vs
Fair Isaac（FICO）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Fair Isaac的1.6倍（$822.5M vs $512.0M），明晟净利率更高（34.6% vs 30.9%，领先3.7%），Fair Isaac同比增速更快（16.4% vs 10.6%），明晟自由现金流更多（$488.7M vs $173.9M），过去两年明晟的营收复合增速更高（10.0% vs 8.6%）
FICO（原Fair, Isaac and Company）是美国知名数据分析企业，1956年由比尔·费尔与厄尔·艾萨克创立，总部位于蒙大拿州博兹曼市，核心业务为信用评分服务，其推出的FICO信用分是评估消费者信贷风险的重要指标，目前已被美国消费信贷行业广泛采用。
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。
FICO vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.6倍
$512.0M
营收增速更快
FICO
高出5.7%
10.6%
净利率更高
MSCI
高出3.7%
30.9%
自由现金流更多
MSCI
多$314.8M
$173.9M
两年增速更快
MSCI
近两年复合增速
8.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $512.0M | $822.5M |
| 净利润 | $158.4M | $284.7M |
| 毛利率 | 83.0% | — |
| 营业利润率 | 45.7% | 56.4% |
| 净利率 | 30.9% | 34.6% |
| 营收同比 | 16.4% | 10.6% |
| 净利润同比 | 3.8% | -6.8% |
| 每股收益（稀释后） | $6.61 | $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FICOMSCI
| Q4 25 | $512.0M | $822.5M | ||
| Q3 25 | $515.8M | $793.4M | ||
| Q2 25 | $536.4M | $772.7M | ||
| Q1 25 | $498.7M | $745.8M | ||
| Q4 24 | $440.0M | $743.5M | ||
| Q3 24 | $453.8M | $724.7M | ||
| Q2 24 | $447.8M | $707.9M | ||
| Q1 24 | $433.8M | $680.0M |
净利润FICOMSCI
| Q4 25 | $158.4M | $284.7M | ||
| Q3 25 | $155.0M | $325.4M | ||
| Q2 25 | $181.8M | $303.6M | ||
| Q1 25 | $162.6M | $288.6M | ||
| Q4 24 | $152.5M | $305.5M | ||
| Q3 24 | $135.7M | $280.9M | ||
| Q2 24 | $126.3M | $266.8M | ||
| Q1 24 | $129.8M | $256.0M |
毛利率FICOMSCI
| Q4 25 | 83.0% | — | ||
| Q3 25 | 82.3% | — | ||
| Q2 25 | 83.7% | — | ||
| Q1 25 | 82.4% | — | ||
| Q4 24 | 80.1% | — | ||
| Q3 24 | 80.3% | — | ||
| Q2 24 | 80.3% | — | ||
| Q1 24 | 80.0% | — |
营业利润率FICOMSCI
| Q4 25 | 45.7% | 56.4% | ||
| Q3 25 | 46.0% | 56.4% | ||
| Q2 25 | 48.9% | 55.0% | ||
| Q1 25 | 49.3% | 50.6% | ||
| Q4 24 | 40.8% | 54.5% | ||
| Q3 24 | 43.4% | 55.4% | ||
| Q2 24 | 42.5% | 54.0% | ||
| Q1 24 | 44.9% | 49.9% |
净利率FICOMSCI
| Q4 25 | 30.9% | 34.6% | ||
| Q3 25 | 30.1% | 41.0% | ||
| Q2 25 | 33.9% | 39.3% | ||
| Q1 25 | 32.6% | 38.7% | ||
| Q4 24 | 34.7% | 41.1% | ||
| Q3 24 | 29.9% | 38.8% | ||
| Q2 24 | 28.2% | 37.7% | ||
| Q1 24 | 29.9% | 37.6% |
每股收益（稀释后）FICOMSCI
| Q4 25 | $6.61 | $3.81 | ||
| Q3 25 | $6.41 | $4.25 | ||
| Q2 25 | $7.40 | $3.92 | ||
| Q1 25 | $6.59 | $3.71 | ||
| Q4 24 | $6.14 | $3.89 | ||
| Q3 24 | $5.44 | $3.57 | ||
| Q2 24 | $5.05 | $3.37 | ||
| Q1 24 | $5.16 | $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 | $162.0M | $515.3M |
| 总债务越低越好 | $3.2B | $6.2B |
| 股东权益账面价值 | $-1.8B | $-2.7B |
| 总资产 | $1.9B | $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FICOMSCI
| Q4 25 | $162.0M | $515.3M | ||
| Q3 25 | $134.1M | $400.1M | ||
| Q2 25 | $189.0M | $347.3M | ||
| Q1 25 | $146.6M | $360.7M | ||
| Q4 24 | $184.3M | $409.4M | ||
| Q3 24 | $150.7M | $501.0M | ||
| Q2 24 | $156.0M | $451.4M | ||
| Q1 24 | $135.7M | $519.3M |
总债务FICOMSCI
| Q4 25 | $3.2B | $6.2B | ||
| Q3 25 | $3.1B | $5.5B | ||
| Q2 25 | $2.8B | $4.5B | ||
| Q1 25 | $2.5B | $4.5B | ||
| Q4 24 | $2.4B | $4.5B | ||
| Q3 24 | $2.2B | $4.5B | ||
| Q2 24 | $2.1B | $4.5B | ||
| Q1 24 | $2.0B | $4.5B |
股东权益FICOMSCI
| Q4 25 | $-1.8B | $-2.7B | ||
| Q3 25 | $-1.7B | $-1.9B | ||
| Q2 25 | $-1.4B | $-886.2M | ||
| Q1 25 | $-1.1B | $-958.6M | ||
| Q4 24 | $-1.1B | $-940.0M | ||
| Q3 24 | $-962.7M | $-751.0M | ||
| Q2 24 | $-829.3M | $-734.5M | ||
| Q1 24 | $-735.7M | $-650.5M |
总资产FICOMSCI
| Q4 25 | $1.9B | $5.7B | ||
| Q3 25 | $1.9B | $5.4B | ||
| Q2 25 | $1.9B | $5.4B | ||
| Q1 25 | $1.8B | $5.3B | ||
| Q4 24 | $1.7B | $5.4B | ||
| Q3 24 | $1.7B | $5.4B | ||
| Q2 24 | $1.7B | $5.5B | ||
| Q1 24 | $1.7B | $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 | $174.1M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $173.9M | $488.7M |
| 自由现金流率自由现金流/营收 | 34.0% | 59.4% |
| 资本支出强度资本支出/营收 | 0.0% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.10× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $750.6M | $1.5B |
8季度趋势，按日历期对齐
经营现金流FICOMSCI
| Q4 25 | $174.1M | $501.1M | ||
| Q3 25 | $223.7M | $449.4M | ||
| Q2 25 | $286.2M | $336.1M | ||
| Q1 25 | $74.9M | $301.7M | ||
| Q4 24 | $194.0M | $430.6M | ||
| Q3 24 | $226.5M | $421.6M | ||
| Q2 24 | $213.3M | $349.2M | ||
| Q1 24 | $71.0M | $300.1M |
自由现金流FICOMSCI
| Q4 25 | $173.9M | $488.7M | ||
| Q3 25 | $219.5M | $445.5M | ||
| Q2 25 | $284.4M | $324.7M | ||
| Q1 25 | $72.8M | $290.2M | ||
| Q4 24 | $193.2M | $416.4M | ||
| Q3 24 | $224.7M | $415.0M | ||
| Q2 24 | $211.6M | $340.6M | ||
| Q1 24 | $67.0M | $295.9M |
自由现金流率FICOMSCI
| Q4 25 | 34.0% | 59.4% | ||
| Q3 25 | 42.6% | 56.2% | ||
| Q2 25 | 53.0% | 42.0% | ||
| Q1 25 | 14.6% | 38.9% | ||
| Q4 24 | 43.9% | 56.0% | ||
| Q3 24 | 49.5% | 57.3% | ||
| Q2 24 | 47.2% | 48.1% | ||
| Q1 24 | 15.4% | 43.5% |
资本支出强度FICOMSCI
| Q4 25 | 0.0% | 1.5% | ||
| Q3 25 | 0.8% | 0.5% | ||
| Q2 25 | 0.3% | 1.5% | ||
| Q1 25 | 0.4% | 1.5% | ||
| Q4 24 | 0.2% | 1.9% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 0.4% | 1.2% | ||
| Q1 24 | 0.9% | 0.6% |
现金转化率FICOMSCI
| Q4 25 | 1.10× | 1.76× | ||
| Q3 25 | 1.44× | 1.38× | ||
| Q2 25 | 1.57× | 1.11× | ||
| Q1 25 | 0.46× | 1.05× | ||
| Q4 24 | 1.27× | 1.41× | ||
| Q3 24 | 1.67× | 1.50× | ||
| Q2 24 | 1.69× | 1.31× | ||
| Q1 24 | 0.55× | 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
FICO
| Business To Business Scores | $248.6M | 49% |
| Saa S Products | $115.7M | 23% |
| Platform Software | $73.9M | 14% |
| Business To Consumer Scores | $55.9M | 11% |
| Technology Service | $19.2M | 4% |
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% |
