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摩托罗拉解决方案（MSI）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
Steel Dynamics的季度营收约是摩托罗拉解决方案的1.5倍（$5.2B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 7.7%，领先11.5%），Steel Dynamics同比增速更快（17.9% vs 12.3%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 6.0%）
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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
MSI vs STLD — 直观对比
营收规模更大
STLD
是对方的1.5倍
$3.4B
营收增速更快
STLD
高出5.6%
12.3%
净利率更高
MSI
高出11.5%
7.7%
两年增速更快
MSI
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $5.2B |
| 净利润 | $649.0M | $400.1M |
| 毛利率 | 52.3% | 14.7% |
| 营业利润率 | 27.9% | 10.3% |
| 净利率 | 19.2% | 7.7% |
| 营收同比 | 12.3% | 17.9% |
| 净利润同比 | 6.2% | 51.3% |
| 每股收益（稀释后） | $3.85 | $2.78 |
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MSISTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $3.4B | $4.4B | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $2.8B | $4.6B | ||
| Q1 25 | $2.5B | $4.4B | ||
| Q4 24 | $3.0B | $3.9B | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.6B | $4.6B |
净利润MSISTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $649.0M | $266.0M | ||
| Q3 25 | $562.0M | $403.7M | ||
| Q2 25 | $513.0M | $298.7M | ||
| Q1 25 | $430.0M | $217.2M | ||
| Q4 24 | $611.0M | $207.3M | ||
| Q3 24 | $562.0M | $317.8M | ||
| Q2 24 | $443.0M | $428.0M |
毛利率MSISTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | 52.3% | 12.0% | ||
| Q3 25 | 51.6% | 15.7% | ||
| Q2 25 | 51.1% | 13.5% | ||
| Q1 25 | 51.4% | 11.1% | ||
| Q4 24 | 51.4% | 11.4% | ||
| Q3 24 | 51.4% | 13.9% | ||
| Q2 24 | 51.0% | 16.7% |
营业利润率MSISTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | 27.9% | 7.0% | ||
| Q3 25 | 25.6% | 10.5% | ||
| Q2 25 | 25.0% | 8.4% | ||
| Q1 25 | 23.0% | 6.3% | ||
| Q4 24 | 27.0% | 6.1% | ||
| Q3 24 | 25.5% | 9.1% | ||
| Q2 24 | 24.5% | 12.1% |
净利率MSISTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 19.2% | 6.0% | ||
| Q3 25 | 18.7% | 8.4% | ||
| Q2 25 | 18.6% | 6.5% | ||
| Q1 25 | 17.0% | 5.0% | ||
| Q4 24 | 20.3% | 5.4% | ||
| Q3 24 | 20.1% | 7.3% | ||
| Q2 24 | 16.9% | 9.2% |
每股收益（稀释后）MSISTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $3.85 | $1.80 | ||
| Q3 25 | $3.33 | $2.74 | ||
| Q2 25 | $3.04 | $2.01 | ||
| Q1 25 | $2.53 | $1.44 | ||
| Q4 24 | $3.57 | $1.40 | ||
| Q3 24 | $3.29 | $2.05 | ||
| Q2 24 | $2.60 | $2.72 |
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 | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $2.4B | $9.0B |
| 总资产 | $19.4B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资MSISTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | $1.2B | $769.9M | ||
| Q3 25 | $894.0M | $770.4M | ||
| Q2 25 | $3.2B | $497.6M | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $2.1B | $737.3M | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $1.2B |
总债务MSISTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益MSISTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $2.4B | $9.0B | ||
| Q3 25 | $2.3B | $9.0B | ||
| Q2 25 | $2.0B | $8.9B | ||
| Q1 25 | $1.6B | $8.8B | ||
| Q4 24 | $1.7B | $8.9B | ||
| Q3 24 | $1.3B | $9.1B | ||
| Q2 24 | $802.0M | $9.1B |
总资产MSISTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $19.4B | $16.4B | ||
| Q3 25 | $18.8B | $16.0B | ||
| Q2 25 | $16.4B | $15.5B | ||
| Q1 25 | $14.4B | $15.9B | ||
| Q4 24 | $14.6B | $14.9B | ||
| Q3 24 | $13.9B | $15.7B | ||
| Q2 24 | $13.3B | $15.1B |
负债/权益比MSISTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | $148.3M |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.94× | 0.37× |
| 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MSISTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $1.3B | $272.7M | ||
| Q3 25 | $798.0M | $722.6M | ||
| Q2 25 | $273.0M | $301.6M | ||
| Q1 25 | $510.0M | $152.6M | ||
| Q4 24 | $1.1B | $346.9M | ||
| Q3 24 | $759.0M | $759.9M | ||
| Q2 24 | $180.0M | $382.6M |
自由现金流MSISTLD
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $84.2M | ||
| Q3 25 | $732.0M | $556.9M | ||
| Q2 25 | $225.0M | $13.3M | ||
| Q1 25 | $473.0M | $-152.9M | ||
| Q4 24 | $984.0M | $-106.3M | ||
| Q3 24 | $702.0M | $138.5M | ||
| Q2 24 | $112.0M | $-36.6M |
自由现金流率MSISTLD
| Q1 26 | — | — | ||
| Q4 25 | 33.8% | 1.9% | ||
| Q3 25 | 24.3% | 11.5% | ||
| Q2 25 | 8.1% | 0.3% | ||
| Q1 25 | 18.7% | -3.5% | ||
| Q4 24 | 32.7% | -2.7% | ||
| Q3 24 | 25.2% | 3.2% | ||
| Q2 24 | 4.3% | -0.8% |
资本支出强度MSISTLD
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 4.3% | ||
| Q3 25 | 2.2% | 3.4% | ||
| Q2 25 | 1.7% | 6.3% | ||
| Q1 25 | 1.5% | 7.0% | ||
| Q4 24 | 2.9% | 11.7% | ||
| Q3 24 | 2.0% | 14.3% | ||
| Q2 24 | 2.6% | 9.0% |
现金转化率MSISTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.94× | 1.03× | ||
| Q3 25 | 1.42× | 1.79× | ||
| Q2 25 | 0.53× | 1.01× | ||
| Q1 25 | 1.19× | 0.70× | ||
| Q4 24 | 1.75× | 1.67× | ||
| Q3 24 | 1.35× | 2.39× | ||
| Q2 24 | 0.41× | 0.89× |
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% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
