vs
Dayforce（DAY）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Dayforce的1.7倍（$822.5M vs $481.6M），明晟净利率更高（34.6% vs -40.9%，领先75.5%），明晟同比增速更快（10.6% vs 9.5%），过去两年明晟的营收复合增速更高（10.0% vs 9.8%）
Dayforce前身为知名人力资源服务商Ceridian，是一家总部位于美国的人力资源软件及服务企业，面向各行业不同规模的客户提供覆盖薪酬核算、人员管理、考勤等多场景的HR SaaS产品及配套专业服务，助力企业提升人力资源运营效率。
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。
DAY vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.7倍
$481.6M
营收增速更快
MSCI
高出1.2%
9.5%
净利率更高
MSCI
高出75.5%
-40.9%
两年增速更快
MSCI
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $481.6M | $822.5M |
| 净利润 | $-196.8M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | 56.4% |
| 净利率 | -40.9% | 34.6% |
| 营收同比 | 9.5% | 10.6% |
| 净利润同比 | -9940.0% | -6.8% |
| 每股收益（稀释后） | $-1.23 | $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DAYMSCI
| Q4 25 | — | $822.5M | ||
| Q3 25 | $481.6M | $793.4M | ||
| Q2 25 | $464.7M | $772.7M | ||
| Q1 25 | $481.8M | $745.8M | ||
| Q4 24 | $465.2M | $743.5M | ||
| Q3 24 | $440.0M | $724.7M | ||
| Q2 24 | $423.3M | $707.9M | ||
| Q1 24 | $431.5M | $680.0M |
净利润DAYMSCI
| Q4 25 | — | $284.7M | ||
| Q3 25 | $-196.8M | $325.4M | ||
| Q2 25 | $21.3M | $303.6M | ||
| Q1 25 | $14.9M | $288.6M | ||
| Q4 24 | $10.8M | $305.5M | ||
| Q3 24 | $2.0M | $280.9M | ||
| Q2 24 | $-1.8M | $266.8M | ||
| Q1 24 | $7.1M | $256.0M |
毛利率DAYMSCI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.0% | — | ||
| Q3 24 | 45.8% | — | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | 47.6% | — |
营业利润率DAYMSCI
| Q4 25 | — | 56.4% | ||
| Q3 25 | 6.3% | 56.4% | ||
| Q2 25 | 9.1% | 55.0% | ||
| Q1 25 | 6.4% | 50.6% | ||
| Q4 24 | 6.1% | 54.5% | ||
| Q3 24 | 4.7% | 55.4% | ||
| Q2 24 | 3.3% | 54.0% | ||
| Q1 24 | 9.4% | 49.9% |
净利率DAYMSCI
| Q4 25 | — | 34.6% | ||
| Q3 25 | -40.9% | 41.0% | ||
| Q2 25 | 4.6% | 39.3% | ||
| Q1 25 | 3.1% | 38.7% | ||
| Q4 24 | 2.3% | 41.1% | ||
| Q3 24 | 0.5% | 38.8% | ||
| Q2 24 | -0.4% | 37.7% | ||
| Q1 24 | 1.6% | 37.6% |
每股收益（稀释后）DAYMSCI
| Q4 25 | — | $3.81 | ||
| Q3 25 | $-1.23 | $4.25 | ||
| Q2 25 | $0.13 | $3.92 | ||
| Q1 25 | $0.09 | $3.71 | ||
| Q4 24 | $0.07 | $3.89 | ||
| Q3 24 | $0.01 | $3.57 | ||
| Q2 24 | $-0.01 | $3.37 | ||
| Q1 24 | $0.04 | $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 | $627.6M | $515.3M |
| 总债务越低越好 | $631.1M | $6.2B |
| 股东权益账面价值 | $2.7B | $-2.7B |
| 总资产 | $8.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.23× | — |
8季度趋势，按日历期对齐
现金及短期投资DAYMSCI
| Q4 25 | — | $515.3M | ||
| Q3 25 | $627.6M | $400.1M | ||
| Q2 25 | $625.2M | $347.3M | ||
| Q1 25 | $557.3M | $360.7M | ||
| Q4 24 | $579.7M | $409.4M | ||
| Q3 24 | $494.1M | $501.0M | ||
| Q2 24 | $465.4M | $451.4M | ||
| Q1 24 | $392.5M | $519.3M |
总债务DAYMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | $631.1M | $5.5B | ||
| Q2 25 | $631.8M | $4.5B | ||
| Q1 25 | $632.4M | $4.5B | ||
| Q4 24 | $1.2B | $4.5B | ||
| Q3 24 | $1.2B | $4.5B | ||
| Q2 24 | $1.2B | $4.5B | ||
| Q1 24 | $1.2B | $4.5B |
股东权益DAYMSCI
| Q4 25 | — | $-2.7B | ||
| Q3 25 | $2.7B | $-1.9B | ||
| Q2 25 | $2.7B | $-886.2M | ||
| Q1 25 | $2.6B | $-958.6M | ||
| Q4 24 | $2.5B | $-940.0M | ||
| Q3 24 | $2.6B | $-751.0M | ||
| Q2 24 | $2.5B | $-734.5M | ||
| Q1 24 | $2.4B | $-650.5M |
总资产DAYMSCI
| Q4 25 | — | $5.7B | ||
| Q3 25 | $8.7B | $5.4B | ||
| Q2 25 | $8.5B | $5.4B | ||
| Q1 25 | $9.5B | $5.3B | ||
| Q4 24 | $9.1B | $5.4B | ||
| Q3 24 | $8.1B | $5.4B | ||
| Q2 24 | $9.0B | $5.5B | ||
| Q1 24 | $10.8B | $5.5B |
负债/权益比DAYMSCI
| Q4 25 | — | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.50× | — |
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 | $31.2M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | — | $488.7M |
| 自由现金流率自由现金流/营收 | — | 59.4% |
| 资本支出强度资本支出/营收 | — | 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 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流DAYMSCI
| Q4 25 | — | $501.1M | ||
| Q3 25 | $31.2M | $449.4M | ||
| Q2 25 | $112.7M | $336.1M | ||
| Q1 25 | $49.6M | $301.7M | ||
| Q4 24 | $81.0M | $430.6M | ||
| Q3 24 | $91.8M | $421.6M | ||
| Q2 24 | $99.2M | $349.2M | ||
| Q1 24 | $9.1M | $300.1M |
自由现金流DAYMSCI
| Q4 25 | — | $488.7M | ||
| Q3 25 | — | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
自由现金流率DAYMSCI
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
资本支出强度DAYMSCI
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率DAYMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 5.29× | 1.11× | ||
| Q1 25 | 3.33× | 1.05× | ||
| Q4 24 | 7.50× | 1.41× | ||
| Q3 24 | 45.90× | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | 1.28× | 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
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 2% |
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% |
