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晨星（MORN）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
晨星的季度营收约是UiPath, Inc.的1.6倍（$644.8M vs $411.1M），UiPath, Inc.同比增速更快（15.9% vs 10.8%），晨星自由现金流更多（$53.6M vs $25.1M），过去两年晨星的营收复合增速更高（6.2% vs 0.7%）
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。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
MORN vs PATH — 直观对比
营收规模更大
MORN
是对方的1.6倍
$411.1M
营收增速更快
PATH
高出5.1%
10.8%
自由现金流更多
MORN
多$28.5M
$25.1M
两年增速更快
MORN
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $644.8M | $411.1M |
| 净利润 | — | $198.8M |
| 毛利率 | 62.9% | 83.3% |
| 营业利润率 | 24.2% | 3.2% |
| 净利率 | — | 48.4% |
| 营收同比 | 10.8% | 15.9% |
| 净利润同比 | — | 1966.2% |
| 每股收益（稀释后） | $2.73 | $0.37 |
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MORNPATH
| Q1 26 | $644.8M | — | ||
| Q4 25 | $641.1M | $411.1M | ||
| Q3 25 | $617.4M | $361.7M | ||
| Q2 25 | $605.1M | $356.6M | ||
| Q1 25 | $581.9M | $423.6M | ||
| Q4 24 | $591.0M | $354.7M | ||
| Q3 24 | $569.4M | $316.3M | ||
| Q2 24 | $571.9M | $335.1M |
净利润MORNPATH
| Q1 26 | — | — | ||
| Q4 25 | $115.1M | $198.8M | ||
| Q3 25 | $91.6M | $1.6M | ||
| Q2 25 | $89.0M | $-22.6M | ||
| Q1 25 | $78.5M | $51.8M | ||
| Q4 24 | $116.9M | $-10.7M | ||
| Q3 24 | $119.7M | $-86.1M | ||
| Q2 24 | $69.1M | $-28.7M |
毛利率MORNPATH
| Q1 26 | 62.9% | — | ||
| Q4 25 | 61.1% | 83.3% | ||
| Q3 25 | 60.9% | 82.2% | ||
| Q2 25 | 61.9% | 82.1% | ||
| Q1 25 | 60.2% | 84.8% | ||
| Q4 24 | 60.7% | 82.0% | ||
| Q3 24 | 60.9% | 80.0% | ||
| Q2 24 | 61.1% | 83.5% |
营业利润率MORNPATH
| Q1 26 | 24.2% | — | ||
| Q4 25 | 24.9% | 3.2% | ||
| Q3 25 | 20.7% | -5.6% | ||
| Q2 25 | 20.7% | -4.6% | ||
| Q1 25 | 19.6% | 7.9% | ||
| Q4 24 | 28.5% | -12.2% | ||
| Q3 24 | 20.3% | -32.7% | ||
| Q2 24 | 19.0% | -14.8% |
净利率MORNPATH
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 48.4% | ||
| Q3 25 | 14.8% | 0.4% | ||
| Q2 25 | 14.7% | -6.3% | ||
| Q1 25 | 13.5% | 12.2% | ||
| Q4 24 | 19.8% | -3.0% | ||
| Q3 24 | 21.0% | -27.2% | ||
| Q2 24 | 12.1% | -8.6% |
每股收益（稀释后）MORNPATH
| Q1 26 | $2.73 | — | ||
| Q4 25 | $2.79 | $0.37 | ||
| Q3 25 | $2.17 | $0.00 | ||
| Q2 25 | $2.09 | $-0.04 | ||
| Q1 25 | $1.82 | $0.09 | ||
| Q4 24 | $2.72 | $-0.02 | ||
| Q3 24 | $2.77 | $-0.15 | ||
| Q2 24 | $1.60 | $-0.05 |
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 | $492.8M | $1.4B |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $1.0B | $1.9B |
| 总资产 | $4.0B | $2.9B |
| 负债/权益比越低杠杆越低 | 1.68× | — |
8季度趋势，按日历期对齐
现金及短期投资MORNPATH
| Q1 26 | $492.8M | — | ||
| Q4 25 | $528.7M | $1.4B | ||
| Q3 25 | $40.3M | $1.4B | ||
| Q2 25 | $38.1M | $1.6B | ||
| Q1 25 | $47.7M | $1.6B | ||
| Q4 24 | $551.0M | $1.6B | ||
| Q3 24 | $48.8M | $1.7B | ||
| Q2 24 | $48.0M | $1.9B |
总债务MORNPATH
| Q1 26 | $1.7B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — |
股东权益MORNPATH
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.4B | $2.0B |
总资产MORNPATH
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.6B | $2.9B | ||
| Q3 25 | $3.6B | $2.6B | ||
| Q2 25 | $3.6B | $2.6B | ||
| Q1 25 | $3.6B | $2.9B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.6B | $2.7B | ||
| Q2 24 | $3.4B | $2.8B |
负债/权益比MORNPATH
| Q1 26 | 1.68× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — |
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 | — | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $53.6M | $25.1M |
| 自由现金流率自由现金流/营收 | 8.3% | 6.1% |
| 资本支出强度资本支出/营收 | 5.9% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.14× |
| 过去12个月自由现金流最近4个季度 | $437.4M | — |
8季度趋势，按日历期对齐
经营现金流MORNPATH
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $28.3M | ||
| Q3 25 | $195.7M | $41.6M | ||
| Q2 25 | $99.0M | $119.0M | ||
| Q1 25 | $91.0M | $146.1M | ||
| Q4 24 | $153.4M | $28.1M | ||
| Q3 24 | $191.9M | $46.4M | ||
| Q2 24 | $152.7M | $100.0M |
自由现金流MORNPATH
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | $25.1M | ||
| Q3 25 | $160.1M | — | ||
| Q2 25 | $62.4M | $106.2M | ||
| Q1 25 | $58.8M | $138.7M | ||
| Q4 24 | $112.8M | $23.2M | ||
| Q3 24 | $155.8M | $45.0M | ||
| Q2 24 | $120.8M | $98.8M |
自由现金流率MORNPATH
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | 6.1% | ||
| Q3 25 | 25.9% | — | ||
| Q2 25 | 10.3% | 29.8% | ||
| Q1 25 | 10.1% | 32.7% | ||
| Q4 24 | 19.1% | 6.5% | ||
| Q3 24 | 27.4% | 14.2% | ||
| Q2 24 | 21.1% | 29.5% |
资本支出强度MORNPATH
| Q1 26 | 5.9% | — | ||
| Q4 25 | 6.7% | 0.8% | ||
| Q3 25 | 5.8% | 0.0% | ||
| Q2 25 | 6.0% | 3.6% | ||
| Q1 25 | 5.5% | 1.7% | ||
| Q4 24 | 6.9% | 1.4% | ||
| Q3 24 | 6.3% | 0.4% | ||
| Q2 24 | 5.6% | 0.4% |
现金转化率MORNPATH
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 0.14× | ||
| Q3 25 | 2.14× | 26.25× | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | 2.82× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | — |
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
MORN
暂无分部数据
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
