vs
LOUISIANA-PACIFIC CORP（LPX）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LOUISIANA-PACIFIC CORP的1.5倍（$822.5M vs $566.0M），明晟净利率更高（34.6% vs -1.4%，领先36.0%），明晟同比增速更快（10.6% vs -16.9%），明晟自由现金流更多（$488.7M vs $-8.0M），过去两年明晟的营收复合增速更高（10.0% vs -11.6%）
路易斯安那-太平洋公司（简称LP）是美国知名建材制造商，成立于1973年，是美国定向结构刨花板（OSB）生产的开创者，总部现位于田纳西州纳什维尔。作为全球最大的OSB生产商，公司还生产工程木建材产品，通过建材分销商、经销商及家居零售中心向建筑商和业主供货。
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。
LPX vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.5倍
$566.0M
营收增速更快
MSCI
高出27.5%
-16.9%
净利率更高
MSCI
高出36.0%
-1.4%
自由现金流更多
MSCI
多$496.7M
$-8.0M
两年增速更快
MSCI
近两年复合增速
-11.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $566.0M | $822.5M |
| 净利润 | $-8.0M | $284.7M |
| 毛利率 | 15.0% | — |
| 营业利润率 | -1.6% | 56.4% |
| 净利率 | -1.4% | 34.6% |
| 营收同比 | -16.9% | 10.6% |
| 净利润同比 | -112.9% | -6.8% |
| 每股收益（稀释后） | $-0.12 | $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LPXMSCI
| Q4 25 | $566.0M | $822.5M | ||
| Q3 25 | $663.0M | $793.4M | ||
| Q2 25 | $755.0M | $772.7M | ||
| Q1 25 | $724.0M | $745.8M | ||
| Q4 24 | $681.0M | $743.5M | ||
| Q3 24 | $722.0M | $724.7M | ||
| Q2 24 | $814.0M | $707.9M | ||
| Q1 24 | $724.0M | $680.0M |
净利润LPXMSCI
| Q4 25 | $-8.0M | $284.7M | ||
| Q3 25 | $9.0M | $325.4M | ||
| Q2 25 | $54.0M | $303.6M | ||
| Q1 25 | $91.0M | $288.6M | ||
| Q4 24 | $62.0M | $305.5M | ||
| Q3 24 | $90.0M | $280.9M | ||
| Q2 24 | $160.0M | $266.8M | ||
| Q1 24 | $108.0M | $256.0M |
毛利率LPXMSCI
| Q4 25 | 15.0% | — | ||
| Q3 25 | 19.5% | — | ||
| Q2 25 | 23.6% | — | ||
| Q1 25 | 27.2% | — | ||
| Q4 24 | 23.8% | — | ||
| Q3 24 | 26.7% | — | ||
| Q2 24 | 32.3% | — | ||
| Q1 24 | 29.6% | — |
营业利润率LPXMSCI
| Q4 25 | -1.6% | 56.4% | ||
| Q3 25 | 2.7% | 56.4% | ||
| Q2 25 | 10.6% | 55.0% | ||
| Q1 25 | 16.6% | 50.6% | ||
| Q4 24 | 11.0% | 54.5% | ||
| Q3 24 | 16.1% | 55.4% | ||
| Q2 24 | 23.8% | 54.0% | ||
| Q1 24 | 20.0% | 49.9% |
净利率LPXMSCI
| Q4 25 | -1.4% | 34.6% | ||
| Q3 25 | 1.4% | 41.0% | ||
| Q2 25 | 7.2% | 39.3% | ||
| Q1 25 | 12.6% | 38.7% | ||
| Q4 24 | 9.1% | 41.1% | ||
| Q3 24 | 12.5% | 38.8% | ||
| Q2 24 | 19.7% | 37.7% | ||
| Q1 24 | 14.9% | 37.6% |
每股收益（稀释后）LPXMSCI
| Q4 25 | $-0.12 | $3.81 | ||
| Q3 25 | $0.13 | $4.25 | ||
| Q2 25 | $0.77 | $3.92 | ||
| Q1 25 | $1.30 | $3.71 | ||
| Q4 24 | $0.90 | $3.89 | ||
| Q3 24 | $1.28 | $3.57 | ||
| Q2 24 | $2.23 | $3.37 | ||
| Q1 24 | $1.48 | $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 | $292.0M | $515.3M |
| 总债务越低越好 | $348.0M | $6.2B |
| 股东权益账面价值 | $1.7B | $-2.7B |
| 总资产 | $2.6B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.20× | — |
8季度趋势，按日历期对齐
现金及短期投资LPXMSCI
| Q4 25 | $292.0M | $515.3M | ||
| Q3 25 | $316.0M | $400.1M | ||
| Q2 25 | $333.0M | $347.3M | ||
| Q1 25 | $256.0M | $360.7M | ||
| Q4 24 | $340.0M | $409.4M | ||
| Q3 24 | $346.0M | $501.0M | ||
| Q2 24 | $317.0M | $451.4M | ||
| Q1 24 | $244.0M | $519.3M |
总债务LPXMSCI
| Q4 25 | $348.0M | $6.2B | ||
| Q3 25 | $348.0M | $5.5B | ||
| Q2 25 | $348.0M | $4.5B | ||
| Q1 25 | $348.0M | $4.5B | ||
| Q4 24 | $348.0M | $4.5B | ||
| Q3 24 | $347.0M | $4.5B | ||
| Q2 24 | $347.0M | $4.5B | ||
| Q1 24 | $347.0M | $4.5B |
股东权益LPXMSCI
| Q4 25 | $1.7B | $-2.7B | ||
| Q3 25 | $1.7B | $-1.9B | ||
| Q2 25 | $1.7B | $-886.2M | ||
| Q1 25 | $1.7B | $-958.6M | ||
| Q4 24 | $1.7B | $-940.0M | ||
| Q3 24 | $1.7B | $-751.0M | ||
| Q2 24 | $1.7B | $-734.5M | ||
| Q1 24 | $1.6B | $-650.5M |
总资产LPXMSCI
| Q4 25 | $2.6B | $5.7B | ||
| Q3 25 | $2.6B | $5.4B | ||
| Q2 25 | $2.7B | $5.4B | ||
| Q1 25 | $2.6B | $5.3B | ||
| Q4 24 | $2.6B | $5.4B | ||
| Q3 24 | $2.6B | $5.4B | ||
| Q2 24 | $2.5B | $5.5B | ||
| Q1 24 | $2.5B | $5.5B |
负债/权益比LPXMSCI
| Q4 25 | 0.20× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 0.21× | — | ||
| Q2 24 | 0.21× | — | ||
| Q1 24 | 0.21× | — |
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 | $67.0M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $-8.0M | $488.7M |
| 自由现金流率自由现金流/营收 | -1.4% | 59.4% |
| 资本支出强度资本支出/营收 | 13.3% | 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 | $91.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流LPXMSCI
| Q4 25 | $67.0M | $501.1M | ||
| Q3 25 | $89.0M | $449.4M | ||
| Q2 25 | $162.0M | $336.1M | ||
| Q1 25 | $64.0M | $301.7M | ||
| Q4 24 | $105.0M | $430.6M | ||
| Q3 24 | $183.0M | $421.6M | ||
| Q2 24 | $212.0M | $349.2M | ||
| Q1 24 | $105.0M | $300.1M |
自由现金流LPXMSCI
| Q4 25 | $-8.0M | $488.7M | ||
| Q3 25 | $5.0M | $445.5M | ||
| Q2 25 | $94.0M | $324.7M | ||
| Q1 25 | $0 | $290.2M | ||
| Q4 24 | $43.0M | $416.4M | ||
| Q3 24 | $139.0M | $415.0M | ||
| Q2 24 | $176.0M | $340.6M | ||
| Q1 24 | $64.0M | $295.9M |
自由现金流率LPXMSCI
| Q4 25 | -1.4% | 59.4% | ||
| Q3 25 | 0.8% | 56.2% | ||
| Q2 25 | 12.5% | 42.0% | ||
| Q1 25 | 0.0% | 38.9% | ||
| Q4 24 | 6.3% | 56.0% | ||
| Q3 24 | 19.3% | 57.3% | ||
| Q2 24 | 21.6% | 48.1% | ||
| Q1 24 | 8.8% | 43.5% |
资本支出强度LPXMSCI
| Q4 25 | 13.3% | 1.5% | ||
| Q3 25 | 12.7% | 0.5% | ||
| Q2 25 | 9.0% | 1.5% | ||
| Q1 25 | 8.8% | 1.5% | ||
| Q4 24 | 9.1% | 1.9% | ||
| Q3 24 | 6.1% | 0.9% | ||
| Q2 24 | 4.4% | 1.2% | ||
| Q1 24 | 5.7% | 0.6% |
现金转化率LPXMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | 9.89× | 1.38× | ||
| Q2 25 | 3.00× | 1.11× | ||
| Q1 25 | 0.70× | 1.05× | ||
| Q4 24 | 1.69× | 1.41× | ||
| Q3 24 | 2.03× | 1.50× | ||
| Q2 24 | 1.32× | 1.31× | ||
| Q1 24 | 0.97× | 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
LPX
| OS Bvalueadd | $472.0M | 83% |
| Other | $84.0M | 15% |
| Otherproducts | $10.0M | 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% |
