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摩托罗拉解决方案（MSI）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是摩托罗拉解决方案的1.4倍（$4.8B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 4.8%，领先14.4%），Vistra Corp.同比增速更快（31.2% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 18.9%）
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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
MSI vs VST — 直观对比
营收规模更大
VST
是对方的1.4倍
$3.4B
营收增速更快
VST
高出18.9%
12.3%
净利率更高
MSI
高出14.4%
4.8%
自由现金流更多
MSI
多$546.0M
$596.0M
两年增速更快
VST
近两年复合增速
18.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $4.8B |
| 净利润 | $649.0M | $233.0M |
| 毛利率 | 52.3% | — |
| 营业利润率 | 27.9% | 9.9% |
| 净利率 | 19.2% | 4.8% |
| 营收同比 | 12.3% | 31.2% |
| 净利润同比 | 6.2% | -47.2% |
| 每股收益（稀释后） | $3.85 | $0.55 |
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MSIVST
| Q4 25 | $3.4B | $4.8B | ||
| Q3 25 | $3.0B | $4.8B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.5B | $4.3B | ||
| Q4 24 | $3.0B | $3.7B | ||
| Q3 24 | $2.8B | $4.3B | ||
| Q2 24 | $2.6B | $3.6B | ||
| Q1 24 | $2.4B | $3.2B |
净利润MSIVST
| Q4 25 | $649.0M | $233.0M | ||
| Q3 25 | $562.0M | $652.0M | ||
| Q2 25 | $513.0M | $327.0M | ||
| Q1 25 | $430.0M | $-268.0M | ||
| Q4 24 | $611.0M | $441.0M | ||
| Q3 24 | $562.0M | $1.9B | ||
| Q2 24 | $443.0M | $365.0M | ||
| Q1 24 | $-39.0M | $-35.0M |
毛利率MSIVST
| 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% | — | ||
| Q1 24 | 49.9% | — |
营业利润率MSIVST
| Q4 25 | 27.9% | 9.9% | ||
| Q3 25 | 25.6% | 21.7% | ||
| Q2 25 | 25.0% | 13.7% | ||
| Q1 25 | 23.0% | -2.8% | ||
| Q4 24 | 27.0% | 16.4% | ||
| Q3 24 | 25.5% | 59.6% | ||
| Q2 24 | 24.5% | 22.5% | ||
| Q1 24 | 21.7% | 2.7% |
净利率MSIVST
| Q4 25 | 19.2% | 4.8% | ||
| Q3 25 | 18.7% | 13.6% | ||
| Q2 25 | 18.6% | 8.7% | ||
| Q1 25 | 17.0% | -6.3% | ||
| Q4 24 | 20.3% | 12.0% | ||
| Q3 24 | 20.1% | 43.5% | ||
| Q2 24 | 16.9% | 10.1% | ||
| Q1 24 | -1.6% | -1.1% |
每股收益（稀释后）MSIVST
| Q4 25 | $3.85 | $0.55 | ||
| Q3 25 | $3.33 | $1.75 | ||
| Q2 25 | $3.04 | $0.81 | ||
| Q1 25 | $2.53 | $-0.93 | ||
| Q4 24 | $3.57 | $1.09 | ||
| Q3 24 | $3.29 | $5.25 | ||
| Q2 24 | $2.60 | $0.90 | ||
| Q1 24 | $-0.23 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $2.4B | $5.1B |
| 总资产 | $19.4B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资MSIVST
| Q4 25 | $1.2B | $785.0M | ||
| Q3 25 | $894.0M | $602.0M | ||
| Q2 25 | $3.2B | $458.0M | ||
| Q1 25 | $1.6B | $561.0M | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $1.4B | $905.0M | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.5B | $1.1B |
总债务MSIVST
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
股东权益MSIVST
| Q4 25 | $2.4B | $5.1B | ||
| Q3 25 | $2.3B | $5.2B | ||
| Q2 25 | $2.0B | $4.8B | ||
| Q1 25 | $1.6B | $4.8B | ||
| Q4 24 | $1.7B | $5.6B | ||
| Q3 24 | $1.3B | $5.4B | ||
| Q2 24 | $802.0M | $5.6B | ||
| Q1 24 | $521.0M | $5.7B |
总资产MSIVST
| Q4 25 | $19.4B | $41.5B | ||
| Q3 25 | $18.8B | $38.0B | ||
| Q2 25 | $16.4B | $38.1B | ||
| Q1 25 | $14.4B | $38.2B | ||
| Q4 24 | $14.6B | $37.8B | ||
| Q3 24 | $13.9B | $37.9B | ||
| Q2 24 | $13.3B | $39.1B | ||
| Q1 24 | $13.3B | $38.2B |
负债/权益比MSIVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $596.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 12.4% |
| 资本支出强度资本支出/营收 | 3.4% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.94× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $1.3B |
8季度趋势，按日历期对齐
经营现金流MSIVST
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $798.0M | $1.5B | ||
| Q2 25 | $273.0M | $572.0M | ||
| Q1 25 | $510.0M | $599.0M | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $759.0M | $1.7B | ||
| Q2 24 | $180.0M | $1.2B | ||
| Q1 24 | $382.0M | $312.0M |
自由现金流MSIVST
| Q4 25 | $1.1B | $596.0M | ||
| Q3 25 | $732.0M | $1.0B | ||
| Q2 25 | $225.0M | $-118.0M | ||
| Q1 25 | $473.0M | $-169.0M | ||
| Q4 24 | $984.0M | $923.0M | ||
| Q3 24 | $702.0M | $1.0B | ||
| Q2 24 | $112.0M | $698.0M | ||
| Q1 24 | $336.0M | $-153.0M |
自由现金流率MSIVST
| Q4 25 | 33.8% | 12.4% | ||
| Q3 25 | 24.3% | 21.1% | ||
| Q2 25 | 8.1% | -3.1% | ||
| Q1 25 | 18.7% | -4.0% | ||
| Q4 24 | 32.7% | 25.2% | ||
| Q3 24 | 25.2% | 23.4% | ||
| Q2 24 | 4.3% | 19.4% | ||
| Q1 24 | 14.1% | -4.8% |
资本支出强度MSIVST
| Q4 25 | 3.4% | 17.4% | ||
| Q3 25 | 2.2% | 9.6% | ||
| Q2 25 | 1.7% | 18.4% | ||
| Q1 25 | 1.5% | 18.1% | ||
| Q4 24 | 2.9% | 11.7% | ||
| Q3 24 | 2.0% | 15.8% | ||
| Q2 24 | 2.6% | 13.8% | ||
| Q1 24 | 1.9% | 14.7% |
现金转化率MSIVST
| Q4 25 | 1.94× | 6.15× | ||
| Q3 25 | 1.42× | 2.25× | ||
| Q2 25 | 0.53× | 1.75× | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.75× | 3.07× | ||
| Q3 24 | 1.35× | 0.90× | ||
| Q2 24 | 0.41× | 3.28× | ||
| Q1 24 | — | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
