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摩托罗拉解决方案（MSI）与RESIDEO TECHNOLOGIES, INC.（REZI）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RESIDEO TECHNOLOGIES, INC.的1.8倍（$3.4B vs $1.9B），摩托罗拉解决方案净利率更高（19.2% vs 7.2%，领先12.0%），摩托罗拉解决方案同比增速更快（12.3% vs 2.0%），摩托罗拉解决方案自由现金流更多（$1.1B vs $262.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 12.9%）
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。
Resideo Technologies是2018年从霍尼韦尔分拆成立的美国跨国企业，主营住宅场景的温控、空气质量调节、湿度控制及安防系统，业务覆盖美国及全球市场。公司下设产品、分销两大业务板块，生产销售温度照明控制、安防、水气监测等智能家居硬件及配套软件产品。
MSI vs REZI — 直观对比
营收规模更大
MSI
是对方的1.8倍
$1.9B
营收增速更快
MSI
高出10.3%
2.0%
净利率更高
MSI
高出12.0%
7.2%
自由现金流更多
MSI
多$880.0M
$262.0M
两年增速更快
MSI
近两年复合增速
12.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $1.9B |
| 净利润 | $649.0M | $136.0M |
| 毛利率 | 52.3% | 29.6% |
| 营业利润率 | 27.9% | 7.4% |
| 净利率 | 19.2% | 7.2% |
| 营收同比 | 12.3% | 2.0% |
| 净利润同比 | 6.2% | 491.3% |
| 每股收益（稀释后） | $3.85 | $0.99 |
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MSIREZI
| Q4 25 | $3.4B | $1.9B | ||
| Q3 25 | $3.0B | $1.9B | ||
| Q2 25 | $2.8B | $1.9B | ||
| Q1 25 | $2.5B | $1.8B | ||
| Q4 24 | $3.0B | $1.9B | ||
| Q3 24 | $2.8B | $1.8B | ||
| Q2 24 | $2.6B | $1.6B | ||
| Q1 24 | $2.4B | $1.5B |
净利润MSIREZI
| Q4 25 | $649.0M | $136.0M | ||
| Q3 25 | $562.0M | $156.0M | ||
| Q2 25 | $513.0M | $-825.0M | ||
| Q1 25 | $430.0M | $6.0M | ||
| Q4 24 | $611.0M | $23.0M | ||
| Q3 24 | $562.0M | $20.0M | ||
| Q2 24 | $443.0M | $30.0M | ||
| Q1 24 | $-39.0M | $43.0M |
毛利率MSIREZI
| Q4 25 | 52.3% | 29.6% | ||
| Q3 25 | 51.6% | 29.8% | ||
| Q2 25 | 51.1% | 29.3% | ||
| Q1 25 | 51.4% | 28.9% | ||
| Q4 24 | 51.4% | 28.5% | ||
| Q3 24 | 51.4% | 28.7% | ||
| Q2 24 | 51.0% | 28.1% | ||
| Q1 24 | 49.9% | 26.9% |
营业利润率MSIREZI
| Q4 25 | 27.9% | 7.4% | ||
| Q3 25 | 25.6% | 8.3% | ||
| Q2 25 | 25.0% | 9.1% | ||
| Q1 25 | 23.0% | 7.7% | ||
| Q4 24 | 27.0% | 7.8% | ||
| Q3 24 | 25.5% | 6.9% | ||
| Q2 24 | 24.5% | 7.7% | ||
| Q1 24 | 21.7% | 8.6% |
净利率MSIREZI
| Q4 25 | 19.2% | 7.2% | ||
| Q3 25 | 18.7% | 8.4% | ||
| Q2 25 | 18.6% | -42.5% | ||
| Q1 25 | 17.0% | 0.3% | ||
| Q4 24 | 20.3% | 1.2% | ||
| Q3 24 | 20.1% | 1.1% | ||
| Q2 24 | 16.9% | 1.9% | ||
| Q1 24 | -1.6% | 2.9% |
每股收益（稀释后）MSIREZI
| Q4 25 | $3.85 | $0.99 | ||
| Q3 25 | $3.33 | $0.85 | ||
| Q2 25 | $3.04 | $-5.59 | ||
| Q1 25 | $2.53 | $-0.02 | ||
| Q4 24 | $3.57 | $0.06 | ||
| Q3 24 | $3.29 | $0.07 | ||
| Q2 24 | $2.60 | $0.19 | ||
| Q1 24 | $-0.23 | $0.29 |
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 | $661.0M |
| 总债务越低越好 | — | $3.2B |
| 股东权益账面价值 | $2.4B | $2.9B |
| 总资产 | $19.4B | $8.4B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资MSIREZI
| Q4 25 | $1.2B | $661.0M | ||
| Q3 25 | $894.0M | $345.0M | ||
| Q2 25 | $3.2B | $753.0M | ||
| Q1 25 | $1.6B | $577.0M | ||
| Q4 24 | $2.1B | $692.0M | ||
| Q3 24 | $1.4B | $531.0M | ||
| Q2 24 | $1.4B | $413.0M | ||
| Q1 24 | $1.5B | $603.0M |
总债务MSIREZI
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.4B |
股东权益MSIREZI
| Q4 25 | $2.4B | $2.9B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.0B | $2.6B | ||
| Q1 25 | $1.6B | $3.3B | ||
| Q4 24 | $1.7B | $3.3B | ||
| Q3 24 | $1.3B | $3.4B | ||
| Q2 24 | $802.0M | $3.3B | ||
| Q1 24 | $521.0M | $2.8B |
总资产MSIREZI
| Q4 25 | $19.4B | $8.4B | ||
| Q3 25 | $18.8B | $8.2B | ||
| Q2 25 | $16.4B | $8.5B | ||
| Q1 25 | $14.4B | $8.1B | ||
| Q4 24 | $14.6B | $8.2B | ||
| Q3 24 | $13.9B | $8.1B | ||
| Q2 24 | $13.3B | $8.0B | ||
| Q1 24 | $13.3B | $6.5B |
负债/权益比MSIREZI
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.60× | ||
| Q2 24 | — | 0.61× | ||
| Q1 24 | — | 0.51× |
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 | $299.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $262.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 13.8% |
| 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× | 2.20× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $-1.3B |
8季度趋势，按日历期对齐
经营现金流MSIREZI
| Q4 25 | $1.3B | $299.0M | ||
| Q3 25 | $798.0M | $-1.6B | ||
| Q2 25 | $273.0M | $200.0M | ||
| Q1 25 | $510.0M | $-65.0M | ||
| Q4 24 | $1.1B | $203.0M | ||
| Q3 24 | $759.0M | $147.0M | ||
| Q2 24 | $180.0M | $92.0M | ||
| Q1 24 | $382.0M | $2.0M |
自由现金流MSIREZI
| Q4 25 | $1.1B | $262.0M | ||
| Q3 25 | $732.0M | $-1.6B | ||
| Q2 25 | $225.0M | $180.0M | ||
| Q1 25 | $473.0M | $-96.0M | ||
| Q4 24 | $984.0M | $181.0M | ||
| Q3 24 | $702.0M | $125.0M | ||
| Q2 24 | $112.0M | $77.0M | ||
| Q1 24 | $336.0M | $-19.0M |
自由现金流率MSIREZI
| Q4 25 | 33.8% | 13.8% | ||
| Q3 25 | 24.3% | -85.8% | ||
| Q2 25 | 8.1% | 9.3% | ||
| Q1 25 | 18.7% | -5.4% | ||
| Q4 24 | 32.7% | 9.7% | ||
| Q3 24 | 25.2% | 6.8% | ||
| Q2 24 | 4.3% | 4.8% | ||
| Q1 24 | 14.1% | -1.3% |
资本支出强度MSIREZI
| Q4 25 | 3.4% | 2.0% | ||
| Q3 25 | 2.2% | 1.5% | ||
| Q2 25 | 1.7% | 1.0% | ||
| Q1 25 | 1.5% | 1.8% | ||
| Q4 24 | 2.9% | 1.2% | ||
| Q3 24 | 2.0% | 1.2% | ||
| Q2 24 | 2.6% | 0.9% | ||
| Q1 24 | 1.9% | 1.4% |
现金转化率MSIREZI
| Q4 25 | 1.94× | 2.20× | ||
| Q3 25 | 1.42× | -10.07× | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 1.19× | -10.83× | ||
| Q4 24 | 1.75× | 8.83× | ||
| Q3 24 | 1.35× | 7.35× | ||
| Q2 24 | 0.41× | 3.07× | ||
| Q1 24 | — | 0.05× |
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% |
REZI
| ADI Global Distribution Segment | $1.2B | 62% |
| Safety And Security | $257.0M | 14% |
| Air | $211.0M | 11% |
| Energy Service | $153.0M | 8% |
| Public Utilities Inventory Water | $91.0M | 5% |
