vs
摩托罗拉解决方案（MSI）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是摩托罗拉解决方案的1.2倍（$4.1B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 2.7%，领先16.5%），摩托罗拉解决方案同比增速更快（12.3% vs -0.9%），摩托罗拉解决方案自由现金流更多（$1.1B vs $989.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
MSI vs WHR — 直观对比
营收规模更大
WHR
是对方的1.2倍
$3.4B
营收增速更快
MSI
高出13.2%
-0.9%
净利率更高
MSI
高出16.5%
2.7%
自由现金流更多
MSI
多$153.0M
$989.0M
两年增速更快
MSI
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $4.1B |
| 净利润 | $649.0M | $109.0M |
| 毛利率 | 52.3% | 14.0% |
| 营业利润率 | 27.9% | 6.0% |
| 净利率 | 19.2% | 2.7% |
| 营收同比 | 12.3% | -0.9% |
| 净利润同比 | 6.2% | 127.8% |
| 每股收益（稀释后） | $3.85 | $1.92 |
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MSIWHR
| Q4 25 | $3.4B | $4.1B | ||
| Q3 25 | $3.0B | $4.0B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.5B | $3.6B | ||
| Q4 24 | $3.0B | $4.1B | ||
| Q3 24 | $2.8B | $4.0B | ||
| Q2 24 | $2.6B | $4.0B | ||
| Q1 24 | $2.4B | $4.5B |
净利润MSIWHR
| Q4 25 | $649.0M | $109.0M | ||
| Q3 25 | $562.0M | $73.0M | ||
| Q2 25 | $513.0M | $65.0M | ||
| Q1 25 | $430.0M | $71.0M | ||
| Q4 24 | $611.0M | $-392.0M | ||
| Q3 24 | $562.0M | $109.0M | ||
| Q2 24 | $443.0M | $219.0M | ||
| Q1 24 | $-39.0M | $-259.0M |
毛利率MSIWHR
| Q4 25 | 52.3% | 14.0% | ||
| Q3 25 | 51.6% | 14.7% | ||
| Q2 25 | 51.1% | 16.2% | ||
| Q1 25 | 51.4% | 16.8% | ||
| Q4 24 | 51.4% | 16.2% | ||
| Q3 24 | 51.4% | 16.1% | ||
| Q2 24 | 51.0% | 15.7% | ||
| Q1 24 | 49.9% | 14.3% |
营业利润率MSIWHR
| Q4 25 | 27.9% | 6.0% | ||
| Q3 25 | 25.6% | 5.1% | ||
| Q2 25 | 25.0% | 5.4% | ||
| Q1 25 | 23.0% | 5.1% | ||
| Q4 24 | 27.0% | -3.3% | ||
| Q3 24 | 25.5% | 6.6% | ||
| Q2 24 | 24.5% | 3.3% | ||
| Q1 24 | 21.7% | -2.6% |
净利率MSIWHR
| Q4 25 | 19.2% | 2.7% | ||
| Q3 25 | 18.7% | 1.8% | ||
| Q2 25 | 18.6% | 1.7% | ||
| Q1 25 | 17.0% | 2.0% | ||
| Q4 24 | 20.3% | -9.5% | ||
| Q3 24 | 20.1% | 2.7% | ||
| Q2 24 | 16.9% | 5.5% | ||
| Q1 24 | -1.6% | -5.8% |
每股收益（稀释后）MSIWHR
| Q4 25 | $3.85 | $1.92 | ||
| Q3 25 | $3.33 | $1.29 | ||
| Q2 25 | $3.04 | $1.17 | ||
| Q1 25 | $2.53 | $1.28 | ||
| Q4 24 | $3.57 | $-7.11 | ||
| Q3 24 | $3.29 | $2.00 | ||
| Q2 24 | $2.60 | $3.96 | ||
| Q1 24 | $-0.23 | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.4B | $2.7B |
| 总资产 | $19.4B | $16.0B |
| 负债/权益比越低杠杆越低 | — | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资MSIWHR
| Q4 25 | $1.2B | $669.0M | ||
| Q3 25 | $894.0M | $934.0M | ||
| Q2 25 | $3.2B | $1.1B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.5B | $1.2B |
总债务MSIWHR
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MSIWHR
| Q4 25 | $2.4B | $2.7B | ||
| Q3 25 | $2.3B | $2.6B | ||
| Q2 25 | $2.0B | $2.6B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.7B | $2.7B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $802.0M | $3.1B | ||
| Q1 24 | $521.0M | $2.4B |
总资产MSIWHR
| Q4 25 | $19.4B | $16.0B | ||
| Q3 25 | $18.8B | $16.9B | ||
| Q2 25 | $16.4B | $16.8B | ||
| Q1 25 | $14.4B | $16.5B | ||
| Q4 24 | $14.6B | $16.3B | ||
| Q3 24 | $13.9B | $17.2B | ||
| Q2 24 | $13.3B | $17.3B | ||
| Q1 24 | $13.3B | $17.4B |
负债/权益比MSIWHR
| Q4 25 | — | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $989.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 24.1% |
| 资本支出强度资本支出/营收 | 3.4% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.94× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $81.0M |
8季度趋势，按日历期对齐
经营现金流MSIWHR
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $798.0M | $33.0M | ||
| Q2 25 | $273.0M | $19.0M | ||
| Q1 25 | $510.0M | $-721.0M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $759.0M | $214.0M | ||
| Q2 24 | $180.0M | $388.0M | ||
| Q1 24 | $382.0M | $-873.0M |
自由现金流MSIWHR
| Q4 25 | $1.1B | $989.0M | ||
| Q3 25 | $732.0M | $-52.0M | ||
| Q2 25 | $225.0M | $-63.0M | ||
| Q1 25 | $473.0M | $-793.0M | ||
| Q4 24 | $984.0M | $970.0M | ||
| Q3 24 | $702.0M | $127.0M | ||
| Q2 24 | $112.0M | $275.0M | ||
| Q1 24 | $336.0M | $-988.0M |
自由现金流率MSIWHR
| Q4 25 | 33.8% | 24.1% | ||
| Q3 25 | 24.3% | -1.3% | ||
| Q2 25 | 8.1% | -1.7% | ||
| Q1 25 | 18.7% | -21.9% | ||
| Q4 24 | 32.7% | 23.5% | ||
| Q3 24 | 25.2% | 3.2% | ||
| Q2 24 | 4.3% | 6.9% | ||
| Q1 24 | 14.1% | -22.0% |
资本支出强度MSIWHR
| Q4 25 | 3.4% | 3.7% | ||
| Q3 25 | 2.2% | 2.1% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 1.5% | 2.0% | ||
| Q4 24 | 2.9% | 3.3% | ||
| Q3 24 | 2.0% | 2.2% | ||
| Q2 24 | 2.6% | 2.8% | ||
| Q1 24 | 1.9% | 2.6% |
现金转化率MSIWHR
| Q4 25 | 1.94× | 10.45× | ||
| Q3 25 | 1.42× | 0.45× | ||
| Q2 25 | 0.53× | 0.29× | ||
| Q1 25 | 1.19× | -10.15× | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 1.35× | 1.96× | ||
| Q2 24 | 0.41× | 1.77× | ||
| 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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
