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EAGLE MATERIALS INC（EXP）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EAGLE MATERIALS INC的1.5倍（$822.5M vs $556.0M），明晟净利率更高（34.6% vs 18.5%，领先16.1%），明晟同比增速更快（10.6% vs -0.4%），明晟自由现金流更多（$488.7M vs $60.8M），过去两年明晟的营收复合增速更高（10.0% vs 8.0%）
Eagle Materials Inc.是总部位于美国得克萨斯州达拉斯的建筑材料生产企业，主营产品包括水泥、混凝土、建筑骨料、石膏、墙板、纸板以及水力压裂作业专用砂，产品广泛应用于建筑施工、能源开发等多个领域。
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。
EXP vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.5倍
$556.0M
营收增速更快
MSCI
高出11.0%
-0.4%
净利率更高
MSCI
高出16.1%
18.5%
自由现金流更多
MSCI
多$427.9M
$60.8M
两年增速更快
MSCI
近两年复合增速
8.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $556.0M | $822.5M |
| 净利润 | $102.9M | $284.7M |
| 毛利率 | 28.9% | — |
| 营业利润率 | — | 56.4% |
| 净利率 | 18.5% | 34.6% |
| 营收同比 | -0.4% | 10.6% |
| 净利润同比 | -13.9% | -6.8% |
| 每股收益（稀释后） | $3.22 | $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EXPMSCI
| Q4 25 | $556.0M | $822.5M | ||
| Q3 25 | $638.9M | $793.4M | ||
| Q2 25 | $634.7M | $772.7M | ||
| Q1 25 | $470.2M | $745.8M | ||
| Q4 24 | $558.0M | $743.5M | ||
| Q3 24 | $623.6M | $724.7M | ||
| Q2 24 | $608.7M | $707.9M | ||
| Q1 24 | $476.7M | $680.0M |
净利润EXPMSCI
| Q4 25 | $102.9M | $284.7M | ||
| Q3 25 | $137.4M | $325.4M | ||
| Q2 25 | $123.4M | $303.6M | ||
| Q1 25 | $66.5M | $288.6M | ||
| Q4 24 | $119.6M | $305.5M | ||
| Q3 24 | $143.5M | $280.9M | ||
| Q2 24 | $133.8M | $266.8M | ||
| Q1 24 | $77.1M | $256.0M |
毛利率EXPMSCI
| Q4 25 | 28.9% | — | ||
| Q3 25 | 31.3% | — | ||
| Q2 25 | 29.2% | — | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | 31.9% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 30.7% | — | ||
| Q1 24 | 25.1% | — |
营业利润率EXPMSCI
| Q4 25 | — | 56.4% | ||
| Q3 25 | — | 56.4% | ||
| Q2 25 | — | 55.0% | ||
| Q1 25 | — | 50.6% | ||
| Q4 24 | 32.8% | 54.5% | ||
| Q3 24 | 34.2% | 55.4% | ||
| Q2 24 | 32.0% | 54.0% | ||
| Q1 24 | 26.9% | 49.9% |
净利率EXPMSCI
| Q4 25 | 18.5% | 34.6% | ||
| Q3 25 | 21.5% | 41.0% | ||
| Q2 25 | 19.4% | 39.3% | ||
| Q1 25 | 14.1% | 38.7% | ||
| Q4 24 | 21.4% | 41.1% | ||
| Q3 24 | 23.0% | 38.8% | ||
| Q2 24 | 22.0% | 37.7% | ||
| Q1 24 | 16.2% | 37.6% |
每股收益（稀释后）EXPMSCI
| Q4 25 | $3.22 | $3.81 | ||
| Q3 25 | $4.23 | $4.25 | ||
| Q2 25 | $3.76 | $3.92 | ||
| Q1 25 | $2.01 | $3.71 | ||
| Q4 24 | $3.56 | $3.89 | ||
| Q3 24 | $4.26 | $3.57 | ||
| Q2 24 | $3.94 | $3.37 | ||
| Q1 24 | $2.23 | $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 | $419.0M | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $1.5B | $-2.7B |
| 总资产 | $3.8B | $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EXPMSCI
| Q4 25 | $419.0M | $515.3M | ||
| Q3 25 | $35.0M | $400.1M | ||
| Q2 25 | $59.7M | $347.3M | ||
| Q1 25 | $20.4M | $360.7M | ||
| Q4 24 | $31.2M | $409.4M | ||
| Q3 24 | $93.9M | $501.0M | ||
| Q2 24 | $46.5M | $451.4M | ||
| Q1 24 | $34.9M | $519.3M |
总债务EXPMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | $1.2B | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | $1.1B | $4.5B |
股东权益EXPMSCI
| Q4 25 | $1.5B | $-2.7B | ||
| Q3 25 | $1.5B | $-1.9B | ||
| Q2 25 | $1.5B | $-886.2M | ||
| Q1 25 | $1.5B | $-958.6M | ||
| Q4 24 | $1.5B | $-940.0M | ||
| Q3 24 | $1.4B | $-751.0M | ||
| Q2 24 | $1.4B | $-734.5M | ||
| Q1 24 | $1.3B | $-650.5M |
总资产EXPMSCI
| Q4 25 | $3.8B | $5.7B | ||
| Q3 25 | $3.4B | $5.4B | ||
| Q2 25 | $3.4B | $5.4B | ||
| Q1 25 | $3.3B | $5.3B | ||
| Q4 24 | $3.0B | $5.4B | ||
| Q3 24 | $3.1B | $5.4B | ||
| Q2 24 | $3.0B | $5.5B | ||
| Q1 24 | $2.9B | $5.5B |
负债/权益比EXPMSCI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.84× | — |
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 | $170.8M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $60.8M | $488.7M |
| 自由现金流率自由现金流/营收 | 10.9% | 59.4% |
| 资本支出强度资本支出/营收 | 19.8% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.66× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $231.8M | $1.5B |
8季度趋势，按日历期对齐
经营现金流EXPMSCI
| Q4 25 | $170.8M | $501.1M | ||
| Q3 25 | $204.6M | $449.4M | ||
| Q2 25 | $136.6M | $336.1M | ||
| Q1 25 | $62.8M | $301.7M | ||
| Q4 24 | $119.9M | $430.6M | ||
| Q3 24 | $233.3M | $421.6M | ||
| Q2 24 | $132.6M | $349.2M | ||
| Q1 24 | $63.4M | $300.1M |
自由现金流EXPMSCI
| Q4 25 | $60.8M | $488.7M | ||
| Q3 25 | $96.1M | $445.5M | ||
| Q2 25 | $60.5M | $324.7M | ||
| Q1 25 | $14.5M | $290.2M | ||
| Q4 24 | $72.5M | $416.4M | ||
| Q3 24 | $166.8M | $415.0M | ||
| Q2 24 | $99.5M | $340.6M | ||
| Q1 24 | $30.9M | $295.9M |
自由现金流率EXPMSCI
| Q4 25 | 10.9% | 59.4% | ||
| Q3 25 | 15.0% | 56.2% | ||
| Q2 25 | 9.5% | 42.0% | ||
| Q1 25 | 3.1% | 38.9% | ||
| Q4 24 | 13.0% | 56.0% | ||
| Q3 24 | 26.7% | 57.3% | ||
| Q2 24 | 16.3% | 48.1% | ||
| Q1 24 | 6.5% | 43.5% |
资本支出强度EXPMSCI
| Q4 25 | 19.8% | 1.5% | ||
| Q3 25 | 17.0% | 0.5% | ||
| Q2 25 | 12.0% | 1.5% | ||
| Q1 25 | 10.3% | 1.5% | ||
| Q4 24 | 8.5% | 1.9% | ||
| Q3 24 | 10.7% | 0.9% | ||
| Q2 24 | 5.4% | 1.2% | ||
| Q1 24 | 6.8% | 0.6% |
现金转化率EXPMSCI
| Q4 25 | 1.66× | 1.76× | ||
| Q3 25 | 1.49× | 1.38× | ||
| Q2 25 | 1.11× | 1.11× | ||
| Q1 25 | 0.94× | 1.05× | ||
| Q4 24 | 1.00× | 1.41× | ||
| Q3 24 | 1.63× | 1.50× | ||
| Q2 24 | 0.99× | 1.31× | ||
| Q1 24 | 0.82× | 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
EXP
| External Customers | $283.5M | 51% |
| Gypsum Wallboard | $175.9M | 32% |
| Recycled Paperboard | $47.8M | 9% |
| Corporate Joint Venture | $29.4M | 5% |
| Other | $11.8M | 2% |
| Western Pennsylvania Acquisition | $7.6M | 1% |
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% |
