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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
AMERICAN AXLE & MANUFACTURING HOLDINGS INC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 -5.4%，领先40.1%），明晟同比增速更快（10.6% vs 0.2%），明晟自由现金流更多（$488.7M vs $54.7M），过去两年明晟的营收复合增速更高（10.0% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs MSCI — 直观对比
营收规模更大
AXL
是对方的1.7倍
$822.5M
营收增速更快
MSCI
高出10.4%
0.2%
净利率更高
MSCI
高出40.1%
-5.4%
自由现金流更多
MSCI
多$434.0M
$54.7M
两年增速更快
MSCI
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $822.5M |
| 净利润 | $-75.3M | $284.7M |
| 毛利率 | 10.2% | — |
| 营业利润率 | -2.4% | 56.4% |
| 净利率 | -5.4% | 34.6% |
| 营收同比 | 0.2% | 10.6% |
| 净利润同比 | -449.6% | -6.8% |
| 每股收益（稀释后） | $-0.62 | $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AXLMSCI
| Q4 25 | $1.4B | $822.5M | ||
| Q3 25 | $1.5B | $793.4M | ||
| Q2 25 | $1.5B | $772.7M | ||
| Q1 25 | $1.4B | $745.8M | ||
| Q4 24 | $1.4B | $743.5M | ||
| Q3 24 | $1.5B | $724.7M | ||
| Q2 24 | $1.6B | $707.9M | ||
| Q1 24 | $1.6B | $680.0M |
净利润AXLMSCI
| Q4 25 | $-75.3M | $284.7M | ||
| Q3 25 | $9.2M | $325.4M | ||
| Q2 25 | $39.3M | $303.6M | ||
| Q1 25 | $7.1M | $288.6M | ||
| Q4 24 | $-13.7M | $305.5M | ||
| Q3 24 | $10.0M | $280.9M | ||
| Q2 24 | $18.2M | $266.8M | ||
| Q1 24 | $20.5M | $256.0M |
毛利率AXLMSCI
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 13.3% | — | ||
| Q1 24 | 12.4% | — |
营业利润率AXLMSCI
| Q4 25 | -2.4% | 56.4% | ||
| Q3 25 | 3.2% | 56.4% | ||
| Q2 25 | 3.6% | 55.0% | ||
| Q1 25 | 3.0% | 50.6% | ||
| Q4 24 | 2.6% | 54.5% | ||
| Q3 24 | 2.8% | 55.4% | ||
| Q2 24 | 5.3% | 54.0% | ||
| Q1 24 | 4.8% | 49.9% |
净利率AXLMSCI
| Q4 25 | -5.4% | 34.6% | ||
| Q3 25 | 0.6% | 41.0% | ||
| Q2 25 | 2.6% | 39.3% | ||
| Q1 25 | 0.5% | 38.7% | ||
| Q4 24 | -1.0% | 41.1% | ||
| Q3 24 | 0.7% | 38.8% | ||
| Q2 24 | 1.1% | 37.7% | ||
| Q1 24 | 1.3% | 37.6% |
每股收益（稀释后）AXLMSCI
| Q4 25 | $-0.62 | $3.81 | ||
| Q3 25 | $0.07 | $4.25 | ||
| Q2 25 | $0.32 | $3.92 | ||
| Q1 25 | $0.06 | $3.71 | ||
| Q4 24 | $-0.11 | $3.89 | ||
| Q3 24 | $0.08 | $3.57 | ||
| Q2 24 | $0.15 | $3.37 | ||
| Q1 24 | $0.17 | $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 | $708.9M | $515.3M |
| 总债务越低越好 | $4.0B | $6.2B |
| 股东权益账面价值 | $640.0M | $-2.7B |
| 总资产 | $6.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 6.31× | — |
8季度趋势，按日历期对齐
现金及短期投资AXLMSCI
| Q4 25 | $708.9M | $515.3M | ||
| Q3 25 | $714.1M | $400.1M | ||
| Q2 25 | $586.5M | $347.3M | ||
| Q1 25 | $549.2M | $360.7M | ||
| Q4 24 | $552.9M | $409.4M | ||
| Q3 24 | $542.5M | $501.0M | ||
| Q2 24 | $519.9M | $451.4M | ||
| Q1 24 | $469.8M | $519.3M |
总债务AXLMSCI
| Q4 25 | $4.0B | $6.2B | ||
| Q3 25 | $2.6B | $5.5B | ||
| Q2 25 | $2.6B | $4.5B | ||
| Q1 25 | $2.6B | $4.5B | ||
| Q4 24 | $2.6B | $4.5B | ||
| Q3 24 | $2.6B | $4.5B | ||
| Q2 24 | $2.7B | $4.5B | ||
| Q1 24 | $2.7B | $4.5B |
股东权益AXLMSCI
| Q4 25 | $640.0M | $-2.7B | ||
| Q3 25 | $718.4M | $-1.9B | ||
| Q2 25 | $673.0M | $-886.2M | ||
| Q1 25 | $596.3M | $-958.6M | ||
| Q4 24 | $562.8M | $-940.0M | ||
| Q3 24 | $616.3M | $-751.0M | ||
| Q2 24 | $609.6M | $-734.5M | ||
| Q1 24 | $621.4M | $-650.5M |
总资产AXLMSCI
| Q4 25 | $6.7B | $5.7B | ||
| Q3 25 | $5.3B | $5.4B | ||
| Q2 25 | $5.3B | $5.4B | ||
| Q1 25 | $5.1B | $5.3B | ||
| Q4 24 | $5.1B | $5.4B | ||
| Q3 24 | $5.3B | $5.4B | ||
| Q2 24 | $5.3B | $5.5B | ||
| Q1 24 | $5.4B | $5.5B |
负债/权益比AXLMSCI
| Q4 25 | 6.31× | — | ||
| Q3 25 | 3.61× | — | ||
| Q2 25 | 3.86× | — | ||
| Q1 25 | 4.38× | — | ||
| Q4 24 | 4.58× | — | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 4.42× | — | ||
| Q1 24 | 4.40× | — |
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 | $120.5M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $54.7M | $488.7M |
| 自由现金流率自由现金流/营收 | 4.0% | 59.4% |
| 资本支出强度资本支出/营收 | 4.8% | 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 | $155.1M | $1.5B |
8季度趋势，按日历期对齐
经营现金流AXLMSCI
| Q4 25 | $120.5M | $501.1M | ||
| Q3 25 | $143.3M | $449.4M | ||
| Q2 25 | $91.9M | $336.1M | ||
| Q1 25 | $55.9M | $301.7M | ||
| Q4 24 | $151.2M | $430.6M | ||
| Q3 24 | $143.6M | $421.6M | ||
| Q2 24 | $142.8M | $349.2M | ||
| Q1 24 | $17.8M | $300.1M |
自由现金流AXLMSCI
| Q4 25 | $54.7M | $488.7M | ||
| Q3 25 | $79.2M | $445.5M | ||
| Q2 25 | $34.6M | $324.7M | ||
| Q1 25 | $-13.4M | $290.2M | ||
| Q4 24 | $73.2M | $416.4M | ||
| Q3 24 | $70.4M | $415.0M | ||
| Q2 24 | $94.0M | $340.6M | ||
| Q1 24 | $-30.2M | $295.9M |
自由现金流率AXLMSCI
| Q4 25 | 4.0% | 59.4% | ||
| Q3 25 | 5.3% | 56.2% | ||
| Q2 25 | 2.3% | 42.0% | ||
| Q1 25 | -0.9% | 38.9% | ||
| Q4 24 | 5.3% | 56.0% | ||
| Q3 24 | 4.7% | 57.3% | ||
| Q2 24 | 5.8% | 48.1% | ||
| Q1 24 | -1.9% | 43.5% |
资本支出强度AXLMSCI
| Q4 25 | 4.8% | 1.5% | ||
| Q3 25 | 4.3% | 0.5% | ||
| Q2 25 | 3.7% | 1.5% | ||
| Q1 25 | 4.9% | 1.5% | ||
| Q4 24 | 5.6% | 1.9% | ||
| Q3 24 | 4.9% | 0.9% | ||
| Q2 24 | 3.0% | 1.2% | ||
| Q1 24 | 3.0% | 0.6% |
现金转化率AXLMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | 15.58× | 1.38× | ||
| Q2 25 | 2.34× | 1.11× | ||
| Q1 25 | 7.87× | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 14.36× | 1.50× | ||
| Q2 24 | 7.85× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
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% |
