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ExlService Holdings, Inc.（EXLS）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ExlService Holdings, Inc.的1.5倍（$822.5M vs $542.6M），明晟净利率更高（34.6% vs 11.1%，领先23.5%），ExlService Holdings, Inc.同比增速更快（12.7% vs 10.6%），明晟自由现金流更多（$488.7M vs $106.5M），过去两年ExlService Holdings, Inc.的营收复合增速更高（11.5% vs 10.0%）
ExlService Holdings Inc.是全球知名的分析与数字解决方案服务商，服务覆盖保险、医疗健康、银行金融服务、媒体、零售等多个行业，总部位于纽约，在美国、欧洲、亚洲、拉美、澳大利亚、南非等地拥有超过5.4万名专业从业人员。
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。
EXLS vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.5倍
$542.6M
营收增速更快
EXLS
高出2.1%
10.6%
净利率更高
MSCI
高出23.5%
11.1%
自由现金流更多
MSCI
多$382.2M
$106.5M
两年增速更快
EXLS
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $542.6M | $822.5M |
| 净利润 | $60.2M | $284.7M |
| 毛利率 | 38.6% | — |
| 营业利润率 | 14.4% | 56.4% |
| 净利率 | 11.1% | 34.6% |
| 营收同比 | 12.7% | 10.6% |
| 净利润同比 | 18.9% | -6.8% |
| 每股收益（稀释后） | $0.38 | $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EXLSMSCI
| Q4 25 | $542.6M | $822.5M | ||
| Q3 25 | $529.6M | $793.4M | ||
| Q2 25 | $514.5M | $772.7M | ||
| Q1 25 | $501.0M | $745.8M | ||
| Q4 24 | $481.4M | $743.5M | ||
| Q3 24 | $472.1M | $724.7M | ||
| Q2 24 | $448.4M | $707.9M | ||
| Q1 24 | $436.5M | $680.0M |
净利润EXLSMSCI
| Q4 25 | $60.2M | $284.7M | ||
| Q3 25 | $58.2M | $325.4M | ||
| Q2 25 | $66.1M | $303.6M | ||
| Q1 25 | $66.6M | $288.6M | ||
| Q4 24 | $50.7M | $305.5M | ||
| Q3 24 | $53.0M | $280.9M | ||
| Q2 24 | $45.8M | $266.8M | ||
| Q1 24 | $48.8M | $256.0M |
毛利率EXLSMSCI
| Q4 25 | 38.6% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 37.7% | — | ||
| Q1 25 | 38.6% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 37.8% | — | ||
| Q2 24 | 37.1% | — | ||
| Q1 24 | 37.4% | — |
营业利润率EXLSMSCI
| Q4 25 | 14.4% | 56.4% | ||
| Q3 25 | 14.4% | 56.4% | ||
| Q2 25 | 15.8% | 55.0% | ||
| Q1 25 | 15.7% | 50.6% | ||
| Q4 24 | 14.8% | 54.5% | ||
| Q3 24 | 14.7% | 55.4% | ||
| Q2 24 | 13.7% | 54.0% | ||
| Q1 24 | 14.1% | 49.9% |
净利率EXLSMSCI
| Q4 25 | 11.1% | 34.6% | ||
| Q3 25 | 11.0% | 41.0% | ||
| Q2 25 | 12.8% | 39.3% | ||
| Q1 25 | 13.3% | 38.7% | ||
| Q4 24 | 10.5% | 41.1% | ||
| Q3 24 | 11.2% | 38.8% | ||
| Q2 24 | 10.2% | 37.7% | ||
| Q1 24 | 11.2% | 37.6% |
每股收益（稀释后）EXLSMSCI
| Q4 25 | $0.38 | $3.81 | ||
| Q3 25 | $0.36 | $4.25 | ||
| Q2 25 | $0.40 | $3.92 | ||
| Q1 25 | $0.40 | $3.71 | ||
| Q4 24 | $0.31 | $3.89 | ||
| Q3 24 | $0.33 | $3.57 | ||
| Q2 24 | $0.28 | $3.37 | ||
| Q1 24 | $0.29 | $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 | $328.4M | $515.3M |
| 总债务越低越好 | $298.6M | $6.2B |
| 股东权益账面价值 | $912.7M | $-2.7B |
| 总资产 | $1.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.33× | — |
8季度趋势，按日历期对齐
现金及短期投资EXLSMSCI
| Q4 25 | $328.4M | $515.3M | ||
| Q3 25 | $390.1M | $400.1M | ||
| Q2 25 | $353.3M | $347.3M | ||
| Q1 25 | $331.4M | $360.7M | ||
| Q4 24 | $340.6M | $409.4M | ||
| Q3 24 | $325.8M | $501.0M | ||
| Q2 24 | $276.1M | $451.4M | ||
| Q1 24 | $246.2M | $519.3M |
总债务EXLSMSCI
| Q4 25 | $298.6M | $6.2B | ||
| Q3 25 | $354.8M | $5.5B | ||
| Q2 25 | $260.0M | $4.5B | ||
| Q1 25 | $307.3M | $4.5B | ||
| Q4 24 | $288.5M | $4.5B | ||
| Q3 24 | $344.7M | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益EXLSMSCI
| Q4 25 | $912.7M | $-2.7B | ||
| Q3 25 | $952.4M | $-1.9B | ||
| Q2 25 | $1.1B | $-886.2M | ||
| Q1 25 | $1.0B | $-958.6M | ||
| Q4 24 | $929.9M | $-940.0M | ||
| Q3 24 | $907.6M | $-751.0M | ||
| Q2 24 | $852.6M | $-734.5M | ||
| Q1 24 | $803.3M | $-650.5M |
总资产EXLSMSCI
| Q4 25 | $1.7B | $5.7B | ||
| Q3 25 | $1.7B | $5.4B | ||
| Q2 25 | $1.7B | $5.4B | ||
| Q1 25 | $1.7B | $5.3B | ||
| Q4 24 | $1.6B | $5.4B | ||
| Q3 24 | $1.6B | $5.4B | ||
| Q2 24 | $1.5B | $5.5B | ||
| Q1 24 | $1.4B | $5.5B |
负债/权益比EXLSMSCI
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $117.4M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $106.5M | $488.7M |
| 自由现金流率自由现金流/营收 | 19.6% | 59.4% |
| 资本支出强度资本支出/营收 | 2.0% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.95× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $298.1M | $1.5B |
8季度趋势，按日历期对齐
经营现金流EXLSMSCI
| Q4 25 | $117.4M | $501.1M | ||
| Q3 25 | $120.7M | $449.4M | ||
| Q2 25 | $109.4M | $336.1M | ||
| Q1 25 | $3.2M | $301.7M | ||
| Q4 24 | $105.3M | $430.6M | ||
| Q3 24 | $110.1M | $421.6M | ||
| Q2 24 | $74.9M | $349.2M | ||
| Q1 24 | $-21.9M | $300.1M |
自由现金流EXLSMSCI
| Q4 25 | $106.5M | $488.7M | ||
| Q3 25 | $106.4M | $445.5M | ||
| Q2 25 | $95.0M | $324.7M | ||
| Q1 25 | $-9.7M | $290.2M | ||
| Q4 24 | $95.3M | $416.4M | ||
| Q3 24 | $97.3M | $415.0M | ||
| Q2 24 | $62.8M | $340.6M | ||
| Q1 24 | $-33.1M | $295.9M |
自由现金流率EXLSMSCI
| Q4 25 | 19.6% | 59.4% | ||
| Q3 25 | 20.1% | 56.2% | ||
| Q2 25 | 18.5% | 42.0% | ||
| Q1 25 | -1.9% | 38.9% | ||
| Q4 24 | 19.8% | 56.0% | ||
| Q3 24 | 20.6% | 57.3% | ||
| Q2 24 | 14.0% | 48.1% | ||
| Q1 24 | -7.6% | 43.5% |
资本支出强度EXLSMSCI
| Q4 25 | 2.0% | 1.5% | ||
| Q3 25 | 2.7% | 0.5% | ||
| Q2 25 | 2.8% | 1.5% | ||
| Q1 25 | 2.6% | 1.5% | ||
| Q4 24 | 2.1% | 1.9% | ||
| Q3 24 | 2.7% | 0.9% | ||
| Q2 24 | 2.7% | 1.2% | ||
| Q1 24 | 2.6% | 0.6% |
现金转化率EXLSMSCI
| Q4 25 | 1.95× | 1.76× | ||
| Q3 25 | 2.08× | 1.38× | ||
| Q2 25 | 1.66× | 1.11× | ||
| Q1 25 | 0.05× | 1.05× | ||
| Q4 24 | 2.08× | 1.41× | ||
| Q3 24 | 2.08× | 1.50× | ||
| Q2 24 | 1.63× | 1.31× | ||
| Q1 24 | -0.45× | 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
EXLS
| Insurance | $185.8M | 34% |
| Healthcare And Life Sciences | $142.2M | 26% |
| Banking Capital Markets And Diversified Industries | $122.6M | 23% |
| International Growth Markets | $92.0M | 17% |
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% |
