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摩托罗拉解决方案（MSI）与PulteGroup（PHM）财务数据对比。点击上方公司名可切换其他公司
PulteGroup的季度营收约是摩托罗拉解决方案的1.0倍（$3.4B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 10.2%，领先9.0%），摩托罗拉解决方案同比增速更快（12.3% vs -12.4%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -13.9%）
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。
PulteGroup Inc.是总部位于美国佐治亚州亚特兰大的住宅建造企业，2023年按房屋交付量统计为美国第三大住宅建造商，自成立以来累计已建成超过77.5万套住宅，是美国住宅开发领域的领先企业之一。
MSI vs PHM — 直观对比
营收规模更大
PHM
是对方的1.0倍
$3.4B
营收增速更快
MSI
高出24.7%
-12.4%
净利率更高
MSI
高出9.0%
10.2%
两年增速更快
MSI
近两年复合增速
-13.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.4B |
| 净利润 | $649.0M | $347.0M |
| 毛利率 | 52.3% | — |
| 营业利润率 | 27.9% | — |
| 净利率 | 19.2% | 10.2% |
| 营收同比 | 12.3% | -12.4% |
| 净利润同比 | 6.2% | -33.6% |
| 每股收益（稀释后） | $3.85 | — |
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MSIPHM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.4B | $4.6B | ||
| Q3 25 | $3.0B | $4.4B | ||
| Q2 25 | $2.8B | $4.4B | ||
| Q1 25 | $2.5B | $3.9B | ||
| Q4 24 | $3.0B | $4.9B | ||
| Q3 24 | $2.8B | $4.5B | ||
| Q2 24 | $2.6B | $4.6B |
净利润MSIPHM
| Q1 26 | — | $347.0M | ||
| Q4 25 | $649.0M | $501.6M | ||
| Q3 25 | $562.0M | $585.8M | ||
| Q2 25 | $513.0M | $608.5M | ||
| Q1 25 | $430.0M | $522.8M | ||
| Q4 24 | $611.0M | $913.2M | ||
| Q3 24 | $562.0M | $697.9M | ||
| Q2 24 | $443.0M | $809.1M |
毛利率MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | 52.3% | — | ||
| Q3 25 | 51.6% | 27.8% | ||
| Q2 25 | 51.1% | 28.6% | ||
| Q1 25 | 51.4% | 28.8% | ||
| Q4 24 | 51.4% | — | ||
| Q3 24 | 51.4% | 30.4% | ||
| Q2 24 | 51.0% | 31.4% |
营业利润率MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | 27.9% | — | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 25.0% | — | ||
| Q1 25 | 23.0% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 25.5% | — | ||
| Q2 24 | 24.5% | — |
净利率MSIPHM
| Q1 26 | — | 10.2% | ||
| Q4 25 | 19.2% | 10.9% | ||
| Q3 25 | 18.7% | 13.3% | ||
| Q2 25 | 18.6% | 13.8% | ||
| Q1 25 | 17.0% | 13.4% | ||
| Q4 24 | 20.3% | 18.6% | ||
| Q3 24 | 20.1% | 15.6% | ||
| Q2 24 | 16.9% | 17.6% |
每股收益（稀释后）MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | $3.85 | $2.56 | ||
| Q3 25 | $3.33 | $2.96 | ||
| Q2 25 | $3.04 | $3.03 | ||
| Q1 25 | $2.53 | $2.57 | ||
| Q4 24 | $3.57 | $4.41 | ||
| Q3 24 | $3.29 | $3.35 | ||
| Q2 24 | $2.60 | $3.83 |
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 | $1.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | $13.0B |
| 总资产 | $19.4B | $5.2B |
| 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MSIPHM
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $894.0M | $1.5B | ||
| Q2 25 | $3.2B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $2.1B | $1.6B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.4B | $1.4B |
总债务MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | — | $43.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $31.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MSIPHM
| Q1 26 | — | $13.0B | ||
| Q4 25 | $2.4B | $13.0B | ||
| Q3 25 | $2.3B | $12.8B | ||
| Q2 25 | $2.0B | $12.6B | ||
| Q1 25 | $1.6B | $12.3B | ||
| Q4 24 | $1.7B | $12.1B | ||
| Q3 24 | $1.3B | $11.6B | ||
| Q2 24 | $802.0M | $11.2B |
总资产MSIPHM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $19.4B | $18.0B | ||
| Q3 25 | $18.8B | $17.9B | ||
| Q2 25 | $16.4B | $17.6B | ||
| Q1 25 | $14.4B | $17.3B | ||
| Q4 24 | $14.6B | $17.4B | ||
| Q3 24 | $13.9B | $17.0B | ||
| Q2 24 | $13.3B | $16.5B |
负债/权益比MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $159.8M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 33.8% | — |
| 资本支出强度资本支出/营收 | 3.4% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.94× | 0.46× |
| 过去12个月自由现金流最近4个季度 | $2.6B | — |
8季度趋势，按日历期对齐
经营现金流MSIPHM
| Q1 26 | — | $159.8M | ||
| Q4 25 | $1.3B | $771.1M | ||
| Q3 25 | $798.0M | $678.4M | ||
| Q2 25 | $273.0M | $287.5M | ||
| Q1 25 | $510.0M | $134.2M | ||
| Q4 24 | $1.1B | $567.6M | ||
| Q3 24 | $759.0M | $455.9M | ||
| Q2 24 | $180.0M | $417.5M |
自由现金流MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $739.8M | ||
| Q3 25 | $732.0M | $651.1M | ||
| Q2 25 | $225.0M | $253.0M | ||
| Q1 25 | $473.0M | $104.6M | ||
| Q4 24 | $984.0M | $543.1M | ||
| Q3 24 | $702.0M | $417.2M | ||
| Q2 24 | $112.0M | $386.2M |
自由现金流率MSIPHM
| Q1 26 | — | — | ||
| Q4 25 | 33.8% | 16.0% | ||
| Q3 25 | 24.3% | 14.8% | ||
| Q2 25 | 8.1% | 5.7% | ||
| Q1 25 | 18.7% | 2.7% | ||
| Q4 24 | 32.7% | 11.0% | ||
| Q3 24 | 25.2% | 9.3% | ||
| Q2 24 | 4.3% | 8.4% |
资本支出强度MSIPHM
| Q1 26 | — | 0.7% | ||
| Q4 25 | 3.4% | 0.7% | ||
| Q3 25 | 2.2% | 0.6% | ||
| Q2 25 | 1.7% | 0.8% | ||
| Q1 25 | 1.5% | 0.8% | ||
| Q4 24 | 2.9% | 0.5% | ||
| Q3 24 | 2.0% | 0.9% | ||
| Q2 24 | 2.6% | 0.7% |
现金转化率MSIPHM
| Q1 26 | — | 0.46× | ||
| Q4 25 | 1.94× | 1.54× | ||
| Q3 25 | 1.42× | 1.16× | ||
| Q2 25 | 0.53× | 0.47× | ||
| Q1 25 | 1.19× | 0.26× | ||
| Q4 24 | 1.75× | 0.62× | ||
| Q3 24 | 1.35× | 0.65× | ||
| Q2 24 | 0.41× | 0.52× |
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% |
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
