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EXACT SCIENCES CORP（EXAS）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
EXACT SCIENCES CORP的季度营收约是明晟的1.1倍（$878.4M vs $822.5M），明晟净利率更高（34.6% vs -9.8%，领先44.4%），EXACT SCIENCES CORP同比增速更快（23.1% vs 10.6%），明晟自由现金流更多（$488.7M vs $120.4M），过去两年EXACT SCIENCES CORP的营收复合增速更高（17.4% vs 10.0%）
Exact Sciences是总部位于美国威斯康星州麦迪逊的分子诊断企业，专注于早期癌症检测领域。公司核心产品覆盖结直肠癌筛查与预防场景，其中Cologuard是全球首个获批的结直肠癌粪便DNA检测产品，同时还提供其他多种癌症的筛查服务及精准肿瘤检测解决方案。
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。
EXAS vs MSCI — 直观对比
营收规模更大
EXAS
是对方的1.1倍
$822.5M
营收增速更快
EXAS
高出12.5%
10.6%
净利率更高
MSCI
高出44.4%
-9.8%
自由现金流更多
MSCI
多$368.2M
$120.4M
两年增速更快
EXAS
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $878.4M | $822.5M |
| 净利润 | $-86.0M | $284.7M |
| 毛利率 | 70.1% | — |
| 营业利润率 | -9.4% | 56.4% |
| 净利率 | -9.8% | 34.6% |
| 营收同比 | 23.1% | 10.6% |
| 净利润同比 | 90.1% | -6.8% |
| 每股收益（稀释后） | $-0.45 | $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EXASMSCI
| Q4 25 | $878.4M | $822.5M | ||
| Q3 25 | $850.7M | $793.4M | ||
| Q2 25 | $811.1M | $772.7M | ||
| Q1 25 | $706.8M | $745.8M | ||
| Q4 24 | $713.4M | $743.5M | ||
| Q3 24 | $708.7M | $724.7M | ||
| Q2 24 | $699.3M | $707.9M | ||
| Q1 24 | $637.5M | $680.0M |
净利润EXASMSCI
| Q4 25 | $-86.0M | $284.7M | ||
| Q3 25 | $-19.6M | $325.4M | ||
| Q2 25 | $-1.2M | $303.6M | ||
| Q1 25 | $-101.2M | $288.6M | ||
| Q4 24 | $-864.6M | $305.5M | ||
| Q3 24 | $-38.2M | $280.9M | ||
| Q2 24 | $-15.8M | $266.8M | ||
| Q1 24 | $-110.2M | $256.0M |
毛利率EXASMSCI
| Q4 25 | 70.1% | — | ||
| Q3 25 | 68.6% | — | ||
| Q2 25 | 69.3% | — | ||
| Q1 25 | 70.8% | — | ||
| Q4 24 | 69.0% | — | ||
| Q3 24 | 69.4% | — | ||
| Q2 24 | 69.8% | — | ||
| Q1 24 | 70.0% | — |
营业利润率EXASMSCI
| Q4 25 | -9.4% | 56.4% | ||
| Q3 25 | -3.0% | 56.4% | ||
| Q2 25 | -0.3% | 55.0% | ||
| Q1 25 | -13.6% | 50.6% | ||
| Q4 24 | -122.8% | 54.5% | ||
| Q3 24 | -5.6% | 55.4% | ||
| Q2 24 | -3.8% | 54.0% | ||
| Q1 24 | -16.7% | 49.9% |
净利率EXASMSCI
| Q4 25 | -9.8% | 34.6% | ||
| Q3 25 | -2.3% | 41.0% | ||
| Q2 25 | -0.1% | 39.3% | ||
| Q1 25 | -14.3% | 38.7% | ||
| Q4 24 | -121.2% | 41.1% | ||
| Q3 24 | -5.4% | 38.8% | ||
| Q2 24 | -2.3% | 37.7% | ||
| Q1 24 | -17.3% | 37.6% |
每股收益（稀释后）EXASMSCI
| Q4 25 | $-0.45 | $3.81 | ||
| Q3 25 | $-0.10 | $4.25 | ||
| Q2 25 | $-0.01 | $3.92 | ||
| Q1 25 | $-0.54 | $3.71 | ||
| Q4 24 | $-4.69 | $3.89 | ||
| Q3 24 | $-0.21 | $3.57 | ||
| Q2 24 | $-0.09 | $3.37 | ||
| Q1 24 | $-0.60 | $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 | $964.7M | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.4B | $-2.7B |
| 总资产 | $5.9B | $5.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资EXASMSCI
| Q4 25 | $964.7M | $515.3M | ||
| Q3 25 | $1.0B | $400.1M | ||
| Q2 25 | $858.4M | $347.3M | ||
| Q1 25 | $786.2M | $360.7M | ||
| Q4 24 | $1.0B | $409.4M | ||
| Q3 24 | $1.0B | $501.0M | ||
| Q2 24 | $946.8M | $451.4M | ||
| Q1 24 | $652.1M | $519.3M |
总债务EXASMSCI
| 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 | ||
| Q1 24 | — | $4.5B |
股东权益EXASMSCI
| Q4 25 | $2.4B | $-2.7B | ||
| Q3 25 | $2.5B | $-1.9B | ||
| Q2 25 | $2.5B | $-886.2M | ||
| Q1 25 | $2.4B | $-958.6M | ||
| Q4 24 | $2.4B | $-940.0M | ||
| Q3 24 | $3.2B | $-751.0M | ||
| Q2 24 | $3.2B | $-734.5M | ||
| Q1 24 | $3.1B | $-650.5M |
总资产EXASMSCI
| Q4 25 | $5.9B | $5.7B | ||
| Q3 25 | $5.9B | $5.4B | ||
| Q2 25 | $5.8B | $5.4B | ||
| Q1 25 | $5.7B | $5.3B | ||
| Q4 24 | $5.9B | $5.4B | ||
| Q3 24 | $6.7B | $5.4B | ||
| Q2 24 | $6.7B | $5.5B | ||
| Q1 24 | $6.4B | $5.5B |
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 | $151.7M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $120.4M | $488.7M |
| 自由现金流率自由现金流/营收 | 13.7% | 59.4% |
| 资本支出强度资本支出/营收 | 3.6% | 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 | $356.8M | $1.5B |
8季度趋势，按日历期对齐
经营现金流EXASMSCI
| Q4 25 | $151.7M | $501.1M | ||
| Q3 25 | $219.9M | $449.4M | ||
| Q2 25 | $89.0M | $336.1M | ||
| Q1 25 | $30.8M | $301.7M | ||
| Q4 24 | $47.1M | $430.6M | ||
| Q3 24 | $138.7M | $421.6M | ||
| Q2 24 | $107.1M | $349.2M | ||
| Q1 24 | $-82.3M | $300.1M |
自由现金流EXASMSCI
| Q4 25 | $120.4M | $488.7M | ||
| Q3 25 | $190.0M | $445.5M | ||
| Q2 25 | $46.7M | $324.7M | ||
| Q1 25 | $-365.0K | $290.2M | ||
| Q4 24 | $10.7M | $416.4M | ||
| Q3 24 | $112.6M | $415.0M | ||
| Q2 24 | $71.2M | $340.6M | ||
| Q1 24 | $-120.0M | $295.9M |
自由现金流率EXASMSCI
| Q4 25 | 13.7% | 59.4% | ||
| Q3 25 | 22.3% | 56.2% | ||
| Q2 25 | 5.8% | 42.0% | ||
| Q1 25 | -0.1% | 38.9% | ||
| Q4 24 | 1.5% | 56.0% | ||
| Q3 24 | 15.9% | 57.3% | ||
| Q2 24 | 10.2% | 48.1% | ||
| Q1 24 | -18.8% | 43.5% |
资本支出强度EXASMSCI
| Q4 25 | 3.6% | 1.5% | ||
| Q3 25 | 3.5% | 0.5% | ||
| Q2 25 | 5.2% | 1.5% | ||
| Q1 25 | 4.4% | 1.5% | ||
| Q4 24 | 5.1% | 1.9% | ||
| Q3 24 | 3.7% | 0.9% | ||
| Q2 24 | 5.1% | 1.2% | ||
| Q1 24 | 5.9% | 0.6% |
现金转化率EXASMSCI
| Q4 25 | — | 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× | ||
| Q1 24 | — | 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
EXAS
| Screening | $695.1M | 79% |
| Precision Oncology | $183.2M | 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% |
