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AAON, INC.（AAON）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是AAON, INC.的1.9倍（$822.5M vs $424.2M），明晟净利率更高（34.6% vs 7.6%，领先27.1%），AAON, INC.同比增速更快（42.5% vs 10.6%），过去两年AAON, INC.的营收复合增速更高（27.2% vs 10.0%）
AAON公司是商用及工业领域暖通空调设备专业生产商，总部位于美国俄克拉荷马州塔尔萨市，在得克萨斯州朗维尤、密苏里州帕克维尔、俄勒冈州雷德蒙德设有生产基地，全球员工约4000人，年销售额超8.8亿美元。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
AAON vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.9倍
$424.2M
营收增速更快
AAON
高出31.9%
10.6%
净利率更高
MSCI
高出27.1%
7.6%
两年增速更快
AAON
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $424.2M | $822.5M |
| 净利润 | $32.0M | $284.7M |
| 毛利率 | 25.9% | — |
| 营业利润率 | 10.4% | 56.4% |
| 净利率 | 7.6% | 34.6% |
| 营收同比 | 42.5% | 10.6% |
| 净利润同比 | 29.7% | -6.8% |
| 每股收益（稀释后） | $0.38 | $3.81 |
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AAONMSCI
| Q4 25 | $424.2M | $822.5M | ||
| Q3 25 | $384.2M | $793.4M | ||
| Q2 25 | $311.6M | $772.7M | ||
| Q1 25 | $322.1M | $745.8M | ||
| Q4 24 | $297.7M | $743.5M | ||
| Q3 24 | $327.3M | $724.7M | ||
| Q2 24 | $313.6M | $707.9M | ||
| Q1 24 | $262.1M | $680.0M |
净利润AAONMSCI
| Q4 25 | $32.0M | $284.7M | ||
| Q3 25 | $30.8M | $325.4M | ||
| Q2 25 | $15.5M | $303.6M | ||
| Q1 25 | $29.3M | $288.6M | ||
| Q4 24 | $24.7M | $305.5M | ||
| Q3 24 | $52.6M | $280.9M | ||
| Q2 24 | $52.2M | $266.8M | ||
| Q1 24 | $39.0M | $256.0M |
毛利率AAONMSCI
| Q4 25 | 25.9% | — | ||
| Q3 25 | 27.8% | — | ||
| Q2 25 | 26.6% | — | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 34.9% | — | ||
| Q2 24 | 36.1% | — | ||
| Q1 24 | 35.2% | — |
营业利润率AAONMSCI
| Q4 25 | 10.4% | 56.4% | ||
| Q3 25 | 11.3% | 56.4% | ||
| Q2 25 | 7.6% | 55.0% | ||
| Q1 25 | 10.9% | 50.6% | ||
| Q4 24 | 9.9% | 54.5% | ||
| Q3 24 | 20.0% | 55.4% | ||
| Q2 24 | 21.4% | 54.0% | ||
| Q1 24 | 17.9% | 49.9% |
净利率AAONMSCI
| Q4 25 | 7.6% | 34.6% | ||
| Q3 25 | 8.0% | 41.0% | ||
| Q2 25 | 5.0% | 39.3% | ||
| Q1 25 | 9.1% | 38.7% | ||
| Q4 24 | 8.3% | 41.1% | ||
| Q3 24 | 16.1% | 38.8% | ||
| Q2 24 | 16.7% | 37.7% | ||
| Q1 24 | 14.9% | 37.6% |
每股收益（稀释后）AAONMSCI
| Q4 25 | $0.38 | $3.81 | ||
| Q3 25 | $0.37 | $4.25 | ||
| Q2 25 | $0.19 | $3.92 | ||
| Q1 25 | $0.35 | $3.71 | ||
| Q4 24 | $0.31 | $3.89 | ||
| Q3 24 | $0.63 | $3.57 | ||
| Q2 24 | $0.62 | $3.37 | ||
| Q1 24 | $0.46 | $3.22 |
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 | $13.0K | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $895.0M | $-2.7B |
| 总资产 | $1.7B | $5.7B |
| 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AAONMSCI
| Q4 25 | $13.0K | $515.3M | ||
| Q3 25 | $1.0M | $400.1M | ||
| Q2 25 | $14.0K | $347.3M | ||
| Q1 25 | $994.0K | $360.7M | ||
| Q4 24 | $14.0K | $409.4M | ||
| Q3 24 | $15.0K | $501.0M | ||
| Q2 24 | $13.0K | $451.4M | ||
| Q1 24 | $8.4M | $519.3M |
总债务AAONMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益AAONMSCI
| Q4 25 | $895.0M | $-2.7B | ||
| Q3 25 | $863.1M | $-1.9B | ||
| Q2 25 | $832.7M | $-886.2M | ||
| Q1 25 | $815.9M | $-958.6M | ||
| Q4 24 | $824.6M | $-940.0M | ||
| Q3 24 | $796.9M | $-751.0M | ||
| Q2 24 | $740.5M | $-734.5M | ||
| Q1 24 | $784.8M | $-650.5M |
总资产AAONMSCI
| Q4 25 | $1.7B | $5.7B | ||
| Q3 25 | $1.5B | $5.4B | ||
| Q2 25 | $1.4B | $5.4B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.2B | $5.4B | ||
| Q3 24 | $1.0B | $5.4B | ||
| Q2 24 | $1.0B | $5.5B | ||
| Q1 24 | $952.9M | $5.5B |
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 | $19.3M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | — | $488.7M |
| 自由现金流率自由现金流/营收 | — | 59.4% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | 0.60× | 1.76× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流AAONMSCI
| Q4 25 | $19.3M | $501.1M | ||
| Q3 25 | $12.3M | $449.4M | ||
| Q2 25 | $-21.8M | $336.1M | ||
| Q1 25 | $-9.2M | $301.7M | ||
| Q4 24 | $845.0K | $430.6M | ||
| Q3 24 | $63.8M | $421.6M | ||
| Q2 24 | $35.5M | $349.2M | ||
| Q1 24 | $92.4M | $300.1M |
自由现金流AAONMSCI
| Q4 25 | — | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
自由现金流率AAONMSCI
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
资本支出强度AAONMSCI
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率AAONMSCI
| Q4 25 | 0.60× | 1.76× | ||
| Q3 25 | 0.40× | 1.38× | ||
| Q2 25 | -1.41× | 1.11× | ||
| Q1 25 | -0.31× | 1.05× | ||
| Q4 24 | 0.03× | 1.41× | ||
| Q3 24 | 1.21× | 1.50× | ||
| Q2 24 | 0.68× | 1.31× | ||
| Q1 24 | 2.37× | 1.17× |
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
AAON
| AAON Oklahoma | $215.5M | 51% |
| Bas X | $106.1M | 25% |
| AAON Coil Products | $102.6M | 24% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
