vs
雅保（ALB）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
雅保的季度营收约是明晟的1.7倍（$1.4B vs $822.5M），明晟净利率更高（34.6% vs -29.0%，领先63.6%），雅保同比增速更快（15.9% vs 10.6%），明晟自由现金流更多（$488.7M vs $233.1M），过去两年明晟的营收复合增速更高（10.0% vs 2.4%）
雅保是全球知名的特种化学品企业，业务覆盖研发、生产与全球销售，下设锂、溴、催化剂三大板块。锂业务线供应碳酸锂、氢氧化锂、氯化锂等锂化合物及相关试剂，产品广泛应用于消费电子、电动汽车锂电池、高性能润滑脂、热塑性弹性体等领域。
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。
ALB vs MSCI — 直观对比
营收规模更大
ALB
是对方的1.7倍
$822.5M
营收增速更快
ALB
高出5.3%
10.6%
净利率更高
MSCI
高出63.6%
-29.0%
自由现金流更多
MSCI
多$255.6M
$233.1M
两年增速更快
MSCI
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $822.5M |
| 净利润 | $-414.2M | $284.7M |
| 毛利率 | 13.9% | — |
| 营业利润率 | -15.2% | 56.4% |
| 净利率 | -29.0% | 34.6% |
| 营收同比 | 15.9% | 10.6% |
| 净利润同比 | -650.1% | -6.8% |
| 每股收益（稀释后） | $-3.88 | $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ALBMSCI
| Q4 25 | $1.4B | $822.5M | ||
| Q3 25 | $1.3B | $793.4M | ||
| Q2 25 | $1.3B | $772.7M | ||
| Q1 25 | $1.1B | $745.8M | ||
| Q4 24 | $1.2B | $743.5M | ||
| Q3 24 | $1.4B | $724.7M | ||
| Q2 24 | $1.4B | $707.9M | ||
| Q1 24 | $1.4B | $680.0M |
净利润ALBMSCI
| Q4 25 | $-414.2M | $284.7M | ||
| Q3 25 | $-160.7M | $325.4M | ||
| Q2 25 | $22.9M | $303.6M | ||
| Q1 25 | $41.3M | $288.6M | ||
| Q4 24 | $75.3M | $305.5M | ||
| Q3 24 | $-1.1B | $280.9M | ||
| Q2 24 | $-188.2M | $266.8M | ||
| Q1 24 | $2.4M | $256.0M |
毛利率ALBMSCI
| Q4 25 | 13.9% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | -7.7% | — | ||
| Q2 24 | -0.7% | — | ||
| Q1 24 | 2.9% | — |
营业利润率ALBMSCI
| Q4 25 | -15.2% | 56.4% | ||
| Q3 25 | -16.6% | 56.4% | ||
| Q2 25 | 3.6% | 55.0% | ||
| Q1 25 | 1.8% | 50.6% | ||
| Q4 24 | 0.4% | 54.5% | ||
| Q3 24 | -81.9% | 55.4% | ||
| Q2 24 | -34.4% | 54.0% | ||
| Q1 24 | -13.2% | 49.9% |
净利率ALBMSCI
| Q4 25 | -29.0% | 34.6% | ||
| Q3 25 | -12.3% | 41.0% | ||
| Q2 25 | 1.7% | 39.3% | ||
| Q1 25 | 3.8% | 38.7% | ||
| Q4 24 | 6.1% | 41.1% | ||
| Q3 24 | -78.9% | 38.8% | ||
| Q2 24 | -13.2% | 37.7% | ||
| Q1 24 | 0.2% | 37.6% |
每股收益（稀释后）ALBMSCI
| Q4 25 | $-3.88 | $3.81 | ||
| Q3 25 | $-1.72 | $4.25 | ||
| Q2 25 | $-0.16 | $3.92 | ||
| Q1 25 | $0.00 | $3.71 | ||
| Q4 24 | $0.29 | $3.89 | ||
| Q3 24 | $-9.45 | $3.57 | ||
| Q2 24 | $-1.96 | $3.37 | ||
| Q1 24 | $-0.08 | $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 | — | $515.3M |
| 总债务越低越好 | $3.2B | $6.2B |
| 股东权益账面价值 | $9.5B | $-2.7B |
| 总资产 | $16.4B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资ALBMSCI
| Q4 25 | — | $515.3M | ||
| Q3 25 | $1.9B | $400.1M | ||
| Q2 25 | $1.8B | $347.3M | ||
| Q1 25 | $1.5B | $360.7M | ||
| Q4 24 | $1.2B | $409.4M | ||
| Q3 24 | $1.7B | $501.0M | ||
| Q2 24 | $1.8B | $451.4M | ||
| Q1 24 | $2.1B | $519.3M |
总债务ALBMSCI
| Q4 25 | $3.2B | $6.2B | ||
| Q3 25 | $3.6B | $5.5B | ||
| Q2 25 | $3.6B | $4.5B | ||
| Q1 25 | $3.5B | $4.5B | ||
| Q4 24 | $3.5B | $4.5B | ||
| Q3 24 | $3.6B | $4.5B | ||
| Q2 24 | $3.5B | $4.5B | ||
| Q1 24 | $3.5B | $4.5B |
股东权益ALBMSCI
| Q4 25 | $9.5B | $-2.7B | ||
| Q3 25 | $10.0B | $-1.9B | ||
| Q2 25 | $10.2B | $-886.2M | ||
| Q1 25 | $10.0B | $-958.6M | ||
| Q4 24 | $10.0B | $-940.0M | ||
| Q3 24 | $10.2B | $-751.0M | ||
| Q2 24 | $11.2B | $-734.5M | ||
| Q1 24 | $11.5B | $-650.5M |
总资产ALBMSCI
| Q4 25 | $16.4B | $5.7B | ||
| Q3 25 | $17.1B | $5.4B | ||
| Q2 25 | $17.3B | $5.4B | ||
| Q1 25 | $17.0B | $5.3B | ||
| Q4 24 | $16.6B | $5.4B | ||
| Q3 24 | $17.5B | $5.4B | ||
| Q2 24 | $18.4B | $5.5B | ||
| Q1 24 | $19.0B | $5.5B |
负债/权益比ALBMSCI
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.35× | — | ||
| Q2 24 | 0.31× | — | ||
| Q1 24 | 0.31× | — |
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 | $388.5M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $233.1M | $488.7M |
| 自由现金流率自由现金流/营收 | 16.3% | 59.4% |
| 资本支出强度资本支出/营收 | 10.9% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | $692.5M | $1.5B |
8季度趋势，按日历期对齐
经营现金流ALBMSCI
| Q4 25 | $388.5M | $501.1M | ||
| Q3 25 | $355.6M | $449.4M | ||
| Q2 25 | $-7.2M | $336.1M | ||
| Q1 25 | $545.4M | $301.7M | ||
| Q4 24 | $674.0K | $430.6M | ||
| Q3 24 | $240.5M | $421.6M | ||
| Q2 24 | $362.9M | $349.2M | ||
| Q1 24 | $98.0M | $300.1M |
自由现金流ALBMSCI
| Q4 25 | $233.1M | $488.7M | ||
| Q3 25 | $223.4M | $445.5M | ||
| Q2 25 | $-126.8M | $324.7M | ||
| Q1 25 | $362.8M | $290.2M | ||
| Q4 24 | $-355.1M | $416.4M | ||
| Q3 24 | $-62.6M | $415.0M | ||
| Q2 24 | $-84.7M | $340.6M | ||
| Q1 24 | $-481.4M | $295.9M |
自由现金流率ALBMSCI
| Q4 25 | 16.3% | 59.4% | ||
| Q3 25 | 17.1% | 56.2% | ||
| Q2 25 | -9.5% | 42.0% | ||
| Q1 25 | 33.7% | 38.9% | ||
| Q4 24 | -28.8% | 56.0% | ||
| Q3 24 | -4.6% | 57.3% | ||
| Q2 24 | -5.9% | 48.1% | ||
| Q1 24 | -35.4% | 43.5% |
资本支出强度ALBMSCI
| Q4 25 | 10.9% | 1.5% | ||
| Q3 25 | 10.1% | 0.5% | ||
| Q2 25 | 9.0% | 1.5% | ||
| Q1 25 | 17.0% | 1.5% | ||
| Q4 24 | 28.9% | 1.9% | ||
| Q3 24 | 22.4% | 0.9% | ||
| Q2 24 | 31.3% | 1.2% | ||
| Q1 24 | 42.6% | 0.6% |
现金转化率ALBMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | -0.31× | 1.11× | ||
| Q1 25 | 13.19× | 1.05× | ||
| Q4 24 | 0.01× | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | 40.01× | 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
ALB
| Energy Storage | $759.1M | 53% |
| Specialties | $348.9M | 24% |
| Ketjen | $320.1M | 22% |
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% |
