Q1 25 | 12.1% | 18.2% | ||
| Q4 24 | 18.7% | 25.1% | ||
| Q3 24 | 16.2% | 42.0% | ||
| Q2 24 | 8.4% | 45.2% | ||
| Q1 24 | 9.6% | 32.6% |
资本支出强度MSAUI
| Q4 25 | 3.2% | 0.4% | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 6.2% | 0.7% | ||
| Q1 25 | 2.6% | 0.4% | ||
| Q4 24 | 2.9% | 0.3% | ||
| Q3 24 | 3.3% | 0.5% | ||
| Q2 24 | 3.1% | 0.4% | ||
| Q1 24 | 2.7% | 0.7% |
现金转化率MSAUI
| Q4 25 | 1.41× | 1.13× | ||
| Q3 25 | 1.62× | 0.95× | ||
| Q2 25 | 1.07× | 0.49× | ||
| Q1 25 | 1.04× | 0.68× | ||
| Q4 24 | 1.23× | 1.11× | ||
| Q3 24 | 1.27× | 1.83× | ||
| Q2 24 | 0.74× | 2.23× | ||
| Q1 24 | 0.88× | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
