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摩托罗拉解决方案（MSI）与西部数据（WDC）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西部数据的1.1倍（$3.4B vs $3.0B），西部数据净利率更高（61.1% vs 19.2%，领先41.9%），西部数据同比增速更快（31.5% 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 -6.6%）
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。
西部数据（简称WD）是总部位于美国加利福尼亚州圣何塞的知名数据存储企业，成立于1970年，是全球最大的硬盘驱动器（HDD）制造商之一，产品覆盖消费级、企业级等多元存储场景，为全球客户提供高性能、高可靠性的存储解决方案。
MSI vs WDC — 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
WDC
高出19.2%
12.3%
净利率更高
WDC
高出41.9%
19.2%
两年增速更快
MSI
近两年复合增速
-6.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $3.0B |
| 净利润 | $649.0M | $1.8B |
| 毛利率 | 52.3% | 45.7% |
| 营业利润率 | 27.9% | 30.1% |
| 净利率 | 19.2% | 61.1% |
| 营收同比 | 12.3% | 31.5% |
| 净利润同比 | 6.2% | 254.2% |
| 每股收益（稀释后） | $3.85 | $4.73 |
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MSIWDC
| Q1 26 | — | $3.0B | ||
| Q4 25 | $3.4B | $2.8B | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $2.8B | $-1.2B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $3.0B | $4.3B | ||
| Q3 24 | $2.8B | $4.1B | ||
| Q2 24 | $2.6B | $3.8B |
净利润MSIWDC
| Q1 26 | — | $1.8B | ||
| Q4 25 | $649.0M | $1.2B | ||
| Q3 25 | $562.0M | — | ||
| Q2 25 | $513.0M | $282.0M | ||
| Q1 25 | $430.0M | $520.0M | ||
| Q4 24 | $611.0M | $594.0M | ||
| Q3 24 | $562.0M | $493.0M | ||
| Q2 24 | $443.0M | $39.0M |
毛利率MSIWDC
| Q1 26 | — | 45.7% | ||
| Q4 25 | 52.3% | 43.5% | ||
| Q3 25 | 51.6% | — | ||
| Q2 25 | 51.1% | — | ||
| Q1 25 | 51.4% | 39.8% | ||
| Q4 24 | 51.4% | 35.4% | ||
| Q3 24 | 51.4% | 37.9% | ||
| Q2 24 | 51.0% | 35.9% |
营业利润率MSIWDC
| Q1 26 | — | 30.1% | ||
| Q4 25 | 27.9% | 28.1% | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 25.0% | — | ||
| Q1 25 | 23.0% | 33.1% | ||
| Q4 24 | 27.0% | 19.9% | ||
| Q3 24 | 25.5% | 18.1% | ||
| Q2 24 | 24.5% | 5.7% |
净利率MSIWDC
| Q1 26 | — | 61.1% | ||
| Q4 25 | 19.2% | 41.9% | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 18.6% | -24.4% | ||
| Q1 25 | 17.0% | 22.7% | ||
| Q4 24 | 20.3% | 13.9% | ||
| Q3 24 | 20.1% | 12.0% | ||
| Q2 24 | 16.9% | 1.0% |
每股收益（稀释后）MSIWDC
| Q1 26 | — | $4.73 | ||
| Q4 25 | $3.85 | $3.07 | ||
| Q3 25 | $3.33 | — | ||
| Q2 25 | $3.04 | $0.72 | ||
| Q1 25 | $2.53 | $1.42 | ||
| Q4 24 | $3.57 | $1.63 | ||
| Q3 24 | $3.29 | $1.35 | ||
| Q2 24 | $2.60 | $0.15 |
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 | $2.0B |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | $2.4B | $7.1B |
| 总资产 | $19.4B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资MSIWDC
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $894.0M | — | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q1 25 | $1.6B | $3.5B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $1.9B |
总债务MSIWDC
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.4B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.4B |
股东权益MSIWDC
| Q1 26 | — | $7.1B | ||
| Q4 25 | $2.4B | $5.9B | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.0B | $5.3B | ||
| Q1 25 | $1.6B | $5.2B | ||
| Q4 24 | $1.7B | $12.1B | ||
| Q3 24 | $1.3B | $11.6B | ||
| Q2 24 | $802.0M | $10.8B |
总资产MSIWDC
| Q1 26 | — | $15.6B | ||
| Q4 25 | $19.4B | $14.4B | ||
| Q3 25 | $18.8B | — | ||
| Q2 25 | $16.4B | $14.0B | ||
| Q1 25 | $14.4B | $16.4B | ||
| Q4 24 | $14.6B | $25.5B | ||
| Q3 24 | $13.9B | $24.8B | ||
| Q2 24 | $13.3B | $24.2B |
负债/权益比MSIWDC
| Q1 26 | — | 0.65× | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 1.42× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.69× |
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 | — |
| 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× | — |
| 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MSIWDC
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $672.0M | ||
| Q3 25 | $798.0M | — | ||
| Q2 25 | $273.0M | $746.0M | ||
| Q1 25 | $510.0M | $508.0M | ||
| Q4 24 | $1.1B | $403.0M | ||
| Q3 24 | $759.0M | $34.0M | ||
| Q2 24 | $180.0M | $366.0M |
自由现金流MSIWDC
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $599.0M | ||
| Q3 25 | $732.0M | — | ||
| Q2 25 | $225.0M | $675.0M | ||
| Q1 25 | $473.0M | $379.0M | ||
| Q4 24 | $984.0M | $287.0M | ||
| Q3 24 | $702.0M | $-62.0M | ||
| Q2 24 | $112.0M | $250.0M |
自由现金流率MSIWDC
| Q1 26 | — | — | ||
| Q4 25 | 33.8% | 21.3% | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | 8.1% | -58.5% | ||
| Q1 25 | 18.7% | 16.5% | ||
| Q4 24 | 32.7% | 6.7% | ||
| Q3 24 | 25.2% | -1.5% | ||
| Q2 24 | 4.3% | 6.6% |
资本支出强度MSIWDC
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 2.6% | ||
| Q3 25 | 2.2% | — | ||
| Q2 25 | 1.7% | -6.2% | ||
| Q1 25 | 1.5% | 5.6% | ||
| Q4 24 | 2.9% | 2.7% | ||
| Q3 24 | 2.0% | 2.3% | ||
| Q2 24 | 2.6% | 3.1% |
现金转化率MSIWDC
| Q1 26 | — | — | ||
| Q4 25 | 1.94× | 0.57× | ||
| Q3 25 | 1.42× | — | ||
| Q2 25 | 0.53× | 2.65× | ||
| Q1 25 | 1.19× | 0.98× | ||
| Q4 24 | 1.75× | 0.68× | ||
| Q3 24 | 1.35× | 0.07× | ||
| Q2 24 | 0.41× | 9.38× |
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% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
