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BGC Group, Inc.（BGC）与晨星（MORN）财务数据对比。点击上方公司名可切换其他公司
晨星的季度营收约是BGC Group, Inc.的1.0倍（$641.1M vs $638.6M），晨星净利率更高（18.0% vs 2.3%，领先15.7%），BGC Group, Inc.同比增速更快（34.4% vs 8.5%），BGC Group, Inc.自由现金流更多（$175.1M vs $161.3M），过去两年BGC Group, Inc.的营收复合增速更高（18.7% vs 8.7%）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
BGC vs MORN — 直观对比
营收规模更大
MORN
是对方的1.0倍
$638.6M
营收增速更快
BGC
高出25.9%
8.5%
净利率更高
MORN
高出15.7%
2.3%
自由现金流更多
BGC
多$13.8M
$161.3M
两年增速更快
BGC
近两年复合增速
8.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $638.6M | $641.1M |
| 净利润 | $14.4M | $115.1M |
| 毛利率 | — | 61.1% |
| 营业利润率 | 3.9% | 24.9% |
| 净利率 | 2.3% | 18.0% |
| 营收同比 | 34.4% | 8.5% |
| 净利润同比 | -43.0% | -1.5% |
| 每股收益（稀释后） | $0.03 | $2.79 |
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BGCMORN
| Q4 25 | $638.6M | $641.1M | ||
| Q3 25 | $620.8M | $617.4M | ||
| Q2 25 | $648.0M | $605.1M | ||
| Q1 25 | $534.6M | $581.9M | ||
| Q4 24 | $475.2M | $591.0M | ||
| Q3 24 | $448.9M | $569.4M | ||
| Q2 24 | $435.0M | $571.9M | ||
| Q1 24 | $453.6M | $542.8M |
净利润BGCMORN
| Q4 25 | $14.4M | $115.1M | ||
| Q3 25 | $27.9M | $91.6M | ||
| Q2 25 | $57.5M | $89.0M | ||
| Q1 25 | $55.2M | $78.5M | ||
| Q4 24 | $25.2M | $116.9M | ||
| Q3 24 | $14.7M | $119.7M | ||
| Q2 24 | $37.8M | $69.1M | ||
| Q1 24 | $49.2M | $64.2M |
毛利率BGCMORN
| Q4 25 | — | 61.1% | ||
| Q3 25 | — | 60.9% | ||
| Q2 25 | — | 61.9% | ||
| Q1 25 | — | 60.2% | ||
| Q4 24 | — | 60.7% | ||
| Q3 24 | — | 60.9% | ||
| Q2 24 | — | 61.1% | ||
| Q1 24 | — | 59.8% |
营业利润率BGCMORN
| Q4 25 | 3.9% | 24.9% | ||
| Q3 25 | 5.4% | 20.7% | ||
| Q2 25 | 11.6% | 20.7% | ||
| Q1 25 | 15.0% | 19.6% | ||
| Q4 24 | 5.7% | 28.5% | ||
| Q3 24 | 4.4% | 20.3% | ||
| Q2 24 | 12.7% | 19.0% | ||
| Q1 24 | 15.7% | 17.1% |
净利率BGCMORN
| Q4 25 | 2.3% | 18.0% | ||
| Q3 25 | 4.5% | 14.8% | ||
| Q2 25 | 8.9% | 14.7% | ||
| Q1 25 | 10.3% | 13.5% | ||
| Q4 24 | 5.3% | 19.8% | ||
| Q3 24 | 3.3% | 21.0% | ||
| Q2 24 | 8.7% | 12.1% | ||
| Q1 24 | 10.8% | 11.8% |
每股收益（稀释后）BGCMORN
| Q4 25 | $0.03 | $2.79 | ||
| Q3 25 | $0.06 | $2.17 | ||
| Q2 25 | $0.11 | $2.09 | ||
| Q1 25 | $0.11 | $1.82 | ||
| Q4 24 | $0.04 | $2.72 | ||
| Q3 24 | $0.03 | $2.77 | ||
| Q2 24 | $0.08 | $1.60 | ||
| Q1 24 | $0.10 | $1.49 |
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 | $851.5M | $528.7M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $972.5M | $1.2B |
| 总资产 | $4.4B | $3.6B |
| 负债/权益比越低杠杆越低 | 1.58× | — |
8季度趋势，按日历期对齐
现金及短期投资BGCMORN
| Q4 25 | $851.5M | $528.7M | ||
| Q3 25 | $774.9M | $40.3M | ||
| Q2 25 | $827.8M | $38.1M | ||
| Q1 25 | $966.4M | $47.7M | ||
| Q4 24 | $711.6M | $551.0M | ||
| Q3 24 | $563.5M | $48.8M | ||
| Q2 24 | $571.7M | $48.0M | ||
| Q1 24 | $566.8M | $55.4M |
总债务BGCMORN
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.8B | $848.9M | ||
| Q2 25 | $1.8B | $838.8M | ||
| Q1 25 | $1.1B | $803.7M | ||
| Q4 24 | $1.1B | $698.6M | ||
| Q3 24 | $1.4B | $864.7M | ||
| Q2 24 | $1.4B | $899.6M | ||
| Q1 24 | $945.0M | $917.3M |
股东权益BGCMORN
| Q4 25 | $972.5M | $1.2B | ||
| Q3 25 | $965.3M | $1.5B | ||
| Q2 25 | $930.5M | $1.6B | ||
| Q1 25 | $963.8M | $1.6B | ||
| Q4 24 | $898.5M | $1.6B | ||
| Q3 24 | $860.1M | $1.6B | ||
| Q2 24 | $858.1M | $1.4B | ||
| Q1 24 | $912.1M | $1.4B |
总资产BGCMORN
| Q4 25 | $4.4B | $3.6B | ||
| Q3 25 | $5.8B | $3.6B | ||
| Q2 25 | $4.9B | $3.6B | ||
| Q1 25 | $4.9B | $3.6B | ||
| Q4 24 | $3.6B | $3.5B | ||
| Q3 24 | $4.4B | $3.6B | ||
| Q2 24 | $4.3B | $3.4B | ||
| Q1 24 | $4.4B | $3.4B |
负债/权益比BGCMORN
| Q4 25 | 1.58× | — | ||
| Q3 25 | 1.90× | 0.56× | ||
| Q2 25 | 1.97× | 0.52× | ||
| Q1 25 | 1.19× | 0.50× | ||
| Q4 24 | 1.27× | 0.43× | ||
| Q3 24 | 1.68× | 0.55× | ||
| Q2 24 | 1.68× | 0.63× | ||
| Q1 24 | 1.04× | 0.66× |
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 | $180.4M | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $175.1M | $161.3M |
| 自由现金流率自由现金流/营收 | 27.4% | 25.2% |
| 资本支出强度资本支出/营收 | 0.8% | 6.7% |
| 现金转化率经营现金流/净利润 | 12.55× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $372.9M | $442.6M |
8季度趋势，按日历期对齐
经营现金流BGCMORN
| Q4 25 | $180.4M | $204.0M | ||
| Q3 25 | $141.9M | $195.7M | ||
| Q2 25 | $71.2M | $99.0M | ||
| Q1 25 | $839.0K | $91.0M | ||
| Q4 24 | $251.9M | $153.4M | ||
| Q3 24 | $88.3M | $191.9M | ||
| Q2 24 | $-53.0M | $152.7M | ||
| Q1 24 | $28.1M | $93.6M |
自由现金流BGCMORN
| Q4 25 | $175.1M | $161.3M | ||
| Q3 25 | $137.2M | $160.1M | ||
| Q2 25 | $65.0M | $62.4M | ||
| Q1 25 | $-4.4M | $58.8M | ||
| Q4 24 | $245.6M | $112.8M | ||
| Q3 24 | $78.8M | $155.8M | ||
| Q2 24 | $-63.5M | $120.8M | ||
| Q1 24 | $24.9M | $59.5M |
自由现金流率BGCMORN
| Q4 25 | 27.4% | 25.2% | ||
| Q3 25 | 22.1% | 25.9% | ||
| Q2 25 | 10.0% | 10.3% | ||
| Q1 25 | -0.8% | 10.1% | ||
| Q4 24 | 51.7% | 19.1% | ||
| Q3 24 | 17.5% | 27.4% | ||
| Q2 24 | -14.6% | 21.1% | ||
| Q1 24 | 5.5% | 11.0% |
资本支出强度BGCMORN
| Q4 25 | 0.8% | 6.7% | ||
| Q3 25 | 0.8% | 5.8% | ||
| Q2 25 | 1.0% | 6.0% | ||
| Q1 25 | 1.0% | 5.5% | ||
| Q4 24 | 1.3% | 6.9% | ||
| Q3 24 | 2.1% | 6.3% | ||
| Q2 24 | 2.4% | 5.6% | ||
| Q1 24 | 0.7% | 6.3% |
现金转化率BGCMORN
| Q4 25 | 12.55× | 1.77× | ||
| Q3 25 | 5.09× | 2.14× | ||
| Q2 25 | 1.24× | 1.11× | ||
| Q1 25 | 0.02× | 1.16× | ||
| Q4 24 | 9.99× | 1.31× | ||
| Q3 24 | 5.99× | 1.60× | ||
| Q2 24 | -1.40× | 2.21× | ||
| Q1 24 | 0.57× | 1.46× |
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
BGC
| Commissions | $590.2M | 92% |
| Data Software And Post Trade | $36.7M | 6% |
| Fees From Related Parties | $4.6M | 1% |
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
