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FEDERAL SIGNAL CORP（FSS）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FEDERAL SIGNAL CORP的1.4倍（$822.5M vs $597.1M），明晟净利率更高（34.6% vs 10.2%，领先24.4%），FEDERAL SIGNAL CORP同比增速更快（26.5% vs 10.6%），明晟自由现金流更多（$488.7M vs $89.5M），过去两年FEDERAL SIGNAL CORP的营收复合增速更高（18.5% vs 10.0%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
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。
FSS vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.4倍
$597.1M
营收增速更快
FSS
高出15.9%
10.6%
净利率更高
MSCI
高出24.4%
10.2%
自由现金流更多
MSCI
多$399.2M
$89.5M
两年增速更快
FSS
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $822.5M |
| 净利润 | $60.8M | $284.7M |
| 毛利率 | 28.4% | — |
| 营业利润率 | 14.0% | 56.4% |
| 净利率 | 10.2% | 34.6% |
| 营收同比 | 26.5% | 10.6% |
| 净利润同比 | 21.6% | -6.8% |
| 每股收益（稀释后） | $0.99 | $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FSSMSCI
| Q4 25 | $597.1M | $822.5M | ||
| Q3 25 | $555.0M | $793.4M | ||
| Q2 25 | $564.6M | $772.7M | ||
| Q1 25 | $463.8M | $745.8M | ||
| Q4 24 | $472.0M | $743.5M | ||
| Q3 24 | $474.2M | $724.7M | ||
| Q2 24 | $490.4M | $707.9M | ||
| Q1 24 | $424.9M | $680.0M |
净利润FSSMSCI
| Q4 25 | $60.8M | $284.7M | ||
| Q3 25 | $68.1M | $325.4M | ||
| Q2 25 | $71.4M | $303.6M | ||
| Q1 25 | $46.3M | $288.6M | ||
| Q4 24 | $50.0M | $305.5M | ||
| Q3 24 | $53.9M | $280.9M | ||
| Q2 24 | $60.8M | $266.8M | ||
| Q1 24 | $51.6M | $256.0M |
毛利率FSSMSCI
| Q4 25 | 28.4% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.6% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 27.3% | — |
营业利润率FSSMSCI
| Q4 25 | 14.0% | 56.4% | ||
| Q3 25 | 16.9% | 56.4% | ||
| Q2 25 | 17.3% | 55.0% | ||
| Q1 25 | 14.2% | 50.6% | ||
| Q4 24 | 14.9% | 54.5% | ||
| Q3 24 | 16.0% | 55.4% | ||
| Q2 24 | 16.5% | 54.0% | ||
| Q1 24 | 12.8% | 49.9% |
净利率FSSMSCI
| Q4 25 | 10.2% | 34.6% | ||
| Q3 25 | 12.3% | 41.0% | ||
| Q2 25 | 12.6% | 39.3% | ||
| Q1 25 | 10.0% | 38.7% | ||
| Q4 24 | 10.6% | 41.1% | ||
| Q3 24 | 11.4% | 38.8% | ||
| Q2 24 | 12.4% | 37.7% | ||
| Q1 24 | 12.1% | 37.6% |
每股收益（稀释后）FSSMSCI
| Q4 25 | $0.99 | $3.81 | ||
| Q3 25 | $1.11 | $4.25 | ||
| Q2 25 | $1.16 | $3.92 | ||
| Q1 25 | $0.75 | $3.71 | ||
| Q4 24 | $0.80 | $3.89 | ||
| Q3 24 | $0.87 | $3.57 | ||
| Q2 24 | $0.99 | $3.37 | ||
| Q1 24 | $0.84 | $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 | $63.7M | $515.3M |
| 总债务越低越好 | $564.6M | $6.2B |
| 股东权益账面价值 | $1.4B | $-2.7B |
| 总资产 | $2.4B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.41× | — |
8季度趋势，按日历期对齐
现金及短期投资FSSMSCI
| Q4 25 | $63.7M | $515.3M | ||
| Q3 25 | $54.4M | $400.1M | ||
| Q2 25 | $64.7M | $347.3M | ||
| Q1 25 | $57.5M | $360.7M | ||
| Q4 24 | $91.1M | $409.4M | ||
| Q3 24 | $73.7M | $501.0M | ||
| Q2 24 | $48.6M | $451.4M | ||
| Q1 24 | $48.9M | $519.3M |
总债务FSSMSCI
| Q4 25 | $564.6M | $6.2B | ||
| Q3 25 | $201.2M | $5.5B | ||
| Q2 25 | $258.3M | $4.5B | ||
| Q1 25 | $266.9M | $4.5B | ||
| Q4 24 | $204.4M | $4.5B | ||
| Q3 24 | $223.3M | $4.5B | ||
| Q2 24 | $248.8M | $4.5B | ||
| Q1 24 | $266.8M | $4.5B |
股东权益FSSMSCI
| Q4 25 | $1.4B | $-2.7B | ||
| Q3 25 | $1.3B | $-1.9B | ||
| Q2 25 | $1.3B | $-886.2M | ||
| Q1 25 | $1.2B | $-958.6M | ||
| Q4 24 | $1.2B | $-940.0M | ||
| Q3 24 | $1.1B | $-751.0M | ||
| Q2 24 | $1.1B | $-734.5M | ||
| Q1 24 | $1.0B | $-650.5M |
总资产FSSMSCI
| Q4 25 | $2.4B | $5.7B | ||
| Q3 25 | $1.9B | $5.4B | ||
| Q2 25 | $1.9B | $5.4B | ||
| Q1 25 | $1.9B | $5.3B | ||
| Q4 24 | $1.8B | $5.4B | ||
| Q3 24 | $1.7B | $5.4B | ||
| Q2 24 | $1.7B | $5.5B | ||
| Q1 24 | $1.7B | $5.5B |
负债/权益比FSSMSCI
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.26× | — |
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 | $97.2M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $488.7M |
| 自由现金流率自由现金流/营收 | 15.0% | 59.4% |
| 资本支出强度资本支出/营收 | 1.3% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.60× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $227.1M | $1.5B |
8季度趋势，按日历期对齐
经营现金流FSSMSCI
| Q4 25 | $97.2M | $501.1M | ||
| Q3 25 | $61.1M | $449.4M | ||
| Q2 25 | $59.7M | $336.1M | ||
| Q1 25 | $36.7M | $301.7M | ||
| Q4 24 | $90.6M | $430.6M | ||
| Q3 24 | $68.8M | $421.6M | ||
| Q2 24 | $40.6M | $349.2M | ||
| Q1 24 | $31.3M | $300.1M |
自由现金流FSSMSCI
| Q4 25 | $89.5M | $488.7M | ||
| Q3 25 | $54.1M | $445.5M | ||
| Q2 25 | $52.4M | $324.7M | ||
| Q1 25 | $31.1M | $290.2M | ||
| Q4 24 | $82.1M | $416.4M | ||
| Q3 24 | $60.9M | $415.0M | ||
| Q2 24 | $24.8M | $340.6M | ||
| Q1 24 | $22.9M | $295.9M |
自由现金流率FSSMSCI
| Q4 25 | 15.0% | 59.4% | ||
| Q3 25 | 9.7% | 56.2% | ||
| Q2 25 | 9.3% | 42.0% | ||
| Q1 25 | 6.7% | 38.9% | ||
| Q4 24 | 17.4% | 56.0% | ||
| Q3 24 | 12.8% | 57.3% | ||
| Q2 24 | 5.1% | 48.1% | ||
| Q1 24 | 5.4% | 43.5% |
资本支出强度FSSMSCI
| Q4 25 | 1.3% | 1.5% | ||
| Q3 25 | 1.3% | 0.5% | ||
| Q2 25 | 1.3% | 1.5% | ||
| Q1 25 | 1.2% | 1.5% | ||
| Q4 24 | 1.8% | 1.9% | ||
| Q3 24 | 1.7% | 0.9% | ||
| Q2 24 | 3.2% | 1.2% | ||
| Q1 24 | 2.0% | 0.6% |
现金转化率FSSMSCI
| Q4 25 | 1.60× | 1.76× | ||
| Q3 25 | 0.90× | 1.38× | ||
| Q2 25 | 0.84× | 1.11× | ||
| Q1 25 | 0.79× | 1.05× | ||
| Q4 24 | 1.81× | 1.41× | ||
| Q3 24 | 1.28× | 1.50× | ||
| Q2 24 | 0.67× | 1.31× | ||
| Q1 24 | 0.61× | 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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
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% |
