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美森（MATX）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
美森的季度营收约是明晟的1.0倍（$851.9M vs $822.5M），明晟净利率更高（34.6% vs 16.8%，领先17.8%），明晟同比增速更快（10.6% vs -4.3%），明晟自由现金流更多（$488.7M vs $42.2M），过去两年明晟的营收复合增速更高（10.0% vs 8.6%）
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
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。
MATX vs MSCI — 直观对比
营收规模更大
MATX
是对方的1.0倍
$822.5M
营收增速更快
MSCI
高出14.9%
-4.3%
净利率更高
MSCI
高出17.8%
16.8%
自由现金流更多
MSCI
多$446.5M
$42.2M
两年增速更快
MSCI
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $851.9M | $822.5M |
| 净利润 | $143.1M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 16.9% | 56.4% |
| 净利率 | 16.8% | 34.6% |
| 营收同比 | -4.3% | 10.6% |
| 净利润同比 | 11.8% | -6.8% |
| 每股收益（稀释后） | $4.47 | $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MATXMSCI
| Q4 25 | $851.9M | $822.5M | ||
| Q3 25 | $880.1M | $793.4M | ||
| Q2 25 | $830.5M | $772.7M | ||
| Q1 25 | $782.0M | $745.8M | ||
| Q4 24 | $890.3M | $743.5M | ||
| Q3 24 | $962.0M | $724.7M | ||
| Q2 24 | $847.4M | $707.9M | ||
| Q1 24 | $722.1M | $680.0M |
净利润MATXMSCI
| Q4 25 | $143.1M | $284.7M | ||
| Q3 25 | $134.7M | $325.4M | ||
| Q2 25 | $94.7M | $303.6M | ||
| Q1 25 | $72.3M | $288.6M | ||
| Q4 24 | $128.0M | $305.5M | ||
| Q3 24 | $199.1M | $280.9M | ||
| Q2 24 | $113.2M | $266.8M | ||
| Q1 24 | $36.1M | $256.0M |
营业利润率MATXMSCI
| Q4 25 | 16.9% | 56.4% | ||
| Q3 25 | 18.3% | 56.4% | ||
| Q2 25 | 13.6% | 55.0% | ||
| Q1 25 | 10.5% | 50.6% | ||
| Q4 24 | 16.6% | 54.5% | ||
| Q3 24 | 25.2% | 55.4% | ||
| Q2 24 | 14.7% | 54.0% | ||
| Q1 24 | 5.1% | 49.9% |
净利率MATXMSCI
| Q4 25 | 16.8% | 34.6% | ||
| Q3 25 | 15.3% | 41.0% | ||
| Q2 25 | 11.4% | 39.3% | ||
| Q1 25 | 9.2% | 38.7% | ||
| Q4 24 | 14.4% | 41.1% | ||
| Q3 24 | 20.7% | 38.8% | ||
| Q2 24 | 13.4% | 37.7% | ||
| Q1 24 | 5.0% | 37.6% |
每股收益（稀释后）MATXMSCI
| Q4 25 | $4.47 | $3.81 | ||
| Q3 25 | $4.24 | $4.25 | ||
| Q2 25 | $2.92 | $3.92 | ||
| Q1 25 | $2.18 | $3.71 | ||
| Q4 24 | $3.69 | $3.89 | ||
| Q3 24 | $5.89 | $3.57 | ||
| Q2 24 | $3.31 | $3.37 | ||
| Q1 24 | $1.04 | $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 | $141.9M | $515.3M |
| 总债务越低越好 | $361.2M | $6.2B |
| 股东权益账面价值 | $2.8B | $-2.7B |
| 总资产 | $4.6B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.13× | — |
8季度趋势，按日历期对齐
现金及短期投资MATXMSCI
| Q4 25 | $141.9M | $515.3M | ||
| Q3 25 | $92.7M | $400.1M | ||
| Q2 25 | $59.1M | $347.3M | ||
| Q1 25 | $122.0M | $360.7M | ||
| Q4 24 | $266.8M | $409.4M | ||
| Q3 24 | $270.3M | $501.0M | ||
| Q2 24 | $168.2M | $451.4M | ||
| Q1 24 | $25.9M | $519.3M |
总债务MATXMSCI
| Q4 25 | $361.2M | $6.2B | ||
| Q3 25 | $370.9M | $5.5B | ||
| Q2 25 | $341.3M | $4.5B | ||
| Q1 25 | $351.1M | $4.5B | ||
| Q4 24 | $361.2M | $4.5B | ||
| Q3 24 | $370.9M | $4.5B | ||
| Q2 24 | $381.0M | $4.5B | ||
| Q1 24 | $390.8M | $4.5B |
股东权益MATXMSCI
| Q4 25 | $2.8B | $-2.7B | ||
| Q3 25 | $2.7B | $-1.9B | ||
| Q2 25 | $2.6B | $-886.2M | ||
| Q1 25 | $2.6B | $-958.6M | ||
| Q4 24 | $2.7B | $-940.0M | ||
| Q3 24 | $2.6B | $-751.0M | ||
| Q2 24 | $2.4B | $-734.5M | ||
| Q1 24 | $2.4B | $-650.5M |
总资产MATXMSCI
| Q4 25 | $4.6B | $5.7B | ||
| Q3 25 | $4.6B | $5.4B | ||
| Q2 25 | $4.5B | $5.4B | ||
| Q1 25 | $4.5B | $5.3B | ||
| Q4 24 | $4.6B | $5.4B | ||
| Q3 24 | $4.4B | $5.4B | ||
| Q2 24 | $4.3B | $5.5B | ||
| Q1 24 | $4.2B | $5.5B |
负债/权益比MATXMSCI
| Q4 25 | 0.13× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.16× | — | ||
| Q1 24 | 0.16× | — |
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 | $176.9M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $42.2M | $488.7M |
| 自由现金流率自由现金流/营收 | 5.0% | 59.4% |
| 资本支出强度资本支出/营收 | 15.8% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.24× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $153.7M | $1.5B |
8季度趋势，按日历期对齐
经营现金流MATXMSCI
| Q4 25 | $176.9M | $501.1M | ||
| Q3 25 | $175.6M | $449.4M | ||
| Q2 25 | $105.6M | $336.1M | ||
| Q1 25 | $89.0M | $301.7M | ||
| Q4 24 | $174.7M | $430.6M | ||
| Q3 24 | $248.6M | $421.6M | ||
| Q2 24 | $307.9M | $349.2M | ||
| Q1 24 | $36.6M | $300.1M |
自由现金流MATXMSCI
| Q4 25 | $42.2M | $488.7M | ||
| Q3 25 | $92.4M | $445.5M | ||
| Q2 25 | $19.3M | $324.7M | ||
| Q1 25 | $-200.0K | $290.2M | ||
| Q4 24 | $49.3M | $416.4M | ||
| Q3 24 | $189.0M | $415.0M | ||
| Q2 24 | $238.1M | $340.6M | ||
| Q1 24 | $-18.7M | $295.9M |
自由现金流率MATXMSCI
| Q4 25 | 5.0% | 59.4% | ||
| Q3 25 | 10.5% | 56.2% | ||
| Q2 25 | 2.3% | 42.0% | ||
| Q1 25 | -0.0% | 38.9% | ||
| Q4 24 | 5.5% | 56.0% | ||
| Q3 24 | 19.6% | 57.3% | ||
| Q2 24 | 28.1% | 48.1% | ||
| Q1 24 | -2.6% | 43.5% |
资本支出强度MATXMSCI
| Q4 25 | 15.8% | 1.5% | ||
| Q3 25 | 9.5% | 0.5% | ||
| Q2 25 | 10.4% | 1.5% | ||
| Q1 25 | 11.4% | 1.5% | ||
| Q4 24 | 14.1% | 1.9% | ||
| Q3 24 | 6.2% | 0.9% | ||
| Q2 24 | 8.2% | 1.2% | ||
| Q1 24 | 7.7% | 0.6% |
现金转化率MATXMSCI
| Q4 25 | 1.24× | 1.76× | ||
| Q3 25 | 1.30× | 1.38× | ||
| Q2 25 | 1.12× | 1.11× | ||
| Q1 25 | 1.23× | 1.05× | ||
| Q4 24 | 1.36× | 1.41× | ||
| Q3 24 | 1.25× | 1.50× | ||
| Q2 24 | 2.72× | 1.31× | ||
| Q1 24 | 1.01× | 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
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
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% |
