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科睿唯安（CLVT）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科睿唯安的1.4倍（$822.5M vs $585.5M），明晟净利率更高（34.6% vs -6.9%，领先41.5%），明晟同比增速更快（10.6% vs -1.4%），明晟自由现金流更多（$488.7M vs $78.9M），过去两年明晟的营收复合增速更高（10.0% vs -5.1%）
科睿唯安是一家英美合资的上市分析服务企业，主要提供订阅制信息服务，覆盖文献计量、科学计量、商业与市场情报领域，同时为医药、生物科技行业提供专利、监管合规相关的竞争分析，也提供商标保护、域名与品牌保护服务，旗下Web of Science产品系列还负责计算学术期刊的影响因子。
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。
CLVT vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.4倍
$585.5M
营收增速更快
MSCI
高出12.0%
-1.4%
净利率更高
MSCI
高出41.5%
-6.9%
自由现金流更多
MSCI
多$409.8M
$78.9M
两年增速更快
MSCI
近两年复合增速
-5.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $585.5M | $822.5M |
| 净利润 | $-40.2M | $284.7M |
| 毛利率 | 67.2% | — |
| 营业利润率 | 5.2% | 56.4% |
| 净利率 | -6.9% | 34.6% |
| 营收同比 | -1.4% | 10.6% |
| 净利润同比 | 61.3% | -6.8% |
| 每股收益（稀释后） | $-0.06 | $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CLVTMSCI
| Q1 26 | $585.5M | — | ||
| Q4 25 | $617.0M | $822.5M | ||
| Q3 25 | $623.1M | $793.4M | ||
| Q2 25 | $621.4M | $772.7M | ||
| Q1 25 | $593.7M | $745.8M | ||
| Q4 24 | $663.0M | $743.5M | ||
| Q3 24 | $622.2M | $724.7M | ||
| Q2 24 | $650.3M | $707.9M |
净利润CLVTMSCI
| Q1 26 | $-40.2M | — | ||
| Q4 25 | $3.1M | $284.7M | ||
| Q3 25 | $-28.3M | $325.4M | ||
| Q2 25 | $-72.0M | $303.6M | ||
| Q1 25 | $-103.9M | $288.6M | ||
| Q4 24 | $-191.8M | $305.5M | ||
| Q3 24 | $-65.6M | $280.9M | ||
| Q2 24 | $-304.3M | $266.8M |
毛利率CLVTMSCI
| Q1 26 | 67.2% | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 65.0% | — | ||
| Q2 25 | 67.2% | — | ||
| Q1 25 | 65.1% | — | ||
| Q4 24 | 65.7% | — | ||
| Q3 24 | 66.2% | — | ||
| Q2 24 | 67.2% | — |
营业利润率CLVTMSCI
| Q1 26 | 5.2% | — | ||
| Q4 25 | 6.7% | 56.4% | ||
| Q3 25 | 7.1% | 56.4% | ||
| Q2 25 | 1.1% | 55.0% | ||
| Q1 25 | -3.5% | 50.6% | ||
| Q4 24 | -9.4% | 54.5% | ||
| Q3 24 | 3.5% | 55.4% | ||
| Q2 24 | -36.9% | 54.0% |
净利率CLVTMSCI
| Q1 26 | -6.9% | — | ||
| Q4 25 | 0.5% | 34.6% | ||
| Q3 25 | -4.5% | 41.0% | ||
| Q2 25 | -11.6% | 39.3% | ||
| Q1 25 | -17.5% | 38.7% | ||
| Q4 24 | -28.9% | 41.1% | ||
| Q3 24 | -10.5% | 38.8% | ||
| Q2 24 | -46.8% | 37.7% |
每股收益（稀释后）CLVTMSCI
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.00 | $3.81 | ||
| Q3 25 | $-0.04 | $4.25 | ||
| Q2 25 | $-0.11 | $3.92 | ||
| Q1 25 | $-0.15 | $3.71 | ||
| Q4 24 | $-0.27 | $3.89 | ||
| Q3 24 | $-0.09 | $3.57 | ||
| Q2 24 | $-0.46 | $3.37 |
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 | $4.3B | $6.2B |
| 股东权益账面价值 | $4.8B | $-2.7B |
| 总资产 | $10.9B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.89× | — |
8季度趋势，按日历期对齐
现金及短期投资CLVTMSCI
| Q1 26 | — | — | ||
| Q4 25 | $329.2M | $515.3M | ||
| Q3 25 | $318.7M | $400.1M | ||
| Q2 25 | $362.6M | $347.3M | ||
| Q1 25 | $354.0M | $360.7M | ||
| Q4 24 | $295.2M | $409.4M | ||
| Q3 24 | $388.5M | $501.0M | ||
| Q2 24 | $376.4M | $451.4M |
总债务CLVTMSCI
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.3B | $6.2B | ||
| Q3 25 | $4.4B | $5.5B | ||
| Q2 25 | $4.5B | $4.5B | ||
| Q1 25 | $4.5B | $4.5B | ||
| Q4 24 | $4.5B | $4.5B | ||
| Q3 24 | $4.6B | $4.5B | ||
| Q2 24 | $4.6B | $4.5B |
股东权益CLVTMSCI
| Q1 26 | $4.8B | — | ||
| Q4 25 | $4.8B | $-2.7B | ||
| Q3 25 | $4.9B | $-1.9B | ||
| Q2 25 | $5.0B | $-886.2M | ||
| Q1 25 | $5.0B | $-958.6M | ||
| Q4 24 | $5.1B | $-940.0M | ||
| Q3 24 | $5.5B | $-751.0M | ||
| Q2 24 | $5.6B | $-734.5M |
总资产CLVTMSCI
| Q1 26 | $10.9B | — | ||
| Q4 25 | $11.1B | $5.7B | ||
| Q3 25 | $11.2B | $5.4B | ||
| Q2 25 | $11.4B | $5.4B | ||
| Q1 25 | $11.5B | $5.3B | ||
| Q4 24 | $11.5B | $5.4B | ||
| Q3 24 | $12.0B | $5.4B | ||
| Q2 24 | $12.1B | $5.5B |
负债/权益比CLVTMSCI
| Q1 26 | 0.89× | — | ||
| Q4 25 | 0.89× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 0.88× | — | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.83× | — |
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 | $134.7M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $78.9M | $488.7M |
| 自由现金流率自由现金流/营收 | 13.5% | 59.4% |
| 资本支出强度资本支出/营收 | 9.5% | 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 | $333.9M | $1.5B |
8季度趋势，按日历期对齐
经营现金流CLVTMSCI
| Q1 26 | $134.7M | — | ||
| Q4 25 | $159.9M | $501.1M | ||
| Q3 25 | $181.1M | $449.4M | ||
| Q2 25 | $116.3M | $336.1M | ||
| Q1 25 | $171.2M | $301.7M | ||
| Q4 24 | $141.3M | $430.6M | ||
| Q3 24 | $202.9M | $421.6M | ||
| Q2 24 | $126.2M | $349.2M |
自由现金流CLVTMSCI
| Q1 26 | $78.9M | — | ||
| Q4 25 | $89.2M | $488.7M | ||
| Q3 25 | $115.5M | $445.5M | ||
| Q2 25 | $50.3M | $324.7M | ||
| Q1 25 | $110.3M | $290.2M | ||
| Q4 24 | $59.1M | $416.4M | ||
| Q3 24 | $126.3M | $415.0M | ||
| Q2 24 | $60.3M | $340.6M |
自由现金流率CLVTMSCI
| Q1 26 | 13.5% | — | ||
| Q4 25 | 14.5% | 59.4% | ||
| Q3 25 | 18.5% | 56.2% | ||
| Q2 25 | 8.1% | 42.0% | ||
| Q1 25 | 18.6% | 38.9% | ||
| Q4 24 | 8.9% | 56.0% | ||
| Q3 24 | 20.3% | 57.3% | ||
| Q2 24 | 9.3% | 48.1% |
资本支出强度CLVTMSCI
| Q1 26 | 9.5% | — | ||
| Q4 25 | 11.5% | 1.5% | ||
| Q3 25 | 10.5% | 0.5% | ||
| Q2 25 | 10.6% | 1.5% | ||
| Q1 25 | 10.3% | 1.5% | ||
| Q4 24 | 12.4% | 1.9% | ||
| Q3 24 | 12.3% | 0.9% | ||
| Q2 24 | 10.1% | 1.2% |
现金转化率CLVTMSCI
| Q1 26 | — | — | ||
| Q4 25 | 51.58× | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× |
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
CLVT
| Subscription | $397.5M | 68% |
| Re-occurring | $108.6M | 19% |
| Transactional | $79.4M | 14% |
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% |
