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FirstCash Holdings, Inc.（FCFS）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FirstCash Holdings, Inc.的1.6倍（$822.5M vs $501.3M），明晟净利率更高（34.6% vs 20.8%，领先13.8%），FirstCash Holdings, Inc.同比增速更快（21.2% vs 10.6%），过去两年FirstCash Holdings, Inc.的营收复合增速更高（16.9% vs 10.0%）
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
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。
FCFS vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.6倍
$501.3M
营收增速更快
FCFS
高出10.5%
10.6%
净利率更高
MSCI
高出13.8%
20.8%
两年增速更快
FCFS
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $501.3M | $822.5M |
| 净利润 | $104.2M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 28.5% | 56.4% |
| 净利率 | 20.8% | 34.6% |
| 营收同比 | 21.2% | 10.6% |
| 净利润同比 | 24.7% | -6.8% |
| 每股收益（稀释后） | $2.35 | $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FCFSMSCI
| Q4 25 | $501.3M | $822.5M | ||
| Q3 25 | $411.0M | $793.4M | ||
| Q2 25 | $385.1M | $772.7M | ||
| Q1 25 | $371.1M | $745.8M | ||
| Q4 24 | $413.7M | $743.5M | ||
| Q3 24 | $363.1M | $724.7M | ||
| Q2 24 | $363.5M | $707.9M | ||
| Q1 24 | $366.8M | $680.0M |
净利润FCFSMSCI
| Q4 25 | $104.2M | $284.7M | ||
| Q3 25 | $82.8M | $325.4M | ||
| Q2 25 | $59.8M | $303.6M | ||
| Q1 25 | $83.6M | $288.6M | ||
| Q4 24 | $83.5M | $305.5M | ||
| Q3 24 | $64.8M | $280.9M | ||
| Q2 24 | $49.1M | $266.8M | ||
| Q1 24 | $61.4M | $256.0M |
营业利润率FCFSMSCI
| Q4 25 | 28.5% | 56.4% | ||
| Q3 25 | 27.4% | 56.4% | ||
| Q2 25 | 21.1% | 55.0% | ||
| Q1 25 | 30.0% | 50.6% | ||
| Q4 24 | 26.5% | 54.5% | ||
| Q3 24 | 23.5% | 55.4% | ||
| Q2 24 | 18.2% | 54.0% | ||
| Q1 24 | 22.3% | 49.9% |
净利率FCFSMSCI
| Q4 25 | 20.8% | 34.6% | ||
| Q3 25 | 20.1% | 41.0% | ||
| Q2 25 | 15.5% | 39.3% | ||
| Q1 25 | 22.5% | 38.7% | ||
| Q4 24 | 20.2% | 41.1% | ||
| Q3 24 | 17.9% | 38.8% | ||
| Q2 24 | 13.5% | 37.7% | ||
| Q1 24 | 16.7% | 37.6% |
每股收益（稀释后）FCFSMSCI
| Q4 25 | $2.35 | $3.81 | ||
| Q3 25 | $1.86 | $4.25 | ||
| Q2 25 | $1.34 | $3.92 | ||
| Q1 25 | $1.87 | $3.71 | ||
| Q4 24 | $1.86 | $3.89 | ||
| Q3 24 | $1.44 | $3.57 | ||
| Q2 24 | $1.08 | $3.37 | ||
| Q1 24 | $1.35 | $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 | $125.2M | $515.3M |
| 总债务越低越好 | $2.2B | $6.2B |
| 股东权益账面价值 | $2.3B | $-2.7B |
| 总资产 | $5.3B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.98× | — |
8季度趋势，按日历期对齐
现金及短期投资FCFSMSCI
| Q4 25 | $125.2M | $515.3M | ||
| Q3 25 | $130.2M | $400.1M | ||
| Q2 25 | $101.5M | $347.3M | ||
| Q1 25 | $146.0M | $360.7M | ||
| Q4 24 | $175.1M | $409.4M | ||
| Q3 24 | $106.3M | $501.0M | ||
| Q2 24 | $113.7M | $451.4M | ||
| Q1 24 | $135.1M | $519.3M |
总债务FCFSMSCI
| Q4 25 | $2.2B | $6.2B | ||
| Q3 25 | $2.2B | $5.5B | ||
| Q2 25 | $1.7B | $4.5B | ||
| Q1 25 | $1.7B | $4.5B | ||
| Q4 24 | $1.7B | $4.5B | ||
| Q3 24 | $1.7B | $4.5B | ||
| Q2 24 | $1.7B | $4.5B | ||
| Q1 24 | $1.5B | $4.5B |
股东权益FCFSMSCI
| Q4 25 | $2.3B | $-2.7B | ||
| Q3 25 | $2.2B | $-1.9B | ||
| Q2 25 | $2.1B | $-886.2M | ||
| Q1 25 | $2.1B | $-958.6M | ||
| Q4 24 | $2.1B | $-940.0M | ||
| Q3 24 | $2.0B | $-751.0M | ||
| Q2 24 | $2.0B | $-734.5M | ||
| Q1 24 | $2.0B | $-650.5M |
总资产FCFSMSCI
| Q4 25 | $5.3B | $5.7B | ||
| Q3 25 | $5.2B | $5.4B | ||
| Q2 25 | $4.5B | $5.4B | ||
| Q1 25 | $4.4B | $5.3B | ||
| Q4 24 | $4.5B | $5.4B | ||
| Q3 24 | $4.4B | $5.4B | ||
| Q2 24 | $4.3B | $5.5B | ||
| Q1 24 | $4.2B | $5.5B |
负债/权益比FCFSMSCI
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | — |
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 | $206.6M | $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 | 1.98× | 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FCFSMSCI
| Q4 25 | $206.6M | $501.1M | ||
| Q3 25 | $135.8M | $449.4M | ||
| Q2 25 | $116.9M | $336.1M | ||
| Q1 25 | $126.6M | $301.7M | ||
| Q4 24 | $198.1M | $430.6M | ||
| Q3 24 | $113.1M | $421.6M | ||
| Q2 24 | $106.2M | $349.2M | ||
| Q1 24 | $122.5M | $300.1M |
自由现金流FCFSMSCI
| 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FCFSMSCI
| 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FCFSMSCI
| 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FCFSMSCI
| Q4 25 | 1.98× | 1.76× | ||
| Q3 25 | 1.64× | 1.38× | ||
| Q2 25 | 1.95× | 1.11× | ||
| Q1 25 | 1.51× | 1.05× | ||
| Q4 24 | 2.37× | 1.41× | ||
| Q3 24 | 1.74× | 1.50× | ||
| Q2 24 | 2.16× | 1.31× | ||
| Q1 24 | 2.00× | 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
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
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% |
