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摩托罗拉解决方案（MSI）与Wabtec（WAB）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Wabtec的1.1倍（$3.4B vs $3.0B），摩托罗拉解决方案净利率更高（19.2% vs 12.3%，领先6.9%），Wabtec同比增速更快（13.0% 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 5.6%）
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。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
MSI vs WAB — 直观对比
营收规模更大
MSI
是对方的1.1倍
$3.0B
营收增速更快
WAB
高出0.7%
12.3%
净利率更高
MSI
高出6.9%
12.3%
两年增速更快
MSI
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.0B |
| 净利润 | $649.0M | $363.0M |
| 毛利率 | 52.3% | 36.0% |
| 营业利润率 | 27.9% | 17.5% |
| 净利率 | 19.2% | 12.3% |
| 营收同比 | 12.3% | 13.0% |
| 净利润同比 | 6.2% | 11.0% |
| 每股收益（稀释后） | $3.85 | $2.12 |
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MSIWAB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.4B | $3.0B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $2.8B | $2.7B | ||
| Q1 25 | $2.5B | $2.6B | ||
| Q4 24 | $3.0B | $2.6B | ||
| Q3 24 | $2.8B | $2.7B | ||
| Q2 24 | $2.6B | $2.6B |
净利润MSIWAB
| Q1 26 | — | $363.0M | ||
| Q4 25 | $649.0M | $202.0M | ||
| Q3 25 | $562.0M | $310.0M | ||
| Q2 25 | $513.0M | $336.0M | ||
| Q1 25 | $430.0M | $322.0M | ||
| Q4 24 | $611.0M | $212.0M | ||
| Q3 24 | $562.0M | $283.0M | ||
| Q2 24 | $443.0M | $289.0M |
毛利率MSIWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | 52.3% | 32.6% | ||
| Q3 25 | 51.6% | 34.7% | ||
| Q2 25 | 51.1% | 34.7% | ||
| Q1 25 | 51.4% | 34.5% | ||
| Q4 24 | 51.4% | 30.9% | ||
| Q3 24 | 51.4% | 33.0% | ||
| Q2 24 | 51.0% | 33.1% |
营业利润率MSIWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | 27.9% | 12.0% | ||
| Q3 25 | 25.6% | 17.0% | ||
| Q2 25 | 25.0% | 17.4% | ||
| Q1 25 | 23.0% | 18.2% | ||
| Q4 24 | 27.0% | 12.9% | ||
| Q3 24 | 25.5% | 16.3% | ||
| Q2 24 | 24.5% | 16.3% |
净利率MSIWAB
| Q1 26 | — | 12.3% | ||
| Q4 25 | 19.2% | 6.8% | ||
| Q3 25 | 18.7% | 10.7% | ||
| Q2 25 | 18.6% | 12.4% | ||
| Q1 25 | 17.0% | 12.3% | ||
| Q4 24 | 20.3% | 8.2% | ||
| Q3 24 | 20.1% | 10.6% | ||
| Q2 24 | 16.9% | 10.9% |
每股收益（稀释后）MSIWAB
| Q1 26 | — | $2.12 | ||
| Q4 25 | $3.85 | $1.18 | ||
| Q3 25 | $3.33 | $1.81 | ||
| Q2 25 | $3.04 | $1.96 | ||
| Q1 25 | $2.53 | $1.88 | ||
| Q4 24 | $3.57 | $1.24 | ||
| Q3 24 | $3.29 | $1.63 | ||
| Q2 24 | $2.60 | $1.64 |
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 | — |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | $2.4B | $11.1B |
| 总资产 | $19.4B | $23.2B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MSIWAB
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $894.0M | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
总债务MSIWAB
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B |
股东权益MSIWAB
| Q1 26 | — | $11.1B | ||
| Q4 25 | $2.4B | $11.1B | ||
| Q3 25 | $2.3B | $11.0B | ||
| Q2 25 | $2.0B | $10.8B | ||
| Q1 25 | $1.6B | $10.4B | ||
| Q4 24 | $1.7B | $10.1B | ||
| Q3 24 | $1.3B | $10.3B | ||
| Q2 24 | $802.0M | $10.5B |
总资产MSIWAB
| Q1 26 | — | $23.2B | ||
| Q4 25 | $19.4B | $22.1B | ||
| Q3 25 | $18.8B | $21.5B | ||
| Q2 25 | $16.4B | $20.4B | ||
| Q1 25 | $14.4B | $19.1B | ||
| Q4 24 | $14.6B | $18.7B | ||
| Q3 24 | $13.9B | $18.6B | ||
| Q2 24 | $13.3B | $18.9B |
负债/权益比MSIWAB
| Q1 26 | — | 0.42× | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× |
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 | $199.0M |
| 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× | 0.55× |
| 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MSIWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $1.3B | $992.0M | ||
| Q3 25 | $798.0M | $367.0M | ||
| Q2 25 | $273.0M | $209.0M | ||
| Q1 25 | $510.0M | $191.0M | ||
| Q4 24 | $1.1B | $723.0M | ||
| Q3 24 | $759.0M | $542.0M | ||
| Q2 24 | $180.0M | $235.0M |
自由现金流MSIWAB
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $870.0M | ||
| Q3 25 | $732.0M | $312.0M | ||
| Q2 25 | $225.0M | $170.0M | ||
| Q1 25 | $473.0M | $147.0M | ||
| Q4 24 | $984.0M | $639.0M | ||
| Q3 24 | $702.0M | $496.0M | ||
| Q2 24 | $112.0M | $189.0M |
自由现金流率MSIWAB
| Q1 26 | — | — | ||
| Q4 25 | 33.8% | 29.3% | ||
| Q3 25 | 24.3% | 10.8% | ||
| Q2 25 | 8.1% | 6.3% | ||
| Q1 25 | 18.7% | 5.6% | ||
| Q4 24 | 32.7% | 24.7% | ||
| Q3 24 | 25.2% | 18.6% | ||
| Q2 24 | 4.3% | 7.1% |
资本支出强度MSIWAB
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 4.1% | ||
| Q3 25 | 2.2% | 1.9% | ||
| Q2 25 | 1.7% | 1.4% | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 2.9% | 3.3% | ||
| Q3 24 | 2.0% | 1.7% | ||
| Q2 24 | 2.6% | 1.7% |
现金转化率MSIWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | 1.94× | 4.91× | ||
| Q3 25 | 1.42× | 1.18× | ||
| Q2 25 | 0.53× | 0.62× | ||
| Q1 25 | 1.19× | 0.59× | ||
| Q4 24 | 1.75× | 3.41× | ||
| Q3 24 | 1.35× | 1.92× | ||
| Q2 24 | 0.41× | 0.81× |
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% |
WAB
暂无分部数据
