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摩托罗拉解决方案（MSI）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是摩托罗拉解决方案的1.1倍（$3.8B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 12.4%，领先6.8%），摩托罗拉解决方案同比增速更快（12.3% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $1.1B），过去两年ServiceNow的营收复合增速更高（19.8% vs 18.9%）
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
MSI vs NOW — 直观对比
营收规模更大
NOW
是对方的1.1倍
$3.4B
营收增速更快
MSI
高出9.5%
2.8%
净利率更高
MSI
高出6.8%
12.4%
自由现金流更多
NOW
多$523.0M
$1.1B
两年增速更快
NOW
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.8B |
| 净利润 | $649.0M | $469.0M |
| 毛利率 | 52.3% | 75.1% |
| 营业利润率 | 27.9% | 13.3% |
| 净利率 | 19.2% | 12.4% |
| 营收同比 | 12.3% | 2.8% |
| 净利润同比 | 6.2% | -53.7% |
| 每股收益（稀释后） | $3.85 | $1.04 |
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MSINOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $3.4B | $3.6B | ||
| Q3 25 | $3.0B | $3.4B | ||
| Q2 25 | $2.8B | $3.2B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $3.0B | $3.0B | ||
| Q3 24 | $2.8B | $2.8B | ||
| Q2 24 | $2.6B | $2.6B |
净利润MSINOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $649.0M | $401.0M | ||
| Q3 25 | $562.0M | $502.0M | ||
| Q2 25 | $513.0M | $385.0M | ||
| Q1 25 | $430.0M | $460.0M | ||
| Q4 24 | $611.0M | $384.0M | ||
| Q3 24 | $562.0M | $432.0M | ||
| Q2 24 | $443.0M | $262.0M |
毛利率MSINOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 52.3% | 76.6% | ||
| Q3 25 | 51.6% | 77.3% | ||
| Q2 25 | 51.1% | 77.5% | ||
| Q1 25 | 51.4% | 78.9% | ||
| Q4 24 | 51.4% | 78.7% | ||
| Q3 24 | 51.4% | 79.1% | ||
| Q2 24 | 51.0% | 79.0% |
营业利润率MSINOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 27.9% | 12.4% | ||
| Q3 25 | 25.6% | 16.8% | ||
| Q2 25 | 25.0% | 11.1% | ||
| Q1 25 | 23.0% | 14.6% | ||
| Q4 24 | 27.0% | 12.6% | ||
| Q3 24 | 25.5% | 14.9% | ||
| Q2 24 | 24.5% | 9.1% |
净利率MSINOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 19.2% | 11.2% | ||
| Q3 25 | 18.7% | 14.7% | ||
| Q2 25 | 18.6% | 12.0% | ||
| Q1 25 | 17.0% | 14.9% | ||
| Q4 24 | 20.3% | 13.0% | ||
| Q3 24 | 20.1% | 15.4% | ||
| Q2 24 | 16.9% | 10.0% |
每股收益（稀释后）MSINOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $3.85 | $-4.77 | ||
| Q3 25 | $3.33 | $2.40 | ||
| Q2 25 | $3.04 | $1.84 | ||
| Q1 25 | $2.53 | $2.20 | ||
| Q4 24 | $3.57 | $1.84 | ||
| Q3 24 | $3.29 | $2.07 | ||
| Q2 24 | $2.60 | $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 | $1.2B | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | $11.7B |
| 总资产 | $19.4B | $24.4B |
| 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MSINOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.2B | $3.7B | ||
| Q3 25 | $894.0M | $2.7B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $1.6B | $3.4B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.4B | $2.2B |
股东权益MSINOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $2.4B | $13.0B | ||
| Q3 25 | $2.3B | $11.3B | ||
| Q2 25 | $2.0B | $10.9B | ||
| Q1 25 | $1.6B | $10.1B | ||
| Q4 24 | $1.7B | $9.6B | ||
| Q3 24 | $1.3B | $9.3B | ||
| Q2 24 | $802.0M | $8.7B |
总资产MSINOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $19.4B | $26.0B | ||
| Q3 25 | $18.8B | $21.8B | ||
| Q2 25 | $16.4B | $22.1B | ||
| Q1 25 | $14.4B | $21.0B | ||
| Q4 24 | $14.6B | $20.4B | ||
| Q3 24 | $13.9B | $18.4B | ||
| Q2 24 | $13.3B | $18.2B |
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 | $1.3B | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $1.7B |
| 自由现金流率自由现金流/营收 | 33.8% | 44.2% |
| 资本支出强度资本支出/营收 | 3.4% | — |
| 现金转化率经营现金流/净利润 | 1.94× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $4.8B |
8季度趋势，按日历期对齐
经营现金流MSINOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $798.0M | $813.0M | ||
| Q2 25 | $273.0M | $716.0M | ||
| Q1 25 | $510.0M | $1.7B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $759.0M | $671.0M | ||
| Q2 24 | $180.0M | $620.0M |
自由现金流MSINOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.1B | $2.0B | ||
| Q3 25 | $732.0M | $578.0M | ||
| Q2 25 | $225.0M | $526.0M | ||
| Q1 25 | $473.0M | $1.5B | ||
| Q4 24 | $984.0M | $1.4B | ||
| Q3 24 | $702.0M | $469.0M | ||
| Q2 24 | $112.0M | $358.0M |
自由现金流率MSINOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 33.8% | 56.1% | ||
| Q3 25 | 24.3% | 17.0% | ||
| Q2 25 | 8.1% | 16.4% | ||
| Q1 25 | 18.7% | 47.7% | ||
| Q4 24 | 32.7% | 46.7% | ||
| Q3 24 | 25.2% | 16.8% | ||
| Q2 24 | 4.3% | 13.6% |
资本支出强度MSINOW
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 6.7% | ||
| Q3 25 | 2.2% | 6.9% | ||
| Q2 25 | 1.7% | 5.9% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | 2.9% | 8.6% | ||
| Q3 24 | 2.0% | 7.2% | ||
| Q2 24 | 2.6% | 10.0% |
现金转化率MSINOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 1.94× | 5.58× | ||
| Q3 25 | 1.42× | 1.62× | ||
| Q2 25 | 0.53× | 1.86× | ||
| Q1 25 | 1.19× | 3.65× | ||
| Q4 24 | 1.75× | 4.26× | ||
| Q3 24 | 1.35× | 1.55× | ||
| Q2 24 | 0.41× | 2.37× |
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
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
