vs
摩托罗拉解决方案（MSI）与西湖化学（WLK）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湖化学的1.3倍（$3.4B vs $2.5B），摩托罗拉解决方案净利率更高（19.2% vs -21.5%，领先40.7%），摩托罗拉解决方案同比增速更快（12.3% vs -10.9%），摩托罗拉解决方案自由现金流更多（$1.1B vs $-16.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs -7.7%）
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。
西湖化学是国际知名的石化产品、聚合物及装配式建筑产品生产商与供应商，产品广泛应用于各类消费及工业市场。公司1986年由赵廷箴创立，是美国最大的低密度聚乙烯生产商，位列福布斯全球2000强，业务分为烯烃和乙烯基两大板块，具备乙烯基产品下游一体化生产能力。
MSI vs WLK — 直观对比
营收规模更大
MSI
是对方的1.3倍
$2.5B
营收增速更快
MSI
高出23.2%
-10.9%
净利率更高
MSI
高出40.7%
-21.5%
自由现金流更多
MSI
多$1.2B
$-16.0M
两年增速更快
MSI
近两年复合增速
-7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.5B |
| 净利润 | $649.0M | $-544.0M |
| 毛利率 | 52.3% | 3.4% |
| 营业利润率 | 27.9% | -26.5% |
| 净利率 | 19.2% | -21.5% |
| 营收同比 | 12.3% | -10.9% |
| 净利润同比 | 6.2% | -7871.4% |
| 每股收益（稀释后） | $3.85 | $-4.22 |
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MSIWLK
| Q4 25 | $3.4B | $2.5B | ||
| Q3 25 | $3.0B | $2.8B | ||
| Q2 25 | $2.8B | $3.0B | ||
| Q1 25 | $2.5B | $2.8B | ||
| Q4 24 | $3.0B | $2.8B | ||
| Q3 24 | $2.8B | $3.1B | ||
| Q2 24 | $2.6B | $3.2B | ||
| Q1 24 | $2.4B | $3.0B |
净利润MSIWLK
| Q4 25 | $649.0M | $-544.0M | ||
| Q3 25 | $562.0M | $-782.0M | ||
| Q2 25 | $513.0M | $-142.0M | ||
| Q1 25 | $430.0M | $-40.0M | ||
| Q4 24 | $611.0M | $7.0M | ||
| Q3 24 | $562.0M | $108.0M | ||
| Q2 24 | $443.0M | $313.0M | ||
| Q1 24 | $-39.0M | $174.0M |
毛利率MSIWLK
| Q4 25 | 52.3% | 3.4% | ||
| Q3 25 | 51.6% | 8.3% | ||
| Q2 25 | 51.1% | 8.7% | ||
| Q1 25 | 51.4% | 8.2% | ||
| Q4 24 | 51.4% | 11.5% | ||
| Q3 24 | 51.4% | 16.0% | ||
| Q2 24 | 51.0% | 20.7% | ||
| Q1 24 | 49.9% | 15.7% |
营业利润率MSIWLK
| Q4 25 | 27.9% | -26.5% | ||
| Q3 25 | 25.6% | -27.0% | ||
| Q2 25 | 25.0% | -3.7% | ||
| Q1 25 | 23.0% | -1.1% | ||
| Q4 24 | 27.0% | 2.3% | ||
| Q3 24 | 25.5% | 5.8% | ||
| Q2 24 | 24.5% | 12.7% | ||
| Q1 24 | 21.7% | 7.5% |
净利率MSIWLK
| Q4 25 | 19.2% | -21.5% | ||
| Q3 25 | 18.7% | -27.6% | ||
| Q2 25 | 18.6% | -4.8% | ||
| Q1 25 | 17.0% | -1.4% | ||
| Q4 24 | 20.3% | 0.2% | ||
| Q3 24 | 20.1% | 3.5% | ||
| Q2 24 | 16.9% | 9.8% | ||
| Q1 24 | -1.6% | 5.8% |
每股收益（稀释后）MSIWLK
| Q4 25 | $3.85 | $-4.22 | ||
| Q3 25 | $3.33 | $-6.06 | ||
| Q2 25 | $3.04 | $-1.11 | ||
| Q1 25 | $2.53 | $-0.31 | ||
| Q4 24 | $3.57 | $0.07 | ||
| Q3 24 | $3.29 | $0.83 | ||
| Q2 24 | $2.60 | $2.40 | ||
| Q1 24 | $-0.23 | $1.34 |
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 | $2.7B |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $2.4B | $8.8B |
| 总资产 | $19.4B | $20.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资MSIWLK
| Q4 25 | $1.2B | $2.7B | ||
| Q3 25 | $894.0M | $1.9B | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $2.1B | $2.9B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.4B | $3.0B | ||
| Q1 24 | $1.5B | $3.1B |
总债务MSIWLK
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
股东权益MSIWLK
| Q4 25 | $2.4B | $8.8B | ||
| Q3 25 | $2.3B | $9.4B | ||
| Q2 25 | $2.0B | $10.3B | ||
| Q1 25 | $1.6B | $10.4B | ||
| Q4 24 | $1.7B | $10.5B | ||
| Q3 24 | $1.3B | $10.7B | ||
| Q2 24 | $802.0M | $10.6B | ||
| Q1 24 | $521.0M | $10.3B |
总资产MSIWLK
| Q4 25 | $19.4B | $20.0B | ||
| Q3 25 | $18.8B | $19.8B | ||
| Q2 25 | $16.4B | $20.8B | ||
| Q1 25 | $14.4B | $20.7B | ||
| Q4 24 | $14.6B | $20.8B | ||
| Q3 24 | $13.9B | $21.1B | ||
| Q2 24 | $13.3B | $21.1B | ||
| Q1 24 | $13.3B | $21.0B |
负债/权益比MSIWLK
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.49× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.47× |
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 | $225.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-16.0M |
| 自由现金流率自由现金流/营收 | 33.8% | -0.6% |
| 资本支出强度资本支出/营收 | 3.4% | 9.5% |
| 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 | $-530.0M |
8季度趋势，按日历期对齐
经营现金流MSIWLK
| Q4 25 | $1.3B | $225.0M | ||
| Q3 25 | $798.0M | $182.0M | ||
| Q2 25 | $273.0M | $135.0M | ||
| Q1 25 | $510.0M | $-77.0M | ||
| Q4 24 | $1.1B | $434.0M | ||
| Q3 24 | $759.0M | $474.0M | ||
| Q2 24 | $180.0M | $237.0M | ||
| Q1 24 | $382.0M | $169.0M |
自由现金流MSIWLK
| Q4 25 | $1.1B | $-16.0M | ||
| Q3 25 | $732.0M | $-57.0M | ||
| Q2 25 | $225.0M | $-132.0M | ||
| Q1 25 | $473.0M | $-325.0M | ||
| Q4 24 | $984.0M | $149.0M | ||
| Q3 24 | $702.0M | $254.0M | ||
| Q2 24 | $112.0M | $6.0M | ||
| Q1 24 | $336.0M | $-103.0M |
自由现金流率MSIWLK
| Q4 25 | 33.8% | -0.6% | ||
| Q3 25 | 24.3% | -2.0% | ||
| Q2 25 | 8.1% | -4.5% | ||
| Q1 25 | 18.7% | -11.4% | ||
| Q4 24 | 32.7% | 5.2% | ||
| Q3 24 | 25.2% | 8.1% | ||
| Q2 24 | 4.3% | 0.2% | ||
| Q1 24 | 14.1% | -3.5% |
资本支出强度MSIWLK
| Q4 25 | 3.4% | 9.5% | ||
| Q3 25 | 2.2% | 8.4% | ||
| Q2 25 | 1.7% | 9.0% | ||
| Q1 25 | 1.5% | 8.7% | ||
| Q4 24 | 2.9% | 10.0% | ||
| Q3 24 | 2.0% | 7.1% | ||
| Q2 24 | 2.6% | 7.2% | ||
| Q1 24 | 1.9% | 9.1% |
现金转化率MSIWLK
| Q4 25 | 1.94× | — | ||
| Q3 25 | 1.42× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.75× | 62.00× | ||
| Q3 24 | 1.35× | 4.39× | ||
| Q2 24 | 0.41× | 0.76× | ||
| Q1 24 | — | 0.97× |
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% |
WLK
| Performance Materials | $930.0M | 37% |
| Housing Products | $767.0M | 30% |
| Essential Materials | $702.0M | 28% |
| Infrastructure Products | $134.0M | 5% |
