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摩托罗拉解决方案（MSI）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是摩托罗拉解决方案的1.8倍（$6.2B vs $3.4B），联合太平洋净利率更高（27.4% vs 19.2%，领先8.2%），摩托罗拉解决方案同比增速更快（12.3% vs 3.2%），摩托罗拉解决方案自由现金流更多（$1.1B vs $631.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
MSI vs UNP — 直观对比
营收规模更大
UNP
是对方的1.8倍
$3.4B
营收增速更快
MSI
高出9.1%
3.2%
净利率更高
UNP
高出8.2%
19.2%
自由现金流更多
MSI
多$511.0M
$631.0M
两年增速更快
MSI
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $6.2B |
| 净利润 | $649.0M | $1.7B |
| 毛利率 | 52.3% | — |
| 营业利润率 | 27.9% | 39.5% |
| 净利率 | 19.2% | 27.4% |
| 营收同比 | 12.3% | 3.2% |
| 净利润同比 | 6.2% | 4.6% |
| 每股收益（稀释后） | $3.85 | $2.87 |
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MSIUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $3.4B | $6.1B | ||
| Q3 25 | $3.0B | $6.2B | ||
| Q2 25 | $2.8B | $6.2B | ||
| Q1 25 | $2.5B | $6.0B | ||
| Q4 24 | $3.0B | $6.1B | ||
| Q3 24 | $2.8B | $6.1B | ||
| Q2 24 | $2.6B | $6.0B |
净利润MSIUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $649.0M | $1.8B | ||
| Q3 25 | $562.0M | $1.8B | ||
| Q2 25 | $513.0M | $1.9B | ||
| Q1 25 | $430.0M | $1.6B | ||
| Q4 24 | $611.0M | $1.8B | ||
| Q3 24 | $562.0M | $1.7B | ||
| Q2 24 | $443.0M | $1.7B |
毛利率MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | 52.3% | — | ||
| Q3 25 | 51.6% | — | ||
| Q2 25 | 51.1% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 51.4% | — | ||
| Q3 24 | 51.4% | — | ||
| Q2 24 | 51.0% | — |
营业利润率MSIUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 27.9% | 39.5% | ||
| Q3 25 | 25.6% | 40.8% | ||
| Q2 25 | 25.0% | 41.0% | ||
| Q1 25 | 23.0% | 39.3% | ||
| Q4 24 | 27.0% | 41.3% | ||
| Q3 24 | 25.5% | 39.7% | ||
| Q2 24 | 24.5% | 40.0% |
净利率MSIUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 19.2% | 30.4% | ||
| Q3 25 | 18.7% | 28.6% | ||
| Q2 25 | 18.6% | 30.5% | ||
| Q1 25 | 17.0% | 27.0% | ||
| Q4 24 | 20.3% | 28.8% | ||
| Q3 24 | 20.1% | 27.4% | ||
| Q2 24 | 16.9% | 27.9% |
每股收益（稀释后）MSIUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $3.85 | $3.12 | ||
| Q3 25 | $3.33 | $3.01 | ||
| Q2 25 | $3.04 | $3.15 | ||
| Q1 25 | $2.53 | $2.70 | ||
| Q4 24 | $3.57 | $2.91 | ||
| Q3 24 | $3.29 | $2.75 | ||
| Q2 24 | $2.60 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | — |
| 总资产 | $19.4B | $69.6B |
| 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MSIUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $894.0M | $808.0M | ||
| Q2 25 | $3.2B | $1.1B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $1.4B | $947.0M | ||
| Q2 24 | $1.4B | $1.1B |
总债务MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $18.5B | ||
| Q3 25 | $2.3B | $17.3B | ||
| Q2 25 | $2.0B | $16.3B | ||
| Q1 25 | $1.6B | $16.0B | ||
| Q4 24 | $1.7B | $16.9B | ||
| Q3 24 | $1.3B | $16.6B | ||
| Q2 24 | $802.0M | $16.5B |
总资产MSIUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $19.4B | $69.7B | ||
| Q3 25 | $18.8B | $68.6B | ||
| Q2 25 | $16.4B | $68.6B | ||
| Q1 25 | $14.4B | $68.5B | ||
| Q4 24 | $14.6B | $67.7B | ||
| Q3 24 | $13.9B | $67.6B | ||
| Q2 24 | $13.3B | $67.8B |
负债/权益比MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $631.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 10.1% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $2.6B | $4.8B |
8季度趋势，按日历期对齐
经营现金流MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $798.0M | $2.5B | ||
| Q2 25 | $273.0M | $2.3B | ||
| Q1 25 | $510.0M | $2.2B | ||
| Q4 24 | $1.1B | $2.7B | ||
| Q3 24 | $759.0M | $2.7B | ||
| Q2 24 | $180.0M | $1.9B |
自由现金流MSIUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $732.0M | $1.6B | ||
| Q2 25 | $225.0M | $1.4B | ||
| Q1 25 | $473.0M | $1.3B | ||
| Q4 24 | $984.0M | $1.7B | ||
| Q3 24 | $702.0M | $1.8B | ||
| Q2 24 | $112.0M | $1.0B |
自由现金流率MSIUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 33.8% | 20.1% | ||
| Q3 25 | 24.3% | 25.2% | ||
| Q2 25 | 8.1% | 22.7% | ||
| Q1 25 | 18.7% | 21.6% | ||
| Q4 24 | 32.7% | 28.4% | ||
| Q3 24 | 25.2% | 29.9% | ||
| Q2 24 | 4.3% | 16.8% |
资本支出强度MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 16.4% | ||
| Q3 25 | 2.2% | 15.2% | ||
| Q2 25 | 1.7% | 15.2% | ||
| Q1 25 | 1.5% | 15.0% | ||
| Q4 24 | 2.9% | 15.1% | ||
| Q3 24 | 2.0% | 13.6% | ||
| Q2 24 | 2.6% | 15.0% |
现金转化率MSIUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.94× | 1.20× | ||
| Q3 25 | 1.42× | 1.41× | ||
| Q2 25 | 0.53× | 1.24× | ||
| Q1 25 | 1.19× | 1.36× | ||
| Q4 24 | 1.75× | 1.51× | ||
| Q3 24 | 1.35× | 1.59× | ||
| Q2 24 | 0.41× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
