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普立万（AVNT）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普立万的1.1倍（$822.5M vs $760.6M），明晟净利率更高（34.6% vs 2.2%，领先32.4%），明晟同比增速更快（10.6% vs 1.9%），明晟自由现金流更多（$488.7M vs $125.4M），过去两年明晟的营收复合增速更高（10.0% vs -4.2%）
普立万公司是一家全球性材料解决方案供应商，总部位于美国俄亥俄州埃文湖，全球员工约9000人。主营产品涵盖色母粒、先进复合材料、功能添加剂以及工程材料，为多行业客户提供定制化的材料相关技术支持与解决方案。
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。
AVNT vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.1倍
$760.6M
营收增速更快
MSCI
高出8.7%
1.9%
净利率更高
MSCI
高出32.4%
2.2%
自由现金流更多
MSCI
多$363.3M
$125.4M
两年增速更快
MSCI
近两年复合增速
-4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $760.6M | $822.5M |
| 净利润 | $16.9M | $284.7M |
| 毛利率 | 30.2% | — |
| 营业利润率 | 5.2% | 56.4% |
| 净利率 | 2.2% | 34.6% |
| 营收同比 | 1.9% | 10.6% |
| 净利润同比 | -65.0% | -6.8% |
| 每股收益（稀释后） | $0.18 | $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AVNTMSCI
| Q4 25 | $760.6M | $822.5M | ||
| Q3 25 | $806.5M | $793.4M | ||
| Q2 25 | $866.5M | $772.7M | ||
| Q1 25 | $826.6M | $745.8M | ||
| Q4 24 | $746.5M | $743.5M | ||
| Q3 24 | $815.2M | $724.7M | ||
| Q2 24 | $849.7M | $707.9M | ||
| Q1 24 | $829.0M | $680.0M |
净利润AVNTMSCI
| Q4 25 | $16.9M | $284.7M | ||
| Q3 25 | $32.6M | $325.4M | ||
| Q2 25 | $52.6M | $303.6M | ||
| Q1 25 | $-20.2M | $288.6M | ||
| Q4 24 | $48.3M | $305.5M | ||
| Q3 24 | $38.2M | $280.9M | ||
| Q2 24 | $33.6M | $266.8M | ||
| Q1 24 | $49.4M | $256.0M |
毛利率AVNTMSCI
| Q4 25 | 30.2% | — | ||
| Q3 25 | 30.4% | — | ||
| Q2 25 | 32.1% | — | ||
| Q1 25 | 31.8% | — | ||
| Q4 24 | 34.8% | — | ||
| Q3 24 | 32.1% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 33.6% | — |
营业利润率AVNTMSCI
| Q4 25 | 5.2% | 56.4% | ||
| Q3 25 | 8.3% | 56.4% | ||
| Q2 25 | 11.1% | 55.0% | ||
| Q1 25 | 0.1% | 50.6% | ||
| Q4 24 | 11.5% | 54.5% | ||
| Q3 24 | 9.5% | 55.4% | ||
| Q2 24 | 8.5% | 54.0% | ||
| Q1 24 | 11.3% | 49.9% |
净利率AVNTMSCI
| Q4 25 | 2.2% | 34.6% | ||
| Q3 25 | 4.0% | 41.0% | ||
| Q2 25 | 6.1% | 39.3% | ||
| Q1 25 | -2.4% | 38.7% | ||
| Q4 24 | 6.5% | 41.1% | ||
| Q3 24 | 4.7% | 38.8% | ||
| Q2 24 | 4.0% | 37.7% | ||
| Q1 24 | 6.0% | 37.6% |
每股收益（稀释后）AVNTMSCI
| Q4 25 | $0.18 | $3.81 | ||
| Q3 25 | $0.36 | $4.25 | ||
| Q2 25 | $0.57 | $3.92 | ||
| Q1 25 | $-0.22 | $3.71 | ||
| Q4 24 | $0.53 | $3.89 | ||
| Q3 24 | $0.41 | $3.57 | ||
| Q2 24 | $0.36 | $3.37 | ||
| Q1 24 | $0.54 | $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 | $1.9B | $6.2B |
| 股东权益账面价值 | $2.4B | $-2.7B |
| 总资产 | $6.0B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.81× | — |
8季度趋势，按日历期对齐
现金及短期投资AVNTMSCI
| Q4 25 | — | $515.3M | ||
| Q3 25 | — | $400.1M | ||
| Q2 25 | — | $347.3M | ||
| Q1 25 | — | $360.7M | ||
| Q4 24 | — | $409.4M | ||
| Q3 24 | — | $501.0M | ||
| Q2 24 | — | $451.4M | ||
| Q1 24 | — | $519.3M |
总债务AVNTMSCI
| Q4 25 | $1.9B | $6.2B | ||
| Q3 25 | $2.0B | $5.5B | ||
| Q2 25 | $2.0B | $4.5B | ||
| Q1 25 | $2.1B | $4.5B | ||
| Q4 24 | $2.1B | $4.5B | ||
| Q3 24 | $2.1B | $4.5B | ||
| Q2 24 | $2.1B | $4.5B | ||
| Q1 24 | $2.1B | $4.5B |
股东权益AVNTMSCI
| Q4 25 | $2.4B | $-2.7B | ||
| Q3 25 | $2.4B | $-1.9B | ||
| Q2 25 | $2.4B | $-886.2M | ||
| Q1 25 | $2.3B | $-958.6M | ||
| Q4 24 | $2.3B | $-940.0M | ||
| Q3 24 | $2.4B | $-751.0M | ||
| Q2 24 | $2.3B | $-734.5M | ||
| Q1 24 | $2.3B | $-650.5M |
总资产AVNTMSCI
| Q4 25 | $6.0B | $5.7B | ||
| Q3 25 | $6.1B | $5.4B | ||
| Q2 25 | $6.1B | $5.4B | ||
| Q1 25 | $5.8B | $5.3B | ||
| Q4 24 | $5.8B | $5.4B | ||
| Q3 24 | $6.0B | $5.4B | ||
| Q2 24 | $5.9B | $5.5B | ||
| Q1 24 | $5.9B | $5.5B |
负债/权益比AVNTMSCI
| Q4 25 | 0.81× | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 0.86× | — | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.88× | — | ||
| Q2 24 | 0.90× | — | ||
| Q1 24 | 0.90× | — |
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 | $167.8M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $125.4M | $488.7M |
| 自由现金流率自由现金流/营收 | 16.5% | 59.4% |
| 资本支出强度资本支出/营收 | 5.6% | 1.5% |
| 现金转化率经营现金流/净利润 | 9.93× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $195.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流AVNTMSCI
| Q4 25 | $167.8M | $501.1M | ||
| Q3 25 | $72.1M | $449.4M | ||
| Q2 25 | $112.8M | $336.1M | ||
| Q1 25 | $-51.1M | $301.7M | ||
| Q4 24 | $122.6M | $430.6M | ||
| Q3 24 | $71.1M | $421.6M | ||
| Q2 24 | $105.9M | $349.2M | ||
| Q1 24 | $-42.8M | $300.1M |
自由现金流AVNTMSCI
| Q4 25 | $125.4M | $488.7M | ||
| Q3 25 | $47.4M | $445.5M | ||
| Q2 25 | $85.8M | $324.7M | ||
| Q1 25 | $-63.6M | $290.2M | ||
| Q4 24 | $81.5M | $416.4M | ||
| Q3 24 | $46.1M | $415.0M | ||
| Q2 24 | $74.5M | $340.6M | ||
| Q1 24 | $-67.2M | $295.9M |
自由现金流率AVNTMSCI
| Q4 25 | 16.5% | 59.4% | ||
| Q3 25 | 5.9% | 56.2% | ||
| Q2 25 | 9.9% | 42.0% | ||
| Q1 25 | -7.7% | 38.9% | ||
| Q4 24 | 10.9% | 56.0% | ||
| Q3 24 | 5.7% | 57.3% | ||
| Q2 24 | 8.8% | 48.1% | ||
| Q1 24 | -8.1% | 43.5% |
资本支出强度AVNTMSCI
| Q4 25 | 5.6% | 1.5% | ||
| Q3 25 | 3.1% | 0.5% | ||
| Q2 25 | 3.1% | 1.5% | ||
| Q1 25 | 1.5% | 1.5% | ||
| Q4 24 | 5.5% | 1.9% | ||
| Q3 24 | 3.1% | 0.9% | ||
| Q2 24 | 3.7% | 1.2% | ||
| Q1 24 | 2.9% | 0.6% |
现金转化率AVNTMSCI
| Q4 25 | 9.93× | 1.76× | ||
| Q3 25 | 2.21× | 1.38× | ||
| Q2 25 | 2.14× | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 2.54× | 1.41× | ||
| Q3 24 | 1.86× | 1.50× | ||
| Q2 24 | 3.15× | 1.31× | ||
| Q1 24 | -0.87× | 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
AVNT
| Color Additives And Inks | $466.0M | 61% |
| Specialty Engineered Materials | $295.5M | 39% |
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% |
