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摩托罗拉解决方案（MSI）与TransDigm Group（TDG）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TransDigm Group的1.5倍（$3.4B vs $2.3B），TransDigm Group净利率更高（19.5% vs 19.2%，领先0.3%），TransDigm Group同比增速更快（13.9% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $772.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 9.1%）
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。
TransDigm Group是总部位于美国俄亥俄州克利夫兰的上市航空航天制造企业，1993年由私募股权机构通过杠杆收购整合四家工业航空企业组建而成。公司专注于研发生产定制化航空航天部件，多年来通过多起收购持续拓展自身产品矩阵。
MSI vs TDG — 直观对比
营收规模更大
MSI
是对方的1.5倍
$2.3B
营收增速更快
TDG
高出1.6%
12.3%
净利率更高
TDG
高出0.3%
19.2%
自由现金流更多
MSI
多$370.0M
$772.0M
两年增速更快
MSI
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.3B |
| 净利润 | $649.0M | $445.0M |
| 毛利率 | 52.3% | 59.2% |
| 营业利润率 | 27.9% | 45.6% |
| 净利率 | 19.2% | 19.5% |
| 营收同比 | 12.3% | 13.9% |
| 净利润同比 | 6.2% | -9.7% |
| 每股收益（稀释后） | $3.85 | $6.62 |
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MSITDG
| Q4 25 | $3.4B | $2.3B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $3.0B | $2.0B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $2.6B | $2.0B | ||
| Q1 24 | $2.4B | $1.9B |
净利润MSITDG
| Q4 25 | $649.0M | $445.0M | ||
| Q3 25 | $562.0M | $610.0M | ||
| Q2 25 | $513.0M | $492.0M | ||
| Q1 25 | $430.0M | $479.0M | ||
| Q4 24 | $611.0M | $493.0M | ||
| Q3 24 | $562.0M | $468.0M | ||
| Q2 24 | $443.0M | $461.0M | ||
| Q1 24 | $-39.0M | $403.0M |
毛利率MSITDG
| Q4 25 | 52.3% | 59.2% | ||
| Q3 25 | 51.6% | 60.3% | ||
| Q2 25 | 51.1% | 59.5% | ||
| Q1 25 | 51.4% | 59.3% | ||
| Q4 24 | 51.4% | 61.6% | ||
| Q3 24 | 51.4% | 57.5% | ||
| Q2 24 | 51.0% | 59.6% | ||
| Q1 24 | 49.9% | 60.0% |
营业利润率MSITDG
| Q4 25 | 27.9% | 45.6% | ||
| Q3 25 | 25.6% | 47.6% | ||
| Q2 25 | 25.0% | 46.4% | ||
| Q1 25 | 23.0% | 46.1% | ||
| Q4 24 | 27.0% | 48.6% | ||
| Q3 24 | 25.5% | 43.1% | ||
| Q2 24 | 24.5% | 45.7% | ||
| Q1 24 | 21.7% | 45.2% |
净利率MSITDG
| Q4 25 | 19.2% | 19.5% | ||
| Q3 25 | 18.7% | 25.0% | ||
| Q2 25 | 18.6% | 22.0% | ||
| Q1 25 | 17.0% | 22.3% | ||
| Q4 24 | 20.3% | 24.6% | ||
| Q3 24 | 20.1% | 21.4% | ||
| Q2 24 | 16.9% | 22.5% | ||
| Q1 24 | -1.6% | 21.0% |
每股收益（稀释后）MSITDG
| Q4 25 | $3.85 | $6.62 | ||
| Q3 25 | $3.33 | $7.75 | ||
| Q2 25 | $3.04 | $8.47 | ||
| Q1 25 | $2.53 | $8.24 | ||
| Q4 24 | $3.57 | $7.62 | ||
| Q3 24 | $3.29 | $5.82 | ||
| Q2 24 | $2.60 | $7.96 | ||
| Q1 24 | $-0.23 | $6.97 |
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 | $2.5B |
| 总债务越低越好 | — | $29.2B |
| 股东权益账面价值 | $2.4B | $-9.3B |
| 总资产 | $19.4B | $23.8B |
| 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MSITDG
| Q4 25 | $1.2B | $2.5B | ||
| Q3 25 | $894.0M | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $2.1B | $2.5B | ||
| Q3 24 | $1.4B | $6.3B | ||
| Q2 24 | $1.4B | $3.4B | ||
| Q1 24 | $1.5B | $4.3B |
总债务MSITDG
| Q4 25 | — | $29.2B | ||
| Q3 25 | — | $29.2B | ||
| Q2 25 | — | $24.3B | ||
| Q1 25 | — | $24.3B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $24.3B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | — | $21.3B |
股东权益MSITDG
| Q4 25 | $2.4B | $-9.3B | ||
| Q3 25 | $2.3B | $-9.7B | ||
| Q2 25 | $2.0B | $-5.0B | ||
| Q1 25 | $1.6B | $-5.7B | ||
| Q4 24 | $1.7B | $-6.3B | ||
| Q3 24 | $1.3B | $-6.3B | ||
| Q2 24 | $802.0M | $-2.5B | ||
| Q1 24 | $521.0M | $-3.0B |
总资产MSITDG
| Q4 25 | $19.4B | $23.8B | ||
| Q3 25 | $18.8B | $22.9B | ||
| Q2 25 | $16.4B | $22.7B | ||
| Q1 25 | $14.4B | $21.9B | ||
| Q4 24 | $14.6B | $21.5B | ||
| Q3 24 | $13.9B | $25.6B | ||
| Q2 24 | $13.3B | $21.8B | ||
| Q1 24 | $13.3B | $21.6B |
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 | $832.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $772.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 33.8% |
| 资本支出强度资本支出/营收 | 3.4% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.94× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $1.9B |
8季度趋势，按日历期对齐
经营现金流MSITDG
| Q4 25 | $1.3B | $832.0M | ||
| Q3 25 | $798.0M | $507.0M | ||
| Q2 25 | $273.0M | $631.0M | ||
| Q1 25 | $510.0M | $148.0M | ||
| Q4 24 | $1.1B | $752.0M | ||
| Q3 24 | $759.0M | $572.0M | ||
| Q2 24 | $180.0M | $608.0M | ||
| Q1 24 | $382.0M | $229.0M |
自由现金流MSITDG
| Q4 25 | $1.1B | $772.0M | ||
| Q3 25 | $732.0M | $441.0M | ||
| Q2 25 | $225.0M | $573.0M | ||
| Q1 25 | $473.0M | $92.0M | ||
| Q4 24 | $984.0M | $710.0M | ||
| Q3 24 | $702.0M | $531.0M | ||
| Q2 24 | $112.0M | $568.0M | ||
| Q1 24 | $336.0M | $181.0M |
自由现金流率MSITDG
| Q4 25 | 33.8% | 33.8% | ||
| Q3 25 | 24.3% | 18.1% | ||
| Q2 25 | 8.1% | 25.6% | ||
| Q1 25 | 18.7% | 4.3% | ||
| Q4 24 | 32.7% | 35.4% | ||
| Q3 24 | 25.2% | 24.3% | ||
| Q2 24 | 4.3% | 27.8% | ||
| Q1 24 | 14.1% | 9.4% |
资本支出强度MSITDG
| Q4 25 | 3.4% | 2.6% | ||
| Q3 25 | 2.2% | 2.7% | ||
| Q2 25 | 1.7% | 2.6% | ||
| Q1 25 | 1.5% | 2.6% | ||
| Q4 24 | 2.9% | 2.1% | ||
| Q3 24 | 2.0% | 1.9% | ||
| Q2 24 | 2.6% | 2.0% | ||
| Q1 24 | 1.9% | 2.5% |
现金转化率MSITDG
| Q4 25 | 1.94× | 1.87× | ||
| Q3 25 | 1.42× | 0.83× | ||
| Q2 25 | 0.53× | 1.28× | ||
| Q1 25 | 1.19× | 0.31× | ||
| Q4 24 | 1.75× | 1.53× | ||
| Q3 24 | 1.35× | 1.22× | ||
| Q2 24 | 0.41× | 1.32× | ||
| Q1 24 | — | 0.57× |
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% |
TDG
| Airframe | $1.0B | 45% |
| Defense | $603.0M | 26% |
| Commercial Aftermarket | $368.0M | 16% |
| Commercial OEM | $253.0M | 11% |
| Non Aviation Related Business | $40.0M | 2% |
