vs
ICU MEDICAL INC（ICUI）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ICU MEDICAL INC的1.5倍（$822.5M vs $540.7M），明晟净利率更高（34.6% vs -2.9%，领先37.5%），明晟同比增速更快（10.6% vs -14.1%），明晟自由现金流更多（$488.7M vs $36.0M），过去两年明晟的营收复合增速更高（10.0% vs -2.3%）
ICU医疗是总部位于美国加利福尼亚州圣克莱门特的医疗科技企业，专注于研发预防血流感染、保护医护人员免受传染病或危险药物侵害的医疗产品，产品线覆盖静脉治疗用品、输液泵、无针血管通路设备、定制输液套装、危险药物密闭处理系统、传感导管以及无针封闭式血液采样系统等。
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。
ICUI vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.5倍
$540.7M
营收增速更快
MSCI
高出24.8%
-14.1%
净利率更高
MSCI
高出37.5%
-2.9%
自由现金流更多
MSCI
多$452.7M
$36.0M
两年增速更快
MSCI
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $540.7M | $822.5M |
| 净利润 | $-15.7M | $284.7M |
| 毛利率 | 37.5% | — |
| 营业利润率 | 1.0% | 56.4% |
| 净利率 | -2.9% | 34.6% |
| 营收同比 | -14.1% | 10.6% |
| 净利润同比 | 34.0% | -6.8% |
| 每股收益（稀释后） | $-0.63 | $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ICUIMSCI
| Q4 25 | $540.7M | $822.5M | ||
| Q3 25 | $537.0M | $793.4M | ||
| Q2 25 | $548.9M | $772.7M | ||
| Q1 25 | $604.7M | $745.8M | ||
| Q4 24 | $629.8M | $743.5M | ||
| Q3 24 | $589.1M | $724.7M | ||
| Q2 24 | $596.5M | $707.9M | ||
| Q1 24 | $566.7M | $680.0M |
净利润ICUIMSCI
| Q4 25 | $-15.7M | $284.7M | ||
| Q3 25 | $-3.4M | $325.4M | ||
| Q2 25 | $35.3M | $303.6M | ||
| Q1 25 | $-15.5M | $288.6M | ||
| Q4 24 | $-23.8M | $305.5M | ||
| Q3 24 | $-33.0M | $280.9M | ||
| Q2 24 | $-21.4M | $266.8M | ||
| Q1 24 | $-39.5M | $256.0M |
毛利率ICUIMSCI
| Q4 25 | 37.5% | — | ||
| Q3 25 | 37.4% | — | ||
| Q2 25 | 37.9% | — | ||
| Q1 25 | 34.7% | — | ||
| Q4 24 | 36.1% | — | ||
| Q3 24 | 34.8% | — | ||
| Q2 24 | 34.8% | — | ||
| Q1 24 | 32.7% | — |
营业利润率ICUIMSCI
| Q4 25 | 1.0% | 56.4% | ||
| Q3 25 | 2.6% | 56.4% | ||
| Q2 25 | 1.9% | 55.0% | ||
| Q1 25 | 2.1% | 50.6% | ||
| Q4 24 | 6.0% | 54.5% | ||
| Q3 24 | 1.4% | 55.4% | ||
| Q2 24 | 1.3% | 54.0% | ||
| Q1 24 | -1.9% | 49.9% |
净利率ICUIMSCI
| Q4 25 | -2.9% | 34.6% | ||
| Q3 25 | -0.6% | 41.0% | ||
| Q2 25 | 6.4% | 39.3% | ||
| Q1 25 | -2.6% | 38.7% | ||
| Q4 24 | -3.8% | 41.1% | ||
| Q3 24 | -5.6% | 38.8% | ||
| Q2 24 | -3.6% | 37.7% | ||
| Q1 24 | -7.0% | 37.6% |
每股收益（稀释后）ICUIMSCI
| Q4 25 | $-0.63 | $3.81 | ||
| Q3 25 | $-0.14 | $4.25 | ||
| Q2 25 | $1.43 | $3.92 | ||
| Q1 25 | $-0.63 | $3.71 | ||
| Q4 24 | $-0.97 | $3.89 | ||
| Q3 24 | $-1.35 | $3.57 | ||
| Q2 24 | $-0.88 | $3.37 | ||
| Q1 24 | $-1.63 | $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 | — | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.1B | $-2.7B |
| 总资产 | $4.1B | $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ICUIMSCI
| Q4 25 | — | $515.3M | ||
| Q3 25 | — | $400.1M | ||
| Q2 25 | — | $347.3M | ||
| Q1 25 | — | $360.7M | ||
| Q4 24 | $308.6M | $409.4M | ||
| Q3 24 | $312.5M | $501.0M | ||
| Q2 24 | $302.6M | $451.4M | ||
| Q1 24 | $251.4M | $519.3M |
总债务ICUIMSCI
| 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ICUIMSCI
| Q4 25 | $2.1B | $-2.7B | ||
| Q3 25 | $2.1B | $-1.9B | ||
| Q2 25 | $2.1B | $-886.2M | ||
| Q1 25 | $2.0B | $-958.6M | ||
| Q4 24 | $2.0B | $-940.0M | ||
| Q3 24 | $2.0B | $-751.0M | ||
| Q2 24 | $2.0B | $-734.5M | ||
| Q1 24 | $2.1B | $-650.5M |
总资产ICUIMSCI
| Q4 25 | $4.1B | $5.7B | ||
| Q3 25 | $4.1B | $5.4B | ||
| Q2 25 | $4.1B | $5.4B | ||
| Q1 25 | $4.2B | $5.3B | ||
| Q4 24 | $4.2B | $5.4B | ||
| Q3 24 | $4.3B | $5.4B | ||
| Q2 24 | $4.3B | $5.5B | ||
| Q1 24 | $4.3B | $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 | $60.6M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $36.0M | $488.7M |
| 自由现金流率自由现金流/营收 | 6.6% | 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 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | $91.8M | $1.5B |
8季度趋势，按日历期对齐
经营现金流ICUIMSCI
| Q4 25 | $60.6M | $501.1M | ||
| Q3 25 | $56.7M | $449.4M | ||
| Q2 25 | $11.2M | $336.1M | ||
| Q1 25 | $51.3M | $301.7M | ||
| Q4 24 | $40.2M | $430.6M | ||
| Q3 24 | $36.1M | $421.6M | ||
| Q2 24 | $82.0M | $349.2M | ||
| Q1 24 | $45.8M | $300.1M |
自由现金流ICUIMSCI
| Q4 25 | $36.0M | $488.7M | ||
| Q3 25 | $27.6M | $445.5M | ||
| Q2 25 | $-8.5M | $324.7M | ||
| Q1 25 | $36.7M | $290.2M | ||
| Q4 24 | $16.1M | $416.4M | ||
| Q3 24 | $16.2M | $415.0M | ||
| Q2 24 | $62.5M | $340.6M | ||
| Q1 24 | $29.9M | $295.9M |
自由现金流率ICUIMSCI
| Q4 25 | 6.6% | 59.4% | ||
| Q3 25 | 5.1% | 56.2% | ||
| Q2 25 | -1.5% | 42.0% | ||
| Q1 25 | 6.1% | 38.9% | ||
| Q4 24 | 2.6% | 56.0% | ||
| Q3 24 | 2.7% | 57.3% | ||
| Q2 24 | 10.5% | 48.1% | ||
| Q1 24 | 5.3% | 43.5% |
资本支出强度ICUIMSCI
| Q4 25 | 4.6% | 1.5% | ||
| Q3 25 | 5.4% | 0.5% | ||
| Q2 25 | 3.6% | 1.5% | ||
| Q1 25 | 2.4% | 1.5% | ||
| Q4 24 | 3.8% | 1.9% | ||
| Q3 24 | 3.4% | 0.9% | ||
| Q2 24 | 3.3% | 1.2% | ||
| Q1 24 | 2.8% | 0.6% |
现金转化率ICUIMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | 0.32× | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 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
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
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% |
