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罗技（LOGI）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
罗技的季度营收约是明晟的1.7倍（$1.4B vs $822.5M），明晟净利率更高（34.6% vs 17.7%，领先16.9%），明晟同比增速更快（10.6% vs 6.1%），明晟自由现金流更多（$488.7M vs $465.6M），过去两年罗技的营收复合增速更高（18.5% vs 10.0%）
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
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。
LOGI vs MSCI — 直观对比
营收规模更大
LOGI
是对方的1.7倍
$822.5M
营收增速更快
MSCI
高出4.6%
6.1%
净利率更高
MSCI
高出16.9%
17.7%
自由现金流更多
MSCI
多$23.0M
$465.6M
两年增速更快
LOGI
近两年复合增速
10.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $822.5M |
| 净利润 | $251.0M | $284.7M |
| 毛利率 | 43.2% | — |
| 营业利润率 | 20.1% | 56.4% |
| 净利率 | 17.7% | 34.6% |
| 营收同比 | 6.1% | 10.6% |
| 净利润同比 | 25.4% | -6.8% |
| 每股收益（稀释后） | $1.69 | $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LOGIMSCI
| Q4 25 | $1.4B | $822.5M | ||
| Q3 25 | $1.2B | $793.4M | ||
| Q2 25 | $1.1B | $772.7M | ||
| Q1 25 | $1.0B | $745.8M | ||
| Q4 24 | $1.3B | $743.5M | ||
| Q3 24 | $1.1B | $724.7M | ||
| Q2 24 | $1.1B | $707.9M | ||
| Q1 24 | $1.0B | $680.0M |
净利润LOGIMSCI
| Q4 25 | $251.0M | $284.7M | ||
| Q3 25 | $170.7M | $325.4M | ||
| Q2 25 | $146.0M | $303.6M | ||
| Q1 25 | $144.1M | $288.6M | ||
| Q4 24 | $200.1M | $305.5M | ||
| Q3 24 | $145.5M | $280.9M | ||
| Q2 24 | $141.8M | $266.8M | ||
| Q1 24 | $167.6M | $256.0M |
毛利率LOGIMSCI
| Q4 25 | 43.2% | — | ||
| Q3 25 | 43.4% | — | ||
| Q2 25 | 41.7% | — | ||
| Q1 25 | 43.1% | — | ||
| Q4 24 | 42.9% | — | ||
| Q3 24 | 43.6% | — | ||
| Q2 24 | 42.8% | — | ||
| Q1 24 | 43.2% | — |
营业利润率LOGIMSCI
| Q4 25 | 20.1% | 56.4% | ||
| Q3 25 | 16.1% | 56.4% | ||
| Q2 25 | 14.1% | 55.0% | ||
| Q1 25 | 10.5% | 50.6% | ||
| Q4 24 | 17.5% | 54.5% | ||
| Q3 24 | 14.4% | 55.4% | ||
| Q2 24 | 14.1% | 54.0% | ||
| Q1 24 | 12.9% | 49.9% |
净利率LOGIMSCI
| Q4 25 | 17.7% | 34.6% | ||
| Q3 25 | 14.4% | 41.0% | ||
| Q2 25 | 12.7% | 39.3% | ||
| Q1 25 | 14.3% | 38.7% | ||
| Q4 24 | 14.9% | 41.1% | ||
| Q3 24 | 13.0% | 38.8% | ||
| Q2 24 | 13.0% | 37.7% | ||
| Q1 24 | 16.6% | 37.6% |
每股收益（稀释后）LOGIMSCI
| Q4 25 | $1.69 | $3.81 | ||
| Q3 25 | $1.15 | $4.25 | ||
| Q2 25 | $0.98 | $3.92 | ||
| Q1 25 | $0.94 | $3.71 | ||
| Q4 24 | $1.32 | $3.89 | ||
| Q3 24 | $0.95 | $3.57 | ||
| Q2 24 | $0.92 | $3.37 | ||
| Q1 24 | $1.07 | $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 | $1.8B | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.3B | $-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LOGIMSCI
| Q4 25 | $1.8B | $515.3M | ||
| Q3 25 | $1.4B | $400.1M | ||
| Q2 25 | $1.5B | $347.3M | ||
| Q1 25 | $1.5B | $360.7M | ||
| Q4 24 | $1.5B | $409.4M | ||
| Q3 24 | $1.4B | $501.0M | ||
| Q2 24 | $1.5B | $451.4M | ||
| Q1 24 | $1.5B | $519.3M |
总债务LOGIMSCI
| 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LOGIMSCI
| Q4 25 | $2.3B | $-2.7B | ||
| Q3 25 | $2.1B | $-1.9B | ||
| Q2 25 | $2.2B | $-886.2M | ||
| Q1 25 | $2.1B | $-958.6M | ||
| Q4 24 | $2.1B | $-940.0M | ||
| Q3 24 | $2.1B | $-751.0M | ||
| Q2 24 | $2.2B | $-734.5M | ||
| Q1 24 | $2.2B | $-650.5M |
总资产LOGIMSCI
| Q4 25 | $4.1B | $5.7B | ||
| Q3 25 | $3.7B | $5.4B | ||
| Q2 25 | $3.7B | $5.4B | ||
| Q1 25 | $3.5B | $5.3B | ||
| Q4 24 | $3.7B | $5.4B | ||
| Q3 24 | $3.6B | $5.4B | ||
| Q2 24 | $3.7B | $5.5B | ||
| Q1 24 | $3.6B | $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 | $480.5M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $465.6M | $488.7M |
| 自由现金流率自由现金流/营收 | 32.8% | 59.4% |
| 资本支出强度资本支出/营收 | 1.0% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.91× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $903.6M | $1.5B |
8季度趋势，按日历期对齐
经营现金流LOGIMSCI
| Q4 25 | $480.5M | $501.1M | ||
| Q3 25 | $228.8M | $449.4M | ||
| Q2 25 | $125.0M | $336.1M | ||
| Q1 25 | $129.7M | $301.7M | ||
| Q4 24 | $370.9M | $430.6M | ||
| Q3 24 | $166.0M | $421.6M | ||
| Q2 24 | $176.0M | $349.2M | ||
| Q1 24 | $239.1M | $300.1M |
自由现金流LOGIMSCI
| Q4 25 | $465.6M | $488.7M | ||
| Q3 25 | $212.3M | $445.5M | ||
| Q2 25 | $108.8M | $324.7M | ||
| Q1 25 | $116.9M | $290.2M | ||
| Q4 24 | $356.6M | $416.4M | ||
| Q3 24 | $151.5M | $415.0M | ||
| Q2 24 | $161.4M | $340.6M | ||
| Q1 24 | $228.8M | $295.9M |
自由现金流率LOGIMSCI
| Q4 25 | 32.8% | 59.4% | ||
| Q3 25 | 17.9% | 56.2% | ||
| Q2 25 | 9.5% | 42.0% | ||
| Q1 25 | 11.6% | 38.9% | ||
| Q4 24 | 26.6% | 56.0% | ||
| Q3 24 | 13.6% | 57.3% | ||
| Q2 24 | 14.8% | 48.1% | ||
| Q1 24 | 22.6% | 43.5% |
资本支出强度LOGIMSCI
| Q4 25 | 1.0% | 1.5% | ||
| Q3 25 | 1.4% | 0.5% | ||
| Q2 25 | 1.4% | 1.5% | ||
| Q1 25 | 1.3% | 1.5% | ||
| Q4 24 | 1.1% | 1.9% | ||
| Q3 24 | 1.3% | 0.9% | ||
| Q2 24 | 1.3% | 1.2% | ||
| Q1 24 | 1.0% | 0.6% |
现金转化率LOGIMSCI
| Q4 25 | 1.91× | 1.76× | ||
| Q3 25 | 1.34× | 1.38× | ||
| Q2 25 | 0.86× | 1.11× | ||
| Q1 25 | 0.90× | 1.05× | ||
| Q4 24 | 1.85× | 1.41× | ||
| Q3 24 | 1.14× | 1.50× | ||
| Q2 24 | 1.24× | 1.31× | ||
| Q1 24 | 1.43× | 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
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 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% |
