vs
摩托罗拉解决方案（MSI）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是摩托罗拉解决方案的1.2倍（$4.2B vs $3.4B），标普全球净利率更高（36.1% vs 19.2%，领先16.9%），摩托罗拉解决方案同比增速更快（12.3% vs 10.0%），摩托罗拉解决方案自由现金流更多（$1.1B vs $919.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 8.4%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
MSI vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.2倍
$3.4B
营收增速更快
MSI
高出2.3%
10.0%
净利率更高
SPGI
高出16.9%
19.2%
自由现金流更多
MSI
多$223.0M
$919.0M
两年增速更快
MSI
近两年复合增速
8.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $4.2B |
| 净利润 | $649.0M | $1.5B |
| 毛利率 | 52.3% | — |
| 营业利润率 | 27.9% | 48.0% |
| 净利率 | 19.2% | 36.1% |
| 营收同比 | 12.3% | 10.0% |
| 净利润同比 | 6.2% | 28.0% |
| 每股收益（稀释后） | $3.85 | $4.69 |
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MSISPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.4B | $3.9B | ||
| Q3 25 | $3.0B | $3.9B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.5B | $3.8B | ||
| Q4 24 | $3.0B | $3.6B | ||
| Q3 24 | $2.8B | $3.6B | ||
| Q2 24 | $2.6B | $3.5B |
净利润MSISPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $649.0M | $1.1B | ||
| Q3 25 | $562.0M | $1.2B | ||
| Q2 25 | $513.0M | $1.1B | ||
| Q1 25 | $430.0M | $1.1B | ||
| Q4 24 | $611.0M | $879.0M | ||
| Q3 24 | $562.0M | $971.0M | ||
| Q2 24 | $443.0M | $1.0B |
毛利率MSISPGI
| Q1 26 | — | — | ||
| Q4 25 | 52.3% | 70.1% | ||
| Q3 25 | 51.6% | 71.2% | ||
| Q2 25 | 51.1% | 70.2% | ||
| Q1 25 | 51.4% | 69.5% | ||
| Q4 24 | 51.4% | 69.8% | ||
| Q3 24 | 51.4% | 70.0% | ||
| Q2 24 | 51.0% | 69.4% |
营业利润率MSISPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 27.9% | 42.7% | ||
| Q3 25 | 25.6% | 43.1% | ||
| Q2 25 | 25.0% | 41.3% | ||
| Q1 25 | 23.0% | 41.8% | ||
| Q4 24 | 27.0% | 36.4% | ||
| Q3 24 | 25.5% | 40.1% | ||
| Q2 24 | 24.5% | 40.9% |
净利率MSISPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | 19.2% | 28.9% | ||
| Q3 25 | 18.7% | 30.2% | ||
| Q2 25 | 18.6% | 28.5% | ||
| Q1 25 | 17.0% | 28.9% | ||
| Q4 24 | 20.3% | 24.5% | ||
| Q3 24 | 20.1% | 27.2% | ||
| Q2 24 | 16.9% | 28.5% |
每股收益（稀释后）MSISPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | $3.85 | $3.76 | ||
| Q3 25 | $3.33 | $3.86 | ||
| Q2 25 | $3.04 | $3.50 | ||
| Q1 25 | $2.53 | $3.54 | ||
| Q4 24 | $3.57 | $2.85 | ||
| Q3 24 | $3.29 | $3.11 | ||
| Q2 24 | $2.60 | $3.23 |
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 | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $2.4B | $31.3B |
| 总资产 | $19.4B | $60.8B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资MSISPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $894.0M | $1.7B | ||
| Q2 25 | $3.2B | $1.8B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $2.0B |
总债务MSISPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B |
股东权益MSISPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | $2.4B | $31.1B | ||
| Q3 25 | $2.3B | $33.1B | ||
| Q2 25 | $2.0B | $33.4B | ||
| Q1 25 | $1.6B | $33.4B | ||
| Q4 24 | $1.7B | $33.2B | ||
| Q3 24 | $1.3B | $34.0B | ||
| Q2 24 | $802.0M | $34.9B |
总资产MSISPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $19.4B | $61.2B | ||
| Q3 25 | $18.8B | $59.7B | ||
| Q2 25 | $16.4B | $60.4B | ||
| Q1 25 | $14.4B | $59.9B | ||
| Q4 24 | $14.6B | $60.2B | ||
| Q3 24 | $13.9B | $60.4B | ||
| Q2 24 | $13.3B | $61.0B |
负债/权益比MSISPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $919.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 22.0% |
| 资本支出强度资本支出/营收 | 3.4% | 0.6% |
| 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 | $5.5B |
8季度趋势，按日历期对齐
经营现金流MSISPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $798.0M | $1.5B | ||
| Q2 25 | $273.0M | $1.4B | ||
| Q1 25 | $510.0M | $953.0M | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $759.0M | $1.4B | ||
| Q2 24 | $180.0M | $1.6B |
自由现金流MSISPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $732.0M | $1.5B | ||
| Q2 25 | $225.0M | $1.4B | ||
| Q1 25 | $473.0M | $910.0M | ||
| Q4 24 | $984.0M | $1.7B | ||
| Q3 24 | $702.0M | $1.4B | ||
| Q2 24 | $112.0M | $1.5B |
自由现金流率MSISPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | 33.8% | 43.5% | ||
| Q3 25 | 24.3% | 37.6% | ||
| Q2 25 | 8.1% | 36.9% | ||
| Q1 25 | 18.7% | 24.1% | ||
| Q4 24 | 32.7% | 47.5% | ||
| Q3 24 | 25.2% | 39.4% | ||
| Q2 24 | 4.3% | 42.9% |
资本支出强度MSISPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 3.4% | 1.2% | ||
| Q3 25 | 2.2% | 1.2% | ||
| Q2 25 | 1.7% | 1.6% | ||
| Q1 25 | 1.5% | 1.1% | ||
| Q4 24 | 2.9% | 0.9% | ||
| Q3 24 | 2.0% | 1.0% | ||
| Q2 24 | 2.6% | 0.9% |
现金转化率MSISPGI
| Q1 26 | — | — | ||
| Q4 25 | 1.94× | 1.54× | ||
| Q3 25 | 1.42× | 1.28× | ||
| Q2 25 | 0.53× | 1.35× | ||
| Q1 25 | 1.19× | 0.87× | ||
| Q4 24 | 1.75× | 1.98× | ||
| Q3 24 | 1.35× | 1.49× | ||
| Q2 24 | 0.41× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
