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摩托罗拉解决方案（MSI）与Optimum Communications, Inc.（OPTU）财务数据对比。点击上方公司名可切换其他公司
摩托罗拉解决方案的季度营收约是Optimum Communications, Inc.的1.5倍（$3.4B vs $2.2B），摩托罗拉解决方案净利率更高（19.2% vs -3.3%，领先22.5%），摩托罗拉解决方案同比增速更快（12.3% vs -2.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $199.4M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -1.5%）
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。
Optimum Communications, Inc.是由法籍以色列商人帕特里克·德拉希控股的美国电信运营商，核心业务为数字有线电视与宽带互联网服务，服务覆盖纽约大都会区及美国中西部、南部多个州。截至2017年，该公司在全美21个州共拥有约490万住宅及企业客户，是美国第四大电信企业。
MSI vs OPTU — 直观对比
营收规模更大
MSI
是对方的1.5倍
$2.2B
营收增速更快
MSI
高出14.6%
-2.3%
净利率更高
MSI
高出22.5%
-3.3%
自由现金流更多
MSI
多$942.6M
$199.4M
两年增速更快
MSI
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.2B |
| 净利润 | $649.0M | $-71.2M |
| 毛利率 | 52.3% | 69.5% |
| 营业利润率 | 27.9% | 18.2% |
| 净利率 | 19.2% | -3.3% |
| 营收同比 | 12.3% | -2.3% |
| 净利润同比 | 6.2% | -31.6% |
| 每股收益（稀释后） | $3.85 | $-0.16 |
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MSIOPTU
| Q4 25 | $3.4B | $2.2B | ||
| Q3 25 | $3.0B | $2.1B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.5B | $2.2B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $2.6B | $2.2B | ||
| Q1 24 | $2.4B | $2.3B |
净利润MSIOPTU
| Q4 25 | $649.0M | $-71.2M | ||
| Q3 25 | $562.0M | $-1.6B | ||
| Q2 25 | $513.0M | $-96.3M | ||
| Q1 25 | $430.0M | $-75.7M | ||
| Q4 24 | $611.0M | $-54.1M | ||
| Q3 24 | $562.0M | $-43.0M | ||
| Q2 24 | $443.0M | $15.4M | ||
| Q1 24 | $-39.0M | $-21.2M |
毛利率MSIOPTU
| Q4 25 | 52.3% | 69.5% | ||
| Q3 25 | 51.6% | 69.7% | ||
| Q2 25 | 51.1% | 69.1% | ||
| Q1 25 | 51.4% | 68.8% | ||
| Q4 24 | 51.4% | 67.7% | ||
| Q3 24 | 51.4% | 68.1% | ||
| Q2 24 | 51.0% | 67.9% | ||
| Q1 24 | 49.9% | 67.0% |
营业利润率MSIOPTU
| Q4 25 | 27.9% | 18.2% | ||
| Q3 25 | 25.6% | -55.3% | ||
| Q2 25 | 25.0% | 14.5% | ||
| Q1 25 | 23.0% | 16.0% | ||
| Q4 24 | 27.0% | 15.2% | ||
| Q3 24 | 25.5% | 20.0% | ||
| Q2 24 | 24.5% | 22.4% | ||
| Q1 24 | 21.7% | 17.5% |
净利率MSIOPTU
| Q4 25 | 19.2% | -3.3% | ||
| Q3 25 | 18.7% | -77.1% | ||
| Q2 25 | 18.6% | -4.5% | ||
| Q1 25 | 17.0% | -3.5% | ||
| Q4 24 | 20.3% | -2.4% | ||
| Q3 24 | 20.1% | -1.9% | ||
| Q2 24 | 16.9% | 0.7% | ||
| Q1 24 | -1.6% | -0.9% |
每股收益（稀释后）MSIOPTU
| Q4 25 | $3.85 | $-0.16 | ||
| Q3 25 | $3.33 | $-3.47 | ||
| Q2 25 | $3.04 | $-0.21 | ||
| Q1 25 | $2.53 | $-0.16 | ||
| Q4 24 | $3.57 | $-0.11 | ||
| Q3 24 | $3.29 | $-0.09 | ||
| Q2 24 | $2.60 | $0.03 | ||
| Q1 24 | $-0.23 | $-0.05 |
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 | $1.0B |
| 总债务越低越好 | — | $26.2B |
| 股东权益账面价值 | $2.4B | $-2.3B |
| 总资产 | $19.4B | $30.7B |
| 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MSIOPTU
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $894.0M | $938.8M | ||
| Q2 25 | $3.2B | $247.3M | ||
| Q1 25 | $1.6B | $279.1M | ||
| Q4 24 | $2.1B | $256.5M | ||
| Q3 24 | $1.4B | $250.0M | ||
| Q2 24 | $1.4B | $362.1M | ||
| Q1 24 | $1.5B | $284.4M |
总债务MSIOPTU
| Q4 25 | — | $26.2B | ||
| Q3 25 | — | $26.2B | ||
| Q2 25 | — | $25.3B | ||
| Q1 25 | — | $25.3B | ||
| Q4 24 | — | $25.1B | ||
| Q3 24 | — | $25.1B | ||
| Q2 24 | — | $25.2B | ||
| Q1 24 | — | $25.1B |
股东权益MSIOPTU
| Q4 25 | $2.4B | $-2.3B | ||
| Q3 25 | $2.3B | $-2.2B | ||
| Q2 25 | $2.0B | $-624.1M | ||
| Q1 25 | $1.6B | $-543.0M | ||
| Q4 24 | $1.7B | $-469.2M | ||
| Q3 24 | $1.3B | $-427.1M | ||
| Q2 24 | $802.0M | $-399.1M | ||
| Q1 24 | $521.0M | $-431.2M |
总资产MSIOPTU
| Q4 25 | $19.4B | $30.7B | ||
| Q3 25 | $18.8B | $30.7B | ||
| Q2 25 | $16.4B | $31.6B | ||
| Q1 25 | $14.4B | $31.7B | ||
| Q4 24 | $14.6B | $31.7B | ||
| Q3 24 | $13.9B | $31.8B | ||
| Q2 24 | $13.3B | $32.0B | ||
| Q1 24 | $13.3B | $31.9B |
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 | $481.6M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $199.4M |
| 自由现金流率自由现金流/营收 | 33.8% | 9.1% |
| 资本支出强度资本支出/营收 | 3.4% | 12.9% |
| 现金转化率经营现金流/净利润 | 1.94× | — |
| 过去12个月自由现金流最近4个季度 | $2.6B | $-118.8M |
8季度趋势，按日历期对齐
经营现金流MSIOPTU
| Q4 25 | $1.3B | $481.6M | ||
| Q3 25 | $798.0M | $147.4M | ||
| Q2 25 | $273.0M | $412.0M | ||
| Q1 25 | $510.0M | $187.5M | ||
| Q4 24 | $1.1B | $439.9M | ||
| Q3 24 | $759.0M | $436.0M | ||
| Q2 24 | $180.0M | $306.8M | ||
| Q1 24 | $382.0M | $399.7M |
自由现金流MSIOPTU
| Q4 25 | $1.1B | $199.4M | ||
| Q3 25 | $732.0M | $-178.1M | ||
| Q2 25 | $225.0M | $28.4M | ||
| Q1 25 | $473.0M | $-168.6M | ||
| Q4 24 | $984.0M | $49.9M | ||
| Q3 24 | $702.0M | $76.9M | ||
| Q2 24 | $112.0M | $-40.9M | ||
| Q1 24 | $336.0M | $63.6M |
自由现金流率MSIOPTU
| Q4 25 | 33.8% | 9.1% | ||
| Q3 25 | 24.3% | -8.4% | ||
| Q2 25 | 8.1% | 1.3% | ||
| Q1 25 | 18.7% | -7.8% | ||
| Q4 24 | 32.7% | 2.2% | ||
| Q3 24 | 25.2% | 3.5% | ||
| Q2 24 | 4.3% | -1.8% | ||
| Q1 24 | 14.1% | 2.8% |
资本支出强度MSIOPTU
| Q4 25 | 3.4% | 12.9% | ||
| Q3 25 | 2.2% | 15.4% | ||
| Q2 25 | 1.7% | 17.9% | ||
| Q1 25 | 1.5% | 16.5% | ||
| Q4 24 | 2.9% | 17.5% | ||
| Q3 24 | 2.0% | 16.1% | ||
| Q2 24 | 2.6% | 15.5% | ||
| Q1 24 | 1.9% | 14.9% |
现金转化率MSIOPTU
| Q4 25 | 1.94× | — | ||
| Q3 25 | 1.42× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 0.41× | 19.97× | ||
| Q1 24 | — | — |
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% |
OPTU
| Total Residential Revenue | $1.6B | 74% |
| Business Servicesand Wholesale | $401.8M | 18% |
| Telephony | $60.8M | 3% |
| Other | $57.9M | 3% |
| Franchise | $50.0M | 2% |
