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拉扎德（LAZ）与晨星（MORN）财务数据对比。点击上方公司名可切换其他公司
拉扎德的季度营收约是晨星的1.4倍（$929.4M vs $641.1M），晨星净利率更高（18.0% vs 5.4%，领先12.6%），拉扎德同比增速更快（10.8% vs 8.5%），拉扎德自由现金流更多（$396.1M vs $161.3M），过去两年拉扎德的营收复合增速更高（8.8% vs 8.7%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
LAZ vs MORN — 直观对比
营收规模更大
LAZ
是对方的1.4倍
$641.1M
营收增速更快
LAZ
高出2.3%
8.5%
净利率更高
MORN
高出12.6%
5.4%
自由现金流更多
LAZ
多$234.8M
$161.3M
两年增速更快
LAZ
近两年复合增速
8.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $641.1M |
| 净利润 | $49.9M | $115.1M |
| 毛利率 | — | 61.1% |
| 营业利润率 | 9.1% | 24.9% |
| 净利率 | 5.4% | 18.0% |
| 营收同比 | 10.8% | 8.5% |
| 净利润同比 | -42.2% | -1.5% |
| 每股收益（稀释后） | $0.44 | $2.79 |
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LAZMORN
| Q4 25 | $929.4M | $641.1M | ||
| Q3 25 | $770.8M | $617.4M | ||
| Q2 25 | $817.2M | $605.1M | ||
| Q1 25 | $669.2M | $581.9M | ||
| Q4 24 | $839.0M | $591.0M | ||
| Q3 24 | $807.4M | $569.4M | ||
| Q2 24 | $708.0M | $571.9M | ||
| Q1 24 | $785.5M | $542.8M |
净利润LAZMORN
| Q4 25 | $49.9M | $115.1M | ||
| Q3 25 | $71.2M | $91.6M | ||
| Q2 25 | $55.3M | $89.0M | ||
| Q1 25 | $60.4M | $78.5M | ||
| Q4 24 | $86.3M | $116.9M | ||
| Q3 24 | $107.9M | $119.7M | ||
| Q2 24 | $49.9M | $69.1M | ||
| Q1 24 | $35.8M | $64.2M |
毛利率LAZMORN
| Q4 25 | — | 61.1% | ||
| Q3 25 | — | 60.9% | ||
| Q2 25 | — | 61.9% | ||
| Q1 25 | — | 60.2% | ||
| Q4 24 | — | 60.7% | ||
| Q3 24 | — | 60.9% | ||
| Q2 24 | — | 61.1% | ||
| Q1 24 | — | 59.8% |
营业利润率LAZMORN
| Q4 25 | 9.1% | 24.9% | ||
| Q3 25 | 12.3% | 20.7% | ||
| Q2 25 | 11.4% | 20.7% | ||
| Q1 25 | 8.2% | 19.6% | ||
| Q4 24 | 12.8% | 28.5% | ||
| Q3 24 | 20.0% | 20.3% | ||
| Q2 24 | 9.0% | 19.0% | ||
| Q1 24 | 6.9% | 17.1% |
净利率LAZMORN
| Q4 25 | 5.4% | 18.0% | ||
| Q3 25 | 9.2% | 14.8% | ||
| Q2 25 | 6.8% | 14.7% | ||
| Q1 25 | 9.0% | 13.5% | ||
| Q4 24 | 10.3% | 19.8% | ||
| Q3 24 | 13.4% | 21.0% | ||
| Q2 24 | 7.0% | 12.1% | ||
| Q1 24 | 4.6% | 11.8% |
每股收益（稀释后）LAZMORN
| Q4 25 | $0.44 | $2.79 | ||
| Q3 25 | $0.65 | $2.17 | ||
| Q2 25 | $0.52 | $2.09 | ||
| Q1 25 | $0.56 | $1.82 | ||
| Q4 24 | $0.82 | $2.72 | ||
| Q3 24 | $1.02 | $2.77 | ||
| Q2 24 | $0.49 | $1.60 | ||
| Q1 24 | $0.35 | $1.49 |
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 | $1.5B | $528.7M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $873.7M | $1.2B |
| 总资产 | $4.9B | $3.6B |
| 负债/权益比越低杠杆越低 | 1.93× | — |
8季度趋势，按日历期对齐
现金及短期投资LAZMORN
| Q4 25 | $1.5B | $528.7M | ||
| Q3 25 | $1.2B | $40.3M | ||
| Q2 25 | $978.3M | $38.1M | ||
| Q1 25 | $908.6M | $47.7M | ||
| Q4 24 | $1.3B | $551.0M | ||
| Q3 24 | $1.2B | $48.8M | ||
| Q2 24 | $847.6M | $48.0M | ||
| Q1 24 | $923.2M | $55.4M |
总债务LAZMORN
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $848.9M | ||
| Q2 25 | $1.7B | $838.8M | ||
| Q1 25 | $1.7B | $803.7M | ||
| Q4 24 | $1.7B | $698.6M | ||
| Q3 24 | $1.9B | $864.7M | ||
| Q2 24 | $1.9B | $899.6M | ||
| Q1 24 | $1.9B | $917.3M |
股东权益LAZMORN
| Q4 25 | $873.7M | $1.2B | ||
| Q3 25 | $841.5M | $1.5B | ||
| Q2 25 | $741.6M | $1.6B | ||
| Q1 25 | $603.0M | $1.6B | ||
| Q4 24 | $636.2M | $1.6B | ||
| Q3 24 | $624.3M | $1.6B | ||
| Q2 24 | $458.7M | $1.4B | ||
| Q1 24 | $392.7M | $1.4B |
总资产LAZMORN
| Q4 25 | $4.9B | $3.6B | ||
| Q3 25 | $4.6B | $3.6B | ||
| Q2 25 | $4.5B | $3.6B | ||
| Q1 25 | $4.2B | $3.6B | ||
| Q4 24 | $4.8B | $3.5B | ||
| Q3 24 | $4.8B | $3.6B | ||
| Q2 24 | $4.5B | $3.4B | ||
| Q1 24 | $4.6B | $3.4B |
负债/权益比LAZMORN
| Q4 25 | 1.93× | — | ||
| Q3 25 | 2.01× | 0.56× | ||
| Q2 25 | 2.28× | 0.52× | ||
| Q1 25 | 2.80× | 0.50× | ||
| Q4 24 | 2.65× | 0.43× | ||
| Q3 24 | 2.97× | 0.55× | ||
| Q2 24 | 4.04× | 0.63× | ||
| Q1 24 | 4.71× | 0.66× |
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 | $399.7M | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $161.3M |
| 自由现金流率自由现金流/营收 | 42.6% | 25.2% |
| 资本支出强度资本支出/营收 | 0.4% | 6.7% |
| 现金转化率经营现金流/净利润 | 8.02× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $487.4M | $442.6M |
8季度趋势，按日历期对齐
经营现金流LAZMORN
| Q4 25 | $399.7M | $204.0M | ||
| Q3 25 | $287.5M | $195.7M | ||
| Q2 25 | $49.7M | $99.0M | ||
| Q1 25 | $-217.5M | $91.0M | ||
| Q4 24 | $362.9M | $153.4M | ||
| Q3 24 | $293.7M | $191.9M | ||
| Q2 24 | $176.2M | $152.7M | ||
| Q1 24 | $-90.0M | $93.6M |
自由现金流LAZMORN
| Q4 25 | $396.1M | $161.3M | ||
| Q3 25 | $284.6M | $160.1M | ||
| Q2 25 | $38.0M | $62.4M | ||
| Q1 25 | $-231.3M | $58.8M | ||
| Q4 24 | $348.0M | $112.8M | ||
| Q3 24 | $276.2M | $155.8M | ||
| Q2 24 | $169.8M | $120.8M | ||
| Q1 24 | $-96.6M | $59.5M |
自由现金流率LAZMORN
| Q4 25 | 42.6% | 25.2% | ||
| Q3 25 | 36.9% | 25.9% | ||
| Q2 25 | 4.6% | 10.3% | ||
| Q1 25 | -34.6% | 10.1% | ||
| Q4 24 | 41.5% | 19.1% | ||
| Q3 24 | 34.2% | 27.4% | ||
| Q2 24 | 24.0% | 21.1% | ||
| Q1 24 | -12.3% | 11.0% |
资本支出强度LAZMORN
| Q4 25 | 0.4% | 6.7% | ||
| Q3 25 | 0.4% | 5.8% | ||
| Q2 25 | 1.4% | 6.0% | ||
| Q1 25 | 2.1% | 5.5% | ||
| Q4 24 | 1.8% | 6.9% | ||
| Q3 24 | 2.2% | 6.3% | ||
| Q2 24 | 0.9% | 5.6% | ||
| Q1 24 | 0.8% | 6.3% |
现金转化率LAZMORN
| Q4 25 | 8.02× | 1.77× | ||
| Q3 25 | 4.03× | 2.14× | ||
| Q2 25 | 0.90× | 1.11× | ||
| Q1 25 | -3.60× | 1.16× | ||
| Q4 24 | 4.20× | 1.31× | ||
| Q3 24 | 2.72× | 1.60× | ||
| Q2 24 | 3.53× | 2.21× | ||
| Q1 24 | -2.52× | 1.46× |
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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
