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摩托罗拉解决方案（MSI）与施乐（XRX）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施乐的1.7倍（$3.4B vs $2.0B），施乐同比增速更快（25.7% vs 12.3%），摩托罗拉解决方案自由现金流更多（$1.1B vs $192.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 16.2%）
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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
MSI vs XRX — 直观对比
营收规模更大
MSI
是对方的1.7倍
$2.0B
营收增速更快
XRX
高出13.4%
12.3%
自由现金流更多
MSI
多$950.0M
$192.0M
两年增速更快
MSI
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.0B |
| 净利润 | $649.0M | — |
| 毛利率 | 52.3% | — |
| 营业利润率 | 27.9% | — |
| 净利率 | 19.2% | — |
| 营收同比 | 12.3% | 25.7% |
| 净利润同比 | 6.2% | — |
| 每股收益（稀释后） | $3.85 | $-0.62 |
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MSIXRX
| Q4 25 | $3.4B | $2.0B | ||
| Q3 25 | $3.0B | $2.0B | ||
| Q2 25 | $2.8B | $1.6B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $2.8B | $1.5B | ||
| Q2 24 | $2.6B | $1.6B | ||
| Q1 24 | $2.4B | $1.5B |
净利润MSIXRX
| Q4 25 | $649.0M | — | ||
| Q3 25 | $562.0M | $-760.0M | ||
| Q2 25 | $513.0M | $-106.0M | ||
| Q1 25 | $430.0M | $-90.0M | ||
| Q4 24 | $611.0M | — | ||
| Q3 24 | $562.0M | $-1.2B | ||
| Q2 24 | $443.0M | $18.0M | ||
| Q1 24 | $-39.0M | $-113.0M |
毛利率MSIXRX
| 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MSIXRX
| Q4 25 | 27.9% | — | ||
| Q3 25 | 25.6% | — | ||
| Q2 25 | 25.0% | — | ||
| Q1 25 | 23.0% | — | ||
| Q4 24 | 27.0% | — | ||
| Q3 24 | 25.5% | — | ||
| Q2 24 | 24.5% | — | ||
| Q1 24 | 21.7% | — |
净利率MSIXRX
| Q4 25 | 19.2% | — | ||
| Q3 25 | 18.7% | -38.8% | ||
| Q2 25 | 18.6% | -6.7% | ||
| Q1 25 | 17.0% | -6.2% | ||
| Q4 24 | 20.3% | — | ||
| Q3 24 | 20.1% | -78.9% | ||
| Q2 24 | 16.9% | 1.1% | ||
| Q1 24 | -1.6% | -7.5% |
每股收益（稀释后）MSIXRX
| Q4 25 | $3.85 | $-0.62 | ||
| Q3 25 | $3.33 | $-6.01 | ||
| Q2 25 | $3.04 | $-0.87 | ||
| Q1 25 | $2.53 | $-0.75 | ||
| Q4 24 | $3.57 | $-0.21 | ||
| Q3 24 | $3.29 | $-9.71 | ||
| Q2 24 | $2.60 | $0.11 | ||
| Q1 24 | $-0.23 | $-0.94 |
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 | $512.0M |
| 总债务越低越好 | — | $4.0B |
| 股东权益账面价值 | $2.4B | $444.0M |
| 总资产 | $19.4B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资MSIXRX
| Q4 25 | $1.2B | $512.0M | ||
| Q3 25 | $894.0M | $479.0M | ||
| Q2 25 | $3.2B | $449.0M | ||
| Q1 25 | $1.6B | $336.0M | ||
| Q4 24 | $2.1B | $576.0M | ||
| Q3 24 | $1.4B | $521.0M | ||
| Q2 24 | $1.4B | $485.0M | ||
| Q1 24 | $1.5B | $685.0M |
总债务MSIXRX
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益MSIXRX
| Q4 25 | $2.4B | $444.0M | ||
| Q3 25 | $2.3B | $365.0M | ||
| Q2 25 | $2.0B | $1.1B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $802.0M | $2.4B | ||
| Q1 24 | $521.0M | $2.4B |
总资产MSIXRX
| Q4 25 | $19.4B | $9.8B | ||
| Q3 25 | $18.8B | $10.1B | ||
| Q2 25 | $16.4B | $8.9B | ||
| Q1 25 | $14.4B | $8.2B | ||
| Q4 24 | $14.6B | $8.4B | ||
| Q3 24 | $13.9B | $8.3B | ||
| Q2 24 | $13.3B | $9.5B | ||
| Q1 24 | $13.3B | $9.9B |
负债/权益比MSIXRX
| Q4 25 | — | 9.05× | ||
| Q3 25 | — | 11.10× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.62× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $192.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 9.5% |
| 资本支出强度资本支出/营收 | 3.4% | 0.8% |
| 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 | $187.0M |
8季度趋势，按日历期对齐
经营现金流MSIXRX
| Q4 25 | $1.3B | $208.0M | ||
| Q3 25 | $798.0M | $116.0M | ||
| Q2 25 | $273.0M | $-11.0M | ||
| Q1 25 | $510.0M | $-89.0M | ||
| Q4 24 | $1.1B | $351.0M | ||
| Q3 24 | $759.0M | $116.0M | ||
| Q2 24 | $180.0M | $123.0M | ||
| Q1 24 | $382.0M | $-79.0M |
自由现金流MSIXRX
| Q4 25 | $1.1B | $192.0M | ||
| Q3 25 | $732.0M | $104.0M | ||
| Q2 25 | $225.0M | $-15.0M | ||
| Q1 25 | $473.0M | $-94.0M | ||
| Q4 24 | $984.0M | $346.0M | ||
| Q3 24 | $702.0M | $108.0M | ||
| Q2 24 | $112.0M | $117.0M | ||
| Q1 24 | $336.0M | $-87.0M |
自由现金流率MSIXRX
| Q4 25 | 33.8% | 9.5% | ||
| Q3 25 | 24.3% | 5.3% | ||
| Q2 25 | 8.1% | -1.0% | ||
| Q1 25 | 18.7% | -6.5% | ||
| Q4 24 | 32.7% | 21.5% | ||
| Q3 24 | 25.2% | 7.1% | ||
| Q2 24 | 4.3% | 7.4% | ||
| Q1 24 | 14.1% | -5.8% |
资本支出强度MSIXRX
| Q4 25 | 3.4% | 0.8% | ||
| Q3 25 | 2.2% | 0.6% | ||
| Q2 25 | 1.7% | 0.3% | ||
| Q1 25 | 1.5% | 0.3% | ||
| Q4 24 | 2.9% | 0.3% | ||
| Q3 24 | 2.0% | 0.5% | ||
| Q2 24 | 2.6% | 0.4% | ||
| Q1 24 | 1.9% | 0.5% |
现金转化率MSIXRX
| Q4 25 | 1.94× | — | ||
| Q3 25 | 1.42× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 0.41× | 6.83× | ||
| 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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
