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摩托罗拉解决方案（MSI）与Ulta Beauty（ULTA）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Ulta Beauty的1.2倍（$3.4B vs $2.9B），摩托罗拉解决方案净利率更高（19.2% vs 8.1%，领先11.1%），Ulta Beauty同比增速更快（12.9% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $-81.6M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 7.2%）
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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
MSI vs ULTA — 直观对比
营收规模更大
MSI
是对方的1.2倍
$2.9B
营收增速更快
ULTA
高出0.7%
12.3%
净利率更高
MSI
高出11.1%
8.1%
自由现金流更多
MSI
多$1.2B
$-81.6M
两年增速更快
MSI
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.9B |
| 净利润 | $649.0M | $230.9M |
| 毛利率 | 52.3% | 40.4% |
| 营业利润率 | 27.9% | 10.8% |
| 净利率 | 19.2% | 8.1% |
| 营收同比 | 12.3% | 12.9% |
| 净利润同比 | 6.2% | -4.7% |
| 每股收益（稀释后） | $3.85 | $5.14 |
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MSIULTA
| Q4 25 | $3.4B | $2.9B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $2.8B | $2.8B | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $3.0B | $2.5B | ||
| Q3 24 | $2.8B | $2.6B | ||
| Q2 24 | $2.6B | $2.7B | ||
| Q1 24 | $2.4B | $3.6B |
净利润MSIULTA
| Q4 25 | $649.0M | $230.9M | ||
| Q3 25 | $562.0M | $260.9M | ||
| Q2 25 | $513.0M | $305.1M | ||
| Q1 25 | $430.0M | — | ||
| Q4 24 | $611.0M | $242.2M | ||
| Q3 24 | $562.0M | $252.6M | ||
| Q2 24 | $443.0M | $313.1M | ||
| Q1 24 | $-39.0M | $394.4M |
毛利率MSIULTA
| Q4 25 | 52.3% | 40.4% | ||
| Q3 25 | 51.6% | 39.2% | ||
| Q2 25 | 51.1% | 39.1% | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 51.4% | 39.7% | ||
| Q3 24 | 51.4% | 38.3% | ||
| Q2 24 | 51.0% | 39.2% | ||
| Q1 24 | 49.9% | 37.7% |
营业利润率MSIULTA
| Q4 25 | 27.9% | 10.8% | ||
| Q3 25 | 25.6% | 12.4% | ||
| Q2 25 | 25.0% | 14.1% | ||
| Q1 25 | 23.0% | — | ||
| Q4 24 | 27.0% | 12.6% | ||
| Q3 24 | 25.5% | 12.9% | ||
| Q2 24 | 24.5% | 14.7% | ||
| Q1 24 | 21.7% | 14.5% |
净利率MSIULTA
| Q4 25 | 19.2% | 8.1% | ||
| Q3 25 | 18.7% | 9.4% | ||
| Q2 25 | 18.6% | 10.7% | ||
| Q1 25 | 17.0% | — | ||
| Q4 24 | 20.3% | 9.6% | ||
| Q3 24 | 20.1% | 9.9% | ||
| Q2 24 | 16.9% | 11.5% | ||
| Q1 24 | -1.6% | 11.1% |
每股收益（稀释后）MSIULTA
| Q4 25 | $3.85 | $5.14 | ||
| Q3 25 | $3.33 | $5.78 | ||
| Q2 25 | $3.04 | $6.70 | ||
| Q1 25 | $2.53 | — | ||
| Q4 24 | $3.57 | $5.14 | ||
| Q3 24 | $3.29 | $5.30 | ||
| Q2 24 | $2.60 | $6.47 | ||
| Q1 24 | $-0.23 | $8.06 |
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 | $204.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | $2.6B |
| 总资产 | $19.4B | $7.0B |
| 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MSIULTA
| Q4 25 | $1.2B | $204.9M | ||
| Q3 25 | $894.0M | $242.7M | ||
| Q2 25 | $3.2B | $454.6M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.1B | $177.8M | ||
| Q3 24 | $1.4B | $414.0M | ||
| Q2 24 | $1.4B | $524.6M | ||
| Q1 24 | $1.5B | $766.6M |
股东权益MSIULTA
| Q4 25 | $2.4B | $2.6B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.0B | $2.4B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.3B | $2.3B | ||
| Q2 24 | $802.0M | $2.3B | ||
| Q1 24 | $521.0M | $2.3B |
总资产MSIULTA
| Q4 25 | $19.4B | $7.0B | ||
| Q3 25 | $18.8B | $6.6B | ||
| Q2 25 | $16.4B | $6.0B | ||
| Q1 25 | $14.4B | — | ||
| Q4 24 | $14.6B | $6.0B | ||
| Q3 24 | $13.9B | $5.7B | ||
| Q2 24 | $13.3B | $5.6B | ||
| Q1 24 | $13.3B | $5.7B |
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 | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-81.6M |
| 自由现金流率自由现金流/营收 | 33.8% | -2.9% |
| 资本支出强度资本支出/营收 | 3.4% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.94× | 0.02× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $-92.2M |
8季度趋势，按日历期对齐
经营现金流MSIULTA
| Q4 25 | $1.3B | $5.6M | ||
| Q3 25 | $798.0M | $96.5M | ||
| Q2 25 | $273.0M | $220.0M | ||
| Q1 25 | $510.0M | — | ||
| Q4 24 | $1.1B | $-56.8M | ||
| Q3 24 | $759.0M | $199.5M | ||
| Q2 24 | $180.0M | $159.3M | ||
| Q1 24 | $382.0M | $1.1B |
自由现金流MSIULTA
| Q4 25 | $1.1B | $-81.6M | ||
| Q3 25 | $732.0M | $19.6M | ||
| Q2 25 | $225.0M | $141.0M | ||
| Q1 25 | $473.0M | — | ||
| Q4 24 | $984.0M | $-171.1M | ||
| Q3 24 | $702.0M | $104.3M | ||
| Q2 24 | $112.0M | $68.3M | ||
| Q1 24 | $336.0M | $994.0M |
自由现金流率MSIULTA
| Q4 25 | 33.8% | -2.9% | ||
| Q3 25 | 24.3% | 0.7% | ||
| Q2 25 | 8.1% | 4.9% | ||
| Q1 25 | 18.7% | — | ||
| Q4 24 | 32.7% | -6.8% | ||
| Q3 24 | 25.2% | 4.1% | ||
| Q2 24 | 4.3% | 2.5% | ||
| Q1 24 | 14.1% | 28.0% |
资本支出强度MSIULTA
| Q4 25 | 3.4% | 3.1% | ||
| Q3 25 | 2.2% | 2.8% | ||
| Q2 25 | 1.7% | 2.8% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.9% | 4.5% | ||
| Q3 24 | 2.0% | 3.7% | ||
| Q2 24 | 2.6% | 3.3% | ||
| Q1 24 | 1.9% | 3.5% |
现金转化率MSIULTA
| Q4 25 | 1.94× | 0.02× | ||
| Q3 25 | 1.42× | 0.37× | ||
| Q2 25 | 0.53× | 0.72× | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.75× | -0.23× | ||
| Q3 24 | 1.35× | 0.79× | ||
| Q2 24 | 0.41× | 0.51× | ||
| Q1 24 | — | 2.84× |
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% |
ULTA
暂无分部数据
