vs
Fabrinet（FN）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
Fabrinet的季度营收约是明晟的1.4倍（$1.1B vs $822.5M），明晟净利率更高（34.6% vs 9.9%，领先24.7%），Fabrinet同比增速更快（35.9% vs 10.6%），明晟自由现金流更多（$488.7M vs $-5.3M），过去两年Fabrinet的营收复合增速更高（24.4% vs 10.0%）
Fabrinet（股票代码FN）为标普中型股400指数成分股。该指数由标普道琼斯指数公司维护，覆盖400家以美企为主的中等市值企业，若成分企业存在多类流通股，指数的成分股总量有时会超过400只。
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。
FN vs MSCI — 直观对比
营收规模更大
FN
是对方的1.4倍
$822.5M
营收增速更快
FN
高出25.3%
10.6%
净利率更高
MSCI
高出24.7%
9.9%
自由现金流更多
MSCI
多$494.0M
$-5.3M
两年增速更快
FN
近两年复合增速
10.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $822.5M |
| 净利润 | $112.6M | $284.7M |
| 毛利率 | 12.2% | — |
| 营业利润率 | 10.1% | 56.4% |
| 净利率 | 9.9% | 34.6% |
| 营收同比 | 35.9% | 10.6% |
| 净利润同比 | 30.0% | -6.8% |
| 每股收益（稀释后） | $3.11 | $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FNMSCI
| Q4 25 | $1.1B | $822.5M | ||
| Q3 25 | $978.1M | $793.4M | ||
| Q2 25 | $909.7M | $772.7M | ||
| Q1 25 | $871.8M | $745.8M | ||
| Q4 24 | $833.6M | $743.5M | ||
| Q3 24 | $804.2M | $724.7M | ||
| Q2 24 | $753.3M | $707.9M | ||
| Q1 24 | $731.5M | $680.0M |
净利润FNMSCI
| Q4 25 | $112.6M | $284.7M | ||
| Q3 25 | $95.9M | $325.4M | ||
| Q2 25 | $87.2M | $303.6M | ||
| Q1 25 | $81.3M | $288.6M | ||
| Q4 24 | $86.6M | $305.5M | ||
| Q3 24 | $77.4M | $280.9M | ||
| Q2 24 | $81.1M | $266.8M | ||
| Q1 24 | $80.9M | $256.0M |
毛利率FNMSCI
| Q4 25 | 12.2% | — | ||
| Q3 25 | 11.9% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | 12.1% | — | ||
| Q3 24 | 12.3% | — | ||
| Q2 24 | 12.3% | — | ||
| Q1 24 | 12.4% | — |
营业利润率FNMSCI
| Q4 25 | 10.1% | 56.4% | ||
| Q3 25 | 9.6% | 56.4% | ||
| Q2 25 | 9.8% | 55.0% | ||
| Q1 25 | 9.0% | 50.6% | ||
| Q4 24 | 9.5% | 54.5% | ||
| Q3 24 | 9.6% | 55.4% | ||
| Q2 24 | 9.7% | 54.0% | ||
| Q1 24 | 9.7% | 49.9% |
净利率FNMSCI
| Q4 25 | 9.9% | 34.6% | ||
| Q3 25 | 9.8% | 41.0% | ||
| Q2 25 | 9.6% | 39.3% | ||
| Q1 25 | 9.3% | 38.7% | ||
| Q4 24 | 10.4% | 41.1% | ||
| Q3 24 | 9.6% | 38.8% | ||
| Q2 24 | 10.8% | 37.7% | ||
| Q1 24 | 11.1% | 37.6% |
每股收益（稀释后）FNMSCI
| Q4 25 | $3.11 | $3.81 | ||
| Q3 25 | $2.66 | $4.25 | ||
| Q2 25 | $2.41 | $3.92 | ||
| Q1 25 | $2.25 | $3.71 | ||
| Q4 24 | $2.38 | $3.89 | ||
| Q3 24 | $2.13 | $3.57 | ||
| Q2 24 | $2.22 | $3.37 | ||
| Q1 24 | $2.21 | $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 | $960.8M | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.2B | $-2.7B |
| 总资产 | $3.3B | $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FNMSCI
| Q4 25 | $960.8M | $515.3M | ||
| Q3 25 | $968.8M | $400.1M | ||
| Q2 25 | $934.2M | $347.3M | ||
| Q1 25 | $950.7M | $360.7M | ||
| Q4 24 | $934.6M | $409.4M | ||
| Q3 24 | $908.9M | $501.0M | ||
| Q2 24 | $858.6M | $451.4M | ||
| Q1 24 | $794.0M | $519.3M |
总债务FNMSCI
| 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FNMSCI
| Q4 25 | $2.2B | $-2.7B | ||
| Q3 25 | $2.1B | $-1.9B | ||
| Q2 25 | $2.0B | $-886.2M | ||
| Q1 25 | $1.9B | $-958.6M | ||
| Q4 24 | $1.8B | $-940.0M | ||
| Q3 24 | $1.8B | $-751.0M | ||
| Q2 24 | $1.7B | $-734.5M | ||
| Q1 24 | $1.7B | $-650.5M |
总资产FNMSCI
| Q4 25 | $3.3B | $5.7B | ||
| Q3 25 | $3.0B | $5.4B | ||
| Q2 25 | $2.8B | $5.4B | ||
| Q1 25 | $2.6B | $5.3B | ||
| Q4 24 | $2.5B | $5.4B | ||
| Q3 24 | $2.4B | $5.4B | ||
| Q2 24 | $2.3B | $5.5B | ||
| Q1 24 | $2.2B | $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 | $46.3M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $-5.3M | $488.7M |
| 自由现金流率自由现金流/营收 | -0.5% | 59.4% |
| 资本支出强度资本支出/营收 | 4.6% | 1.5% |
| 现金转化率经营现金流/净利润 | 0.41× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $102.3M | $1.5B |
8季度趋势，按日历期对齐
经营现金流FNMSCI
| Q4 25 | $46.3M | $501.1M | ||
| Q3 25 | $102.6M | $449.4M | ||
| Q2 25 | $55.1M | $336.1M | ||
| Q1 25 | $74.2M | $301.7M | ||
| Q4 24 | $115.9M | $430.6M | ||
| Q3 24 | $83.2M | $421.6M | ||
| Q2 24 | $83.1M | $349.2M | ||
| Q1 24 | $100.9M | $300.1M |
自由现金流FNMSCI
| Q4 25 | $-5.3M | $488.7M | ||
| Q3 25 | $57.3M | $445.5M | ||
| Q2 25 | $4.7M | $324.7M | ||
| Q1 25 | $45.7M | $290.2M | ||
| Q4 24 | $94.0M | $416.4M | ||
| Q3 24 | $62.9M | $415.0M | ||
| Q2 24 | $70.4M | $340.6M | ||
| Q1 24 | $87.3M | $295.9M |
自由现金流率FNMSCI
| Q4 25 | -0.5% | 59.4% | ||
| Q3 25 | 5.9% | 56.2% | ||
| Q2 25 | 0.5% | 42.0% | ||
| Q1 25 | 5.2% | 38.9% | ||
| Q4 24 | 11.3% | 56.0% | ||
| Q3 24 | 7.8% | 57.3% | ||
| Q2 24 | 9.3% | 48.1% | ||
| Q1 24 | 11.9% | 43.5% |
资本支出强度FNMSCI
| Q4 25 | 4.6% | 1.5% | ||
| Q3 25 | 4.6% | 0.5% | ||
| Q2 25 | 5.5% | 1.5% | ||
| Q1 25 | 3.3% | 1.5% | ||
| Q4 24 | 2.6% | 1.9% | ||
| Q3 24 | 2.5% | 0.9% | ||
| Q2 24 | 1.7% | 1.2% | ||
| Q1 24 | 1.9% | 0.6% |
现金转化率FNMSCI
| Q4 25 | 0.41× | 1.76× | ||
| Q3 25 | 1.07× | 1.38× | ||
| Q2 25 | 0.63× | 1.11× | ||
| Q1 25 | 0.91× | 1.05× | ||
| Q4 24 | 1.34× | 1.41× | ||
| Q3 24 | 1.07× | 1.50× | ||
| Q2 24 | 1.02× | 1.31× | ||
| Q1 24 | 1.25× | 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
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
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% |
