vs
摩托罗拉解决方案（MSI）与硕腾（ZTS）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硕腾的1.4倍（$3.4B vs $2.4B），硕腾净利率更高（25.3% vs 19.2%，领先6.1%），摩托罗拉解决方案同比增速更快（12.3% vs 3.0%），摩托罗拉解决方案自由现金流更多（$1.1B vs $732.0M），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
MSI vs ZTS — 直观对比
营收规模更大
MSI
是对方的1.4倍
$2.4B
营收增速更快
MSI
高出9.3%
3.0%
净利率更高
ZTS
高出6.1%
19.2%
自由现金流更多
MSI
多$410.0M
$732.0M
两年增速更快
MSI
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.4B |
| 净利润 | $649.0M | $603.0M |
| 毛利率 | 52.3% | 70.2% |
| 营业利润率 | 27.9% | 31.9% |
| 净利率 | 19.2% | 25.3% |
| 营收同比 | 12.3% | 3.0% |
| 净利润同比 | 6.2% | 3.8% |
| 每股收益（稀释后） | $3.85 | $1.37 |
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MSIZTS
| Q4 25 | $3.4B | $2.4B | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.5B | $2.2B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $2.8B | $2.4B | ||
| Q2 24 | $2.6B | $2.4B | ||
| Q1 24 | $2.4B | $2.2B |
净利润MSIZTS
| Q4 25 | $649.0M | $603.0M | ||
| Q3 25 | $562.0M | $721.0M | ||
| Q2 25 | $513.0M | $718.0M | ||
| Q1 25 | $430.0M | $631.0M | ||
| Q4 24 | $611.0M | $581.0M | ||
| Q3 24 | $562.0M | $682.0M | ||
| Q2 24 | $443.0M | $624.0M | ||
| Q1 24 | $-39.0M | $599.0M |
毛利率MSIZTS
| Q4 25 | 52.3% | 70.2% | ||
| Q3 25 | 51.6% | 71.5% | ||
| Q2 25 | 51.1% | 73.6% | ||
| Q1 25 | 51.4% | 72.0% | ||
| Q4 24 | 51.4% | 69.5% | ||
| Q3 24 | 51.4% | 70.6% | ||
| Q2 24 | 51.0% | 71.7% | ||
| Q1 24 | 49.9% | 70.6% |
营业利润率MSIZTS
| Q4 25 | 27.9% | 31.9% | ||
| Q3 25 | 25.6% | 37.0% | ||
| Q2 25 | 25.0% | 36.7% | ||
| Q1 25 | 23.0% | 36.5% | ||
| Q4 24 | 27.0% | 31.6% | ||
| Q3 24 | 25.5% | 36.6% | ||
| Q2 24 | 24.5% | 33.0% | ||
| Q1 24 | 21.7% | 34.1% |
净利率MSIZTS
| Q4 25 | 19.2% | 25.3% | ||
| Q3 25 | 18.7% | 30.0% | ||
| Q2 25 | 18.6% | 29.2% | ||
| Q1 25 | 17.0% | 28.4% | ||
| Q4 24 | 20.3% | 25.1% | ||
| Q3 24 | 20.1% | 28.6% | ||
| Q2 24 | 16.9% | 26.4% | ||
| Q1 24 | -1.6% | 27.4% |
每股收益（稀释后）MSIZTS
| Q4 25 | $3.85 | $1.37 | ||
| Q3 25 | $3.33 | $1.63 | ||
| Q2 25 | $3.04 | $1.61 | ||
| Q1 25 | $2.53 | $1.41 | ||
| Q4 24 | $3.57 | $1.29 | ||
| Q3 24 | $3.29 | $1.50 | ||
| Q2 24 | $2.60 | $1.37 | ||
| Q1 24 | $-0.23 | $1.31 |
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 | — | — |
| 股东权益账面价值 | $2.4B | $3.3B |
| 总资产 | $19.4B | $15.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MSIZTS
| Q4 25 | $1.2B | — | ||
| Q3 25 | $894.0M | $2.1B | ||
| Q2 25 | $3.2B | $1.4B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.5B | $2.0B |
股东权益MSIZTS
| Q4 25 | $2.4B | $3.3B | ||
| Q3 25 | $2.3B | $5.4B | ||
| Q2 25 | $2.0B | $5.0B | ||
| Q1 25 | $1.6B | $4.7B | ||
| Q4 24 | $1.7B | $4.8B | ||
| Q3 24 | $1.3B | $5.2B | ||
| Q2 24 | $802.0M | $5.0B | ||
| Q1 24 | $521.0M | $5.1B |
总资产MSIZTS
| Q4 25 | $19.4B | $15.5B | ||
| Q3 25 | $18.8B | $15.2B | ||
| Q2 25 | $16.4B | $14.5B | ||
| Q1 25 | $14.4B | $14.1B | ||
| Q4 24 | $14.6B | $14.2B | ||
| Q3 24 | $13.9B | $14.4B | ||
| Q2 24 | $13.3B | $14.2B | ||
| Q1 24 | $13.3B | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $732.0M |
| 自由现金流率自由现金流/营收 | 33.8% | 30.7% |
| 资本支出强度资本支出/营收 | 3.4% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.94× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $2.3B |
8季度趋势，按日历期对齐
经营现金流MSIZTS
| Q4 25 | $1.3B | $893.0M | ||
| Q3 25 | $798.0M | $938.0M | ||
| Q2 25 | $273.0M | $486.0M | ||
| Q1 25 | $510.0M | $587.0M | ||
| Q4 24 | $1.1B | $905.0M | ||
| Q3 24 | $759.0M | $951.0M | ||
| Q2 24 | $180.0M | $502.0M | ||
| Q1 24 | $382.0M | $595.0M |
自由现金流MSIZTS
| Q4 25 | $1.1B | $732.0M | ||
| Q3 25 | $732.0M | $805.0M | ||
| Q2 25 | $225.0M | $308.0M | ||
| Q1 25 | $473.0M | $438.0M | ||
| Q4 24 | $984.0M | $689.0M | ||
| Q3 24 | $702.0M | $784.0M | ||
| Q2 24 | $112.0M | $370.0M | ||
| Q1 24 | $336.0M | $455.0M |
自由现金流率MSIZTS
| Q4 25 | 33.8% | 30.7% | ||
| Q3 25 | 24.3% | 33.5% | ||
| Q2 25 | 8.1% | 12.5% | ||
| Q1 25 | 18.7% | 19.7% | ||
| Q4 24 | 32.7% | 29.7% | ||
| Q3 24 | 25.2% | 32.8% | ||
| Q2 24 | 4.3% | 15.7% | ||
| Q1 24 | 14.1% | 20.8% |
资本支出强度MSIZTS
| Q4 25 | 3.4% | 6.7% | ||
| Q3 25 | 2.2% | 5.5% | ||
| Q2 25 | 1.7% | 7.2% | ||
| Q1 25 | 1.5% | 6.7% | ||
| Q4 24 | 2.9% | 9.3% | ||
| Q3 24 | 2.0% | 7.0% | ||
| Q2 24 | 2.6% | 5.6% | ||
| Q1 24 | 1.9% | 6.4% |
现金转化率MSIZTS
| Q4 25 | 1.94× | 1.48× | ||
| Q3 25 | 1.42× | 1.30× | ||
| Q2 25 | 0.53× | 0.68× | ||
| Q1 25 | 1.19× | 0.93× | ||
| Q4 24 | 1.75× | 1.56× | ||
| Q3 24 | 1.35× | 1.39× | ||
| Q2 24 | 0.41× | 0.80× | ||
| Q1 24 | — | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
