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EPAM Systems（EPAM）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
EPAM Systems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 5.9%，领先28.7%），明晟同比增速更快（10.6% vs 7.6%），过去两年EPAM Systems的营收复合增速更高（10.5% vs 10.0%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
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。
EPAM vs MSCI — 直观对比
营收规模更大
EPAM
是对方的1.7倍
$822.5M
营收增速更快
MSCI
高出3.1%
7.6%
净利率更高
MSCI
高出28.7%
5.9%
两年增速更快
EPAM
近两年复合增速
10.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $822.5M |
| 净利润 | $82.5M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 8.3% | 56.4% |
| 净利率 | 5.9% | 34.6% |
| 营收同比 | 7.6% | 10.6% |
| 净利润同比 | 12.3% | -6.8% |
| 每股收益（稀释后） | $1.52 | $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EPAMMSCI
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $822.5M | ||
| Q3 25 | $1.4B | $793.4M | ||
| Q2 25 | $1.4B | $772.7M | ||
| Q1 25 | $1.3B | $745.8M | ||
| Q4 24 | $1.2B | $743.5M | ||
| Q3 24 | $1.2B | $724.7M | ||
| Q2 24 | $1.1B | $707.9M |
净利润EPAMMSCI
| Q1 26 | $82.5M | — | ||
| Q4 25 | $109.4M | $284.7M | ||
| Q3 25 | $106.8M | $325.4M | ||
| Q2 25 | $88.0M | $303.6M | ||
| Q1 25 | $73.5M | $288.6M | ||
| Q4 24 | $103.3M | $305.5M | ||
| Q3 24 | $136.3M | $280.9M | ||
| Q2 24 | $98.6M | $266.8M |
毛利率EPAMMSCI
| Q1 26 | — | — | ||
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — |
营业利润率EPAMMSCI
| Q1 26 | 8.3% | — | ||
| Q4 25 | 10.6% | 56.4% | ||
| Q3 25 | 10.4% | 56.4% | ||
| Q2 25 | 9.3% | 55.0% | ||
| Q1 25 | 7.6% | 50.6% | ||
| Q4 24 | 10.9% | 54.5% | ||
| Q3 24 | 15.2% | 55.4% | ||
| Q2 24 | 10.5% | 54.0% |
净利率EPAMMSCI
| Q1 26 | 5.9% | — | ||
| Q4 25 | 7.8% | 34.6% | ||
| Q3 25 | 7.7% | 41.0% | ||
| Q2 25 | 6.5% | 39.3% | ||
| Q1 25 | 5.6% | 38.7% | ||
| Q4 24 | 8.3% | 41.1% | ||
| Q3 24 | 11.7% | 38.8% | ||
| Q2 24 | 8.6% | 37.7% |
每股收益（稀释后）EPAMMSCI
| Q1 26 | $1.52 | — | ||
| Q4 25 | $1.97 | $3.81 | ||
| Q3 25 | $1.91 | $4.25 | ||
| Q2 25 | $1.56 | $3.92 | ||
| Q1 25 | $1.28 | $3.71 | ||
| Q4 24 | $1.80 | $3.89 | ||
| Q3 24 | $2.37 | $3.57 | ||
| Q2 24 | $1.70 | $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 | $1.0B | $515.3M |
| 总债务越低越好 | $165.0M | $6.2B |
| 股东权益账面价值 | $3.4B | $-2.7B |
| 总资产 | $4.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.05× | — |
8季度趋势，按日历期对齐
现金及短期投资EPAMMSCI
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.3B | $515.3M | ||
| Q3 25 | $1.2B | $400.1M | ||
| Q2 25 | $1.0B | $347.3M | ||
| Q1 25 | $1.2B | $360.7M | ||
| Q4 24 | $1.3B | $409.4M | ||
| Q3 24 | $2.1B | $501.0M | ||
| Q2 24 | $1.8B | $451.4M |
总债务EPAMMSCI
| Q1 26 | $165.0M | — | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B |
股东权益EPAMMSCI
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.7B | $-2.7B | ||
| Q3 25 | $3.7B | $-1.9B | ||
| Q2 25 | $3.7B | $-886.2M | ||
| Q1 25 | $3.6B | $-958.6M | ||
| Q4 24 | $3.6B | $-940.0M | ||
| Q3 24 | $3.6B | $-751.0M | ||
| Q2 24 | $3.4B | $-734.5M |
总资产EPAMMSCI
| Q1 26 | $4.7B | — | ||
| Q4 25 | $4.9B | $5.7B | ||
| Q3 25 | $4.8B | $5.4B | ||
| Q2 25 | $4.7B | $5.4B | ||
| Q1 25 | $4.7B | $5.3B | ||
| Q4 24 | $4.8B | $5.4B | ||
| Q3 24 | $4.5B | $5.4B | ||
| Q2 24 | $4.2B | $5.5B |
负债/权益比EPAMMSCI
| Q1 26 | 0.05× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $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EPAMMSCI
| Q1 26 | — | — | ||
| Q4 25 | $282.9M | $501.1M | ||
| Q3 25 | $294.7M | $449.4M | ||
| Q2 25 | $53.2M | $336.1M | ||
| Q1 25 | $24.2M | $301.7M | ||
| Q4 24 | $130.3M | $430.6M | ||
| Q3 24 | $242.0M | $421.6M | ||
| Q2 24 | $57.0M | $349.2M |
自由现金流EPAMMSCI
| Q1 26 | — | — | ||
| Q4 25 | $268.1M | $488.7M | ||
| Q3 25 | $286.4M | $445.5M | ||
| Q2 25 | $43.4M | $324.7M | ||
| Q1 25 | $14.8M | $290.2M | ||
| Q4 24 | $114.5M | $416.4M | ||
| Q3 24 | $237.0M | $415.0M | ||
| Q2 24 | $52.3M | $340.6M |
自由现金流率EPAMMSCI
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 59.4% | ||
| Q3 25 | 20.5% | 56.2% | ||
| Q2 25 | 3.2% | 42.0% | ||
| Q1 25 | 1.1% | 38.9% | ||
| Q4 24 | 9.2% | 56.0% | ||
| Q3 24 | 20.3% | 57.3% | ||
| Q2 24 | 4.6% | 48.1% |
资本支出强度EPAMMSCI
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 1.5% | ||
| Q3 25 | 0.6% | 0.5% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.7% | 1.5% | ||
| Q4 24 | 1.3% | 1.9% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 0.4% | 1.2% |
现金转化率EPAMMSCI
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | 1.76× | ||
| Q3 25 | 2.76× | 1.38× | ||
| Q2 25 | 0.60× | 1.11× | ||
| Q1 25 | 0.33× | 1.05× | ||
| Q4 24 | 1.26× | 1.41× | ||
| Q3 24 | 1.77× | 1.50× | ||
| Q2 24 | 0.58× | 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
EPAM
暂无分部数据
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% |
