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摩托罗拉解决方案（MSI）与QVC Group, Inc.（QVCGA）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QVC Group, Inc.的1.3倍（$3.4B vs $2.7B），摩托罗拉解决方案净利率更高（19.2% vs -1.4%，领先20.6%），摩托罗拉解决方案同比增速更快（12.3% vs -9.1%），摩托罗拉解决方案自由现金流更多（$1.1B vs $191.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 6.9%）
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。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
MSI vs QVCGA — 直观对比
营收规模更大
MSI
是对方的1.3倍
$2.7B
营收增速更快
MSI
高出21.4%
-9.1%
净利率更高
MSI
高出20.6%
-1.4%
自由现金流更多
MSI
多$951.0M
$191.0M
两年增速更快
MSI
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.7B |
| 净利润 | $649.0M | $-37.0M |
| 毛利率 | 52.3% | 32.9% |
| 营业利润率 | 27.9% | 3.7% |
| 净利率 | 19.2% | -1.4% |
| 营收同比 | 12.3% | -9.1% |
| 净利润同比 | 6.2% | 97.1% |
| 每股收益（稀释后） | $3.85 | $-17.37 |
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MSIQVCGA
| Q4 25 | $3.4B | $2.7B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $3.0B | $2.9B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.6B | $2.4B | ||
| Q1 24 | $2.4B | $2.3B |
净利润MSIQVCGA
| Q4 25 | $649.0M | $-37.0M | ||
| Q3 25 | $562.0M | $-80.0M | ||
| Q2 25 | $513.0M | $-2.2B | ||
| Q1 25 | $430.0M | $-100.0M | ||
| Q4 24 | $611.0M | $-1.3B | ||
| Q3 24 | $562.0M | $-23.0M | ||
| Q2 24 | $443.0M | $20.0M | ||
| Q1 24 | $-39.0M | $-1.0M |
毛利率MSIQVCGA
| Q4 25 | 52.3% | 32.9% | ||
| Q3 25 | 51.6% | 34.0% | ||
| Q2 25 | 51.1% | 36.4% | ||
| Q1 25 | 51.4% | 34.2% | ||
| Q4 24 | 51.4% | 33.3% | ||
| Q3 24 | 51.4% | 35.3% | ||
| Q2 24 | 51.0% | 36.4% | ||
| Q1 24 | 49.9% | 35.5% |
营业利润率MSIQVCGA
| Q4 25 | 27.9% | 3.7% | ||
| Q3 25 | 25.6% | 2.7% | ||
| Q2 25 | 25.0% | -101.6% | ||
| Q1 25 | 23.0% | 0.7% | ||
| Q4 24 | 27.0% | -43.2% | ||
| Q3 24 | 25.5% | 6.5% | ||
| Q2 24 | 24.5% | 6.9% | ||
| Q1 24 | 21.7% | 6.2% |
净利率MSIQVCGA
| Q4 25 | 19.2% | -1.4% | ||
| Q3 25 | 18.7% | -3.6% | ||
| Q2 25 | 18.6% | -99.4% | ||
| Q1 25 | 17.0% | -4.8% | ||
| Q4 24 | 20.3% | -43.7% | ||
| Q3 24 | 20.1% | -1.0% | ||
| Q2 24 | 16.9% | 0.8% | ||
| Q1 24 | -1.6% | -0.0% |
每股收益（稀释后）MSIQVCGA
| Q4 25 | $3.85 | $-17.37 | ||
| Q3 25 | $3.33 | $-9.89 | ||
| Q2 25 | $3.04 | $-275.46 | ||
| Q1 25 | $2.53 | $-0.25 | ||
| Q4 24 | $3.57 | — | ||
| Q3 24 | $3.29 | $-0.06 | ||
| Q2 24 | $2.60 | $2.57 | ||
| Q1 24 | $-0.23 | — |
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 | $2.0B |
| 总债务越低越好 | — | $790.0M |
| 股东权益账面价值 | $2.4B | $-3.1B |
| 总资产 | $19.4B | $7.6B |
| 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MSIQVCGA
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $894.0M | $1.8B | ||
| Q2 25 | $3.2B | $897.0M | ||
| Q1 25 | $1.6B | $833.0M | ||
| Q4 24 | $2.1B | $905.0M | ||
| Q3 24 | $1.4B | $873.0M | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.5B | $1.1B |
总债务MSIQVCGA
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
股东权益MSIQVCGA
| Q4 25 | $2.4B | $-3.1B | ||
| Q3 25 | $2.3B | $-3.1B | ||
| Q2 25 | $2.0B | $-3.0B | ||
| Q1 25 | $1.6B | $-981.0M | ||
| Q4 24 | $1.7B | $-971.0M | ||
| Q3 24 | $1.3B | $397.0M | ||
| Q2 24 | $802.0M | $328.0M | ||
| Q1 24 | $521.0M | $255.0M |
总资产MSIQVCGA
| Q4 25 | $19.4B | $7.6B | ||
| Q3 25 | $18.8B | $7.6B | ||
| Q2 25 | $16.4B | $6.7B | ||
| Q1 25 | $14.4B | $9.0B | ||
| Q4 24 | $14.6B | $9.2B | ||
| Q3 24 | $13.9B | $10.8B | ||
| Q2 24 | $13.3B | $10.9B | ||
| Q1 24 | $13.3B | $11.0B |
负债/权益比MSIQVCGA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $191.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 7.1% |
| 资本支出强度资本支出/营收 | 3.4% | 2.0% |
| 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 | $118.0M |
8季度趋势，按日历期对齐
经营现金流MSIQVCGA
| Q4 25 | $1.3B | $244.0M | ||
| Q3 25 | $798.0M | $4.0M | ||
| Q2 25 | $273.0M | $86.0M | ||
| Q1 25 | $510.0M | $-60.0M | ||
| Q4 24 | $1.1B | $212.0M | ||
| Q3 24 | $759.0M | $20.0M | ||
| Q2 24 | $180.0M | $267.0M | ||
| Q1 24 | $382.0M | $26.0M |
自由现金流MSIQVCGA
| Q4 25 | $1.1B | $191.0M | ||
| Q3 25 | $732.0M | $-27.0M | ||
| Q2 25 | $225.0M | $48.0M | ||
| Q1 25 | $473.0M | $-94.0M | ||
| Q4 24 | $984.0M | $150.0M | ||
| Q3 24 | $702.0M | $-23.0M | ||
| Q2 24 | $112.0M | $213.0M | ||
| Q1 24 | $336.0M | $-14.0M |
自由现金流率MSIQVCGA
| Q4 25 | 33.8% | 7.1% | ||
| Q3 25 | 24.3% | -1.2% | ||
| Q2 25 | 8.1% | 2.1% | ||
| Q1 25 | 18.7% | -4.5% | ||
| Q4 24 | 32.7% | 5.1% | ||
| Q3 24 | 25.2% | -1.0% | ||
| Q2 24 | 4.3% | 8.8% | ||
| Q1 24 | 14.1% | -0.6% |
资本支出强度MSIQVCGA
| Q4 25 | 3.4% | 2.0% | ||
| Q3 25 | 2.2% | 1.4% | ||
| Q2 25 | 1.7% | 1.7% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 2.9% | 2.1% | ||
| Q3 24 | 2.0% | 1.8% | ||
| Q2 24 | 2.6% | 2.2% | ||
| Q1 24 | 1.9% | 1.7% |
现金转化率MSIQVCGA
| 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× | 13.35× | ||
| 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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
