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晨星（MORN）与PJT Partners Inc.（PJT）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PJT Partners Inc.的1.2倍（$641.1M vs $531.4M），晨星净利率更高（18.0% vs 10.0%，领先7.9%），PJT Partners Inc.同比增速更快（12.9% vs 8.5%），晨星自由现金流更多（$161.3M vs $138.6M），过去两年PJT Partners Inc.的营收复合增速更高（27.5% vs 8.7%）
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。
PJT Partners Inc.是一家专注于顾问业务的全球投资银行，于2015年10月从黑石集团旗下拆分成立，独立运营原黑石的金融与战略咨询服务业务，为全球各类客户提供专业的投行顾问相关服务。
MORN vs PJT — 直观对比
营收规模更大
MORN
是对方的1.2倍
$531.4M
营收增速更快
PJT
高出4.5%
8.5%
净利率更高
MORN
高出7.9%
10.0%
自由现金流更多
MORN
多$22.7M
$138.6M
两年增速更快
PJT
近两年复合增速
8.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $531.4M |
| 净利润 | $115.1M | $53.4M |
| 毛利率 | 61.1% | — |
| 营业利润率 | 24.9% | 23.1% |
| 净利率 | 18.0% | 10.0% |
| 营收同比 | 8.5% | 12.9% |
| 净利润同比 | -1.5% | 4.0% |
| 每股收益（稀释后） | $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MORNPJT
| Q4 25 | $641.1M | $531.4M | ||
| Q3 25 | $617.4M | $442.3M | ||
| Q2 25 | $605.1M | $401.1M | ||
| Q1 25 | $581.9M | $321.9M | ||
| Q4 24 | $591.0M | $470.5M | ||
| Q3 24 | $569.4M | $320.3M | ||
| Q2 24 | $571.9M | $358.1M | ||
| Q1 24 | $542.8M | $327.1M |
净利润MORNPJT
| Q4 25 | $115.1M | $53.4M | ||
| Q3 25 | $91.6M | $39.8M | ||
| Q2 25 | $89.0M | $32.9M | ||
| Q1 25 | $78.5M | $54.0M | ||
| Q4 24 | $116.9M | $51.3M | ||
| Q3 24 | $119.7M | $22.1M | ||
| Q2 24 | $69.1M | $28.3M | ||
| Q1 24 | $64.2M | $32.6M |
毛利率MORNPJT
| 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MORNPJT
| Q4 25 | 24.9% | 23.1% | ||
| Q3 25 | 20.7% | 20.6% | ||
| Q2 25 | 20.7% | 19.1% | ||
| Q1 25 | 19.6% | 16.3% | ||
| Q4 24 | 28.5% | 21.9% | ||
| Q3 24 | 20.3% | 15.4% | ||
| Q2 24 | 19.0% | 18.0% | ||
| Q1 24 | 17.1% | 16.5% |
净利率MORNPJT
| Q4 25 | 18.0% | 10.0% | ||
| Q3 25 | 14.8% | 9.0% | ||
| Q2 25 | 14.7% | 8.2% | ||
| Q1 25 | 13.5% | 16.8% | ||
| Q4 24 | 19.8% | 10.9% | ||
| Q3 24 | 21.0% | 6.9% | ||
| Q2 24 | 12.1% | 7.9% | ||
| Q1 24 | 11.8% | 10.0% |
每股收益（稀释后）MORNPJT
| Q4 25 | $2.79 | — | ||
| Q3 25 | $2.17 | — | ||
| Q2 25 | $2.09 | — | ||
| Q1 25 | $1.82 | — | ||
| Q4 24 | $2.72 | — | ||
| Q3 24 | $2.77 | — | ||
| Q2 24 | $1.60 | — | ||
| Q1 24 | $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 | $528.7M | $538.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $308.2M |
| 总资产 | $3.6B | $1.8B |
| 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MORNPJT
| Q4 25 | $528.7M | $538.9M | ||
| Q3 25 | $40.3M | $400.5M | ||
| Q2 25 | $38.1M | $214.6M | ||
| Q1 25 | $47.7M | $194.3M | ||
| Q4 24 | $551.0M | $483.9M | ||
| Q3 24 | $48.8M | $148.8M | ||
| Q2 24 | $48.0M | $164.2M | ||
| Q1 24 | $55.4M | $215.5M |
总债务MORNPJT
| 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 | — | ||
| Q1 24 | $917.3M | — |
股东权益MORNPJT
| Q4 25 | $1.2B | $308.2M | ||
| Q3 25 | $1.5B | $228.6M | ||
| Q2 25 | $1.6B | $167.4M | ||
| Q1 25 | $1.6B | $148.8M | ||
| Q4 24 | $1.6B | $187.0M | ||
| Q3 24 | $1.6B | $159.1M | ||
| Q2 24 | $1.4B | $133.8M | ||
| Q1 24 | $1.4B | $174.6M |
总资产MORNPJT
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | $3.6B | $1.5B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.5B | $1.6B | ||
| Q3 24 | $3.6B | $1.6B | ||
| Q2 24 | $3.4B | $1.4B | ||
| Q1 24 | $3.4B | $1.3B |
负债/权益比MORNPJT
| 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× | — | ||
| Q1 24 | 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 | $204.0M | $155.7M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $138.6M |
| 自由现金流率自由现金流/营收 | 25.2% | 26.1% |
| 资本支出强度资本支出/营收 | 6.7% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.77× | 2.92× |
| 过去12个月自由现金流最近4个季度 | $442.6M | $480.4M |
8季度趋势，按日历期对齐
经营现金流MORNPJT
| Q4 25 | $204.0M | $155.7M | ||
| Q3 25 | $195.7M | $256.1M | ||
| Q2 25 | $99.0M | $190.4M | ||
| Q1 25 | $91.0M | $-75.9M | ||
| Q4 24 | $153.4M | $195.7M | ||
| Q3 24 | $191.9M | $180.5M | ||
| Q2 24 | $152.7M | $193.6M | ||
| Q1 24 | $93.6M | $-38.8M |
自由现金流MORNPJT
| Q4 25 | $161.3M | $138.6M | ||
| Q3 25 | $160.1M | $240.9M | ||
| Q2 25 | $62.4M | $178.9M | ||
| Q1 25 | $58.8M | $-77.9M | ||
| Q4 24 | $112.8M | $195.3M | ||
| Q3 24 | $155.8M | $178.5M | ||
| Q2 24 | $120.8M | $193.0M | ||
| Q1 24 | $59.5M | $-39.2M |
自由现金流率MORNPJT
| Q4 25 | 25.2% | 26.1% | ||
| Q3 25 | 25.9% | 54.5% | ||
| Q2 25 | 10.3% | 44.6% | ||
| Q1 25 | 10.1% | -24.2% | ||
| Q4 24 | 19.1% | 41.5% | ||
| Q3 24 | 27.4% | 55.7% | ||
| Q2 24 | 21.1% | 53.9% | ||
| Q1 24 | 11.0% | -12.0% |
资本支出强度MORNPJT
| Q4 25 | 6.7% | 3.2% | ||
| Q3 25 | 5.8% | 3.4% | ||
| Q2 25 | 6.0% | 2.9% | ||
| Q1 25 | 5.5% | 0.6% | ||
| Q4 24 | 6.9% | 0.1% | ||
| Q3 24 | 6.3% | 0.6% | ||
| Q2 24 | 5.6% | 0.1% | ||
| Q1 24 | 6.3% | 0.1% |
现金转化率MORNPJT
| Q4 25 | 1.77× | 2.92× | ||
| Q3 25 | 2.14× | 6.43× | ||
| Q2 25 | 1.11× | 5.79× | ||
| Q1 25 | 1.16× | -1.41× | ||
| Q4 24 | 1.31× | 3.81× | ||
| Q3 24 | 1.60× | 8.15× | ||
| Q2 24 | 2.21× | 6.84× | ||
| Q1 24 | 1.46× | -1.19× |
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
| 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% |
PJT
暂无分部数据
